AON Aon plc

Overview and Growth

Fiscal 2025 results for Aon plc combined $17.18B of revenue with net income of $3.69B and an operating cash inflow of $3.48B. Revenue of $17.18B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 9.4% above fiscal 2024 revenue of $15.70B, marking a year-over-year increase. Diluted earnings per share were $17.02, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $12.49 in fiscal 2024, the current result was 36.3% higher. The revenue-to-assets relationship was 0.34x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operations produced $4.34B of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 25.3% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $3.69B, after the operating, financing, tax, and other items recognized for the period. Net margin was 21.5%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $4.76B of earnings, providing a bridge between the operating result and final net income. Pretax income represented 27.7% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $1.01B, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 21.2% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end equity was 39.1%, relating annual net income to the equity capital on the balance sheet.

Liquidity and Capital Structure

Total assets were $50.78B, supported by $41.24B of liabilities and $9.46B of shareholder equity. The near-term balance sheet paired $25.77B of current assets with $23.23B of current liabilities at the reporting date. The current ratio was 1.11x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $1.20B in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 5.1% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $15.25B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 1.61x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 30.0%, showing how much of the asset base was matched by borrowing. Liabilities represented 81.2% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 2.4%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 3.7% higher than fiscal 2024 assets of $48.97B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

The company reported $3.48B of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 0.94x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $263.00M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 7.6% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $3.22B of positive free cash flow for the period. The free-cash-flow margin was 18.7%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 6.3% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.