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Aon plc operates as a professional services firm in the United States, rest of the Americas, the United Kingdom, Ireland, rest of Europe, the Middle East, Africa, and the Asia Pacific. It operates through Risk Capital and Human Capital segments. The company offers commercial risk solutions comprising retail and insurance brokerage, specialty solutions, global risk consulting, captives management, and affinity programs; health solutions, such as consulting and brokerage, consumer benefits, and talent advisory services; and wealth solutions, including retirement consulting and investments. It also provides treaty and facultative reinsurance; strategy and technology group solutions; insurance-linked securities, capital raising, strategic advice, restructuring, and merger and acquisition services; and risk management products and solutions, capital market solutions, and corporate finance advisory services. In addition, the company offers strategic design advice and actuarial services; pension risk transfer and integrated pension administration; and investment advisory services on developing and maintaining investment programs across various plan types, including defined benefit plans, defined contribution plans, master trusts, and pooled employer plans for corporations, public pensions, endowments, and foundations. Aon plc was incorporated in 1979 and is headquartered in Dublin, Ireland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $17.2B | $6.5B | $3.7B | $3.2B | 39.5% | 9.4% | 39.2% |
| 2024 | $15.7B | $4.9B | $2.7B | $2.8B | 43.4% | 17.4% | 3.5% |
| 2023 | $13.4B | $3.9B | $2.6B | $3.2B | -310.4% | 7.2% | -1.0% |
| 2022 | $12.5B | $3.8B | $2.6B | $3.0B | -489.4% | - | - |
| 2021 | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 12,479 | 13,376 | 15,698 | 17,181 |
| Operating Revenue | - | 12,496 | 13,388 | 15,726 | 17,197 |
| Cost Of Revenue | - | 6,477 | 6,902 | 8,283 | 8,985 |
| Gross Profit | - | 6,002 | 6,474 | 7,415 | 8,196 |
| Operating Expense | - | 2,333 | 2,554 | 3,191 | 3,487 |
| Selling General And Administration | - | 1,560 | 1,764 | 1,966 | 1,953 |
| Total Expenses | - | 8,810 | 9,456 | 11,474 | 12,472 |
| Operating Income | - | 3,669 | 3,920 | 4,224 | 4,709 |
| Total Operating Income As Reported | - | 3,669 | 3,785 | 3,835 | 4,344 |
| EBITDA | - | 3,826 | 3,909 | 4,936 | 6,540 |
| Normalized EBITDA | - | 3,782 | 4,114 | 4,939 | 5,617 |
| EBIT | - | 3,562 | 3,653 | 4,250 | 5,574 |
| Interest Income | - | 18 | 31 | 67 | 19 |
| Interest Expense | - | 406 | 484 | 788 | 815 |
| Net Interest Income | - | -388 | -453 | -721 | -796 |
| Other Non Operating Income Expenses | - | -179 | -98 | -48 | -87 |
| Other Income Expense | - | -125 | -298 | -41 | 846 |
| Interest Income Non Operating | - | 18 | 31 | 67 | 19 |
| Interest Expense Non Operating | - | 406 | 484 | 788 | 815 |
| Net Non Operating Interest Income Expense | - | -388 | -453 | -721 | -796 |
| Pretax Income | - | 3,156 | 3,169 | 3,462 | 4,759 |
| Tax Provision | - | 510 | 541 | 742 | 1,009 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 7.11 | -35.06 | -0.64 | 195.69 |
| Net Income Continuous Operations | - | 2,646 | 2,628 | 2,720 | 3,750 |
| Net Income From Continuing And Discontinued Operation | - | 2,589 | 2,564 | 2,654 | 3,695 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,589 | 2,564 | 2,654 | 3,695 |
| Net Income | - | 2,589 | 2,564 | 2,654 | 3,695 |
| Net Income Common Stockholders | - | 2,589 | 2,564 | 2,654 | 3,695 |
| Net Income Including Noncontrolling Interests | - | 2,646 | 2,628 | 2,720 | 3,750 |
| Normalized Income | - | 2,552.11 | 2,733.94 | 2,656.36 | 2,967.69 |
| Diluted NI Availto Com Stockholders | - | 2,589 | 2,564 | 2,654 | 3,695 |
| Basic Average Shares | - | 211.70 | 203.50 | 211.40 | 215.90 |
| Diluted Average Shares | - | 213.20 | 205 | 212.50 | 217.10 |
| Reconciled Depreciation | - | 264 | 256 | 686 | 966 |
| Reconciled Cost Of Revenue | - | 6,477 | 6,902 | 8,283 | 8,985 |
| Total Unusual Items | - | 44 | -205 | -3 | 923 |
| Total Unusual Items Excluding Goodwill | - | 44 | -205 | -3 | 923 |
| Minority Interests | - | -57 | -64 | -66 | -55 |
| Special Income Charges | - | 54 | -131 | 25 | 944 |
| Gain On Sale Of Business | - | 54 | 4 | 421 | 1,309 |
| Other Special Charges | - | - | - | 7 | - |
| Restructuring And Mergern Acquisition | - | 0 | 135 | 389 | 365 |
| Gain On Sale Of Security | - | -10 | -74 | -28 | -21 |
| Depreciation Amortization Depletion Income Statement | - | 264 | 256 | 686 | 966 |
| Depreciation And Amortization In Income Statement | - | 264 | 256 | 686 | 966 |
| General And Administrative Expense | - | 1,560 | 1,764 | 1,966 | 1,953 |
| Other Gand A | - | 1,271 | 1,470 | 1,641 | 1,616 |
| Salaries And Wages | -21 | 179 | 98 | 48 | - |
| Rent Expense Supplemental | - | 289 | 294 | 325 | 337 |
| Other Operating Expenses | - | 509 | 534 | 539 | 568 |
| Rent And Landing Fees | - | 289 | 294 | 325 | 337 |
| Earnings From Equity Interest | - | 10 | 5 | 10 | 10 |
| Amortization | - | 113 | 89 | 503 | 778 |
| Amortization Of Intangibles Income Statement | - | 113 | 89 | 503 | 778 |
| Depreciation Income Statement | - | 151 | 167 | 183 | 188 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Aon plcthis co. | AON | $68.8B | 18.63 | 7.36 | 39.5% | 12.80 |
| Intercontinental Exchange, Inc. | ICE | $80.3B | 24.23 | 2.78 | 11.5% | 14.46 |
| Robinhood Markets, Inc. | HOOD | $79.5B | 42.24 | 8.70 | 20.6% | 39.87 |
| Moody's Corporation | MCO | $78.5B | 31.91 | 19.35 | 60.7% | 21.44 |
| Marsh & McLennan Companies, Inc. | MRSH | $77.7B | 18.68 |
| - |
| - |
| - |
| 5.15 |
| 27.5% |
| 13.02 |
| Apollo Global Management, Inc. | APO | $74.0B | 21.20 | 3.37 | 15.9% | 8.04 |
| The Travelers Companies, Inc. | TRV | $62.4B | 10.00 | 1.90 | 19.0% | - |
| Truist Financial Corporation | TFC | $61.3B | 11.55 | 1.02 | 8.8% | - |
| Aflac Incorporated | AFL | $58.7B | 16.09 | 1.99 | 12.4% | - |
| Peer Median | - | 19.94 | 3.08 | 17.4% | 14.46 | |