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Aon plc

AON Clue Score60
Ireland Fiscal year ends December CIK 0000315293
$273.47 -1.32% Close, 9 Oct 2026
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Price $273.47 −7.35% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue9.41Operating income1.81Net income1.43EPS, diluted5.16Fiscal year 2017Revenue10.00 +6.3%Operating income1.07Net income1.26 −11.7%EPS, diluted4.70 −8.9%Fiscal year 2018Revenue10.77 +7.7%Operating income1.54Net income1.17 −7.0%EPS, diluted4.59 −2.3%Fiscal year 2019Revenue11.01 +2.3%Operating income2.17Net income1.53 +30.5%EPS, diluted6.37 +38.8%Fiscal year 2020Revenue11.07 +0.5%Operating income2.78Net income1.97 +28.5%EPS, diluted8.45 +32.7%Fiscal year 2021Revenue12.19 +10.2%Operating income2.09Net income1.26 −36.3%EPS, diluted5.55 −34.3%Fiscal year 2022Revenue12.48 +2.3%Operating income3.67Net income2.59 +106.3%EPS, diluted12.14 +118.7%Fiscal year 2023Revenue13.38 +7.2%Operating income3.79Net income2.56 −1.0%EPS, diluted12.51 +3.0%Fiscal year 2024Revenue15.70 +17.4%Operating income3.84Net income2.65 +3.5%EPS, diluted12.49 −0.2%Fiscal year 2025Revenue17.18 +9.4%Operating income4.34Net income3.70 +39.2%EPS, diluted17.02 +36.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 9.41 10.00 10.77 11.01 11.07 12.19 12.48 13.38 15.70 17.18
Growth +6.3% +7.7% +2.3% +0.5% +10.2% +2.3% +7.2% +17.4% +9.4%
Operating income 1.81 1.07 1.54 2.17 2.78 2.09 3.67 3.79 3.84 4.34
Net income 1.43 1.26 1.17 1.53 1.97 1.26 2.59 2.56 2.65 3.70
Growth −11.7% −7.0% +30.5% +28.5% −36.3% +106.3% −1.0% +3.5% +39.2%
EPS, diluted 5.16 4.70 4.59 6.37 8.45 5.55 12.14 12.51 12.49 17.02
Growth −8.9% −2.3% +38.8% +32.7% −34.3% +118.7% +3.0% −0.2% +36.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin19.2%Net margin15.2%Free cash flow margin23.1%Fiscal year 2017Operating margin10.7%Net margin12.6%Free cash flow margin5.5%Fiscal year 2018Operating margin14.3%Net margin10.9%Free cash flow margin13.4%Fiscal year 2019Operating margin19.7%Net margin13.9%Free cash flow margin14.6%Fiscal year 2020Operating margin25.1%Net margin17.8%Free cash flow margin23.9%Fiscal year 2021Operating margin17.1%Net margin10.3%Free cash flow margin16.8%Fiscal year 2022Operating margin29.4%Net margin20.7%Free cash flow margin24.2%Fiscal year 2023Operating margin28.3%Net margin19.2%Free cash flow margin23.8%Fiscal year 2024Operating margin24.4%Net margin16.9%Free cash flow margin17.9%Fiscal year 2025Operating margin25.3%Net margin21.5%Free cash flow margin18.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 19.2% 10.7% 14.3% 19.7% 25.1% 17.1% 29.4% 28.3% 24.4% 25.3%
Net margin 15.2% 12.6% 10.9% 13.9% 17.8% 10.3% 20.7% 19.2% 16.9% 21.5%
Free cash flow margin 23.1% 5.5% 13.4% 14.6% 23.9% 16.8% 24.2% 23.8% 17.9% 18.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow2.33Capital expenditure−0.16Free cash flow2.17Buybacks−1.26Dividends paid−0.35Fiscal year 2017Operating cash flow0.73Capital expenditure−0.18Free cash flow0.55 −74.6%Buybacks−2.40Dividends paid−0.36Fiscal year 2018Operating cash flow1.69Capital expenditure−0.24Free cash flow1.45 +162.4%Dividends paid−0.38Fiscal year 2019Operating cash flow1.84Capital expenditure−0.23Free cash flow1.61 +11.3%Dividends paid−0.41Fiscal year 2020Operating cash flow2.78Capital expenditure−0.14Free cash flow2.64 +64.1%Dividends paid−0.41Fiscal year 2021Operating cash flow2.18Capital expenditure−0.14Free cash flow2.05 −22.6%Dividends paid−0.45Fiscal year 2022Operating cash flow3.22Capital expenditure−0.20Free cash flow3.02 +47.8%Dividends paid−0.46Fiscal year 2023Operating cash flow3.44Capital expenditure−0.25Free cash flow3.18 +5.3%Dividends paid−0.49Fiscal year 2024Operating cash flow3.04Capital expenditure−0.22Free cash flow2.82 −11.5%Dividends paid−0.56Fiscal year 2025Operating cash flow3.48Capital expenditure−0.26Free cash flow3.22 +14.2%Dividends paid−0.63
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.33 0.73 1.69 1.84 2.78 2.18 3.22 3.44 3.04 3.48
Capital expenditure −0.16 −0.18 −0.24 −0.23 −0.14 −0.14 −0.20 −0.25 −0.22 −0.26
Free cash flow 2.17 0.55 1.45 1.61 2.64 2.05 3.02 3.18 2.82 3.22
Growth −74.6% +162.4% +11.3% +64.1% −22.6% +47.8% +5.3% −11.5% +14.2%
Buybacks −1.26 −2.40 n/a n/a n/a n/a n/a n/a n/a n/a
Dividends paid −0.35 −0.36 −0.38 −0.41 −0.41 −0.45 −0.46 −0.49 −0.56 −0.63

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.43Total debt5.87Net cash (debt)−5.44Shareholders’ equity5.48Debt to equity1.07Fiscal year 2017Cash0.76Total debt5.67Net cash (debt)−4.91Shareholders’ equity4.58Debt to equity1.24Fiscal year 2018Cash0.66Total debt5.99Net cash (debt)−5.34Shareholders’ equity4.15Debt to equity1.44Fiscal year 2019Cash0.79Total debt6.63Net cash (debt)−5.84Shareholders’ equity3.38Debt to equity1.96Fiscal year 2020Cash0.88Total debt7.28Net cash (debt)−6.40Shareholders’ equity3.50Debt to equity2.08Fiscal year 2021Cash0.54Total debt8.23Net cash (debt)−7.68Shareholders’ equity1.06Debt to equity7.75Fiscal year 2022Cash0.69Total debt9.83Net cash (debt)−9.14Shareholders’ equity−0.53Fiscal year 2023Cash0.78Total debt10.00Net cash (debt)−9.22Shareholders’ equity−0.83Fiscal year 2024Cash1.09Total debt16.27Net cash (debt)−15.18Shareholders’ equity6.12Debt to equity2.66Fiscal year 2025Cash1.20Total debt14.66Net cash (debt)−13.47Shareholders’ equity9.35Debt to equity1.57
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.43 0.76 0.66 0.79 0.88 0.54 0.69 0.78 1.09 1.20
Total debt 5.87 5.67 5.99 6.63 7.28 8.23 9.83 10.00 16.27 14.66
Net cash (debt) −5.44 −4.91 −5.34 −5.84 −6.40 −7.68 −9.14 −9.22 −15.18 −13.47
Shareholders’ equity 5.48 4.58 4.15 3.38 3.50 1.06 −0.53 −0.83 6.12 9.35
Debt to equity 1.07 1.24 1.44 1.96 2.08 7.75 n/a n/a 2.66 1.57

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
9.41 10.00 10.77 11.01 11.07 12.19 12.48 13.38 15.70 17.18
Growth +6.3% +7.7% +2.3% +0.5% +10.2% +2.3% +7.2% +17.4% +9.4%
1.81 1.07 1.54 2.17 2.78 2.09 3.67 3.79 3.84 4.34
Growth −41.2% +45.0% +40.5% +28.2% −24.8% +75.6% +3.2% +1.3% +13.3%
1.40 0.69 1.25 1.87 2.47 1.93 3.16 3.17 3.46 4.76
0.15 0.25 0.15 0.30 0.45 0.62 0.51 0.54 0.74 1.01
1.43 1.26 1.17 1.53 1.97 1.26 2.59 2.56 2.65 3.70
Growth −11.7% −7.0% +30.5% +28.5% −36.3% +106.3% −1.0% +3.5% +39.2%
Per share
5.21 4.74 4.62 6.42 8.49 5.59 12.23 12.60 12.55 17.11
5.16 4.70 4.59 6.37 8.45 5.55 12.14 12.51 12.49 17.02
Growth −8.9% −2.3% +38.8% +32.7% −34.3% +118.7% +3.0% −0.2% +36.3%
268.1 258.5 245.2 238.6 231.9 224.7 211.7 203.5 211.4 215.9
270.3 260.7 247.0 240.6 233.1 226.1 213.2 205.0 212.5 217.1
Growth −3.6% −5.3% −2.6% −3.1% −3.0% −5.7% −3.8% +3.7% +2.2%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 9.2% a year over five years, and earnings per share grew 15.0% a year.
  • The diluted share count fell 6.9% in five years, so buybacks did some of the work per share.
  • Operating margin is flat at 25.3%.
  • Profitable in every one of the 10 years on file.