# Aon plc (AON) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/AON/thesis · /stocks/AON/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/AON/fundamental

## Navigation

- Overview: /stocks/AON
- Financials (this page): /stocks/AON/financials
- Thesis: /stocks/AON/thesis
- Investment Memo: /stocks/AON/memo
- Coverage universe: /stocks