Aon (AON) financial statements
Aon reported revenue of $17.2B in fiscal 2025, up 6.9% a year over 9 years.
Net income was $3.7B and the operating margin 25.3%, against 19.2% in 2016.
Free cash flow was $3.2B, and the company returned $629M in dividends.
The diluted share count fell 20% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Aon's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.4B | $10.0B | $10.8B | $11.0B | $11.1B | $12.2B | $12.5B | $13.4B | $15.7B | $17.2B |
| Operating income | $1.8B | $1.1B | $1.5B | $2.2B | $2.8B | $2.1B | $3.7B | $3.8B | $3.8B | $4.3B |
| Interest expense | $282M | $282M | $278M | $307M | $334M | $322M | $406M | $484M | $788M | $815M |
| Pre-tax 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 | $1.0B |
| Net income | $1.4B | $1.2B | $1.1B | $1.5B | $2.0B | $1.3B | $2.6B | $2.6B | $2.7B | $3.7B |
| EPS (diluted) | $5.16 | $4.70 | $4.59 | $6.37 | $8.45 | $5.55 | $12.14 | $12.51 | $12.49 | $17.02 |
| Diluted shares | 270M | 261M | 247M | 241M | 233M | 226M | 213M | 205M | 212M | 217M |
| Operating margin | 19.2% | 10.7% | 14.3% | 19.7% | 25.1% | 17.1% | 29.4% | 28.3% | 24.4% | 25.3% |
| Net margin | 14.8% | 12.3% | 10.5% | 13.9% | 17.8% | 10.3% | 20.7% | 19.2% | 16.9% | 21.5% |
Balance sheet
Fiscal years, from Aon's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $716M | $1.3B | $828M | $928M | $1.2B | $836M | $1.1B | $1.1B | $1.3B | $2.8B |
| Receivables | $2.1B | $2.5B | $2.8B | $3.1B | $3.1B | $3.1B | $3.0B | $3.3B | $3.8B | $4.2B |
| Total current assets | $13.1B | $13.7B | $14.4B | $16.5B | $18.7B | $19.0B | $20.7B | $21.7B | $23.4B | $25.8B |
| Property, plant and equipment | $550M | $564M | $588M | $621M | $599M | $529M | $558M | $638M | $637M | $702M |
| Goodwill | $7.4B | $8.4B | $8.2B | $8.2B | $8.7B | $8.4B | $8.3B | $8.4B | $15.2B | $15.8B |
| Total assets | $26.6B | $26.1B | $26.4B | $29.4B | $32.1B | $31.9B | $32.7B | $34.0B | $49.0B | $50.8B |
| Total current liabilities | $12.5B | $12.8B | $13.3B | $15.6B | $17.4B | $19.1B | $20.3B | $21.7B | $23.0B | $23.2B |
| Long-term debt | $5.9B | $5.7B | $6.0B | $6.6B | $7.3B | $8.2B | $9.8B | $10.0B | $16.3B | $14.7B |
| Total liabilities | $21.1B | $21.4B | $22.2B | $26.0B | $28.5B | $30.8B | $33.1B | $34.7B | $42.5B | $41.2B |
| Shareholders' equity | $5.5B | $4.6B | $4.2B | $3.4B | $3.5B | $1.1B | -$529M | -$826M | $6.1B | $9.4B |
| Net debt | $5.8B | $5.2B | $5.6B | $6.5B | $6.8B | $8.8B | $10.1B | $10.4B | $15.9B | $14.1B |
Cash flow
Fiscal years, from Aon's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $734M | $1.7B | $1.8B | $2.8B | $2.2B | $3.2B | $3.4B | $3.0B | $3.5B |
| Capital spending | $156M | $183M | $240M | $225M | $141M | $137M | $196M | $252M | $218M | $263M |
| Free cash flow | $2.2B | $551M | $1.4B | $1.6B | $2.6B | $2.0B | $3.0B | $3.2B | $2.8B | $3.2B |
| Stock-based compensation | $306M | $319M | $338M | $317M | $312M | $449M | $397M | $438M | $474M | $432M |
| Dividends paid | $345M | $364M | $382M | $410M | $412M | $447M | $463M | $489M | $562M | $629M |
| Share buybacks (net) | -$1.3B | -$2.4B | — | — | — | — | — | — | — | — |
| Net borrowing | $522M | -$345M | $337M | $1.1B | $271M | $1.8B | $1.4B | $367M | $2.4B | -$1.9B |
| Free cash flow margin | 23.1% | 5.5% | 13.4% | 14.6% | 23.9% | 16.8% | 24.2% | 23.8% | 17.9% | 18.7% |
| Dividends per share | $1.28 | $1.40 | $1.55 | $1.70 | $1.77 | $1.98 | $2.17 | $2.39 | $2.64 | $2.90 |
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Open AON in InvestinglyQuestions
What was Aon's revenue in 2025?
$17.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Aon generate?
$3.2B in fiscal 2025 (operating cash flow minus capital spending).
From Aon's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.