Aon plc

AON · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$75,846	$77,674	$58,267	$62,085	$66,223	$46,550	$45,893	$32,028	$29,525	$24,574	$20,317	$28,008	$26,154	$18,225	$15,701	$13,478	$10,848	$13,034	$14,212	$11,203	$11,576	$7,621	$7,595	$5,432	$9,472	$8,969	$10,341	$9,414	$9,856	$6,991	$5,420	$3,338	$3,426	$3,895	$2,583	$2,301	$2,780	$1,795	$1,511	$1,748	$1,732
Enterprise value	$89,686	$94,446	$69,236	$72,720	$75,907	$54,371	$53,608	$37,681	$34,424	$30,256	$25,500	$33,066	$29,797	$22,011	$19,178	$16,908	$12,269	$13,850	$10,052	$8,872	$8,406	$4,069	$5,388	$829	$5,638	$8,433	$9,856	$8,694	$5,050	$2,143	$5,106	$2,785	($4,771)	($3,758)	($4,444)	($4,057)	$3,218	$2,174	$1,947	$2,012	$1,824
P/E (TTM) at period end	20.53×	29.27×	22.73×	23.98×	52.77×	23.64×	29.96×	28.24×	24.08×	17.60×	14.67×	20.05×	23.50×	18.35×	16.04×	19.09×	14.52×	8.92×	16.45×	15.56×	15.75×	13.96×	12.09×	11.66×	64.44×	18.92×	29.38×	17.40×	32.96×	20.93×	13.46×	9.27×	10.58×	30.77×	10.67×	9.63×	11.96×	10.00×	8.16×	9.49×	10.76×
P/S (TTM) at period end	4.41×	4.95×	4.36×	4.98×	5.43×	4.21×	4.17×	2.97×	2.95×	2.61×	2.14×	2.33×	2.21×	1.58×	1.39×	1.58×	1.43×	1.73×	1.96×	1.63×	1.74×	0.75×	0.77×	0.73×	1.28×	1.23×	1.46×	1.45×	1.71×	1.80×	1.56×	0.80×	0.89×	1.17×	0.88×	0.88×	1.22×	0.66×	0.61×	0.97×	1.27×
P/B at period end	8.11×	12.69×	–	–	62.42×	13.32×	13.60×	7.72×	6.44×	4.49×	3.39×	4.26×	3.21×	2.35×	1.94×	1.63×	2.02×	2.45×	2.28×	2.15×	2.18×	1.49×	1.69×	1.39×	2.69×	2.65×	3.39×	3.12×	3.49×	2.47×	2.40×	1.48×	1.50×	1.85×	1.46×	1.58×	1.96×	1.43×	1.34×	1.53×	1.78×
EV / EBITDA (TTM)	19.79×	23.51×	17.52×	19.04×	33.45×	18.44×	22.90×	21.91×	27.49×	15.33×	14.56×	14.98×	15.59×	12.04×	10.56×	12.12×	10.49×	12.63×	8.32×	8.54×	8.54×	3.07×	3.53×	0.70×	6.52×	6.36×	9.21×	6.76×	4.76×	2.48×	7.82×	3.80×	(0.66×)	(0.59×)	(0.81×)	(0.83×)	–	–	–	–	–
EV / Sales (TTM)	5.22×	6.02×	5.18×	5.83×	6.23×	4.91×	4.87×	3.50×	3.44×	3.22×	2.69×	2.75×	2.52×	1.91×	1.70×	1.99×	1.62×	1.84×	1.39×	1.29×	1.26×	0.40×	0.55×	0.11×	0.76×	1.15×	1.39×	1.34×	0.88×	0.55×	1.47×	0.67×	(1.24×)	(1.13×)	(1.52×)	(1.54×)	1.41×	0.80×	0.79×	1.11×	1.34×
Returns
Return on equity	39.5%	43.4%	–	–	118.3%	56.3%	45.4%	27.3%	26.8%	25.5%	23.1%	21.3%	13.7%	12.8%	12.1%	8.6%	13.9%	27.5%	13.9%	13.8%	13.9%	10.7%	14.0%	12.0%	4.2%	14.0%	11.5%	17.9%	10.6%	11.8%	17.8%	15.9%	14.2%	6.0%	13.6%	16.4%	16.4%	14.3%	16.4%	16.1%	16.5%
Return on invested capital	13.8%	13.0%	29.9%	29.1%	12.8%	19.6%	16.3%	13.7%	6.8%	14.1%	12.1%	13.4%	10.2%	9.9%	9.4%	7.2%	10.1%	10.0%	8.4%	7.4%	7.3%	10.0%	12.5%	9.6%	4.4%	11.7%	9.3%	14.1%	9.2%	10.2%	11.4%	15.7%	162.7%	166.9%	177.6%	187.9%	167.1%	221.8%	212.9%	167.0%	163.7%
Dividend yield	0.8%	0.7%	0.8%	0.7%	0.7%	0.9%	0.9%	1.2%	1.2%	1.4%	1.6%	1.0%	0.8%	1.1%	1.3%	1.3%	1.5%	1.3%	1.2%	1.7%	1.7%	2.5%	2.5%	4.3%	2.5%	2.5%	2.0%	2.1%	1.8%	2.5%	3.2%	4.9%	4.4%	3.1%	3.9%	4.2%	–	–	–	–	–
Financial health
Current ratio	1.11×	1.02×	1.00×	1.02×	1.00×	1.07×	1.06×	1.08×	1.07×	1.05×	1.04×	1.05×	1.06×	1.07×	1.13×	1.12×	1.11×	1.13×	1.24×	0.88×	0.69×	0.71×	0.69×	0.68×	0.64×	0.64×	0.59×	0.55×	0.57×	0.51×	0.21×	6.07×	90.24×	116.16×	170.08×	424.45×	–	–	–	–	–
Debt / equity	1.63×	2.78×	(13.56×)	(20.36×)	8.85×	2.21×	2.17×	1.50×	1.30×	1.13×	0.95×	0.85×	0.54×	0.54×	0.56×	0.55×	0.37×	0.37×	0.34×	0.44×	0.40×	0.41×	0.48×	0.05×	0.10×	0.62×	0.63×	0.47×	0.50×	0.24×	0.33×	0.33×	0.30×	0.28×	0.27×	0.31×	0.31×	0.30×	0.39×	0.23×	0.09×
Effective tax rate	21.2%	21.4%	17.1%	16.2%	32.3%	18.2%	15.9%	11.7%	36.5%	10.6%	12.3%	18.9%	25.4%	26.1%	27.2%	28.3%	28.2%	27.5%	34.5%	32.6%	27.9%	34.4%	37.0%	38.5%	51.7%	39.0%	38.3%	37.5%	40.4%	34.6%	33.7%	33.0%	32.4%	29.0%	27.0%	26.5%	26.0%	29.2%	28.8%	29.9%	30.0%
Share count
Diluted shares outstanding	217	212	205	213	226	233	241	247	261	270	284	300	315	333	341	298	291	304	327	342	342	337	318	288	272	265	263	259	256	253	245	239	239	243	220	223	221	216	223	224	226

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$17,577	$17,181	$15,698	$13,376	$12,479	$12,193	$11,066	$11,013	$10,770	$9,998	$9,409	$9,480	$12,045	$11,815	$11,514	$11,287	$8,512	$7,595	$7,528	$7,234	$6,881	$6,651	$10,172	$9,810	$7,443	$7,426	$7,319	$7,070	$6,493	$5,751	$3,888	$3,466	$4,157	$3,845	$3,336	$2,931	$2,626	$2,279	$2,708	$2,469	$1,806	$1,360
Cost of revenue	–	($8,985)	($8,283)	($6,902)	($6,477)	($6,738)	($5,905)	($6,054)	($6,103)	($6,003)	($5,514)	($5,605)	($7,014)	($6,945)	($6,709)	($6,567)	($5,097)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	–	$8,196	$7,415	$6,474	$6,002	$5,455	$5,161	$4,959	$4,667	$3,995	$3,895	$3,875	$5,031	$4,870	$4,805	$4,720	$3,415	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($9,816)	($9,890)	($9,147)	($7,730)	($8,546)	($9,777)	($7,872)	($8,280)	($8,457)	($8,042)	($7,279)	($7,556)	($10,079)	($3,199)	($3,209)	($3,124)	($2,171)	($6,574)	($6,588)	($6,053)	($5,862)	($5,700)	($7,406)	($7,123)	($6,355)	($5,813)	($5,190)	($5,214)	($4,457)	($3,968)	($2,329)	($1,982)	($1,900)	–	–	–	–	–	–	–	–	–
Total operating expenses	($9,335)	($3,852)	($3,580)	($2,689)	($2,333)	($3,365)	($2,380)	($2,790)	($3,123)	($2,930)	($2,084)	($2,288)	($3,065)	($3,199)	($3,209)	($3,124)	($2,171)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($12,923)	($12,837)	($11,863)	($9,591)	($8,810)	($10,103)	($8,285)	($8,844)	($9,226)	($8,933)	($7,598)	($7,893)	($10,079)	($10,144)	($9,918)	($9,691)	($7,268)	($6,574)	($6,588)	($6,231)	($6,086)	($5,944)	($9,156)	($8,599)	($6,526)	($6,900)	($6,325)	($6,330)	($5,475)	($5,140)	($3,402)	($2,970)	($3,573)	$3,323	$3,004	$2,559	$2,257	$1,920	$2,407	$2,209	$1,543	$1,130
Operating income	$4,654	$4,344	$3,835	$3,785	$3,669	$2,090	$2,781	$2,169	$1,544	$1,065	$1,811	$1,587	$1,966	$1,671	$1,596	$1,596	$1,244	$1,021	$940	$1,003	$795	$707	$1,016	$1,211	$917	$526	$994	$740	$1,018	$611	$486	$495	$584	$7,168	$6,341	$5,490	$4,884	$4,199	$5,114	$4,678	$3,348	$2,490
Earnings
EBITDA	$4,844	$4,532	$4,018	$3,952	$3,820	$2,269	$2,948	$2,341	$1,720	$1,252	$1,973	$1,751	$2,208	$1,911	$1,828	$1,816	$1,395	$1,170	$1,097	$1,208	$1,039	$984	$1,325	$1,525	$1,179	$865	$1,327	$1,070	$1,286	$1,061	$866	$653	$734	$7,219	$6,374	$5,508	$4,896	–	–	–	–	–
Interest income	$31	$19	$67	$31	$18	$11	$6	$8	$5	$27	$9	$14	$10	$9	$10	$18	$15	$16	$64	$100	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($755)	($815)	($788)	($484)	($406)	($322)	($334)	($307)	($278)	($282)	($282)	($273)	($255)	($210)	($228)	($245)	($182)	($122)	($126)	($138)	($129)	($125)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$5,083	$4,759	$3,462	$3,169	$3,156	$1,931	$2,466	$1,870	$1,246	$685	$1,401	$1,428	$1,765	$1,538	$1,380	$1,388	$1,059	$949	$879	$1,010	$663	$577	$880	$1,110	$806	$302	$854	$635	$931	$502	$445	$458	$538	$479	$290	$332	$325	$314	$254	$260	$263	$230
Income tax expense	($1,105)	($1,009)	($742)	($541)	($510)	($623)	($448)	($297)	($146)	($250)	($148)	($175)	($334)	($390)	($360)	($378)	($300)	($268)	($242)	($348)	($216)	($161)	($303)	($411)	($310)	($156)	($333)	($243)	($349)	($203)	($154)	($154)	($178)	($155)	($84)	($90)	($86)	($82)	($74)	($75)	($78)	($69)
Net income	$3,914	$3,695	$2,654	$2,564	$2,589	$1,255	$1,969	$1,532	$1,134	$1,226	$1,396	$1,385	$1,397	$1,113	$993	$979	$706	$747	$1,462	$864	$720	$735	$546	$628	$466	$147	$474	$352	$541	$299	$334	$403	$360	$324	$127	$242	$239	$232	$180	$185	$184	$161
Per share
Diluted EPS (GAAP)	$18.14	$17.02	$12.49	$12.51	$12.14	$5.55	$8.45	$6.37	$4.59	$4.70	$5.16	$4.88	$4.66	$3.53	$2.99	$2.87	$2.37	$2.57	$4.80	$2.66	$2.13	$2.17	$1.63	$1.97	$1.61	$0.53	$1.79	$1.33	$2.07	$1.12	$1.26	$1.55	$1.37	$1.25	$0.52	$1.10	$1.07	$1.05	$0.83	$0.83	$0.82	$0.71
Basic EPS (GAAP)	$18.23	$17.11	$12.55	$12.60	$12.23	$5.59	$8.49	$6.42	$4.62	$4.74	$5.21	$4.93	$4.73	$3.57	$3.02	$2.92	$2.41	$2.64	$4.99	$2.83	$2.27	$2.27	$1.70	$1.97	$1.61	$0.54	$1.81	$1.35	$2.11	$1.14	$1.28	$1.55	$1.40	$1.25	$0.52	$1.10	$1.07	$1.05	$0.83	$0.83	$0.82	$0.71
Basic shares outstanding	215	216	211	204	212	225	232	239	245	258	268	281	296	311	328	336	293	283	293	305	317	322	319	317	288	267	262	259	255	252	253	244	235	239	243	220	223	221	216	223	224	226
Margins
Gross margin	–	47.7%	47.2%	48.4%	48.1%	44.7%	46.6%	45.0%	43.3%	40.0%	41.4%	40.9%	41.8%	41.2%	41.7%	41.8%	40.1%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	26.5%	25.3%	24.4%	28.3%	29.4%	17.1%	25.1%	19.7%	14.3%	10.7%	19.2%	16.7%	16.3%	14.1%	13.9%	14.1%	14.6%	13.4%	12.5%	13.9%	11.6%	10.6%	10.0%	12.3%	12.3%	7.1%	13.6%	10.5%	15.7%	10.6%	12.5%	14.3%	14.0%	186.4%	190.0%	187.3%	185.9%	184.2%	188.9%	189.5%	185.5%	183.1%
Net margin	22.3%	21.5%	16.9%	19.2%	20.7%	10.3%	17.8%	13.9%	10.5%	12.3%	14.8%	14.6%	11.6%	9.4%	8.6%	8.7%	8.3%	9.8%	19.4%	11.9%	10.5%	11.1%	5.4%	6.4%	6.3%	2.0%	6.5%	5.0%	8.3%	5.2%	8.6%	11.6%	8.7%	8.4%	3.8%	8.3%	9.1%	10.2%	6.6%	7.5%	10.2%	11.8%

Analyst consensus

Hold38 analysts

Bearish · 1 · Hold · 19 · Bullish · 18

Earnings history

	EPS	Estimate
Q3 2024	$2.72	$2.48	Beat
Q4 2024	$4.42	$4.25	Beat
Q1 2025	$5.67	$6.01	Miss
Q2 2025	$3.49	$3.40	Beat
Q3 2025	$3.05	$2.91	Beat
Q4 2025	$4.85	$4.75	Beat
Q1 2026	$6.48	$6.37	Beat
Q2 2026	$3.81	$3.80	Beat

Peers

Company overview

IPO dateJun 1, 1980

CEOGregory C. Case

Employees60,000

SectorFinancial Services

IndustryInsurance - Brokers

CountryIE

ExchangeNew York Stock Exchange

Websitewww.aon.com

Aon plc operates as a professional services firm in the United States, rest of the Americas, the United Kingdom, Ireland, rest of Europe, the Middle East, Africa, and the Asia Pacific. It operates through Risk Capital and Human Capital segments. The company offers commercial risk solutions comprising retail and insurance brokerage, specialty solutions, global risk consulting, captives management, and affinity programs; health solutions, such as consulting and brokerage, consumer benefits, and talent advisory services; and wealth solutions, including retirement consulting and investments. It also provides treaty and facultative reinsurance; strategy and technology group solutions; insurance-linked securities, capital raising, strategic advice, restructuring, and merger and acquisition services; and risk management products and solutions, capital market solutions, and corporate finance advisory services. In addition, the company offers strategic design advice and actuarial services; pension risk transfer and integrated pension administration; and investment advisory services on developing and maintaining investment programs across various plan types, including defined benefit plans, defined contribution plans, master trusts, and pooled employer plans for corporations, public pensions, endowments, and foundations. Aon plc was incorporated in 1979 and is headquartered in Dublin, Ireland.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.