Aon plc Class A (AON) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$3.8	$3.81	+0.3%	—	—	—
Q4 26	$6.35	$6.48	+2.0%	—	—	—
Q3 26	$4.75	$4.85	+2.1%	—	—	—
Q2 26	$2.91	$3.05	+4.8%	—	—	—
Q1 26	$3.41	$3.49	+2.3%	—	—	—
Q4 25	$6.04	$5.67	-6.1%	—	—	—
Q3 25	$4.25	$4.42	+4.0%	—	—	—
Q2 25	$2.47	$2.72	+10.1%	—	—	—
Q1 25	$3.08	$2.93	-4.9%	—	—	—
Q4 24	$5.92	$5.66	-4.4%	—	—	—
Q3 24	$4.06	$3.89	-4.2%	—	—	—
Q2 24	$2.21	$2.32	+5.0%	—	—	—
Q1 24	$2.84	$2.76	-2.8%	—	—	—
Q4 23	$5.32	$5.17	-2.8%	—	—	—
Q3 23	$3.66	$3.89	+6.3%	—	—	—
Q2 23	$1.99	$2.02	+1.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$17.1	—	—	$17.2B	—
FY24	—	$12.6	—	—	$15.7B	—
FY23	—	$12.6	—	—	$13.4B	—
FY22	—	$12.2	—	—	$12.5B	—
FY21	—	$5.59	—	—	$12.2B	—
FY20	—	$8.49	—	—	$11.1B	—
FY19	—	$6.42	—	—	$11B	—
FY18	—	$4.62	—	—	$10.8B	—
FY17	—	$4.74	—	—	$10B	—
FY16	—	$5.21	—	—	$9.4B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$9.4B	$10B	$10.8B	$11B	$11.1B	$12.2B	$12.5B	$13.4B	$15.7B	$17.2B
YoY change	-0.75%	+6.26%	+7.72%	+2.26%	+0.48%	+10.2%	+2.35%	+7.19%	+17.4%	+9.45%

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3B	$3.4B	$4.1B	$3.8B	$3.7B	$4.1B	$4.7B	$4.2B	$4B	$4.3B	$5B	$4.2B
YoY change	+9.53%	+7.83%	+5.14%	+18.4%	+26%	+22.9%	+16.2%	+10.5%	+7.42%	+3.69%	+6.45%	+2.19%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	9.4B	10B	10.8B	11B	11.1B	12.2B	12.5B	13.4B	15.7B	17.2B
Cost of revenue	5.5B	6B	6.1B	6.1B	5.9B	6.7B	6.5B	6.9B	8.3B	9B
Gross profit	3.9B	4B	4.7B	5B	5.2B	5.5B	6B	6.5B	7.4B	8.2B
Gross margin	41.4%	40%	43.3%	45%	46.6%	44.7%	48.1%	48.4%	47.2%	47.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.6B	1.7B	1.9B	1.7B	1.5B	2.5B	1.7B	1.9B	2B	2B
Operating expenses	1.9B	2.1B	2.4B	2.2B	2B	3B	2.2B	2.4B	2.6B	2.5B
Operating income	1.6B	979M	1.5B	2.2B	2.8B	2.1B	3.5B	3.8B	4.2B	4.7B
Operating margin	17.4%	9.79%	14.3%	19.8%	25.2%	17.3%	28%	28.6%	26.6%	27.4%
Non-operating income, net	36M	-39M	-26M	-9M	-1M	131M	54M	-200M	91M	846M
Pretax income	1.4B	685M	1.2B	1.9B	2.5B	1.9B	3.2B	3.2B	3.5B	4.8B
Income tax	148M	250M	146M	297M	448M	623M	510M	541M	742M	1B
Net income	1.4B	1.3B	1.2B	1.6B	2B	1.3B	2.6B	2.6B	2.7B	3.8B
Net margin	15.2%	12.6%	10.9%	14.3%	18.2%	10.7%	21.2%	19.6%	17.3%	21.8%
EBITDA	2B	1.9B	2.3B	2.8B	3.2B	2.5B	3.8B	4.1B	4.9B	5.6B
EPS	5.21	4.74	4.62	6.42	8.49	5.59	12.2	12.6	12.6	17.1
Diluted EPS	5.16	4.7	4.59	6.37	8.45	5.55	12.1	12.5	12.5	17

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3B	3.4B	4.1B	3.8B	3.7B	4.1B	4.7B	4.2B	4B	4.3B	5B	4.2B
Cost of revenue	1.7B	1.7B	1.9B	2.1B	2.1B	2.1B	2.2B	2.4B	2.3B	2.1B	2.4B	2.3B
Gross profit	1.3B	1.7B	2.2B	1.6B	1.6B	2B	2.5B	1.8B	1.7B	2.2B	2.6B	2B
Gross margin	42.9%	50.5%	53.7%	43.4%	42.2%	48.9%	52.4%	43.2%	43.5%	50.8%	52.5%	46.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	392M	618M	429M	548M	531M	506M	528M	458M	510M	457M	492M	579M
Operating expenses	527M	749M	553M	680M	672M	648M	664M	594M	650M	613M	636M	741M
Operating income	679M	888M	1.6B	777M	678M	1.1B	1.6B	953M	848M	1.3B	1.8B	1B
Operating margin	23%	26.3%	38.7%	20.7%	18.2%	27.7%	33.2%	22.9%	21.2%	31.1%	35.9%	23.8%
Non-operating income, net	-9M	-167M	-34M	115M	-20M	30M	-120M	-38M	-45M	1B	-87M	-113M
Pretax income	560M	609M	1.4B	698M	449M	891M	1.3B	703M	597M	2.2B	1.6B	724M
Income tax	93M	102M	331M	160M	94M	157M	268M	109M	127M	505M	314M	159M
Net income	467M	507M	1.1B	538M	355M	734M	982M	594M	470M	1.7B	1.2B	565M
Net margin	15.8%	15%	26.9%	14.3%	9.54%	17.7%	20.8%	14.3%	11.8%	39.6%	24.6%	13.3%
EBITDA	752M	968M	1.7B	982M	905M	1.3B	1.8B	1.2B	1.1B	1.6B	2B	1.2B
EPS	2.25	2.49	5.38	2.47	1.58	3.31	4.46	2.68	2.12	7.87	5.66	2.58
Diluted EPS	2.23	2.47	5.35	2.46	1.57	3.28	4.43	2.66	2.11	7.82	5.63	2.58

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	716M	1.3B	828M	928M	1.2B	836M	1.1B	1.1B	11.6B	2.8B
Receivables	2.1B	2.5B	2.8B	3.1B	3.1B	3.1B	3B	3.3B	3.8B	4.2B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	13.1B	13.7B	14.4B	16.5B	18.7B	19B	20.7B	21.7B	23.4B	25.8B
Property, plant & equipment	550M	564M	588M	1.6B	1.6B	1.4B	1.3B	1.3B	1.4B	1.4B
Goodwill & intangibles	18.6B	20.2B	18.6B	17.9B	18.6B	17.9B	17.5B	17.3B	44B	43B
Total assets	26.6B	26.1B	26.4B	29.4B	32.1B	31.9B	32.7B	34B	49B	50.8B
Accounts payable	1.6B	2B	1.9B	1.9B	2B	2.2B	2.1B	2.3B	2.9B	2.9B
Short-term debt	336M	299M	251M	922M	682M	1.4B	1.1B	1.4B	942M	770M
Total current liabilities	12.5B	12.8B	13.3B	15.6B	17.4B	19.1B	20.3B	21.7B	23B	23.2B
Long-term debt	6B	5.8B	6.2B	7.6B	8.2B	9B	10.5B	10.6B	16.9B	15.3B
Total liabilities	21.1B	21.4B	22.2B	26B	28.5B	30.8B	33.1B	34.7B	42.5B	41.2B
Shareholders' equity	5.5B	4.6B	4.2B	3.4B	3.6B	1.2B	-429M	-742M	6.4B	9.5B
Total debt	6.3B	6.1B	6.4B	8.6B	8.9B	10.4B	11.7B	12B	17.9B	16.1B
Net debt	5.9B	5.4B	5.8B	7.8B	8B	9.9B	11B	11.3B	16.8B	14.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	8.2B	1.1B	6.4B	1.2B	1.3B	11.6B	8.4B	9.7B	1.3B	2.8B	1.4B	1.3B
Receivables	3.3B	3.3B	4B	4.5B	4B	3.8B	4.6B	4.9B	4.3B	4.2B	5.1B	5.3B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	21.1B	21.7B	28.6B	25.5B	23.7B	23.4B	24.4B	27.8B	26.6B	25.8B	26.2B	28.1B
Property, plant & equipment	1.3B	1.3B	1.2B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.5B
Goodwill & intangibles	17B	17.3B	17B	44.1B	44.8B	44B	45.1B	45.5B	43.1B	43B	43.5B	43.1B
Total assets	33.1B	34B	40.8B	51.5B	49.9B	49B	50.3B	54B	51.6B	50.8B	51.4B	53.3B
Accounts payable	1.7B	2.3B	1.9B	2.3B	2.6B	2.9B	2.1B	2.3B	2.4B	2.9B	2.2B	2.3B
Short-term debt	1.5B	1.4B	785M	207M	199M	942M	1.5B	2B	1.9B	770M	1.3B	2.2B
Total current liabilities	20.7B	21.7B	21.8B	23.5B	22.1B	23B	23.3B	27.1B	25.1B	23.2B	24.5B	27.2B
Long-term debt	10.6B	10.6B	16.5B	18.3B	17.8B	16.9B	17B	16.2B	15.7B	15.3B	14.2B	13.7B
Total liabilities	33.6B	34.7B	40.8B	45.4B	43.3B	42.5B	43B	45.9B	43.4B	41.2B	41.4B	43.6B
Shareholders' equity	-486M	-742M	-28M	6B	6.6B	6.4B	7.3B	8.1B	8.2B	9.5B	10B	9.7B
Total debt	12.1B	12B	17.3B	18.5B	18B	17.9B	18.5B	18.2B	17.6B	16.1B	15.5B	15.9B
Net debt	11.3B	11.3B	16.3B	17.5B	16.9B	16.8B	17.5B	17.2B	16.5B	14.9B	14.3B	14.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.4B	1.3B	1.2B	1.6B	2B	1.3B	2.6B	2.6B	2.7B	3.8B
Depreciation & amortization	319M	891M	769M	564M	413M	326M	264M	256M	686M	966M
Stock-based compensation	306M	319M	338M	317M	312M	449M	397M	438M	474M	432M
Change in working capital	-579M	-1.2B	-647M	-133M	1.3B	-39M	70M	449M	-456M	-37M
Operating cash flow	1.3B	422M	1.3B	2.3B	4.1B	2.1B	3.3B	3.4B	3B	3.5B
Capital expenditure	—	—	—	—	—	—	—	—	—	-263M
Investing cash flow	-732M	3B	271M	-4M	-538M	186M	-253M	64M	-2.6B	286M
Dividends paid	-345M	-364M	-382M	-410M	-412M	-447M	-463M	-489M	-562M	-629M
Share repurchases	-1.3B	-2.4B	-1.5B	-2B	-1.8B	-3.5B	-3.2B	-2.7B	-1B	-1B
Financing cash flow	-1.2B	-3.1B	-1.6B	-116M	-1.6B	-1.9B	-1.8B	-2.9B	796M	-4.2B
Net change in cash	-614M	267M	56M	2.2B	1.9B	322M	1.3B	625M	1.2B	-438M
Free cash flow	2.2B	551M	1.4B	1.6B	2.6B	2B	3B	3.2B	2.8B	3.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	467M	507M	1.1B	538M	355M	734M	982M	594M	470M	1.7B	1.2B	565M
Depreciation & amortization	62M	67M	60M	173M	221M	232M	245M	248M	240M	233M	198M	223M
Stock-based compensation	95M	117M	130M	117M	114M	113M	147M	119M	106M	60M	82M	122M
Change in working capital	325M	246M	-473M	-74M	222M	-131M	-254M	-54M	137M	134M	-365M	-364M
Operating cash flow	885M	796M	652M	678M	874M	775M	986M	688M	1.1B	1.4B	430M	556M
Capital expenditure	—	—	—	—	—	—	—	—	-69M	-74M	-67M	-73M
Investing cash flow	-18M	-191M	-4.9B	2.7B	91M	-522M	-236M	88M	-94M	648M	999M	-49M
Dividends paid	-125M	-123M	-123M	-146M	-147M	-146M	-147M	-161M	-160M	-161M	-162M	-175M
Share repurchases	-850M	-750M	-250M	-250M	-300M	-200M	-250M	-250M	-250M	-250M	-500M	-600M
Financing cash flow	-1.2B	-1.3B	5.3B	1.3B	-699M	-769M	-349M	-24M	-768M	-3.1B	-441M	-858M
Net change in cash	-295M	-709M	1B	4.7B	266M	-516M	401M	752M	286M	-1B	988M	-351M
Free cash flow	985M	1.2B	261M	460M	951M	1.1B	84M	732M	1.1B	1.3B	363M	483M

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	29.9B	34.6B	35.6B	49.7B	49B	67.5B	63.5B	59.2B	75.9B	76.2B	57.7B
Enterprise value	35.5B	39.5B	41.2B	57.3B	56.7B	77.1B	74.1B	70.1B	82.2B	89.5B	73.9B
Shares outstanding	267.9M	258.5M	245.2M	238.6M	231.9M	224.7M	211.7M	203.5M	211.4M	215.9M	215.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.9	27.4	30.4	31.6	24.3	51.6	24	22.5	27.9	20.3	15.3
P/S	3.18	3.46	3.31	4.51	4.43	5.54	5.09	4.43	4.84	4.43	3.35
P/B	5.4	7.45	8.45	14.4	13.7	58.3	-148.1	-79.8	11.8	7.98	6.14
EV/EBITDA	17.9	20.7	17.7	20.8	17.6	31.4	19.6	17	16.9	15.9	12.5
EV/Sales	3.77	3.95	3.83	5.21	5.13	6.33	5.94	5.24	5.24	5.21	4.2
Earnings yield	4.79%	3.65%	3.29%	3.17%	4.12%	1.94%	4.16%	4.44%	3.58%	4.92%	6.53%
FCF yield	7.26%	1.59%	4.06%	3.24%	5.39%	3.03%	4.76%	5.37%	3.71%	4.22%	5.53%
PEG	—	—	—	—	—	—	—	—	—	—	-4.1

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.4%	40%	43.3%	45%	46.6%	44.7%	48.1%	48.4%	47.2%	47.7%	46.5%
Operating margin	17.4%	9.79%	14.3%	19.8%	25.2%	17.3%	28%	28.6%	26.6%	27.4%	23.5%
Net margin	15.2%	12.6%	10.9%	14.3%	18.2%	10.7%	21.2%	19.6%	17.3%	21.8%	22.3%
ROE	25.8%	27.2%	27.8%	45.6%	56.3%	113%	-616.8%	-354.2%	42.3%	39.3%	44.7%
ROA	5.37%	4.84%	4.44%	5.35%	6.28%	4.1%	8.09%	7.74%	5.55%	7.38%	5.83%
ROIC	13.1%	6.56%	13.9%	16.5%	20.2%	13.3%	29%	31.2%	25.8%	16.3%	16.1%
Return on tangible assets	17.8%	21.4%	15.1%	13.7%	14.9%	9.3%	17.4%	15.8%	54.3%	48.5%	38.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.05	1.07	1.08	1.06	1.07	1	1.02	1	1.02	1.11	1.03
Quick ratio	1.05	1.07	1.08	1.06	1.07	1	1.02	1	1.02	1.11	1.03
Debt / equity	1.15	1.32	1.52	2.48	2.49	9	-27.2	-16.2	2.78	1.68	1.63
Debt / assets	0.24	0.23	0.24	0.29	0.28	0.33	0.36	0.35	0.37	0.32	0.3
Net debt / EBITDA	2.84	2.53	2.4	2.77	2.4	3.9	2.79	2.65	1.29	2.36	2.49
Interest coverage	5.97	3.43	5.48	7.09	8.38	7	8.77	7.55	5.39	6.84	7.73
Effective tax rate	10.6%	36.5%	11.7%	15.9%	18.2%	32.3%	16.2%	17.1%	21.4%	21.2%	21.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	35.1	38.7	43.9	46.2	47.7	54.3	58.9	65.7	74.3	79.6	81.9
EPS (basic)	5.21	4.74	4.62	6.42	8.49	5.59	12.2	12.6	12.6	17.1	17.1
EPS (diluted)	5.16	4.7	4.59	6.37	8.45	5.55	12.1	12.5	12.5	17	18.1
Book value per share	20.6	18	17.2	14.5	15.5	5.15	-2.03	-3.65	30.4	44.2	45.3
FCF per share	8.1	2.13	5.9	6.75	11.4	9.1	14.3	15.6	13.3	14.9	15.2
Cash per share	2.67	4.97	3.38	3.89	5.14	3.72	5.39	5.64	55	13	5.17
Capex per share	—	—	—	—	—	—	—	—	—	1.22	1.32

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	1.53%	1.61%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	7.56%	8.01%
Payout ratio	24.1%	28.8%	32.5%	26.1%	20.4%	34.2%	17.5%	18.6%	20.7%	16.8%	16.8%
Dividend yield	1.15%	1.05%	1.07%	0.82%	0.84%	0.66%	0.73%	0.83%	0.74%	0.83%	1.21%

Yield

1.21%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.82

ex-dividend Aug 3, 2026

Payout ratio

17%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 3, 2026	$0.82
May 1, 2026	$0.82
Aug 1, 2025	$0.745
May 1, 2025	$0.745
Feb 3, 2025	$0.675
Nov 1, 2024	$0.675
Aug 1, 2024	$0.675
Apr 30, 2024	$0.675

Split history

Date	Ratio
May 18, 1999	3:2
May 15, 1997	3:2
May 17, 1994	3:2
May 27, 1987	2:1

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$3.8	$3.81	+0.3%	—	—	—
Q4 26	$6.35	$6.48	+2.0%	—	—	—
Q3 26	$4.75	$4.85	+2.1%	—	—	—
Q2 26	$2.91	$3.05	+4.8%	—	—	—
Q1 26	$3.41	$3.49	+2.3%	—	—	—
Q4 25	$6.04	$5.67	-6.1%	—	—	—
Q3 25	$4.25	$4.42	+4.0%	—	—	—
Q2 25	$2.47	$2.72	+10.1%	—	—	—
Q1 25	$3.08	$2.93	-4.9%	—	—	—
Q4 24	$5.92	$5.66	-4.4%	—	—	—
Q3 24	$4.06	$3.89	-4.2%	—	—	—
Q2 24	$2.21	$2.32	+5.0%	—	—	—
Q1 24	$2.84	$2.76	-2.8%	—	—	—
Q4 23	$5.32	$5.17	-2.8%	—	—	—
Q3 23	$3.66	$3.89	+6.3%	—	—	—
Q2 23	$1.99	$2.02	+1.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$17.1	—	—	$17.2B	—
FY24	—	$12.6	—	—	$15.7B	—
FY23	—	$12.6	—	—	$13.4B	—
FY22	—	$12.2	—	—	$12.5B	—
FY21	—	$5.59	—	—	$12.2B	—
FY20	—	$8.49	—	—	$11.1B	—
FY19	—	$6.42	—	—	$11B	—
FY18	—	$4.62	—	—	$10.8B	—
FY17	—	$4.74	—	—	$10B	—
FY16	—	$5.21	—	—	$9.4B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$9.4B	$10B	$10.8B	$11B	$11.1B	$12.2B	$12.5B	$13.4B	$15.7B	$17.2B
YoY change	-0.75%	+6.26%	+7.72%	+2.26%	+0.48%	+10.2%	+2.35%	+7.19%	+17.4%	+9.45%

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3B	$3.4B	$4.1B	$3.8B	$3.7B	$4.1B	$4.7B	$4.2B	$4B	$4.3B	$5B	$4.2B
YoY change	+9.53%	+7.83%	+5.14%	+18.4%	+26%	+22.9%	+16.2%	+10.5%	+7.42%	+3.69%	+6.45%	+2.19%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	9.4B	10B	10.8B	11B	11.1B	12.2B	12.5B	13.4B	15.7B	17.2B
Cost of revenue	5.5B	6B	6.1B	6.1B	5.9B	6.7B	6.5B	6.9B	8.3B	9B
Gross profit	3.9B	4B	4.7B	5B	5.2B	5.5B	6B	6.5B	7.4B	8.2B
Gross margin	41.4%	40%	43.3%	45%	46.6%	44.7%	48.1%	48.4%	47.2%	47.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.6B	1.7B	1.9B	1.7B	1.5B	2.5B	1.7B	1.9B	2B	2B
Operating expenses	1.9B	2.1B	2.4B	2.2B	2B	3B	2.2B	2.4B	2.6B	2.5B
Operating income	1.6B	979M	1.5B	2.2B	2.8B	2.1B	3.5B	3.8B	4.2B	4.7B
Operating margin	17.4%	9.79%	14.3%	19.8%	25.2%	17.3%	28%	28.6%	26.6%	27.4%
Non-operating income, net	36M	-39M	-26M	-9M	-1M	131M	54M	-200M	91M	846M
Pretax income	1.4B	685M	1.2B	1.9B	2.5B	1.9B	3.2B	3.2B	3.5B	4.8B
Income tax	148M	250M	146M	297M	448M	623M	510M	541M	742M	1B
Net income	1.4B	1.3B	1.2B	1.6B	2B	1.3B	2.6B	2.6B	2.7B	3.8B
Net margin	15.2%	12.6%	10.9%	14.3%	18.2%	10.7%	21.2%	19.6%	17.3%	21.8%
EBITDA	2B	1.9B	2.3B	2.8B	3.2B	2.5B	3.8B	4.1B	4.9B	5.6B
EPS	5.21	4.74	4.62	6.42	8.49	5.59	12.2	12.6	12.6	17.1
Diluted EPS	5.16	4.7	4.59	6.37	8.45	5.55	12.1	12.5	12.5	17

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3B	3.4B	4.1B	3.8B	3.7B	4.1B	4.7B	4.2B	4B	4.3B	5B	4.2B
Cost of revenue	1.7B	1.7B	1.9B	2.1B	2.1B	2.1B	2.2B	2.4B	2.3B	2.1B	2.4B	2.3B
Gross profit	1.3B	1.7B	2.2B	1.6B	1.6B	2B	2.5B	1.8B	1.7B	2.2B	2.6B	2B
Gross margin	42.9%	50.5%	53.7%	43.4%	42.2%	48.9%	52.4%	43.2%	43.5%	50.8%	52.5%	46.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	392M	618M	429M	548M	531M	506M	528M	458M	510M	457M	492M	579M
Operating expenses	527M	749M	553M	680M	672M	648M	664M	594M	650M	613M	636M	741M
Operating income	679M	888M	1.6B	777M	678M	1.1B	1.6B	953M	848M	1.3B	1.8B	1B
Operating margin	23%	26.3%	38.7%	20.7%	18.2%	27.7%	33.2%	22.9%	21.2%	31.1%	35.9%	23.8%
Non-operating income, net	-9M	-167M	-34M	115M	-20M	30M	-120M	-38M	-45M	1B	-87M	-113M
Pretax income	560M	609M	1.4B	698M	449M	891M	1.3B	703M	597M	2.2B	1.6B	724M
Income tax	93M	102M	331M	160M	94M	157M	268M	109M	127M	505M	314M	159M
Net income	467M	507M	1.1B	538M	355M	734M	982M	594M	470M	1.7B	1.2B	565M
Net margin	15.8%	15%	26.9%	14.3%	9.54%	17.7%	20.8%	14.3%	11.8%	39.6%	24.6%	13.3%
EBITDA	752M	968M	1.7B	982M	905M	1.3B	1.8B	1.2B	1.1B	1.6B	2B	1.2B
EPS	2.25	2.49	5.38	2.47	1.58	3.31	4.46	2.68	2.12	7.87	5.66	2.58
Diluted EPS	2.23	2.47	5.35	2.46	1.57	3.28	4.43	2.66	2.11	7.82	5.63	2.58

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	716M	1.3B	828M	928M	1.2B	836M	1.1B	1.1B	11.6B	2.8B
Receivables	2.1B	2.5B	2.8B	3.1B	3.1B	3.1B	3B	3.3B	3.8B	4.2B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	13.1B	13.7B	14.4B	16.5B	18.7B	19B	20.7B	21.7B	23.4B	25.8B
Property, plant & equipment	550M	564M	588M	1.6B	1.6B	1.4B	1.3B	1.3B	1.4B	1.4B
Goodwill & intangibles	18.6B	20.2B	18.6B	17.9B	18.6B	17.9B	17.5B	17.3B	44B	43B
Total assets	26.6B	26.1B	26.4B	29.4B	32.1B	31.9B	32.7B	34B	49B	50.8B
Accounts payable	1.6B	2B	1.9B	1.9B	2B	2.2B	2.1B	2.3B	2.9B	2.9B
Short-term debt	336M	299M	251M	922M	682M	1.4B	1.1B	1.4B	942M	770M
Total current liabilities	12.5B	12.8B	13.3B	15.6B	17.4B	19.1B	20.3B	21.7B	23B	23.2B
Long-term debt	6B	5.8B	6.2B	7.6B	8.2B	9B	10.5B	10.6B	16.9B	15.3B
Total liabilities	21.1B	21.4B	22.2B	26B	28.5B	30.8B	33.1B	34.7B	42.5B	41.2B
Shareholders' equity	5.5B	4.6B	4.2B	3.4B	3.6B	1.2B	-429M	-742M	6.4B	9.5B
Total debt	6.3B	6.1B	6.4B	8.6B	8.9B	10.4B	11.7B	12B	17.9B	16.1B
Net debt	5.9B	5.4B	5.8B	7.8B	8B	9.9B	11B	11.3B	16.8B	14.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	8.2B	1.1B	6.4B	1.2B	1.3B	11.6B	8.4B	9.7B	1.3B	2.8B	1.4B	1.3B
Receivables	3.3B	3.3B	4B	4.5B	4B	3.8B	4.6B	4.9B	4.3B	4.2B	5.1B	5.3B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	21.1B	21.7B	28.6B	25.5B	23.7B	23.4B	24.4B	27.8B	26.6B	25.8B	26.2B	28.1B
Property, plant & equipment	1.3B	1.3B	1.2B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.5B
Goodwill & intangibles	17B	17.3B	17B	44.1B	44.8B	44B	45.1B	45.5B	43.1B	43B	43.5B	43.1B
Total assets	33.1B	34B	40.8B	51.5B	49.9B	49B	50.3B	54B	51.6B	50.8B	51.4B	53.3B
Accounts payable	1.7B	2.3B	1.9B	2.3B	2.6B	2.9B	2.1B	2.3B	2.4B	2.9B	2.2B	2.3B
Short-term debt	1.5B	1.4B	785M	207M	199M	942M	1.5B	2B	1.9B	770M	1.3B	2.2B
Total current liabilities	20.7B	21.7B	21.8B	23.5B	22.1B	23B	23.3B	27.1B	25.1B	23.2B	24.5B	27.2B
Long-term debt	10.6B	10.6B	16.5B	18.3B	17.8B	16.9B	17B	16.2B	15.7B	15.3B	14.2B	13.7B
Total liabilities	33.6B	34.7B	40.8B	45.4B	43.3B	42.5B	43B	45.9B	43.4B	41.2B	41.4B	43.6B
Shareholders' equity	-486M	-742M	-28M	6B	6.6B	6.4B	7.3B	8.1B	8.2B	9.5B	10B	9.7B
Total debt	12.1B	12B	17.3B	18.5B	18B	17.9B	18.5B	18.2B	17.6B	16.1B	15.5B	15.9B
Net debt	11.3B	11.3B	16.3B	17.5B	16.9B	16.8B	17.5B	17.2B	16.5B	14.9B	14.3B	14.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.4B	1.3B	1.2B	1.6B	2B	1.3B	2.6B	2.6B	2.7B	3.8B
Depreciation & amortization	319M	891M	769M	564M	413M	326M	264M	256M	686M	966M
Stock-based compensation	306M	319M	338M	317M	312M	449M	397M	438M	474M	432M
Change in working capital	-579M	-1.2B	-647M	-133M	1.3B	-39M	70M	449M	-456M	-37M
Operating cash flow	1.3B	422M	1.3B	2.3B	4.1B	2.1B	3.3B	3.4B	3B	3.5B
Capital expenditure	—	—	—	—	—	—	—	—	—	-263M
Investing cash flow	-732M	3B	271M	-4M	-538M	186M	-253M	64M	-2.6B	286M
Dividends paid	-345M	-364M	-382M	-410M	-412M	-447M	-463M	-489M	-562M	-629M
Share repurchases	-1.3B	-2.4B	-1.5B	-2B	-1.8B	-3.5B	-3.2B	-2.7B	-1B	-1B
Financing cash flow	-1.2B	-3.1B	-1.6B	-116M	-1.6B	-1.9B	-1.8B	-2.9B	796M	-4.2B
Net change in cash	-614M	267M	56M	2.2B	1.9B	322M	1.3B	625M	1.2B	-438M
Free cash flow	2.2B	551M	1.4B	1.6B	2.6B	2B	3B	3.2B	2.8B	3.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	467M	507M	1.1B	538M	355M	734M	982M	594M	470M	1.7B	1.2B	565M
Depreciation & amortization	62M	67M	60M	173M	221M	232M	245M	248M	240M	233M	198M	223M
Stock-based compensation	95M	117M	130M	117M	114M	113M	147M	119M	106M	60M	82M	122M
Change in working capital	325M	246M	-473M	-74M	222M	-131M	-254M	-54M	137M	134M	-365M	-364M
Operating cash flow	885M	796M	652M	678M	874M	775M	986M	688M	1.1B	1.4B	430M	556M
Capital expenditure	—	—	—	—	—	—	—	—	-69M	-74M	-67M	-73M
Investing cash flow	-18M	-191M	-4.9B	2.7B	91M	-522M	-236M	88M	-94M	648M	999M	-49M
Dividends paid	-125M	-123M	-123M	-146M	-147M	-146M	-147M	-161M	-160M	-161M	-162M	-175M
Share repurchases	-850M	-750M	-250M	-250M	-300M	-200M	-250M	-250M	-250M	-250M	-500M	-600M
Financing cash flow	-1.2B	-1.3B	5.3B	1.3B	-699M	-769M	-349M	-24M	-768M	-3.1B	-441M	-858M
Net change in cash	-295M	-709M	1B	4.7B	266M	-516M	401M	752M	286M	-1B	988M	-351M
Free cash flow	985M	1.2B	261M	460M	951M	1.1B	84M	732M	1.1B	1.3B	363M	483M

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	29.9B	34.6B	35.6B	49.7B	49B	67.5B	63.5B	59.2B	75.9B	76.2B	57.7B
Enterprise value	35.5B	39.5B	41.2B	57.3B	56.7B	77.1B	74.1B	70.1B	82.2B	89.5B	73.9B
Shares outstanding	267.9M	258.5M	245.2M	238.6M	231.9M	224.7M	211.7M	203.5M	211.4M	215.9M	215.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.9	27.4	30.4	31.6	24.3	51.6	24	22.5	27.9	20.3	15.3
P/S	3.18	3.46	3.31	4.51	4.43	5.54	5.09	4.43	4.84	4.43	3.35
P/B	5.4	7.45	8.45	14.4	13.7	58.3	-148.1	-79.8	11.8	7.98	6.14
EV/EBITDA	17.9	20.7	17.7	20.8	17.6	31.4	19.6	17	16.9	15.9	12.5
EV/Sales	3.77	3.95	3.83	5.21	5.13	6.33	5.94	5.24	5.24	5.21	4.2
Earnings yield	4.79%	3.65%	3.29%	3.17%	4.12%	1.94%	4.16%	4.44%	3.58%	4.92%	6.53%
FCF yield	7.26%	1.59%	4.06%	3.24%	5.39%	3.03%	4.76%	5.37%	3.71%	4.22%	5.53%
PEG	—	—	—	—	—	—	—	—	—	—	-4.1

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.4%	40%	43.3%	45%	46.6%	44.7%	48.1%	48.4%	47.2%	47.7%	46.5%
Operating margin	17.4%	9.79%	14.3%	19.8%	25.2%	17.3%	28%	28.6%	26.6%	27.4%	23.5%
Net margin	15.2%	12.6%	10.9%	14.3%	18.2%	10.7%	21.2%	19.6%	17.3%	21.8%	22.3%
ROE	25.8%	27.2%	27.8%	45.6%	56.3%	113%	-616.8%	-354.2%	42.3%	39.3%	44.7%
ROA	5.37%	4.84%	4.44%	5.35%	6.28%	4.1%	8.09%	7.74%	5.55%	7.38%	5.83%
ROIC	13.1%	6.56%	13.9%	16.5%	20.2%	13.3%	29%	31.2%	25.8%	16.3%	16.1%
Return on tangible assets	17.8%	21.4%	15.1%	13.7%	14.9%	9.3%	17.4%	15.8%	54.3%	48.5%	38.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.05	1.07	1.08	1.06	1.07	1	1.02	1	1.02	1.11	1.03
Quick ratio	1.05	1.07	1.08	1.06	1.07	1	1.02	1	1.02	1.11	1.03
Debt / equity	1.15	1.32	1.52	2.48	2.49	9	-27.2	-16.2	2.78	1.68	1.63
Debt / assets	0.24	0.23	0.24	0.29	0.28	0.33	0.36	0.35	0.37	0.32	0.3
Net debt / EBITDA	2.84	2.53	2.4	2.77	2.4	3.9	2.79	2.65	1.29	2.36	2.49
Interest coverage	5.97	3.43	5.48	7.09	8.38	7	8.77	7.55	5.39	6.84	7.73
Effective tax rate	10.6%	36.5%	11.7%	15.9%	18.2%	32.3%	16.2%	17.1%	21.4%	21.2%	21.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	35.1	38.7	43.9	46.2	47.7	54.3	58.9	65.7	74.3	79.6	81.9
EPS (basic)	5.21	4.74	4.62	6.42	8.49	5.59	12.2	12.6	12.6	17.1	17.1
EPS (diluted)	5.16	4.7	4.59	6.37	8.45	5.55	12.1	12.5	12.5	17	18.1
Book value per share	20.6	18	17.2	14.5	15.5	5.15	-2.03	-3.65	30.4	44.2	45.3
FCF per share	8.1	2.13	5.9	6.75	11.4	9.1	14.3	15.6	13.3	14.9	15.2
Cash per share	2.67	4.97	3.38	3.89	5.14	3.72	5.39	5.64	55	13	5.17
Capex per share	—	—	—	—	—	—	—	—	—	1.22	1.32

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	1.53%	1.61%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	7.56%	8.01%
Payout ratio	24.1%	28.8%	32.5%	26.1%	20.4%	34.2%	17.5%	18.6%	20.7%	16.8%	16.8%
Dividend yield	1.15%	1.05%	1.07%	0.82%	0.84%	0.66%	0.73%	0.83%	0.74%	0.83%	1.21%

Yield

1.21%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.82

ex-dividend Aug 3, 2026

Payout ratio

17%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 3, 2026	$0.82
May 1, 2026	$0.82
Aug 1, 2025	$0.745
May 1, 2025	$0.745
Feb 3, 2025	$0.675
Nov 1, 2024	$0.675
Aug 1, 2024	$0.675
Apr 30, 2024	$0.675

Split history

Date	Ratio
May 18, 1999	3:2
May 15, 1997	3:2
May 17, 1994	3:2
May 27, 1987	2:1

Aon plc Class A Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Aon plc Class A Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history