Aon — Financial Results
Revenue Grew 9% to $17.2 Billion, Driven by Both Organic Growth and the NFP Acquisition
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Total Revenue | $17.2B | $15.7B | +9% |
| Organic Revenue Growth | 6% | 6% | Flat |
| Risk Capital Revenue | $11.3B | $10.5B | +7% |
| Human Capital Revenue | $5.9B | $5.2B | +13% |
Revenue growth came from two sources: genuine business momentum (6% organic revenue growth, meaning growth excluding acquisitions and currency effects) and the addition of NFP, a benefits and insurance brokerage firm Aon acquired in 2024. Both major divisions grew, with Human Capital — covering health benefits and retirement services — outpacing Risk Capital.
Margins Improved as Restructuring Savings Offset Higher Costs From NFP
| Metric | 2025 | 2024 |
|---|---|---|
| GAAP Operating Margin | 25.3% | 24.4% |
| Adjusted Operating Margin | 32.4% | 31.5% |
Aon's Accelerating Aon United (AAU) Program — a three-year restructuring effort launched in 2023 — delivered $160 million in additional savings in 2025, bringing cumulative annualized savings to $270 million. These savings helped margins expand even as NFP added costs. The program's total expected cost has been revised upward to $1.3 billion, but the target savings are also higher at $450 million annually by end of 2027.
A $1.2 Billion Gain From Selling NFP's Wealth Business Boosted Net Income
Net income jumped 38% to $3.8 billion in 2025, but a meaningful portion came from a one-time event: Aon sold the NFP Wealth business (including Wealthspire Advisors and Fiducient Advisors) to private equity firm Madison Dearborn Partners for $2.3 billion in cash, recognising a pre-tax gain of $1.2 billion. Stripping that out, adjusted earnings per share grew a more modest 9%, from $15.60 to $17.07. This sale signals Aon is selectively trimming parts of NFP that don't fit its core strategy.
Free Cash Flow Rose 14% to $3.2 Billion, Showing Strong Underlying Cash Generation
| Metric | 2025 | 2024 |
|---|---|---|
| Cash from Operations | $3.5B | $3.0B |
| Capital Expenditures | $263M | $218M |
| Free Cash Flow | $3.2B | $2.8B |
Free cash flow — the cash left over after spending on maintaining and growing the business — grew solidly and is a key indicator of financial health for a services company like Aon. The improvement was driven by stronger operating profits and lower NFP-related transaction costs, partially offset by higher capital spending.
Credit Rating Outlook Improved, Reflecting Stronger Post-NFP Financial Standing
Both S&P and Moody's improved their outlooks on Aon's debt in late 2025 — S&P moved from Negative to Stable, and Moody's moved from Stable to Positive. This matters because credit ratings affect the cost of borrowing. It suggests the rating agencies are now more comfortable that Aon has successfully absorbed the large NFP acquisition without stretching its finances dangerously thin.