Aon — Income Statement, Cash Flows & Balance Sheet
Is Aon profitable?
Aon delivered a sharp jump in net income in 2025, though a large one-time gain inflates the headline number.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Total revenue | $15,698M | $17,181M | +9.4% |
| Operating income | $3,835M | $4,344M | +13.3% |
| Operating margin | 24.4% | 25.3% | +0.9 pp |
| Net income (Aon shareholders) | $2,654M | $3,695M | +39.2% |
| Diluted EPS | $12.49 | $17.02 | +36.3% |
Revenue growth was solid and operating margins expanded modestly, but the big jump in net income was largely driven by a $1.2 billion pre-tax gain from selling NFP's wealth business — a one-time event that will not recur. Stripping that out, the underlying profit story is still healthy but more modest than the headline figure suggests. Intangible amortization also surged to $778M (from $503M), a lingering cost of the 2024 NFP acquisition that weighs on GAAP earnings.
Where does Aon's revenue come from?
Risk Capital is Aon's engine room, but Human Capital grew faster after the NFP acquisition filled out that segment.
| Segment | 2023 | 2024 | 2025 | 2-Year Change |
|---|---|---|---|---|
| Risk Capital revenue | $9,524M | $10,517M | $11,290M | +18.5% |
| Risk Capital op. margin | 30.9% | 31.3% | 30.4% | -0.5 pp |
| Human Capital revenue | $3,864M | $5,209M | $5,907M | +52.9% |
| Human Capital op. margin | 28.4% | 21.9% | 23.9% | -4.5 pp |
Risk Capital — insurance and reinsurance brokerage — remains the dominant, higher-margin business. Human Capital (health and wealth consulting) roughly doubled in size over two years thanks to the NFP acquisition, but its margins are still recovering toward pre-acquisition levels as integration costs work through. The partial sale of NFP's wealth unit in late 2025 will shrink Human Capital revenue going forward.
Does Aon generate cash?
Aon's core business generates strong, consistent cash from operations, with asset sales providing an extra boost in 2025.
| Cash Flow Item | 2024 | 2025 | Change |
|---|---|---|---|
| Cash from operations | $3,035M | $3,481M | +$446M |
| Capital expenditures | $(218M) | $(263M) | -$45M |
| Free cash flow (GAAP operating less capex) | $2,817M | $3,218M | +$401M |
| Net proceeds from business sales | $700M | $2,349M | +$1,649M |
| Share repurchases | $(1,000M) | $(1,000M) | Flat |
| Dividends paid | $(562M) | $(629M) | +$67M |
Operating cash generation improved meaningfully and free cash flow comfortably covered the billion dollars returned to shareholders through buybacks plus a rising dividend. The jump in investing inflows reflects the NFP Wealth sale; that cash was primarily used to pay down debt, which fell by roughly $1.8 billion during the year.
How strong is Aon's balance sheet?
Aon carries substantial debt from the NFP acquisition, but is actively paying it down and liquidity improved markedly in 2025.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Total debt | $17,016M | $15,249M | -$1,767M |
| Cash & short-term investments (ex-fiduciary) | $1,304M | $2,798M | +$1,494M |
| Total shareholders' equity | $6,121M | $9,352M | +$3,231M |
| Long-term debt | $16,265M | $14,660M | -$1,605M |
The debt load remains high in absolute terms — over $15 billion — but Aon made meaningful progress reducing it using proceeds from the wealth business sale. Liquidity improved substantially, with unrestricted cash and short-term investments more than doubling. The company also has two undrawn $1 billion revolving credit facilities as a backstop. Equity nearly doubled year-over-year, partly because strong earnings reduced the accumulated deficit on the balance sheet.