Aon plc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Aon plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,409	9,998	10,770	11,013	11,066	12,193	12,479	13,376	15,698	17,181
Operating income	1,811	1,065	1,544	2,169	2,781	2,090	3,669	3,785	3,835	4,344
Interest expense	282	282	278	307	334	322	406	484	788	815
Interest income	9	27	5	8	6	11	18	31	67	19
Other non-operating income	-137	-125	-25	0	13	152	-125	-163	348	1,211
Pre-tax income	1,401	685	1,246	1,870	2,466	1,931	3,156	3,169	3,462	4,759
Income tax	148	250	146	297	448	623	510	541	742	1,009
Net income to minority interests	34	37	40	41	49	53	57	64	66	55
Net income	1,396	1,226	1,134	1,532	1,969	1,255	2,589	2,564	2,654	3,695
EBITDA	1,973	1,252	1,720	2,341	2,948	2,269	3,820	3,952	4,018	4,532
EPS, basic	5.21	4.74	4.62	6.42	8.49	5.59	12.23	12.60	12.55	17.11
EPS, diluted	5.16	4.70	4.59	6.37	8.45	5.55	12.14	12.51	12.49	17.02
Shares, basic (weighted)	268	259	245	239	232	225	212	204	211	216
Shares, diluted (weighted)	270	261	247	241	233	226	213	205	213	217
Dividend per share	1.29	1.41	1.56	1.72	1.78	1.99	2.19	2.41	2.64	2.91

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	426	756	656	790	884	544	690	778	1,085	1,195
Short-term investments	290	529	172	138	308	292	452	369	219	1,603
Receivables	2,106	2,478	2,760	3,112	3,070	3,094	3,035	3,254	3,803	4,209
Other current assets	247	289	618	602	624	716	646	996	759	878
Total current assets	13,146	13,677	14,372	16,476	18,684	19,032	20,723	21,704	23,432	25,774
Property, plant and equipment	550	564	588	621	599	529	558	638	637	702
Lease right-of-use assets				929	911	786	699	650	711	677
Goodwill	7,410	8,358	8,171	8,165	8,666	8,434	8,292	8,414	15,234	15,797
Intangible assets	1,890	1,733	1,149	783	640	492	447	234	6,743	5,727
Long-term investments	119	57	54	53	74	64	60	45	90	192
Other non-current assets	360	307	448	570	610	512	509	506	998	756
Total assets	26,615	26,088	26,422	29,405	32,114	31,917	32,704	33,959	48,965	50,784
Accounts payable	8,959	9,625	1,943	1,939	2,016	2,192	2,114	2,262	2,905	2,861
Deferred revenue	199	311	251	270	296	321	250	270	280	259
Short-term debt	336	299	251	712	448	1,164	945	1,204	751	589
Total current liabilities	12,495	12,755	13,296	15,571	17,433	19,073	20,306	21,651	22,995	23,226
Long-term debt	5,869	5,667	5,993	6,627	7,281	8,228	9,825	9,995	16,265	14,660
Lease liabilities				944	897	772	693	641	685	641
Other non-current liabilities	719	1,102	1,097	877	895	910	1,024	1,074	1,144	1,285
Total liabilities	21,083	21,440	22,203	25,956	28,531	30,759	33,133	34,701	42,535	41,236
Total debt	6,205	5,966	6,244	7,339	7,729	9,392	10,770	11,199	17,016	15,249
Paid-in capital	5,577	5,775	5,965	6,152	6,312	6,624	6,864	6,944	13,173	13,438
Retained earnings	3,807	2,302	2,093	1,254	1,042	-1,694	-2,772	-3,399	-2,309	-245
Other comprehensive income	-3,912	-3,496	-3,909	-4,033	-3,861	-3,871	-4,623	-4,373	-4,745	-3,843
Shareholders' equity	5,475	4,583	4,151	3,375	3,495	1,061	-529	-826	6,121	9,352
Minority interests	57	65	68	74	88	97	100	84
Total equity	5,581	4,648	4,219	3,443	3,583	1,158	-429	-742	6,305	9,459
Total liabilities and equity	26,615	26,088	26,422	29,405	32,114	31,917	32,704	33,959	48,965	50,784

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,430	1,263	1,174	1,573	2,018	1,308	2,646	2,628	2,720	3,750
Depreciation and amortization	162	187	176	172	167	179	151	167	183	188
Stock-based compensation	306	319	338	317	312	449	397	438	474	432
Deferred income tax	-100	-18	-225	-36	9	11	-252	-373	-311	-141
Change in receivables	-105	-254	-127	-371	108	-119	-96	-188	-312	-257
Change in payables	53	96	25	-28	186	264	-22	13	393	-155
Cash from operations	2,326	734	1,686	1,835	2,783	2,182	3,219	3,435	3,035	3,481
Capital expenditures	-156	-183	-240	-225	-141	-137	-196	-252	-218	-263
Acquisitions	-879	-1,029	-58	-39	-368	-14	-162	-35	-3,506	-394
Cash from investing	-954	2,787	31	-229	-679	49	-449	-188	-2,833	286
Debt issued	3,467	1,654	5,754	6,052	991	1,495	1,967	744	7,926	0
Debt repaid	-2,945	-1,999	-5,417	-4,941	-607	-413	-500	-350	-4,928	-1,850
Stock issued					44	55	58	72	79	70
Share buybacks	-1,257	-2,399	-1,470	-1,960	-1,763	-3,543	-3,203	-2,700	-1,000	-1,000
Dividends paid	-345	-364	-382	-410	-412	-447	-463	-489	-562	-629
Cash from financing	-1,286	-3,265	-1,699	-247	-1,772	-1,924	-1,790	-2,865	796	-4,205
Exchange rate effect	-39	69	-118	63	297	-235	-549	264	-387	678
Net change in cash	47	325	-100	1,422	629	72	431	646	611	240
Free cash flow	2,170	551	1,446	1,610	2,642	2,045	3,023	3,183	2,817	3,218
Interest paid	272	272	266	289	326	328	351	446	658	796
Income taxes paid	218	1,182	337	353	455	412	546	740	1,053	1,036

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $277.99 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	26.5%	Operating income / revenue.
EBITDA margin	27.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	28.9%	Pre-tax income / revenue.
Net margin	22.3%	Net income / revenue.
FCF margin	18.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.1%	Cash from operations / revenue.
Effective tax rate	21.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	40.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.3%	Net income / average total assets.
Return on invested capital (ROIC)	17.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.6%	Capital expenditures / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	39.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	12.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	36.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	11.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	15.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	2.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	14.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	2.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	10.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	52.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y	21.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.03x	Current assets / current liabilities.
Quick ratio	0.24x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.3%	Total debt / total assets.
Liabilities / assets	81.8%	Total liabilities / total assets.
Net debt	$11.68B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.41x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.16x	Operating income / interest expense.
Working capital	$888.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	40.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$11.94B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.33x	Revenue / average total assets.
Fixed asset turnover	23.1x	Revenue / average property, plant and equipment.
Receivables turnover	3.29x	Revenue / average receivables.
Days sales outstanding	111 days	365 x average receivables / revenue.
FCF conversion	83.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$18.30	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$82.17	Revenue / diluted weighted shares.
FCF per share	$15.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.51	Cash from operations / diluted weighted shares.
Book value per share	$44.87	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$55.83	Tangible book value / shares outstanding.
Cash per share	$5.92	(Cash + short-term investments) / shares outstanding.
Payout ratio	16.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	20.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	49.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$58.97B	Share price x shares outstanding.
Enterprise value	$70.65B	Market cap + total debt - cash - short-term investments.
P/E	15.1x	Market cap / net income. Only when net income is positive.
P/S	3.35x	Market cap / revenue.
P/B	6.14x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	18.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.7x	Market cap / cash from operations, when positive.
EV/Sales	4.02x	Enterprise value / revenue.
EV/EBIT	15.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.5%	Free cash flow / market cap.
Earnings yield	6.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.
PEG	1.26x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Aon plc's revenue in fiscal 2025?

Aon plc reported revenue of $17.18B for fiscal 2025, 9.4% higher than the year before.

Was Aon plc profitable in fiscal 2025?

Yes. Net income was $3.70B, a net margin of 21.5%.

How much free cash flow did Aon plc generate in fiscal 2025?

Cash from operations of $3.48B minus capital expenditures of $263.0M left free cash flow of $3.22B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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