Aon plc
AONFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$5.0B
Q1 2026 · +6% YoY
TTM ROIC
16%
FY2025E · NOPAT proxy (Adj Operating Income) / Invested Capital (incl. goodwill) · WACC ~8.75% · Moat spread +7.5pp
Financial Snapshot
ticker: AON step: 04 generated: 2026-05-12 source: quick-research
Aon plc (AON) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Total Revenue | $13.4B | $15.7B | $17.2B | +9% |
| Organic Revenue Growth | +7% | +6% | +6% | sustained |
| Adjusted Operating Margin | 32% | 31% | 32% | stable |
| Adjusted EPS | $14.13 | $15.60 | $17.10 | +10% |
| Net Income (GAAP) | $2.6B | $2.7B | $3.0B | +11% |
| Free Cash Flow | $3.2B | $2.8B | $3.3B | +18% |
Q1 2025 Highlights
| Metric | Q1 2025 | YoY |
|---|---|---|
| Revenue | $4.7B | +16% (NFP) |
| Organic Revenue Growth | +5% | |
| FX impact | -2% |
NFP Acquisition Detail
| Metric | Value |
|---|---|
| Deal Value | $13B ($7B cash + $6B equity) |
| Closed | April 25, 2024 |
| Transaction + Integration Costs FY24 | $191M |
| FY25 EPS Impact | Dilutive |
| FY26 EPS Impact | Break-even |
| FY27+ EPS Impact | Accretive |
| FCF Impact | Positive starting 2026 |
| NFP Wealth divested 2026 | $2.7B sale to Madison Dearborn |
2026 Guidance (mgmt)
| Metric | 2026 Guide |
|---|---|
| Organic Revenue Growth | Mid-single-digit+ |
| Adjusted Margin Expansion | Yes |
| Adjusted EPS Growth | Strong double-digit |
| Free Cash Flow Growth | Double-digit |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$3.5B |
| Capital Expenditures | ~$200M |
| Free Cash Flow | $3.3B |
| Cash & Equivalents | ~$1B |
| Total Debt | ~$17B (post-NFP) |
| Net Debt/EBITDA | ~3.0x |
Key Ratios (approximate, May 2026)
- P/E (forward): ~22x | EV/EBITDA: ~16x | Dividend Yield: ~0.8%
- ROIC: ~15%
- FCF Margin: ~19%
Growth Profile
FY25 organic revenue +6% (level with FY24); revenue $17.2B; FCF $3.3B (+18%). NFP integration on track — FY26 expected break-even, FY27+ accretive. NFP wealth divestiture $2.7B provides cash for deleveraging. Long-term track record: mid-single-digit organic growth + margin expansion + double-digit EPS growth + double-digit FCF growth.
Forward Estimates
- FY2026E Revenue: ~$18-18.5B (+5-8%)
- FY2026E Adj EPS: ~$19 (+11%)
- FY2027E EPS: ~$21 (+10-11%)
- FY2028E EPS: ~$23+ (NFP fully accretive)
Capital Return
- Dividend $2.84 annual = ~$1.5B paid — 0.8% yield (modest)
- 14+ consecutive years of dividend growth
- Buybacks: $1-2B annual (moderated for NFP deleveraging)
- Primary return: ~10% EPS growth + reinvestment
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $AON.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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