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

$17.2B

+9.4% YoY

Net Income

$3.7B

EPS (Diluted)

$17.02

Free Cash Flow

$3.2B

Revenue / Share

$79.36

Gross Margin

55.9%

Operating Margin

26.0%

Net Margin

21.5%

FCF Margin

18.7%

P/S

4.0x

P/E

18.7x

Earnings Reports

FY 2025

Feb 13, 2026

$17.2B+9.4%EPS $17.02

Q4 2025

Feb 13, 2026

$4.3B+3.7%EPS $7.82

Q3 2025

Oct 31, 2025

$4.0B+7.4%EPS $2.11

Q2 2025

Jul 25, 2025

$4.2B+10.5%EPS $2.66

Q1 2025

Apr 25, 2025

$4.7B+16.2%EPS $4.43

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$3.7B	$1.9B	$1.4B
Q2 22	$3.0B	$1.3B	$700M
Q3 22	$2.7B	$1.2B	$590M
Q4 22	$3.1B	$1.6B	$1.0B
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

Valuation

Quarter	P/S	P/E
Q1 22	5.7x	51.5x
Q2 22	4.7x	38.9x
Q3 22	4.6x	20.5x
Q4 22	5.1x	24.4x
Q1 23	5.1x	24.8x
Q2 23	5.3x	25.7x
Q3 23	4.9x	23.6x
Q4 23	4.4x	22.9x
Q1 24	5.2x	27.1x
Q2 24	4.5x	25.0x
Q3 24	5.0x	30.8x
Q4 24	4.9x	29.2x
Q1 25	5.3x	33.9x
Q2 25	4.6x	29.6x
Q3 25	4.5x	28.1x
Q4 25	4.5x	20.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$463M	$440M
Q2 22	$668M	$623M
Q3 22	$1.0B	$988M
Q4 22	$1.0B	$972M
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

Quarter	CapEx
Q1 22	$23M
Q2 22	$45M
Q3 22	$58M
Q4 22	$70M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+4.1%	+1.0%
Q2 22	+3.4%	+3.1%
Q3 22	-0.2%	-39.9%
Q4 22	+1.6%	+0.6%
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 22	$119M	3.2%
Q2 22	$92M	3.1%
Q3 22	$93M	3.4%
Q4 22	$93M	3.0%
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 22	$350M
Q2 22	$467M
Q3 22	$373M
Q4 22	$549M
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 22	$1.7B	$638M	$976M	$345M	—	—
Q2 22	$1.7B	$414M	$537M	$343M	—	—
Q3 22	$1.5B	$494M	$396M	$326M	—	—
Q4 22	$1.8B	$678M	$281M	$353M	—	—
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 22	$276M	$362M	$1.1B	$29M	$528M	$1.4B
Q2 22	$288M	$373M	$469M	$25M	$489M	$1.3B
Q3 22	$250M	$352M	$403M	$22M	$331M	$1.3B
Q4 22	$323M	$387M	$513M	$23M	$312M	$1.6B
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 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
Q1 22	216M	-2.2%	-5.1%
Q2 22	215M	-0.8%	-5.8%
Q3 22	213M	-1.0%	-5.7%
Q4 22	209M	-1.6%	-5.4%
Q1 23	207M	-1.1%	-4.3%
Q2 23	206M	-0.4%	-3.9%
Q3 23	205M	-0.8%	-3.8%
Q4 23	202M	-1.3%	-3.5%
Q1 24	200M	-0.9%	-3.4%
Q2 24	213M	+6.6%	+3.4%
Q3 24	218M	+2.4%	+6.7%
Q4 24	218M	-0.0%	+8.1%
Q1 25	218M	-0.2%	+8.9%
Q2 25	217M	-0.3%	+1.9%
Q3 25	217M	-0.3%	-0.8%
Q4 25	217M	-0.1%	-0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$73.4K	50K
Q2 22	$59.7K	50K
Q3 22	$53.9K	50K
Q4 22	$62.6K	50K
Q1 23	$77.4K	50K
Q2 23	$63.5K	50K
Q3 23	$59.1K	50K
Q4 23	$67.5K	50K
Q1 24	$81.4K	50K
Q2 24	$75.2K	50K
Q3 24	$74.4K	50K
Q4 24	$69.1K	60K
Q1 25	$78.8K	60K
Q2 25	$69.3K	60K
Q3 25	$66.6K	60K
Q4 25	$71.7K	60K

Revenue / Employee