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Aon vs Equitable: revenue, profit, margins and growth compared

Aon brought in $17.2B of revenue in fiscal 2025, Equitable $11.7B in fiscal 2025. Revenue changed by +9.4% at Aon and -6.1% at Equitable on the year before, so Aon grew faster. Aon kept 21.5% of its revenue as net profit, Equitable -11.8%.

Side by side, latest fiscal year

AONEQH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$17.2B$11.7B
Revenue growth+9.4%-6.1%
Net income$3.7B-$1.4B
Net margin21.5%-11.8%
Free cash flow$3.2Bn/a
Free cash flow margin18.7%n/a
Earnings per share (diluted)$17.02-$4.83
Cash$1.2B$12.5B
Debt$15.2B$3.8B
Price to earnings16.3n/a
Market value$59B$14.7B
Dividend yield1.05%1.95%
Rank by revenue in sector#37 of 444 · Finance#57 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: $17.2BEQH FY2018: $12.1BEQH FY2019: $9.6BEQH FY2020: $12.4BEQH FY2021: $7.6BEQH FY2022: $12.6BEQH FY2023: $10.5BEQH FY2024: $12.4BEQH FY2025: $11.7BFY18FY19FY20FY21FY22FY23FY24FY25
AON $17.2BEQH $11.7B
Net income
AON FY2018: $1.1BAON FY2019: $1.5BAON FY2020: $2BAON FY2021: $1.3BAON FY2022: $2.6BAON FY2023: $2.6BAON FY2024: $2.7BAON FY2025: $3.7BEQH FY2018: $1.9BEQH FY2019: -$1.8BEQH FY2020: -$648MEQH FY2021: $1.8BEQH FY2022: $2.2BEQH FY2023: $1.3BEQH FY2024: $1.3BEQH FY2025: -$1.4BFY18FY19FY20FY21FY22FY23FY24FY25
AON $3.7BEQH -$1.4B
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%EQH FY2018: 15.4%EQH FY2019: -18.3%EQH FY2020: -5.2%EQH FY2021: 23.0%EQH FY2022: 17.0%EQH FY2023: 12.3%EQH FY2024: 10.3%EQH FY2025: -11.8%FY18FY19FY20FY21FY22FY23FY24FY25
AON 21.5%EQH -11.8%
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%EQH FY2019: -20.3%EQH FY2020: +29.1%EQH FY2021: -38.7%EQH FY2022: +66.1%EQH FY2023: -17.3%EQH FY2024: +18.8%EQH FY2025: -6.1%FY19FY20FY21FY22FY23FY24FY25
AON +9.4%EQH -6.1%
Free cash flow
AON FY2018: $1.4BAON FY2019: $1.6BAON FY2020: $2.6BAON FY2021: $2BAON FY2022: $3BAON FY2023: $3.2BAON FY2024: $2.8BAON FY2025: $3.2BFY18FY19FY20FY21FY22FY23FY24FY25
AON $3.2BEQH

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

Questions about Aon and Equitable

Which is bigger by revenue, Aon or Equitable?

Aon is bigger by revenue: $17.2B in fiscal 2025, against $11.7B for Equitable in fiscal 2025.

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

Aon had a net margin of 21.5% in fiscal 2025; Equitable had -11.8% in fiscal 2025.

Which grew revenue faster, Aon or Equitable?

In their latest fiscal years revenue changed by +9.4% at Aon and -6.1% at Equitable.

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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