NYSE: AON
Aon
Financials · Insurance Agents, Brokers & Service
52-week range
$266.33$382.34
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$58.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $29.3B |
| FY2017, ended Dec 31, 2017 | $33.0B |
| FY2018, ended Dec 31, 2018 | $34.9B |
| FY2019, ended Dec 31, 2019 | $48.2B |
| FY2020, ended Dec 31, 2020 | $47.7B |
| FY2021, ended Dec 31, 2021 | $64.3B |
| FY2022, ended Dec 31, 2022 | $61.6B |
| FY2023, ended Dec 31, 2023 | $57.7B |
| FY2024, ended Dec 31, 2024 | $77.6B |
| FY2025, ended Dec 31, 2025 | $75.6B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $58.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$17.7B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.41B |
| FY2017, ended Dec 31, 2017 | $10.00B |
| FY2018, ended Dec 31, 2018 | $10.8B |
| FY2019, ended Dec 31, 2019 | $11.0B |
| FY2020, ended Dec 31, 2020 | $11.1B |
| FY2021, ended Dec 31, 2021 | $12.2B |
| FY2022, ended Dec 31, 2022 | $12.5B |
| FY2023, ended Dec 31, 2023 | $13.4B |
| FY2024, ended Dec 31, 2024 | $15.7B |
| FY2025, ended Dec 31, 2025 | $17.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $17.7B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.40B | $2.17B |
| FY2017, ended Dec 31, 2017 | $1.23B | $551M |
| FY2018, ended Dec 31, 2018 | $1.13B | $1.45B |
| FY2019, ended Dec 31, 2019 | $1.53B | $1.61B |
| FY2020, ended Dec 31, 2020 | $1.97B | $2.64B |
| FY2021, ended Dec 31, 2021 | $1.25B | $2.04B |
| FY2022, ended Dec 31, 2022 | $2.59B | $3.02B |
| FY2023, ended Dec 31, 2023 | $2.56B | $3.18B |
| FY2024, ended Dec 31, 2024 | $2.65B | $2.82B |
| FY2025, ended Dec 31, 2025 | $3.69B | $3.22B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.93B | $3.27B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.02B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $426M |
| FY2017, ended Dec 31, 2017 | $756M |
| FY2018, ended Dec 31, 2018 | $656M |
| FY2019, ended Dec 31, 2019 | $790M |
| FY2020, ended Dec 31, 2020 | $884M |
| FY2021, ended Dec 31, 2021 | $544M |
| FY2022, ended Dec 31, 2022 | $690M |
| FY2023, ended Dec 31, 2023 | $778M |
| FY2024, ended Dec 31, 2024 | $1.08B |
| FY2025, ended Dec 31, 2025 | $1.20B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.02B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$28.0B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.21B |
| FY2017, ended Dec 31, 2017 | $5.97B |
| FY2018, ended Dec 31, 2018 | $6.24B |
| FY2019, ended Dec 31, 2019 | $7.34B |
| FY2020, ended Dec 31, 2020 | $7.73B |
| FY2021, ended Dec 31, 2021 | $9.39B |
| FY2022, ended Dec 31, 2022 | $10.8B |
| FY2023, ended Dec 31, 2023 | $11.2B |
| FY2024, ended Dec 31, 2024 | $17.0B |
| FY2025, ended Dec 31, 2025 | $15.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $28.0B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 19.2% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.212M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 263M |
| FY2017, ended Dec 31, 2017 | 246M |
| FY2018, ended Dec 31, 2018 | 240M |
| FY2019, ended Dec 31, 2019 | 232M |
| FY2020, ended Dec 31, 2020 | 226M |
| FY2021, ended Dec 31, 2021 | 214M |
| FY2022, ended Dec 31, 2022 | 205M |
| FY2023, ended Dec 31, 2023 | 198M |
| FY2024, ended Dec 31, 2024 | 216M |
| FY2025, ended Dec 31, 2025 | 214M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 212M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $431M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.26B | $306M | — | — |
| FY2017, ended Dec 31, 2017 | $2.40B | $319M | — | — |
| FY2018, ended Dec 31, 2018 | — | $338M | — | — |
| FY2019, ended Dec 31, 2019 | — | $317M | — | — |
| FY2020, ended Dec 31, 2020 | — | $312M | $44.0M | — |
| FY2021, ended Dec 31, 2021 | — | $449M | $55.0M | — |
| FY2022, ended Dec 31, 2022 | — | $397M | $58.0M | — |
| FY2023, ended Dec 31, 2023 | — | $438M | $72.0M | — |
| FY2024, ended Dec 31, 2024 | — | $474M | $79.0M | $5.88B |
| FY2025, ended Dec 31, 2025 | — | $432M | $70.0M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | $368M | $63.0M | — |
Revenue (TTM)
$17.7B
+3.8% YoY
Net income (TTM)
$3.93B
+44.7% YoY
Cash
$2.02B
+84.2% YoY
Total debt
$28.0B
+67.0% YoY
Valuation
At current price- Market Cap
- $68.2B
- P/E
- 17.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.9×
- Price / Book
- 6.8×
- EV / EBITDA
- 19.5×
Growth
Trailing 12 months- Revenue (TTM)
- $17.7B
- Revenue Growth YoY
- 3.8%
- Revenue CAGR 3Y
- 11.2%
- Revenue CAGR 5Y
- 9.2%
- EPS Growth YoY
- 46.2%
- Net Income Growth YoY
- 44.7%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 26.3%
- Net Margin
- 22.2%
- FCF Margin
- 18.5%
- Return on Equity
- 43.6%
Earnings
Trailing 12 months- Net Income
- $3.93B
- EPS (diluted)
- $18.27
- EBITDA
- $4.84B
- Operating Income
- $4.65B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $2.02B
- Total Debt
- $28.0B
- Net Debt
- $26.0B
- Total Assets
- $65.1B
- Total Liabilities
- $54.9B
- Shareholders' Equity
- $10.1B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.57B
- Capital Expenditure
- $308M
- Free Cash Flow
- $3.27B
Dividends and risk
Last 12 months- Dividend Yield
- 0.5%
- Dividend / Share
- $1.64
- Beta (5Y)
- 0.70
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $17.7B.
Strength
Keeps 26.3% of revenue as operating profit.
Strength
Turns 18.5% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K67Mildly positive
67Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 13, 2026 · Read the filing on EDGAR
- Revenue rose 9% to $17.2 billion with 6% organic growth; operating income rose 13% and operating margin improved to 25.3% from 24.4%.
- Net income jumped 38% to $3.8 billion, mostly because of a one-time $1.2 billion gain from selling the NFP Wealth business.
- Debt fell to about $15.2 billion from about $17 billion; S&P moved its outlook to stable from negative and Moody's raised its outlook to positive.
- The restructuring program's total expected cost went up from $1.0 billion to $1.3 billion, with yearly savings of about $450 million targeted by end-2027.
Business momentum
Improving
“Due to the factors impacting revenue and operating expenses set forth above, total operating income increased $509 million, or 13%, to $4.3 billion in 2025.”
Outlook
Neutral
“The Program is estimated to generate annualized expense savings of approximately $450 million by the end of 2027”
Financial stress
Low
“We expect cash generated by operations for the near-term to be sufficient to service our debt and contractual obligations, finance capital expenditures, and continue to pay dividends to our shareholders.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Steady organic growth and better margins
“Operating margin increased to 25.3% in 2025 from 24.4% in 2024, driven primarily by organic revenue growth of 6% and $160 million of net restructuring savings”
Stronger cash generation
“Free cash flow, a non-GAAP measure defined under the caption “Review of Consolidated Results — Free Cash Flow,” was $3.2 billion in 2025, an increase of $401 million, or 14%, from $2.8 billion in 2024”
Credit rating outlooks improved as debt was paid down
“In the fourth quarter of 2025, S&P’s Global Ratings changed our ‘A-’ outlook to Stable, as compared to a Negative outlook, and Moody’s Investor Services changed our ‘Baa2’ outlook to Positive”
Concerns
Profit jump relies on a one-time sale gain
“as well as the $1.2 billion gain from the disposal of the NFP Wealth business, net income was $3.8 billion in 2025, an increase of $1.0 billion, or 38%, from 2024.”
Margin slipped in the largest segment, Risk Capital
“Risk Capital operating margin decreased to 30.4% in 2025 from 31.3% in 2024”
Debt still sizeable
“As of December 31, 2025, we had total consolidated debt outstanding of approximately $15.2 billion.”
New risks since the previous report
Restructuring program costs raised
“In the fourth quarter of 2025, the Company increased the expected Program cumulative costs from $1.0 billion to $1.3 billion”
AI tools could cut out brokers or undercut Aon's investments
“Innovations in software, cloud computing, data and analytics, generative and agentic artificial intelligence, or other technologies that alter how our services are delivered could significantly undermine our investment in the business”
Falling interest rates reduce income on client funds
“A hypothetical, instantaneous parallel decrease in the year-end yield curve of 100 BPS would cause a decrease, net of derivative positions, of $77 million to each of 2026 and 2027 pretax income.”
Biggest risks named
- Softer insurance pricing or an economic downturn reducing commissions
- Large debt load (about $15.2 billion) limiting flexibility
- Restructuring costs rising and savings possibly not materialising
- Errors-and-omissions claims and lawsuits
- AI-driven competition and global minimum tax uncertainty
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1.5 | |
| Score | 67 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 13, 2026 | 67 | Improving | None | |
| 10-K | Feb 18, 2025 | 65 | Improving | None | |
| 10-K | Feb 16, 2024 | 64 | Improving | 1 medium1 minor | |
| 10-K | Feb 17, 2023 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 18, 2022 | 48 | Mixed | 1 medium1 minor | |
| 10-K | Feb 19, 2021 | 66 | Strong improvement | 1 medium | |
| 10-K | Feb 14, 2020 | 74 | Strong improvement | None | |
| 10-K | Feb 19, 2019 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 20, 2018 | 40 | Sharp deterioration | 2 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR