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Aon (AON) FY2025 results: revenue $17.2 billion, up 9.4% on the year

Aon plc (AON) reported revenue of $17.2 billion for fiscal 2025, the year ended 31 December 2025, up 9.4% on the year before. Net income was $3.7 billion, up 39.2%, and diluted earnings per share $17.02. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue
$17.2 billion
+9.4% on the year
FY2018FY2025
Operating margin
25.3%
24.4% a year earlier
FY2018FY2025
Net income
$3.7 billion
+39.2% on the year
FY2018FY2025
Diluted EPS
$17.02
+36.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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%.
  • Restructuring program costs up 87%: Accelerating Aon United program expense rose $60 million to $129 million in the fourth quarter, mainly on higher workforce optimization costs.
  • Adjusted operating margin up 220 bp: Fourth-quarter adjusted operating margin was 35.5%, up 220 basis points; operating margin was 28.1%, up 180 basis points.
Read the Q4 FY2025 earnings call summary

From this 10-K

Aon is a professional services firm that sits between companies and the people who carry their risk. It does not take underwriting risk itself; it advises on risk and on people, and places insurance and reinsurance on clients' behalf. It serves clients in more than 120 countries, across all market segments and nearly every industry, and reports in two segments: Risk Capital and Human Capital.

Aon plc, the 10-K for 2025

Aon is a professional services firm that sits between companies and the people who carry their risk. It does not take underwriting risk itself; it advises on risk and on people, and places insurance and reinsurance on clients' behalf. It serves clients in more than 120 countries, across all market segments and nearly every industry, and reports in two segments: Risk Capital and Human Capital.

Risk Capital

Commercial Risk Solutions is the broking and consulting arm. It covers insurance and specialty brokerage, global risk consulting, captives management and Affinity programmes, and it is organised around industry and product rather than geography: property, casualty, financial and professional lines, construction, transportation, energy, cyber, surety, trade credit, crisis management, transaction liability and climate, among others.

Three things sit underneath that. In insurance broking, teams design insurance programmes and give clients access to Aon's own facilities, including Aon Client Treaty, and to other forms of capital regardless of which carrier, placement structure or geography is involved; the company says it reviews analytics on client losses and exposures through the year and looks at new risk transfer techniques as market conditions change. The Global Risk Consulting and Captive Management teams advise on the trade-off between retaining risk and transferring it, and handle claims consulting and advocacy. The Affinity business works with sponsored groups and other distribution channels to build, market and administer customised insurance programmes.

The broking reach runs through Aon's Global Broking Centers in London, Bermuda and Singapore. In 2025 the company launched a proprietary data centre lifecycle insurance offering.

Human Capital

The second segment, covering the people side of what the firm advises on.

What the company says it is doing with its portfolio

Two statements from the filing are worth reporting as the company's own. It says it is focused on accelerating what it calls its Aon United strategy, serving clients as one globally connected firm. And it says it continues to focus its portfolio on higher-margin, capital-light professional services businesses with high recurring revenue and strong cash generation, and that it aims to make capital allocation decisions so as to maximise value for Aon and its shareholders.

The company also makes a point about its client base that is worth noting: it says serving clients across more than 120 countries, all market segments and nearly every industry gives the firm stability in economic scenarios that would affect particular industries, customer segments or geographies.

From Aon's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue17,18115,69813,376+9.4%
Operating income4,3443,8353,785+13.3%
Operating margin25.3%24.4%28.3%
Interest expense815788484+3.4%
Pre-tax income4,7593,4623,169+37.5%
Income tax1,009742541+36.0%
Effective tax rate21.2%21.4%17.1%
Net income3,6952,6542,564+39.2%
Net margin21.5%16.9%19.2%
Diluted EPS$17.02$12.49$12.51+36.3%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,4813,0353,435+14.7%
Capital expenditure263218252+20.6%
Free cash flow3,2182,8173,183+14.2%
Free cash flow margin18.7%17.9%23.8%
Cash from investing286-2,833-188
Cash from financing-4,205796-2,865
Share-based compensation432474438-8.9%
Dividends paid629562489+11.9%
Dividend per share$2.91$2.64$2.41+10.2%
Diluted shares, weighted217m212m205m+2.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity9,3526,121-826+52.8%
Non-controlling interest10718484.0-41.8%
Redeemable equity89.01250.0-28.8%
Debt15,24917,01611,199-10.4%
Operating lease liabilities641685641-6.4%
Finance lease liabilities0.00.010.0
Other liabilities25,34624,83422,851+2.1%
Total liabilities and equity50,78448,96533,959+3.7%
Fixed assets702637638+10.2%
Goodwill15,79715,2348,414+3.7%
Intangible assets5,7276,743234-15.1%
Investments1,795309414+480.9%
Cash and equivalents1,1951,085778+10.1%
Receivables4,2093,8033,254+10.7%
Other assets21,35921,15420,227+1.0%
Total assets50,78448,96533,959+3.7%

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