AON (Aon plc) Stock Financials & Earnings | Market Cap Arena

AON (Aon plc) Stock Financials & Earnings | Market Cap Arena

AONAon plc

Mkt Cap$70B

Financial Services·Insurance - Brokers·🇮🇪 Ireland·NYSE

Revenue (TTM)$17.2B

Net Income (TTM)$3.7B

EPS (TTM)$17.02

Free Cash Flow (TTM)$3.2B

Gross Margin55.9%

Op. Margin26.0%

Net Margin21.5%

FCF Margin18.7%

P/S Ratio (TTM)4.1x

P/E Ratio (TTM)18.9x

YoY Rev Growth+9.4%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$3.9B	$2.1B	$1.5B
Q2 23	$3.2B	$1.4B	$842M
Q3 23	$3.0B	$1.3B	$691M
Q4 23	$3.4B	$1.7B	$779M
Q1 24	$4.1B	$2.2B	$1.5B
Q2 24	$3.8B	$1.6B	$656M
Q3 24	$3.7B	$1.6B	$623M
Q4 24	$4.1B	$2.0B	$1.1B
Q1 25	$4.7B	$2.5B	$1.5B
Q2 25	$4.2B	$1.8B	$859M
Q3 25	$4.0B	$1.7B	$816M
Q4 25	$4.3B	$3.6B	$1.3B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	5.5x	26.6x
Q2 23	5.4x	26.0x
Q3 23	5.3x	25.6x
Q4 23	5.2x	27.2x
Q1 24	5.1x	27.0x
Q2 24	4.9x	27.3x
Q3 24	4.7x	28.6x
Q4 24	4.4x	26.3x
Q1 25	4.3x	27.3x
Q2 25	4.2x	26.8x
Q3 25	4.1x	25.6x
Q4 25	4.1x	18.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$443M	$367M
Q2 23	$688M	$619M
Q3 23	$1.0B	$985M
Q4 23	$1.3B	$1.2B
Q1 24	$309M	$261M
Q2 24	$513M	$460M
Q3 24	$1.0B	$951M
Q4 24	$1.2B	$1.1B
Q1 25	$140M	$84M
Q2 25	$796M	$732M
Q3 25	$1.1B	$1.1B
Q4 25	$1.4B	$1.3B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$76M
Q2 23	$69M
Q3 23	$58M
Q4 23	$49M
Q1 24	$48M
Q2 24	$53M
Q3 24	$62M
Q4 24	$55M
Q1 25	$56M
Q2 25	$64M
Q3 25	$69M
Q4 25	$74M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+5.5%	+4.1%
Q2 23	+6.5%	+2.3%
Q3 23	+9.5%	+7.4%
Q4 23	+7.8%	+22.6%
Q1 24	+5.1%	+8.6%
Q2 24	+18.4%	+32.9%
Q3 24	+26.0%	+37.0%
Q4 24	+22.9%	+17.7%
Q1 25	+16.2%	+25.5%
Q2 25	+10.5%	+6.2%
Q3 25	+7.4%	+2.7%
Q4 25	+3.7%	-3.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$127M	3.3%
Q2 23	$99M	3.1%
Q3 23	$95M	3.2%
Q4 23	$117M	3.5%
Q1 24	$130M	3.2%
Q2 24	$0	0.0%
Q3 24	$114M	3.1%
Q4 24	$113M	2.7%
Q1 25	$147M	3.1%
Q2 25	$119M	2.9%
Q3 25	$106M	2.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 23	$421M
Q2 23	$431M
Q3 23	$392M
Q4 23	$618M
Q1 24	$429M
Q2 24	$548M
Q3 24	$531M
Q4 24	$506M
Q1 25	$551M
Q2 25	$479M
Q3 25	$531M

Revenue Segments

Quarter	Commercial Risk Solutions	Health	Reinsurance	Wealth Solutions	Human Capital Segment	Risk Capital Segment
Q1 23	$1.8B	$671M	$1.1B	$350M	—	—
Q2 23	$1.8B	$447M	$607M	$352M	—	—
Q3 23	$1.6B	$552M	$465M	$352M	—	—
Q4 23	$1.9B	$763M	$332M	$377M	—	—
Q1 24	$1.8B	$733M	$1.2B	$370M	—	—
Q2 24	$2.0B	$662M	$635M	$463M	—	—
Q3 24	$1.9B	$870M	$503M	$499M	—	—
Q1 25	—	—	—	—	$1.5B	$3.2B
Q2 25	—	—	—	—	$1.3B	$2.9B
Q3 25	—	—	—	—	$1.5B	$2.5B
Q4 25	—	—	—	—	$1.6B	$2.7B

Revenue by Geography

Quarter	Americas, Other than United States	Asia Pacific	Europe, Middle East, And Africa	Ireland	United Kingdom	United States
Q1 23	$301M	$389M	$1.1B	$30M	$554M	$1.5B
Q2 23	$308M	$396M	$512M	$28M	$506M	$1.4B
Q3 23	$281M	$373M	$479M	$24M	$396M	$1.4B
Q4 23	$370M	$431M	$579M	$31M	$363M	$1.6B
Q1 24	$323M	$410M	$1.2B	$33M	$583M	$1.5B
Q2 24	$362M	$412M	$566M	$35M	$548M	$1.8B
Q3 24	$263M	$408M	$492M	$38M	$437M	$2.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$1.1B	$7.2B	$8.4B
Q2 23	$952M	$7.7B	$8.7B
Q3 23	$808M	$7.4B	$8.2B
Q4 23	$778M	$369M	$1.1B
Q1 24	$995M	$5.4B	$6.4B
Q2 24	$974M	$182M	$1.2B
Q3 24	$1.1B	$196M	$1.3B
Q4 24	$1.1B	$10.5B	$11.6B
Q1 25	$964M	$7.4B	$8.4B
Q2 25	$1.0B	$8.7B	$9.7B
Q3 25	$1.1B	$207M	$1.3B
Q4 25	$1.2B	$1.6B	$2.8B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	207M	-1.1%
Q2 23	206M	-0.4%
Q3 23	205M	-0.8%
Q4 23	202M	-1.3%
Q1 24	200M	-0.9%
Q2 24	213M	+6.6%
Q3 24	218M	+2.4%
Q4 24	218M	-0.0%
Q1 25	218M	-0.2%
Q2 25	217M	-0.3%
Q3 25	217M	-0.3%
Q4 25	217M	-0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$175K	69K
FY 15	$137K	69K
FY 16	$136K	69K
FY 17	$200K	50K
FY 18	$215K	50K
FY 19	$220K	50K
FY 20	$221K	50K
FY 21	$244K	50K
FY 22	$250K	50K
FY 23	$268K	50K
FY 24	$262K	60K
FY 25	$286K	60K