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Aon vs Brown & Brown: revenue, profit, margins and growth compared

Aon brought in $17.2B of revenue in fiscal 2025, Brown & Brown $5.9B in fiscal 2025. Revenue changed by +9.4% at Aon and +22.8% at Brown & Brown on the year before, so Brown & Brown grew faster. Aon kept 21.5% of its revenue as net profit, Brown & Brown 17.9%. Free cash flow was $3.2B at Aon and $1.4B at Brown & Brown.

Side by side, latest fiscal year

AONBRO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$17.2B$5.9B
Revenue growth+9.4%+22.8%
Net income$3.7B$1.1B
Net margin21.5%17.9%
Free cash flow$3.2B$1.4B
Free cash flow margin18.7%23.4%
Earnings per share (diluted)$17.02$3.16
Cash$1.2B$1.1B
Debt$15.2B$7.6B
Price to earnings16.319.3
Market value$59B$20.4B
Dividend yield1.05%1.02%
Rank by revenue in sector#37 of 444 · Finance#91 of 444 · Finance

Over the years

Revenue
AON FY2018: $10.8BAON FY2019: $11BAON FY2020: $11.1BAON FY2021: $12.2BAON FY2022: $12.5BAON FY2023: $13.4BAON FY2024: $15.7BAON FY2025: $17.2BBRO FY2018: $2BBRO FY2019: $2.4BBRO FY2020: $2.6BBRO FY2021: $3.1BBRO FY2022: $3.6BBRO FY2023: $4.3BBRO FY2024: $4.8BBRO FY2025: $5.9BFY18FY19FY20FY21FY22FY23FY24FY25
AON $17.2BBRO $5.9B
Net income
AON FY2018: $1.1BAON FY2019: $1.5BAON FY2020: $2BAON FY2021: $1.3BAON FY2022: $2.6BAON FY2023: $2.6BAON FY2024: $2.7BAON FY2025: $3.7BBRO FY2018: $344.3MBRO FY2019: $398.5MBRO FY2020: $480.5MBRO FY2021: $587.1MBRO FY2022: $672MBRO FY2023: $871MBRO FY2024: $993MBRO FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
AON $3.7BBRO $1.1B
Net margin
AON FY2018: 10.5%AON FY2019: 13.9%AON FY2020: 17.8%AON FY2021: 10.3%AON FY2022: 20.7%AON FY2023: 19.2%AON FY2024: 16.9%AON FY2025: 21.5%BRO FY2018: 17.1%BRO FY2019: 16.7%BRO FY2020: 18.4%BRO FY2021: 19.2%BRO FY2022: 18.8%BRO FY2023: 20.5%BRO FY2024: 20.7%BRO FY2025: 17.9%FY18FY19FY20FY21FY22FY23FY24FY25
AON 21.5%BRO 17.9%
Revenue growth
AON FY2019: +2.3%AON FY2020: +0.5%AON FY2021: +10.2%AON FY2022: +2.3%AON FY2023: +7.2%AON FY2024: +17.4%AON FY2025: +9.4%BRO FY2019: +18.8%BRO FY2020: +9.2%BRO FY2021: +16.8%BRO FY2022: +17.1%BRO FY2023: +19.1%BRO FY2024: +12.9%BRO FY2025: +22.8%FY19FY20FY21FY22FY23FY24FY25
AON +9.4%BRO +22.8%
Free cash flow
AON FY2018: $1.4BAON FY2019: $1.6BAON FY2020: $2.6BAON FY2021: $2BAON FY2022: $3BAON FY2023: $3.2BAON FY2024: $2.8BAON FY2025: $3.2BBRO FY2018: $526MBRO FY2019: $605.1MBRO FY2020: $642.3MBRO FY2021: $763.8MBRO FY2022: $829MBRO FY2023: $941MBRO FY2024: $1.1BBRO FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
AON $3.2BBRO $1.4B

Fiscal years as each company reports them; the two may end in different months.

Questions about Aon and Brown & Brown

Which is bigger by revenue, Aon or Brown & Brown?

Aon is bigger by revenue: $17.2B in fiscal 2025, against $5.9B for Brown & Brown in fiscal 2025.

Which keeps more of its revenue as profit, Aon or Brown & Brown?

Aon had a net margin of 21.5% in fiscal 2025; Brown & Brown had 17.9% in fiscal 2025.

Which grew revenue faster, Aon or Brown & Brown?

In their latest fiscal years revenue changed by +9.4% at Aon and +22.8% at Brown & Brown.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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