Aon plc

Listed Company

AONCIK 0000315293NYSELarge AcceleratedInsurance Agents, Brokers & ServiceL2FY ends Dec 31

Period

FY 2025

Revenue

$17.18B

Net Income

$3.69B

Total Assets

$50.78B

Equity

$9.35B

Shares Out

214.25M

Op. Cash Flow

$3.48B

Business

Aon plc is a global professional services firm providing Risk Capital and Human Capital solutions to help clients manage risk and workforce challenges. It offers insurance and specialty brokerage, reinsurance and capital markets services, risk and benefits consulting, talent advisory, retirement and investment consulting, and analytics-driven technology. Aon has two segments—Risk Capital (Commercial Risk, Reinsurance) and Human Capital (Health, Wealth)—delivering brokerage, consulting, captive management and capital markets capabilities. It serves clients in 120+ countries through direct engagements, insurer partnerships, affinity channels, global broking centers and digital platforms.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	17,181	15,698	13,376	12,479	12,193
Compensation and benefits	8,985	8,283	6,902	6,477	6,738
Information technology	568	539	534	509	477
Premises	337	325	294	289	327
Depreciation of fixed assets	188	183	167	151	179
Amortization and impairment of intangible assets	778	503	89	113	147
Other general expense	1,616	1,641	1,470	1,271	2,235
Accelerating Aon United Program expenses	365	389	135	0	0
Total operating expenses	12,837	11,863	9,591	8,810	10,103
Operating income	4,344	3,835	3,785	3,669	2,090
Interest income	19	67	31	18	11
Interest expense	−815	−788	−484	−406	—
Other income (expense)	1,211	348	−163	−125	152
Income before income taxes	4,759	3,462	3,169	3,156	1,931
Income tax expense	1,009	742	541	510	623
Net income	3,800	2,700	2,600	2,646	1,308
Less: Net income attributable to redeemable and nonredeemable noncontrolling interests	55	66	64	57	53
Net income attributable to Aon shareholders	3,695	2,654	2,564	2,589	1,255
Basic net income per share attributable to Aon shareholders (in dollars per share)	17.11	12.55	12.6	12.23	5.59
Diluted net income per share attributable to Aon shareholders (in dollars per share)	17.02	12.49	12.51	12.14	5.55
Weighted average ordinary shares outstanding - basic (in shares)	216	211	204	212	225
Weighted average ordinary shares outstanding - diluted (in shares)	217	213	205	213	226

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,195	1,085	778	690	544
Short-term investments	1,603	219	369	452	292
Receivables, net	4,209	3,803	3,254	3,035	3,094
Fiduciary assets	17,889	17,566	16,307	15,900	14,386
Other current assets	878	759	996	646	716
Total current assets	25,774	23,432	21,704	20,723	19,032
Goodwill	15,797	15,234	8,414	8,292	8,434
Intangible assets, net	5,727	6,743	234	447	—
Fixed assets, net	702	637	638	558	529
Operating lease right-of-use assets	677	711	650	699	786
Deferred tax assets	748	654	1,195	824	766
Prepaid pension	603	556	618	652	1,366
Other non-current assets	756	998	506	509	512
Total assets	50,784	48,965	33,959	32,704	31,917
Accounts payable and accrued liabilities	2,861	2,905	2,262	2,114	2,192
Short-term debt and current portion of long-term debt	589	751	1,204	945	1,164
Fiduciary liabilities	17,889	17,566	16,307	15,900	14,386
Other current liabilities	1,887	1,773	1,878	1,347	1,331
Total current liabilities	23,226	22,995	21,651	20,306	19,073
Long-term debt	14,660	16,265	9,995	9,825	8,228
Non-current operating lease liabilities	641	685	641	693	772
Deferred tax liabilities	340	319	115	99	401
Pension, other postretirement, and postemployment liabilities	1,084	1,127	1,225	1,186	1,375
Other non-current liabilities	1,285	1,144	1,074	1,024	910
Total liabilities	41,236	42,535	34,701	33,133	30,759
Redeemable noncontrolling interests	89	125	0	—	—
Ordinary shares - $0.01 nominal value Authorized: 500.0 shares (issued: 2025 - 214.5; 2024 - 216.0)	2	2	2	2	2
Additional paid-in capital	13,438	13,173	6,944	6,864	6,624
Accumulated deficit	−245	−2,309	−3,399	−2,772	−1,694
Accumulated other comprehensive loss	−3,843	−4,745	−4,373	−4,623	−3,871
Total Aon shareholders' equity	9,352	6,121	−826	−529	1,061
Nonredeemable noncontrolling interests	107	184	84	—	—
Total equity	9,459	6,305	−742	−429	1,158
Total liabilities, redeemable noncontrolling interests, and equity	50,784	48,965	33,959	32,704	31,917

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gain from sales of businesses	−1,200	−337	−4	−54	−142
Share-based compensation expense	432	474	438	397	449
Deferred income taxes	−141	−311	−373	−252	11
Other, net	−133	−134	28	170	5
Receivables, net	−257	−312	−188	−96	−119
Accounts payable and accrued liabilities	−155	393	13	−22	264
Accelerating Aon United Program liabilities	27	17	99	0	0
Current income taxes	114	0	174	216	200
Pension, other postretirement and postemployment liabilities	−16	−18	8	−53	−124
Other assets and liabilities	95	−143	356	3	4
Cash provided by operating activities	3,481	3,035	3,435	3,219	2,182
Proceeds from investments	145	212	76	110	58
Purchases of investments	−172	−172	−67	−107	−91
Net sales (purchases) of short-term investments - non fiduciary	−1,379	151	85	−175	15
Acquisition of businesses, net of cash and funds held on behalf of clients	−394	−3,506	−35	−162	−14
Sale of businesses, net of cash and funds held on behalf of clients	2,349	700	5	81	218
Capital expenditures	−263	−218	−252	−196	−137
Cash provided by (used for) investing activities	286	−2,833	−188	−449	49
Share repurchase	−1,000	−1,000	−2,700	−3,203	−3,543
Proceeds from issuance of shares	70	79	72	58	55
Cash paid for employee taxes on withholding shares	−208	−202	−241	−215	−185
Commercial paper issuances, net of repayments	−24	−591	−27	−65	671
Issuance of debt	0	7,926	744	1,967	1,495
Repayment of debt	−1,850	−4,928	−350	−500	−413
Increase in fiduciary liabilities, net of fiduciary receivables	−366	280	358	702	568
Cash dividends to shareholders	−629	−562	−489	−463	−447
Redeemable and nonredeemable noncontrolling interests, and other financing activities	−198	−206	−232	−71	—
Cash provided by (used for) financing activities	−4,205	796	−2,865	−1,790	−1,924
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients	678	−387	264	−549	−235
Net increase in cash and cash equivalents and funds held on behalf of clients	240	611	646	431	72

Filings

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