Aon (AON) Q4 FY2025 earnings: revenue $4.3 billion, up 3.7% on the year

Aon plc (AON) reported revenue of $4.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 3.7% on the same quarter a year earlier. Net income was $1.7 billion, up 136.5% on the year, and diluted earnings per share $7.82. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue

$4.3 billion

+3.7% on the year · +7.6% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

28.1%

26.3% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.7 billion

+136.5% on the year · +269.7% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$7.82

+138.4% on the year · +270.6% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 new.

Full-year revenue rose 9%: Total revenue for 2025 was $17.2 billion, up 9%, from 6% organic growth, a 2% acquisitions contribution and a 1% currency benefit.
Full-year diluted EPS up 36%: Full-year diluted EPS was $17.02 versus $12.49, up 36%. Adjusted EPS rose 9% to $17.07 from $15.60.
Risk Capital revenue up 7%: Risk Capital revenue rose $171 million, or 7%, to $2.7 billion, and Human Capital revenue fell $16 million, or 1%, to $1.6 billion. Risk Capital operating margin was 29.2%; Human Capital was 35.0%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,300	3,997	4,147	+7.6%	+3.7%
Operating income	1,208	816	1,091	+48.0%	+10.7%
Operating margin	28.1%	20.4%	26.3%
Interest expense	191	206	206	-7.3%	-7.3%
Pre-tax income	2,209	597	891	+270.0%	+147.9%
Income tax	505	127	157	+297.6%	+221.7%
Effective tax rate	22.9%	21.3%	17.6%
Net income	1,693	458	716	+269.7%	+136.5%
Net margin	39.4%	11.5%	17.3%
Diluted EPS	$7.82	$2.11	$3.28	+270.6%	+138.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,397	1,148	1,200	+21.7%	+16.4%
Capital expenditure	74.0	69.0	55.0	+7.2%	+34.5%
Free cash flow	1,323	1,079	1,145	+22.6%	+15.5%
Free cash flow margin	30.8%	27.0%	27.6%
Cash from investing	648	-94.0	-577
Cash from financing	-3,064	-768	-769
Share-based compensation	60.0	106	113	-43.4%	-46.9%
Dividends paid	161	160	146	+0.6%	+10.3%
Dividend per share	n/a	$0.74	n/a
Diluted shares, weighted	216m	217m	218m	-0.1%	-0.8%
Shares outstanding at period end	214m	215m	216m	-0.3%	-0.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	9,352	7,939	6,121	+17.8%	+52.8%
Non-controlling interest	107	175	184	-38.9%	-41.8%
Redeemable equity	89.0	85.0	125	+4.7%	-28.8%
Debt	15,249	15,055	17,016	+1.3%	-10.4%
Operating lease liabilities	641	651	685	-1.5%	-6.4%
Finance lease liabilities	0.0	n/a	0.0
Other liabilities	25,346	27,732	24,834	-8.6%	+2.1%
Total liabilities and equity	50,784	51,637	48,965	-1.7%	+3.7%
Fixed assets	702	684	637	+2.6%	+10.2%
Goodwill	15,797	15,704	15,234	+0.6%	+3.7%
Intangible assets	5,727	5,827	6,743	-1.7%	-15.1%
Investments	1,795	370	309	+385.1%	+480.9%
Cash and equivalents	1,195	1,095	1,085	+9.1%	+10.1%
Receivables	4,209	4,276	3,803	-1.6%	+10.7%
Other assets	21,359	23,681	21,154	-9.8%	+1.0%
Total assets	50,784	51,637	48,965	-1.7%	+3.7%

Questions

What was Aon's revenue in Q4 FY2025?

Aon (AON) reported revenue of $4.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 3.7% on the same quarter a year earlier.

How much did Aon earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.7 billion, up 136.5% on the year, and diluted earnings per share $7.82.

When did Aon report Q4 FY2025 results?

Aon filed its 10-K for the year that ended with the quarter on 13 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,080	3,670	2,983	2,696	3,130	3,871	3,177	2,953	3,375	4,070	3,760	3,721	4,147	4,729	4,155	3,997	4,300	5,034	4,246	4,101
Operating income	974	1,367	700	590	1,012	1,473	842	691	779	1,465	656	623	1,091	1,461	859	816	1,208	1,715	915	809
Operating margin	32%	37%	23%	22%	32%	38%	27%	23%	23%	36%	17%	17%	26%	31%	21%	20%	28%	34%	22%	20%
Interest expense	85.0	91.0	102	103	110	111	130	119	124	144	225	213	206	206	212	206	191	179	179	206
Pre-tax income	1,036	1,304	633	510	709	1,342	658	560	609	1,424	698	449	891	1,250	703	597	2,209	1,553	724	612
Tax rate	16%	20%	19%	18%	6%	20%	13%	17%	17%	23%	23%	21%	18%	21%	16%	21%	23%	20%	22%	21%
Net income	863	1,023	501	408	657	1,050	560	456	498	1,071	524	343	716	965	579	458	1,693	1,212	551	476
Net margin	28%	28%	17%	15%	21%	27%	18%	15%	15%	26%	14%	9%	17%	20%	14%	11%	39%	24%	13%	12%
Diluted EPS	$3.88	$4.73	$2.33	$1.92	$3.14	$5.07	$2.71	$2.23	$2.47	$5.35	$2.46	$1.57	$3.28	$4.43	$2.66	$2.11	$7.82	$5.63	$2.58	$2.23
Operating cash flow	931	463	668	1,046	1,042	443	688	1,043	1,261	309	513	1,013	1,200	140	796	1,148	1,397	430	556	1,191
Capital expenditure	35.0	23.0	45.0	58.0	70.0	76.0	69.0	58.0	49.0	48.0	53.0	62.0	55.0	56.0	64.0	69.0	74.0	67.0	73.0	94.0
Free cash flow	896	440	623	988	972	367	619	985	1,212	261	460	951	1,145	84.0	732	1,079	1,323	363	483	1,097
Dividends paid	112	110	119	118	116	115	126	125	123	123	146	147	146	147	161	160	161	162	175	174
Shares outstanding	214m	212m	211m	207m	205m	204m	203m	200m	198m	217m	217m	216m	216m	216m	216m	215m	214m	214m	212m	212m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 13 February 2026: the filing.