Aon plc (AON) financial statements: income statement, balance sheet and cash flow

Aon plc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Aon plc reported revenue of $17.2B (+9.4% year on year) and net income of $3.8B (+37.9% year on year).

Income statement

Aon plc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total revenue	$17.2B	$15.7B	$13.4B	$12.5B
Compensation and benefits	$9.0B	$8.3B	$6.9B	$6.5B
Information technology	$568.0M	$539.0M	$534.0M	$509.0M
Premises	$337.0M	$325.0M	$294.0M	$289.0M
Depreciation of fixed assets	$188.0M	$183.0M	$167.0M	$151.0M
Amortization and impairment of intangible assets	$778.0M	$503.0M	$89.0M	$113.0M
Other general expense	$1.6B	$1.6B	$1.5B	$1.3B
Accelerating Aon United Program expenses	$365.0M	$389.0M	$135.0M	—
Total operating expenses	$12.8B	$11.9B	$9.6B	$8.8B
Operating income	$4.3B	$3.8B	$3.8B	$3.7B
Interest income	$19.0M	$67.0M	$31.0M	$18.0M
Interest expense	($815.0M)	($788.0M)	($484.0M)	($406.0M)
Other income (expense)	$1.2B	$348.0M	($163.0M)	($125.0M)
Income before income taxes	$4.8B	$3.5B	$3.2B	$3.2B
Income tax expense	$1.0B	$742.0M	$541.0M	$510.0M
Net income	$3.8B	$2.7B	$2.6B	$2.6B
Less: Net income attributable to redeemable and nonredeemable noncontrolling interests	$55.0M	$66.0M	$64.0M	$57.0M
Net income attributable to Aon shareholders	$3.7B	$2.7B	$2.6B	$2.6B
Basic net income per share attributable to Aon shareholders (in dollars per share)	$17.11	$12.55	$12.60	$12.23
Diluted net income per share attributable to Aon shareholders (in dollars per share)	$17.02	$12.49	$12.51	$12.14
Weighted average ordinary shares outstanding - basic (in shares)	215.9M	211.4M	203.5M	211.7M
Weighted average ordinary shares outstanding - diluted (in shares)	217.1M	212.5M	205.0M	213.2M

Aon plc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Total revenue	$4.2B	$5.0B	$4.0B	$4.2B
Compensation and benefits	$2.3B	$2.4B	$2.3B	$2.4B
Information technology	$162.0M	$144.0M	$140.0M	$136.0M
Premises	$85.0M	$81.0M	$85.0M	$85.0M
Depreciation of fixed assets	$49.0M	$46.0M	$47.0M	$47.0M
Amortization and impairment of intangible assets	$174.0M	$152.0M	$193.0M	$201.0M
Other general expense	$494.0M	$411.0M	$425.0M	$373.0M
Accelerating Aon United Program expenses	$96.0M	$92.0M	$32.0M	$94.0M
Total operating expenses	$3.3B	$3.3B	$3.2B	$3.3B
Operating income	$915.0M	$1.7B	$816.0M	$859.0M
Interest income	$5.0M	$12.0M	$0	$0
Interest expense	($179.0M)	($179.0M)	($206.0M)	($212.0M)
Other income (expense)	($17.0M)	$5.0M	($13.0M)	$56.0M
Income before income taxes	$724.0M	$1.6B	$597.0M	$703.0M
Income tax expense	$159.0M	$314.0M	$127.0M	$109.0M
Net income	$565.0M	$1.2B	$470.0M	$594.0M
Less: Net income attributable to redeemable and nonredeemable noncontrolling interests	$14.0M	$27.0M	$12.0M	$15.0M
Net income attributable to Aon shareholders	$551.0M	$1.2B	$458.0M	$579.0M
Basic net income per share attributable to Aon shareholders (in dollars per share)	$2.58	$5.66	$2.12	$2.68
Diluted net income per share attributable to Aon shareholders (in dollars per share)	$2.58	$5.63	$2.11	$2.66
Weighted average ordinary shares outstanding - basic (in shares)	213.2M	214.3M	215.7M	216.2M
Weighted average ordinary shares outstanding - diluted (in shares)	213.9M	215.4M	216.7M	217.3M

Balance sheet

Aon plc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$1.2B	$1.1B	$778.0M	$690.0M
Short-term investments	$1.6B	$219.0M	$369.0M	$452.0M
Receivables, net	$4.2B	$3.8B	$3.3B	$3.0B
Fiduciary assets	$17.9B	$17.6B	$16.3B	$15.9B
Other current assets	$878.0M	$759.0M	$996.0M	$646.0M
Total current assets	$25.8B	$23.4B	$21.7B	$20.7B
Goodwill	$15.8B	$15.2B	$8.4B	$8.3B
Intangible assets, net	$5.7B	$6.7B	$234.0M	$447.0M
Fixed assets, net	$702.0M	$637.0M	$638.0M	$558.0M
Operating lease right-of-use assets	$677.0M	$711.0M	$650.0M	$699.0M
Deferred tax assets	$748.0M	$654.0M	$1.2B	$824.0M
Prepaid pension	$603.0M	$556.0M	$618.0M	$652.0M
Other non-current assets	$756.0M	$998.0M	$506.0M	$509.0M
Total assets	$50.8B	$49.0B	$34.0B	$32.7B
Accounts payable and accrued liabilities	$2.9B	$2.9B	$2.3B	$2.1B
Short-term debt and current portion of long-term debt	$589.0M	$751.0M	$1.2B	$945.0M
Fiduciary liabilities	$17.9B	$17.6B	$16.3B	$15.9B
Other current liabilities	$1.9B	$1.8B	$1.9B	$1.3B
Total current liabilities	$23.2B	$23.0B	$21.7B	$20.3B
Long-term debt	$14.7B	$16.3B	$10.0B	$9.8B
Non-current operating lease liabilities	$641.0M	$685.0M	$641.0M	$693.0M
Deferred tax liabilities	$340.0M	$319.0M	$115.0M	$99.0M
Pension, other postretirement, and postemployment liabilities	$1.1B	$1.1B	$1.2B	$1.2B
Other non-current liabilities	$1.3B	$1.1B	$1.1B	$1.0B
Total liabilities	$41.2B	$42.5B	$34.7B	$33.1B
Redeemable noncontrolling interests	$89.0M	$125.0M	—	—
Ordinary shares - $0.01 nominal value Authorized: 500.0 shares (issued: 2025 - 214.5; 2024 - 216.0)	2.0M	2.0M	2.0M	2.0M
Additional paid-in capital	$13.4B	$13.2B	$6.9B	$6.9B
Accumulated deficit	($245.0M)	($2.3B)	($3.4B)	($2.8B)
Accumulated other comprehensive loss	($3.8B)	($4.7B)	($4.4B)	($4.6B)
Total Aon shareholders' equity	$9.4B	$6.1B	($826.0M)	($529.0M)
Nonredeemable noncontrolling interests	$107.0M	$184.0M	—	—
Total equity	$9.5B	$6.3B	($742.0M)	($429.0M)
Total liabilities, redeemable noncontrolling interests, and equity	$50.8B	$49.0B	$34.0B	$32.7B

Aon plc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$1.1B	$1.2B	$1.1B	$1.0B
Short-term investments	$205.0M	$238.0M	$207.0M	$379.0M
Receivables, net	$5.3B	$5.1B	$4.3B	$4.9B
Fiduciary assets	$20.7B	$18.9B	$18.8B	$20.7B
Other current assets	$801.0M	$753.0M	$2.2B	$854.0M
Total current assets	$28.1B	$26.2B	$26.6B	$27.8B
Goodwill	$15.9B	$15.9B	$15.7B	$16.0B
Intangible assets, net	$5.7B	$5.8B	$5.8B	$6.7B
Fixed assets, net	$761.0M	$714.0M	$684.0M	$664.0M
Operating lease right-of-use assets	$750.0M	$674.0M	$681.0M	$735.0M
Deferred tax assets	$770.0M	$737.0M	$855.0M	$861.0M
Prepaid pension	$596.0M	$598.0M	$588.0M	$598.0M
Other non-current assets	$815.0M	$792.0M	$729.0M	$572.0M
Total assets	$53.3B	$51.4B	$51.6B	$54.0B
Accounts payable and accrued liabilities	$2.3B	$2.2B	$2.4B	$2.3B
Short-term debt and current portion of long-term debt	$2.0B	$1.1B	$1.7B	$1.8B
Fiduciary liabilities	$20.7B	$18.9B	$18.8B	$20.7B
Other current liabilities	$2.2B	$2.3B	$2.2B	$2.3B
Total current liabilities	$27.2B	$24.5B	$25.1B	$27.1B
Long-term debt	$12.9B	$13.5B	$15.1B	$15.5B
Non-current operating lease liabilities	$730.0M	$633.0M	$651.0M	$705.0M
Deferred tax liabilities	$342.0M	$350.0M	$361.0M	$363.0M
Pension, other postretirement, and postemployment liabilities	$1.0B	$1.0B	$1.1B	$1.1B
Other non-current liabilities	$1.4B	$1.4B	$1.2B	$1.2B
Total liabilities	$43.6B	$41.4B	$43.4B	$45.9B
Redeemable noncontrolling interests	$24.0M	$22.0M	$85.0M	$81.0M
Ordinary shares - $0.01 nominal value Authorized: 500.0 shares (issued: at June 30, 2026 - 212.0; at December 31, 2025 - 214.5)	2.0M	2.0M	2.0M	2.0M
Additional paid-in capital	$13.5B	$13.5B	$13.4B	$13.3B
Retained earnings (Accumulated deficit)	$82.0M	$307.0M	($1.5B)	($1.6B)
Accumulated other comprehensive loss	($4.0B)	($3.9B)	($3.9B)	($3.8B)
Total Aon shareholders' equity	$9.6B	$9.8B	$7.9B	$7.8B
Nonredeemable noncontrolling interests	$88.0M	$124.0M	$175.0M	$165.0M
Total equity	$9.7B	$10.0B	$8.1B	$8.0B
Total liabilities, redeemable noncontrolling interests and equity	$53.3B	$51.4B	$51.6B	$54.0B

Cash flow statement

Aon plc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$3.8B	$2.7B	$2.6B	$2.6B
Gain from sales of businesses	($1.2B)	($337.0M)	($4.0M)	($54.0M)
Depreciation of fixed assets	$188.0M	$183.0M	$167.0M	$151.0M
Amortization and impairment of intangible assets	$778.0M	$503.0M	$89.0M	$113.0M
Share-based compensation expense	$432.0M	$474.0M	$438.0M	$397.0M
Deferred income taxes	($141.0M)	($311.0M)	($373.0M)	($252.0M)
Other, net	($133.0M)	($134.0M)	$28.0M	$170.0M
Receivables, net	($257.0M)	($312.0M)	($188.0M)	($96.0M)
Accounts payable and accrued liabilities	($155.0M)	$393.0M	$13.0M	($22.0M)
Accelerating Aon United Program liabilities	$27.0M	$17.0M	$99.0M	—
Current income taxes	$114.0M	$0	$174.0M	$216.0M
Pension, other postretirement and postemployment liabilities	($16.0M)	($18.0M)	$8.0M	($53.0M)
Other assets and liabilities	$95.0M	($143.0M)	$356.0M	$3.0M
Cash provided by operating activities	$3.5B	$3.0B	$3.4B	$3.2B
Proceeds from investments	$145.0M	$212.0M	$76.0M	$110.0M
Purchases of investments	($172.0M)	($172.0M)	($67.0M)	($107.0M)
Net sales (purchases) of short-term investments - non fiduciary	($1.4B)	$151.0M	$85.0M	($175.0M)
Acquisition of businesses, net of cash and funds held on behalf of clients	($394.0M)	($3.5B)	($35.0M)	($162.0M)
Sale of businesses, net of cash and funds held on behalf of clients	$2.3B	$700.0M	$5.0M	$81.0M
Capital expenditures	($263.0M)	($218.0M)	($252.0M)	($196.0M)
Cash provided by (used for) investing activities	$286.0M	($2.8B)	($188.0M)	($449.0M)
Share repurchase	($1.0B)	($1.0B)	($2.7B)	($3.2B)
Proceeds from issuance of shares	70.0M	79.0M	72.0M	58.0M
Cash paid for employee taxes on withholding shares	-208.0M	-202.0M	-241.0M	-215.0M
Commercial paper issuances, net of repayments	($24.0M)	($591.0M)	($27.0M)	($65.0M)
Issuance of debt	$0	$7.9B	$744.0M	$2.0B
Repayment of debt	($1.9B)	($4.9B)	($350.0M)	($500.0M)
Increase in fiduciary liabilities, net of fiduciary receivables	($366.0M)	$280.0M	$358.0M	$702.0M
Cash dividends to shareholders	($629.0M)	($562.0M)	($489.0M)	($463.0M)
Redeemable and nonredeemable noncontrolling interests, and other financing activities	($198.0M)	($206.0M)	—	—
Cash provided by (used for) financing activities	($4.2B)	$796.0M	($2.9B)	($1.8B)
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients	$678.0M	($387.0M)	$264.0M	($549.0M)
Net increase in cash and cash equivalents and funds held on behalf of clients	$240.0M	$611.0M	$646.0M	$431.0M
Cash, cash equivalents and funds held on behalf of clients at beginning of year	$8.3B	$7.7B	$7.1B	$6.6B
Cash, cash equivalents and funds held on behalf of clients at end of year	$8.6B	$8.3B	—	—
Cash and cash equivalents	$1.2B	$1.1B	$778.0M	$690.0M
Cash and cash equivalents and funds held on behalf of clients classified as held for sale	$0	$1.0M	$43.0M	—
Funds held on behalf of clients	$7.4B	$7.2B	$6.9B	$6.4B
Total cash and cash equivalents and funds held on behalf of clients	$8.6B	$8.3B	$7.7B	$7.1B

Aon plc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$1.8B	$1.2B	$2.0B	$1.6B
Gain from sales of businesses	($20.0M)	($20.0M)	($1.0M)	$0
Depreciation of fixed assets	$95.0M	$46.0M	$140.0M	$93.0M
Amortization and impairment of intangible assets	$326.0M	$152.0M	$593.0M	$400.0M
Share-based compensation expense	$204.0M	$82.0M	$372.0M	$266.0M
Deferred income taxes	($90.0M)	($49.0M)	($236.0M)	($242.0M)
Other, net	$1.0M	$1.0M	($116.0M)	($111.0M)
Receivables, net	($1.2B)	($905.0M)	($342.0M)	($902.0M)
Accounts payable and accrued liabilities	($605.0M)	($656.0M)	($543.0M)	($738.0M)
Accelerating Aon United Program liabilities	$24.0M	$14.0M	($29.0M)	$15.0M
Current income taxes	($69.0M)	$243.0M	($141.0M)	($73.0M)
Pension, other postretirement and postemployment liabilities	($23.0M)	($14.0M)	($17.0M)	($12.0M)
Other assets and liabilities	$519.0M	$297.0M	$358.0M	$664.0M
Cash provided by operating activities	$986.0M	$430.0M	$2.1B	$936.0M
Proceeds from investments	$33.0M	$17.0M	$114.0M	$71.0M
Purchases of investments	($36.0M)	($19.0M)	($139.0M)	($42.0M)
Net sales (purchases) of short-term investments - non fiduciary	$1.4B	$1.4B	$16.0M	($153.0M)
Acquisition of businesses, net of cash and funds held on behalf of clients	($322.0M)	($296.0M)	($276.0M)	($143.0M)
Sale of businesses, net of cash and funds held on behalf of clients	$21.0M	$1.0M	$112.0M	$119.0M
Capital expenditures	($140.0M)	($67.0M)	($189.0M)	($120.0M)
Cash provided by (used for) investing activities	$950.0M	$999.0M	($362.0M)	($268.0M)
Share repurchase	($1.1B)	($500.0M)	($750.0M)	($500.0M)
Proceeds from issuance of shares	28.0M	25.0M	60.0M	33.0M
Cash paid for employee taxes on withholding shares	-141.0M	-93.0M	-201.0M	-194.0M
Commercial paper issuances, net of repayments	$297.0M	$0	$376.0M	$480.0M
Repayment of debt	($593.0M)	($593.0M)	($700.0M)	($300.0M)
Increase in fiduciary liabilities, net of fiduciary receivables	$710.0M	$955.0M	$706.0M	$569.0M
Cash dividends to shareholders	($337.0M)	($162.0M)	($468.0M)	($308.0M)
Redeemable and nonredeemable noncontrolling interests, and other financing activities	($163.0M)	($73.0M)	($164.0M)	($153.0M)
Cash used for financing activities	($1.3B)	($441.0M)	($1.1B)	($373.0M)
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients	($147.0M)	($97.0M)	$606.0M	$696.0M
Net increase in cash and cash equivalents and funds held on behalf of clients	$490.0M	$891.0M	$1.2B	$991.0M
Cash, cash equivalents and funds held on behalf of clients at beginning of period	$8.6B	$8.6B	$8.3B	$8.3B
Cash, cash equivalents and funds held on behalf of clients at end of period	$9.1B	$9.5B	$9.5B	$9.3B
Cash and cash equivalents	$1.1B	$1.2B	$1.1B	$1.0B
Cash and cash equivalents and funds held on behalf of clients classified as held for sale	$0	$0	$34.0M	$1.0M
Funds held on behalf of clients	$8.0B	$8.3B	$8.4B	$8.3B
Total cash and cash equivalents and funds held on behalf of clients	$9.1B	$9.5B	$9.5B	$9.3B
Interest paid	$363.0M	$271.0M	$689.0M	$416.0M
Income taxes paid, net of refunds	$632.0M	$120.0M	$881.0M	$692.0M

Aon plc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.