Aon plc

AON 10-Q · Q2 2025

AON Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 4,155 3,760 +10.5%
Show Product Lines breakouts
Commercial Risk Solutions · Risk Capital 2,178 2,015 +8.1%
Health Solutions · Human Capital 772 662 +16.6%
Reinsurance Solutions · Risk Capital 688 635 +8.3%
Wealth Solutions · Human Capital 519 463 +12.1%
Show Business Segments breakouts
Human Capital · Americas other than U.S. 110 102 +7.8%
Human Capital · Asia Pacific 77 66 +16.7%
Human Capital · Europe, Middle East, & Africa other than U.K. and Ireland 165 138 +19.6%
Human Capital · GB 199 169 +17.8%
Human Capital · IE 22 15 +46.7%
Human Capital · Intersegment Elimination 2 5 -60.0%
Human Capital · Operating Segments 1,291 1,125 +14.8%
Human Capital · US 718 635 +13.1%
Risk Capital · Americas other than U.S. 285 260 +9.6%
Risk Capital · Asia Pacific 353 346 +2.0%
Risk Capital · Europe, Middle East, & Africa other than U.K. and Ireland 469 428 +9.6%
Risk Capital · GB 411 379 +8.4%
Risk Capital · IE 24 20 +20.0%
Risk Capital · Intersegment Elimination 1 10 -90.0%
Risk Capital · Operating Segments 2,866 2,650 +8.2%
Risk Capital · US 1,324 1,217 +8.8%
Show Geography breakouts
Americas other than U.S. 395 362 +9.1%
Asia Pacific 430 412 +4.4%
Europe, Middle East, & Africa other than U.K. and Ireland 634 566 +12.0%
GB 610 548 +11.3%
IE 46 35 +31.4%
US 2,040 1,837 +11.1%
US · Corporate/Eliminations -2 -15 +86.7%
Show Consolidation Items breakouts
Corporate/Eliminations -2 -15 +86.7%
Intersegment Elimination -2 -15 +86.7%
Labor And Related Expense 2,360 2,130 +10.8%
Show Business Segments breakouts
Human Capital · Operating Segments 796 710 +12.1%
Risk Capital · Operating Segments 1,541 1,390 +10.9%
Show Consolidation Items breakouts
Corporate/Eliminations 23 30 -23.3%
Information Technology And Data Processing 136 132 +3.0%
Show Business Segments breakouts
Human Capital · Operating Segments 45 39 +15.4%
Risk Capital · Operating Segments 88 93 -5.4%
Show Consolidation Items breakouts
Corporate/Eliminations 3
Occupancy Net 85 82 +3.7%
Show Business Segments breakouts
Human Capital · Operating Segments 30 28 +7.1%
Risk Capital · Operating Segments 54 54 0.0%
Show Consolidation Items breakouts
Corporate/Eliminations 1
Depreciation 47 45 +4.4%
Amortization And Impairment Of Intangible Assets 201 128 +57.0%
Other General Expenses 373 455 -18.0%
Restructuring Charges 94 132 -28.8%
Show Product Lines breakouts
Human Capital · Operating Segments 6 12 -50.0%
Risk Capital · Operating Segments 32 49 -34.7%
Show Consolidation Items breakouts
Corporate Non Segment · Accelerating Aon United Program 56 71 -21.1%
Show Restructuring Plan breakouts
Accelerating Aon United Program 94 132 -28.8%
Total Costs & Expenses 3,296 3,104 +6.2%
Show Business Segments breakouts
Human Capital · Operating Segments 1,174 1,035 +13.4%
Risk Capital · Operating Segments 2,002 1,866 +7.3%
Show Consolidation Items breakouts
Corporate/Eliminations 120 203 -40.9%
Operating Income 859 656 +30.9%
Show Business Segments breakouts
Human Capital · Operating Segments 117 90 +30.0%
Risk Capital · Operating Segments 864 784 +10.2%
Show Consolidation Items breakouts
Corporate/Eliminations -122 -218 +44.0%
Interest Expense -212 -225 +5.8%
Other Non-Operating Income (Expense) 56 236 -76.3%
Income Before Taxes 703 698 +0.7%
Income Tax Expense (Benefit) 109 160 -31.9%
Net Income 594 538 +10.4%
Net Income Loss Attributable To Noncontrolling Interest 15 14 +7.1%
Net Income 579 524 +10.5%
EPS (Basic) 2.68 2.47 +8.5%
EPS (Diluted) 2.66 2.46 +8.1%
Wtd Avg Shares (Basic) 216.2 212.5 +1.7%
Wtd Avg Shares (Diluted) 217.3 213.3 +1.9%
Comprehensive Income 1,192 450 +164.9%
Other Comprehensive Income 613 -74 +928.4%
Foreign Currency Transaction Gain Loss Before Tax -38 5 -860.0%
Income Loss From Equity Method Investments 3 1 +200.0%
Other Expenses 715 760 -5.9%
Show Business Segments breakouts
Human Capital · Operating Segments 303 258 +17.4%
Risk Capital · Operating Segments 319 329 -3.0%
Show Consolidation Items breakouts
Corporate/Eliminations 93 173 -46.2%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 1,008 974 +3.5%
Short-Term Investments 379 182 +108.2%
Accounts Receivable 4,905 4,459 +10.0%
Fiduciary Assets 20,677 18,865 +9.6%
Other Assets Current 854 1,063 -19.7%
Total Current Assets 27,823 25,543 +8.9%
Non-Current Assets
Goodwill 16,024 15,281 +4.9%
Show Business Segments breakouts
Human Capital 6,603
Human Capital · NFP Acquisition 4.2
Risk Capital 9,421
Risk Capital · NFP Acquisition 2.6
Show Business Acquisition breakouts
2025 Acquisitions 362
NFP Acquisition 6,838
Intangible Assets 6,733
Show Finite Lived Intangible Assets By Major Class breakouts
Customer-related and contract-based 5,969
Technology and other 49
Trade Names 715
Property, Plant & Equipment 664 636 +4.4%
Operating Lease Right-of-Use Assets 735 723 +1.7%
Deferred Tax Assets 861 1,218 -29.3%
Defined Benefit Plan Assets For Plan Benefits Noncurrent 598 629 -4.9%
Other Non-Current Assets 572 629 -9.1%
Total Assets 54,010 51,453 +5.0%
Long Term Investments 101 83 +21.7%
Current Liabilities
Accounts Payable And Accrued Liabilities Current 2,294 2,319 -1.1%
Debt Current 1,837 4 +45825.0%
Fiduciary Liabilities 20,677 18,865 +9.6%
Other Liabilities Current 2,267 2,310 -1.9%
Total Current Liabilities 27,075 23,498 +15.2%
Deferred Revenue (Current) 385 391 -1.5%
Current Portion of Long-Term Debt (Q)
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 1,334
Non-Current Liabilities
Long-Term Debt 15,451 17,610 -12.3%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 15,451 17,610 -12.3%
Operating Lease Liabilities 705 702 +0.4%
Deferred Tax Liabilities 363 1,177 -69.2%
Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent 1,078 1,173 -8.1%
Other Non-Current Liabilities 1,249 1,135 +10.0%
Total Liabilities 45,921 45,295 +1.4%
Accrued Income Taxes Noncurrent 961 848 +13.3%
Contract With Customer Liability Noncurrent 34 34 0.0%
Other Liabilities
Redeemable Noncontrolling Interest Equity Carrying Amount 81 130 -37.7%
Stockholders' Equity
Common Stock 2 2 0.0%
Additional Paid In Capital Common Stock 13,258 12,910 +2.7%
Retained Earnings -1,574 -2,574 +38.9%
Accumulated Other Comprehensive Income -3,843 -4,478 +14.2%
Total Stockholders' Equity 7,843 5,860 +33.8%
Nonredeemable Noncontrolling Interest 165 168 -1.8%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 8,008 6,028 +32.8%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -2,722 -2,752 +1.1%
Accumulated Net Unrealized Investment Gain Loss 87 78 +11.5%
Accumulated Other Comprehensive Income -3,843 -4,478 +14.2%
Accumulated Translation Adjustment -1,208 -1,804 +33.0%
Common Stock Including Additional Paid In Capital 13,260 12,912 +2.7%
Noncontrolling Interest 165 168 -1.8%
Retained Earnings -1,574 -2,574 +38.9%
Total Liabilities & Equity 54,010 51,453 +5.0%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Stock-Based Compensation 266 247 +7.7%
Deferred Income Taxes And Tax Credits -242 -122 -98.4%
Other Non-Cash Items -111 -112 +0.9%
Increase Decrease In Receivables -902 -959 +5.9%
Increase Decrease In Accounts Payable And Accrued Liabilities -738 -251 -194.0%
Increase Decrease In Restructuring Reserve 15 61 -75.4%
Increase Decrease In Accrued Income Taxes Payable -73 60 -221.7%
Increase Decrease In Pension And Postretirement Obligations -12 -17 +29.4%
Increase Decrease In Other Operating Capital Net 664 308 +115.6%
Net Cash from Operations 936 822 +13.9%
Investing Activities
Proceeds From Sale And Maturity Of Other Investments 71 146 -51.4%
Payments To Acquire Other Investments -42 -91 +53.8%
Payments For Proceeds From Marketable Securities -153 189 -181.0%
Payments To Acquire Businesses Net Of Cash Acquired -143 -2,780 +94.9%
Proceeds From Divestiture Of Businesses Net Of Cash Divested 119 352 -66.2%
Capital Expenditures -120 -101 -18.8%
Net Cash from Investing -268 -2,285 +88.3%
Financing Activities
Payments For Repurchase Of Equity -500 -500 0.0%
Proceeds From Issuance Of Common Stock 33 27 +22.2%
Tax Withholding for Share Compensation -194 -176 -10.2%
Proceeds From Repayments Of Commercial Paper 480 -591 +181.2%
Repayments Of Long Term Debt -300 -4,328 +93.1%
Increase In Fiduciary Liabilities Net Of Fiduciary Receivables 569 283 +101.1%
Payments Of Dividends Common Stock -308 -269 -14.5%
Proceeds From Payments For Noncontrolling Interests And Other Financing Activities -153 -108 -41.7%
Net Cash from Financing -373 2,264 -116.5%
Supplemental
Interest Paid 416 256 +62.5%
Income Taxes Paid 692 553 +25.1%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 696 -202 +444.6%
Net Change in Cash 991 599 +65.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 9,324 8,321 +12.1%
Disposal Group Including Discontinued Operation Cash And Cash Equivalents 1 38 -97.4%
Funds Held For Clients 8,315 7,309 +13.8%
Show Business Acquisition breakouts
2025 Acquisitions 42
NFP Acquisition 277

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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