Aon plc AON
Aon plc (which may be referred to as "Aon," the "Company," "we," "us," or "our") is a leading global professional services firm. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise and locally relevant solutions, our colleagues provide clients with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
With clients around the world facing growing uncertainty and volatility, we remain focused on accelerating our Aon United strategy to serve clients as one globally connected firm and driving innovation to address unmet and evolving client need. We serve clients in more than 120 countries across all market segments and nearly every industry. This diversification of our client base helps provide our firm with stability in different economic scenarios that could affect specific industries, customer segments, or geographies.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.18B | $15.70B | $13.38B | $12.48B | $12.19B | $11.07B | $11.01B | $10.77B | $10.00B | $9.41B |
| Total operating expenses | $12.84B | $11.86B | $9.59B | $8.81B | $10.10B | $8.29B | $8.84B | $9.23B | $8.93B | $7.60B |
| Operating income | $4.34B | $3.83B | $3.79B | $3.67B | $2.09B | $2.78B | $2.17B | $1.54B | $1.06B | $1.81B |
| Interest expense | $815.0M | $788.0M | $484.0M | $406.0M | $322.0M | $334.0M | $307.0M | $278.0M | $282.0M | $282.0M |
| Pre-tax income | $4.76B | $3.46B | $3.17B | $3.16B | $1.93B | $2.47B | $1.87B | $1.25B | $685.0M | $1.40B |
| Income tax | $1.01B | $742.0M | $541.0M | $510.0M | $623.0M | $448.0M | $297.0M | $146.0M | $250.0M | $148.0M |
| Net income | $3.75B | $2.72B | $2.63B | $2.65B | $1.31B | $1.97B | $1.53B | $1.17B | $1.26B | $1.43B |
| EPS, basic | 17.11 | 12.55 | 12.60 | 12.23 | 5.59 | 8.49 | 6.42 | 4.62 | 4.74 | 5.21 |
| EPS, diluted | 17.02 | 12.49 | 12.51 | 12.14 | 5.55 | 8.45 | 6.37 | 4.59 | 4.70 | 5.16 |
| Shares, diluted (wtd. avg.) | $217.1M | $212.5M | $205.0M | $213.2M | $226.1M | $233.1M | $240.6M | $247.0M | $260.7M | $270.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.20B | $1.08B | $778.0M | $690.0M | $544.0M | $884.0M | $790.0M | $656.0M | $756.0M | $426.0M |
| Short-term investments | $1.60B | $219.0M | $369.0M | $452.0M | $292.0M | $308.0M | $138.0M | $172.0M | $529.0M | $290.0M |
| Receivables | $4.21B | $3.80B | $3.25B | $3.04B | $3.09B | $3.07B | $3.11B | $2.76B | $2.48B | $2.11B |
| Total current assets | $25.77B | $23.43B | $21.70B | $20.72B | $19.03B | $18.68B | $16.48B | $14.37B | $13.68B | $13.15B |
| Property, plant and equipment | $702.0M | $637.0M | $638.0M | $558.0M | $529.0M | $599.0M | $621.0M | $588.0M | $564.0M | $550.0M |
| Goodwill | $15.80B | $15.23B | $8.41B | $8.29B | $8.43B | $8.67B | $8.16B | $8.17B | $8.36B | $7.41B |
| Other intangibles | $5.73B | $6.74B | $234.0M | $447.0M | $492.0M | $640.0M | $783.0M | $1.15B | $1.73B | $1.89B |
| Total assets | $50.78B | $48.97B | $33.96B | $32.70B | $31.92B | $32.11B | $29.41B | $26.42B | $26.09B | $26.61B |
| Accounts payable | $2.86B | $2.90B | $2.26B | $2.11B | $2.19B | $2.02B | $1.94B | $1.94B | $9.62B | $8.96B |
| Short-term debt | $589.0M | $751.0M | $1.20B | $945.0M | $1.16B | $448.0M | $712.0M | $251.0M | $299.0M | $336.0M |
| Total current liabilities | $23.23B | $23.00B | $21.65B | $20.31B | $19.07B | $17.43B | $15.57B | $13.30B | $12.76B | $12.49B |
| Long-term debt | $14.66B | $16.27B | $9.99B | $9.82B | $8.23B | $7.28B | $6.63B | $5.99B | $5.67B | $5.87B |
| Total liabilities | $41.24B | $42.53B | $34.70B | $33.13B | $30.76B | $28.53B | $25.96B | $22.20B | $21.44B | $21.08B |
| Retained earnings | -$245.0M | -$2.31B | -$3.40B | -$2.77B | -$1.69B | $1.04B | $1.25B | $2.09B | $2.30B | $3.81B |
| Total equity | $9.35B | $6.12B | -$742.0M | -$429.0M | $1.16B | $3.58B | $3.44B | $4.22B | $4.65B | $5.58B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.48B | $3.04B | $3.44B | $3.22B | $2.18B | $2.78B | $1.83B | $1.69B | $734.0M | $2.33B |
| Depreciation and amortisation | $188.0M | $183.0M | $167.0M | $151.0M | $179.0M | $167.0M | $172.0M | $176.0M | $187.0M | $162.0M |
| Stock-based compensation | $432.0M | $474.0M | $438.0M | $397.0M | $449.0M | $312.0M | $317.0M | $338.0M | $319.0M | $306.0M |
| Capital expenditure | $263.0M | $218.0M | $252.0M | $196.0M | $137.0M | $141.0M | $225.0M | $240.0M | $183.0M | $156.0M |
| Investing cash flow | $286.0M | -$2.83B | -$188.0M | -$449.0M | $49.0M | -$679.0M | -$229.0M | $31.0M | $2.79B | -$954.0M |
| Financing cash flow | -$4.21B | $796.0M | -$2.87B | -$1.79B | -$1.92B | -$1.77B | -$247.0M | -$1.70B | -$3.27B | -$1.29B |
| Dividends paid | $629.0M | $562.0M | $489.0M | $463.0M | $447.0M | $412.0M | $410.0M | $382.0M | $364.0M | $345.0M |
| Buybacks | — | $1.00B | $2.70B | $3.20B | $3.54B | $1.76B | — | $1.45B | $2.42B | $1.26B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-187428.
Others in SIC 6411
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MRSH | MARSH & MCLENNAN COMPANIES, INC. | $88.64B | 22.0x | 10.3% |
| AJG | Arthur J. Gallagher & Co. | $67.33B | 45.8x | 20.7% |
| WTW | WILLIS TOWERS WATSON PLC | $31.09B | 20.6x | -2.3% |
| BRO | BROWN & BROWN, INC. | $23.90B | 22.6x | 22.8% |
| EQH | Equitable Holdings, Inc. | $14.46B | — | -6.1% |
| ACT | Enact Holdings, Inc. | $6.77B | 10.9x | 2.8% |
| NP | Neptune Insurance Holdings Inc. | $4.58B | — | 33.7% |
| ARX | Accelerant Holdings | $4.34B | — | 51.5% |