Aon (AON) FY2020 results: revenue $11.1 billion, up 0.5% on the year
Aon plc (AON) reported revenue of $11.1 billion for fiscal 2020, the year ended 31 December 2020, up 0.5% on the year before. Net income was $2.0 billion, up 28.5%, and diluted earnings per share $8.45. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$11.1 billion
+0.5% on the year
FY2013FY2020
Operating margin
25.1%
19.7% a year earlier
FY2013FY2020
Net income
$2.0 billion
+28.5% on the year
FY2013FY2020
Diluted EPS
$8.45
+32.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
11,066
11,013
10,770
+0.5%
Operating income
2,781
2,169
1,544
+28.2%
Operating margin
25.1%
19.7%
14.3%
Interest expense
334
307
278
+8.8%
Pre-tax income
2,466
1,870
1,246
+31.9%
Income tax
448
297
146
+50.8%
Effective tax rate
18.2%
15.9%
11.7%
Net income
1,969
1,532
1,134
+28.5%
Net margin
17.8%
13.9%
10.5%
Diluted EPS
$8.45
$6.37
$4.59
+32.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,783
1,835
1,686
+51.7%
Capital expenditure
141
225
240
-37.3%
Free cash flow
2,642
1,610
1,446
+64.1%
Free cash flow margin
23.9%
14.6%
13.4%
Cash from investing
-679
-229
31.0
Cash from financing
-1,772
-247
-1,699
Depreciation and amortisation
n/a
n/a
176
Share-based compensation
312
317
338
-1.6%
Dividends paid
412
410
382
+0.5%
Dividend per share
$1.78
$1.72
$1.56
+3.5%
Diluted shares, weighted
233m
241m
247m
-3.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,495
3,375
4,151
+3.6%
Non-controlling interest
88.0
74.0
68.0
+18.9%
Debt
7,729
7,339
6,244
+5.3%
Operating lease liabilities
897
944
n/a
-5.0%
Finance lease liabilities
65.0
76.0
n/a
-14.5%
Other liabilities
19,840
17,597
15,959
+12.7%
Total liabilities and equity
32,114
29,405
26,422
+9.2%
Fixed assets
599
621
588
-3.5%
Goodwill
8,666
8,165
8,171
+6.1%
Intangible assets
640
783
1,149
-18.3%
Investments
382
191
226
+100.0%
Cash and equivalents
884
790
656
+11.9%
Receivables
3,070
3,112
2,760
-1.3%
Other assets
17,873
15,743
12,872
+13.5%
Total assets
32,114
29,405
26,422
+9.2%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.