Aon plc

AON 10-K · Q4 2025

AON Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 4,300 4,147 +3.7%
Show Product Lines breakouts
Commercial Risk Solutions · Risk Capital 2,329 2,186 +6.5%
Health Solutions · Human Capital 1,106 1,070 +3.4%
Reinsurance Solutions · Risk Capital 379 351 +8.0%
Wealth Solutions · Human Capital 490 542 -9.6%
Show Business Segments breakouts
Human Capital · Americas other than U.S. 151 115 +31.3%
Human Capital · Asia Pacific 86 79 +8.9%
Human Capital · Europe, Middle East, & Africa other than U.K. and Ireland 196 174 +12.6%
Human Capital · GB 199 186 +7.0%
Human Capital · IE 24 18 +33.3%
Human Capital · Intersegment Elimination -2 2 -200.0%
Human Capital · Operating Segments 1,596 1,612 -1.0%
Human Capital · US 940 1,040 -9.6%
Risk Capital · Americas other than U.S. 332 272 +22.1%
Risk Capital · Asia Pacific 360 367 -1.9%
Risk Capital · Europe, Middle East, & Africa other than U.K. and Ireland 506 459 +10.2%
Risk Capital · GB 265 221 +19.9%
Risk Capital · IE 28 22 +27.3%
Risk Capital · Intersegment Elimination 6 0
Risk Capital · Operating Segments 2,708 2,537 +6.7%
Risk Capital · US 1,217 1,196 +1.8%
Show Geography breakouts
Americas other than U.S. 483 387 +24.8%
Asia Pacific 446 446 0.0%
Europe, Middle East, & Africa other than U.K. and Ireland 702 633 +10.9%
GB 464 407 +14.0%
IE 52 40 +30.0%
US 2,153 2,234 -3.6%
US · Corporate/Eliminations -4 -2 -100.0%
Show Consolidation Items breakouts
Corporate/Eliminations -4 -2 -100.0%
Intersegment Elimination -4 -2 -100.0%
Labor And Related Expense 2,117 2,120 -0.1%
Show Business Segments breakouts
Human Capital · Operating Segments 714 762 -6.3%
Risk Capital · Operating Segments 1,375 1,305 +5.4%
Show Consolidation Items breakouts
Corporate/Eliminations 28 53 -47.2%
Information Technology And Data Processing 156 142 +9.9%
Show Business Segments breakouts
Human Capital · Operating Segments 52 47 +10.6%
Risk Capital · Operating Segments 100 93 +7.5%
Show Consolidation Items breakouts
Corporate/Eliminations 4 2 +100.0%
Occupancy Net 85 84 +1.2%
Show Business Segments breakouts
Human Capital · Operating Segments 29 30 -3.3%
Risk Capital · Operating Segments 54 54 0.0%
Depreciation 48 47 +2.1%
Amortization And Impairment Of Intangible Assets 185 185 0.0%
Other General Expenses 372 409 -9.0%
Restructuring Charges 129 69 +87.0%
Show Product Lines breakouts
Human Capital · Operating Segments 7 0
Risk Capital · Operating Segments 34 11 +209.1%
Show Consolidation Items breakouts
Corporate Non Segment · Accelerating Aon United Program 88 58 +51.7%
Show Restructuring Plan breakouts
Accelerating Aon United Program 129 69 +87.0%
Total Costs & Expenses 3,092 3,056 +1.2%
Show Business Segments breakouts
Human Capital · Operating Segments 1,038 1,148 -9.6%
Risk Capital · Operating Segments 1,918 1,775 +8.1%
Show Consolidation Items breakouts
Corporate/Eliminations 136 133 +2.3%
Operating Income 1,208 1,091 +10.7%
Show Business Segments breakouts
Human Capital · Operating Segments 558 464 +20.3%
Risk Capital · Operating Segments 790 762 +3.7%
Show Consolidation Items breakouts
Corporate/Eliminations -140 -135 -3.7%
Investment Income Interest And Dividend 14 4 +250.0%
Interest Expense -191 -206 +7.3%
Other Non-Operating Income (Expense) 1,178 2 +58800.0%
Income Before Taxes 2,209 891 +147.9%
Income Tax Expense (Benefit) 505 157 +221.7%
Net Income 1,704 734 +132.2%
Net Income Loss Attributable To Noncontrolling Interest 11 18 -38.9%
Net Income 1,693 716 +136.5%
EPS (Basic) 7.85 3.31 +137.2%
EPS (Diluted) 7.81 3.29 +137.4%
Wtd Avg Shares (Basic) -0.2 1.7 -111.8%
Wtd Avg Shares (Diluted) -0.2 1.9 -110.5%
Comprehensive Income 1,765 92 +1818.5%
Other Comprehensive Income 72 -624 +111.5%
Foreign Currency Transaction Gain Loss Before Tax -9 29 -131.0%
Income Loss From Equity Method Investments 5 5 0.0%
Other Expenses 734 710 +3.4%
Show Business Segments breakouts
Human Capital · Operating Segments 243 309 -21.4%
Risk Capital · Operating Segments 389 323 +20.4%
Show Consolidation Items breakouts
Corporate/Eliminations 102 78 +30.8%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 1,195 1,085 +10.1%
Short-Term Investments 1,603 219 +632.0%
Accounts Receivable 4,209 3,803 +10.7%
Fiduciary Assets 17,889 17,566 +1.8%
Other Assets Current 878 759 +15.7%
Total Current Assets 25,774 23,432 +10.0%
Non-Current Assets
Goodwill 15,797 15,234 +3.7%
Show Business Segments breakouts
Human Capital 6,246 6,449 -3.1%
Risk Capital 9,551 8,785 +8.7%
Show Business Acquisition breakouts
2025 Acquisitions 531
Intangible Assets 5,727 6,743 -15.1%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer-related and contract-based 5,094 5,944 -14.3%
Technology and other intangibles 38 53 -28.3%
Trade Names 595 746 -20.2%
Property, Plant & Equipment 702 637 +10.2%
Operating Lease Right-of-Use Assets 677 711 -4.8%
Deferred Tax Assets 748 654 +14.4%
Defined Benefit Plan Assets For Plan Benefits Noncurrent 603 556 +8.5%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit · GB 521 505 +3.2%
Other Non-Current Assets 756 998 -24.2%
Total Assets 50,784 48,965 +3.7%
Long Term Investments 192 90 +113.3%
Current Liabilities
Accounts Payable And Accrued Liabilities Current 2,861 2,905 -1.5%
Debt Current 589 751 -21.6%
Fiduciary Liabilities 17,889 17,566 +1.8%
Other Liabilities Current 1,887 1,773 +6.4%
Total Current Liabilities 23,226 22,995 +1.0%
Deferred Revenue (Current) 259 280 -7.5%
Current Portion of Long-Term Debt (Q)
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 588 749 -21.5%
Non-Current Liabilities
Long-Term Debt 14,660 16,265 -9.9%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 14,660 16,265 -9.9%
Operating Lease Liabilities 641 685 -6.4%
Deferred Tax Liabilities 340 319 +6.6%
Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent 1,084 1,127 -3.8%
Other Non-Current Liabilities 1,285 1,144 +12.3%
Total Liabilities 41,236 42,535 -3.1%
Long-Term Debt 15,249
Accrued Income Taxes Noncurrent 1,014 885 +14.6%
Contract With Customer Liability Noncurrent 30 30 0.0%
Other Liabilities
Redeemable Noncontrolling Interest Equity Carrying Amount 89 125 -28.8%
Stockholders' Equity
Common Stock 2 2 0.0%
Additional Paid In Capital Common Stock 13,438 13,173 +2.0%
Retained Earnings -245 -2,309 +89.4%
Accumulated Other Comprehensive Income -3,843 -4,745 +19.0%
Total Stockholders' Equity 9,352 6,121 +52.8%
Nonredeemable Noncontrolling Interest 107 184 -41.8%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 9,459 6,305 +50.0%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -2,696 -2,768 +2.6%
Accumulated Net Unrealized Investment Gain Loss 78 74 +5.4%
Accumulated Other Comprehensive Income -3,843 -4,745 +19.0%
Accumulated Translation Adjustment -1,225 -2,051 +40.3%
Common Stock Including Additional Paid In Capital 13,440 13,175 +2.0%
Noncontrolling Interest 107 184 -41.8%
Retained Earnings -245 -2,309 +89.4%
Total Liabilities & Equity 50,784 48,965 +3.7%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Gain Loss On Sale Of Business -1,200 -4 -29900.0%
Stock-Based Compensation 60 113 -46.9%
Deferred Income Taxes And Tax Credits 95 -165 +157.6%
Other Non-Cash Items -17 -8 -112.5%
Increase Decrease In Receivables 85 72 +18.1%
Increase Decrease In Accounts Payable And Accrued Liabilities 388 429 -9.6%
Increase Decrease In Restructuring Reserve 56 -26 +315.4%
Increase Decrease In Pension And Postretirement Obligations 1 7 -85.7%
Increase Decrease In Other Operating Capital Net -263 -303 +13.2%
Net Cash from Operations 1,397 1,200 +16.4%
Investing Activities
Proceeds From Sale And Maturity Of Other Investments 31 26 +19.2%
Payments To Acquire Other Investments -33 -36 +8.3%
Payments For Proceeds From Marketable Securities -1,395 -31 -4400.0%
Payments To Acquire Businesses Net Of Cash Acquired -118 -495 +76.2%
Proceeds From Divestiture Of Businesses Net Of Cash Divested 2,237 14 +15878.6%
Capital Expenditures -74 -55 -34.5%
Net Cash from Investing 648 -577 +212.3%
Financing Activities
Payments For Repurchase Of Equity -250 -200 -25.0%
Proceeds From Issuance Of Common Stock 10 18 -44.4%
Tax Withholding for Share Compensation -7 -12 +41.7%
Proceeds From Repayments Of Commercial Paper -400 0
Repayments Of Long Term Debt -1,150 -50 -2200.0%
Increase In Fiduciary Liabilities Net Of Fiduciary Receivables -1,072 -329 -225.8%
Payments Of Dividends Common Stock -161 -146 -10.3%
Proceeds From Payments For Noncontrolling Interests And Other Financing Activities -34 -50 +32.0%
Net Cash from Financing -3,064 -769 -298.4%
Supplemental
Income Taxes Paid 155 203 -23.6%
Interest Paid 107 120 -10.8%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 72 -564 +112.8%
Net Change in Cash -947 -710 -33.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 8,573 8,333 +2.9%
Funds Held For Clients 7,378 7,247 +1.8%
Show Business Acquisition breakouts
2025 Acquisitions 74

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

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