AON

MKT CAP:$69B

Aon plc

Market Cap

$69B

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

Financials·Insurance·🇮🇪·NYSE

Stock Price

$321.03-$23.24 (-6.75%)

Apr 24, 2026

Company Details

Aon plc, a professional services firm, provides advice and solutions to clients focused on risk, retirement, and health worldwide. It offers commercial risk solutions, including retail brokerage, cyber, and global risk consulting solutions,...

CEO

Gregory Clarence Case

IPO Date

Jun 2, 1980

Website

www.aon.com

Key Metrics TTM

Revenue

$15.5B

+16.5% YoY

Net Income

$3.8B

EPS (Diluted)

$18.10

Free Cash Flow

$3.3B

Revenue / Share

$71.62

Gross Margin

58.8%

Operating Margin

27.3%

Net Margin

24.4%

FCF Margin

21.0%

P/S

4.5x

P/E

18.2x

Earnings Reports

FY 2025

Feb 13, 2026

$17.2BEPS $17.02

Q4 2025

Feb 13, 2026

$4.3BEPS $7.82

Q2 2024

Jul 26, 2024

$3.8BEPS $2.46

Q1 2024

Apr 26, 2024

$4.1B+5.1%EPS $5.35

FY 2023

Feb 16, 2024

$13.4BEPS $12.51

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 19	$2.4B	$1.0B	$360M
Q4 20	$3.0B	$1.3B	$713M
Q1 21	$3.5B	$1.8B	$1.2B
Q1 23	$3.9B	$2.1B	$1.5B
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
Q4 25	$4.3B	$3.6B	$1.3B

Valuation

Quarter	P/S	P/E
Q3 19	—	—
Q4 20	—	—
Q1 21	—	—
Q1 23	5.1x	24.0x
Q3 23	4.8x	21.9x
Q4 23	4.3x	20.2x
Q1 24	4.9x	22.8x
Q2 24	4.5x	25.0x
Q4 25	5.0x	20.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 19	$802M	$741M
Q4 20	$760M	$738M
Q1 21	$561M	$532M
Q1 23	$443M	$367M
Q3 23	$1.0B	$985M
Q4 23	$1.3B	$1.2B
Q1 24	$309M	$261M
Q2 24	$513M	$460M
Q4 25	$1.4B	$1.3B

Capital Expenditures

Quarter	CapEx
Q3 19	$61M
Q4 20	$22M
Q1 21	$29M
Q1 23	$76M
Q3 23	$58M
Q4 23	$49M
Q1 24	$48M
Q2 24	$53M
Q4 25	$74M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 23	+24.1%	+12.0%
Q4 23	+13.8%	+15.3%
Q1 24	+15.5%	+14.3%
Q2 24	-2.9%	+29.4%
Q4 25	+45.6%	+31.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 19	$72M	3.0%
Q4 20	$105M	3.5%
Q1 21	$131M	3.7%
Q1 23	$127M	3.3%
Q3 23	$95M	3.2%
Q4 23	$117M	3.5%
Q1 24	$130M	3.2%
Q2 24	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 19	$386M
Q4 20	$401M
Q1 21	$366M
Q1 23	$421M
Q3 23	$392M
Q4 23	$618M
Q1 24	$429M
Q2 24	$548M

Revenue Segments

Quarter	Data Solutions	Health	P&C Advisory	Reinsurance	Retirement	Commercial Risk Solutions	Wealth Solutions	Human Capital Segment	Risk Capital Segment
Q3 19	$484M	$279M	$1.1B	$291M	$271M	—	—	—	—
Q4 20	—	$613M	$1.4B	$197M	$870M	—	—	—	—
Q1 21	$434M	$536M	$1.3B	$922M	$351M	—	—	—	—
Q1 23	—	$671M	—	$1.1B	—	$1.8B	$350M	—	—
Q3 23	—	$552M	—	$465M	—	$1.6B	$352M	—	—
Q4 23	—	$763M	—	$332M	—	$1.9B	$377M	—	—
Q1 24	—	$733M	—	$1.2B	—	$1.8B	$370M	—	—
Q2 24	—	$662M	—	$635M	—	$2.0B	$463M	—	—
Q4 25	—	—	—	—	—	—	—	$1.6B	$2.7B

Revenue by Geography

Quarter	Americas, Other than United States	Asia Pacific	Europe, Middle East, And Africa	United Kingdom	United States	Ireland
Q3 19	$256M	$273M	$283M	$358M	$1.2B	—
Q4 20	$264M	$343M	$482M	$303M	$1.5B	$44M
Q1 21	$250M	$313M	$1.1B	$530M	$1.3B	$33M
Q1 23	$301M	$389M	$1.1B	$554M	$1.5B	$30M
Q3 23	$281M	$373M	$479M	$396M	$1.4B	$24M
Q4 23	$370M	$431M	$579M	$363M	$1.6B	$31M
Q1 24	$323M	$410M	$1.2B	$583M	$1.5B	$33M
Q2 24	$362M	$412M	$566M	$548M	$1.8B	$35M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$595M	$455M	$1.1B
Q2 22	$740M	$243M	$983M
Q3 22	$692M	$153M	$845M
Q4 22	$690M	$452M	$1.1B
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 19	239M	—	—
Q4 20	231M	-3.4%	—
Q1 21	228M	-1.2%	—
Q1 23	207M	-9.2%	—
Q3 23	205M	-1.2%	-14.4%
Q4 23	202M	-1.3%	-12.5%
Q1 24	200M	-0.9%	-12.3%
Q2 24	213M	+6.6%	+3.0%
Q4 25	217M	+1.5%	+5.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 19	$47.6K	50K
Q4 20	$59.3K	50K
Q1 21	$70.5K	50K
Q1 23	$77.4K	50K
Q3 23	$59.1K	50K
Q4 23	$67.5K	50K
Q1 24	$81.4K	50K
Q2 24	$75.2K	50K
Q4 25	$71.7K	60K

Revenue / Employee