Earnings summaries and quarterly performance for Aon.
Executive leadership at Aon.
Gregory C. Case
Chief Executive Officer and President
Darren Zeidel
Executive Vice President, General Counsel and Company Secretary
David DeBrunner
Senior Vice President, Global Controller and Chief Accounting Officer
Edmund Reese
Executive Vice President and Chief Financial Officer
Lisa Stevens
Executive Vice President and Chief Administrative Officer
Mindy Simon
Chief Operating Officer
Board of directors at Aon.
Admiral James G. Stavridis
Director
Adriana Karaboutis
Director
Byron O. Spruell
Director
Cheryl A. Francis
Director
Gloria Santona
Director
Jeffrey C. Campbell
Director
Jin-Yong Cai
Director
Jo Ann Jenkins
Director
Jose Antonio Álvarez
Director
Lester B. Knight
Chair of the Board
Richard C. Notebaert
Director
Sarah E. Smith
Director
Research analysts who have asked questions during Aon earnings calls.
David Motemaden
Evercore ISI
7 questions for AON
Elyse Greenspan
Wells Fargo
7 questions for AON
Andrew Kligerman
TD Cowen
5 questions for AON
Robert Cox
The Goldman Sachs Group, Inc.
4 questions for AON
Jamminder Bhullar
JPMorgan Chase & Co.
3 questions for AON
Meyer Shields
Keefe, Bruyette & Woods
3 questions for AON
Bob Huang
Morgan Stanley
2 questions for AON
Charlie Lederer
BMO
2 questions for AON
Jimmy Bhullar
JPMorgan Chase & Co.
2 questions for AON
Matthew Heimermann
Citi
2 questions for AON
Michael Zaremski
BMO Capital Markets
2 questions for AON
Alex Scott
Barclays PLC
1 question for AON
Cave Montazeri
Deutsche Bank
1 question for AON
Dean Criscitiello
Keefe, Bruyette & Woods
1 question for AON
Grace Carter
BofA Securities
1 question for AON
Jon Paul Newsome
Piper Sandler & Co.
1 question for AON
Recent press releases and 8-K filings for AON.
- Q4 adjusted operating income rose 11% to $1.5 billion, with margins expanding 220 bps to 35.5% (FY 2025 margin 32.4%, +90 bps).
- Generated $1.3 billion in Q4 free cash flow; full-year free cash flow was $3.2 billion (+14%), debt paid down ~$1.9 billion lowering leverage to 2.9×, and returned $1.6 billion to shareholders (including $1 billion in buybacks).
- 2026 guidance targets mid-single-digit organic revenue growth, 70–80 bps of margin expansion, double-digit free cash flow growth to $4.3 billion, and at least $1 billion in share repurchases.
- Q4 total revenue of $4.3 B, up 4% Y/Y; organic revenue growth of 5% in Q4 and 6% for FY 2025.
- Adjusted operating income of $1.525 B with margin expansion of 220 bps to 35.5%; adjusted EPS of $4.85, up 10% Y/Y.
- Free cash flow of $1.323 B, up 16% Y/Y; returned $160 M in dividends and $250 M in share repurchases in Q4.
- 2026 guidance targets mid-single-digit organic revenue growth, 70–80 bps of margin expansion, strong EPS growth, and double-digit free cash flow growth.
- Aon delivered FY2025 organic revenue growth of 6%, total revenue of $17 billion (+9%), adjusted operating margin of 32.4% (+90 bps), adjusted EPS of $17.07 (+9%), and free cash flow growth of 14%.
- In Q4 2025, organic revenue rose 5%, total revenue reached $4.3 billion (+4%), adjusted operating margin expanded to 35.5% (+220 bps), adjusted EPS was $4.85 (+10%), and free cash flow grew 16%.
- Aon ended 2025 with $7 billion of available capital for 2026, plans at least $1 billion in share repurchases, and will pursue high-return M&A while maintaining investment and dividend discipline.
- For 2026, the company targets mid-single-digit or greater organic revenue growth, 70–80 bps of adjusted operating margin expansion, strong EPS growth, and double-digit free cash flow, with $4.3 billion expected free cash flow generation.
- Full-year 2025: organic revenue growth of 6%, total revenue of $17 billion, adjusted operating margin of 32.4% (+90 bps), adjusted EPS of $17.07 (+9%), and free cash flow of $3.2 billion (+14%).
- Q4 2025: organic revenue growth of 5%, revenue of $4.3 billion (+4%), adjusted operating margin of 35.5% (+220 bps), adjusted EPS of $4.85 (+10%), and free cash flow of $1.3 billion (+16%).
- Executing on Aon United and the 3×3 plan, with strategic innovation in Alternative Business Services (ABS), data center lifecycle insurance (DCLP), and AI-powered risk solutions, driving client wins and middle-market expansion.
- 2026 guidance: mid-single-digit organic revenue growth, 70–80 bps of adjusted operating margin expansion, strong adjusted EPS growth, and double-digit free cash flow growth; plans at least $1 billion in share repurchases and retains $7 billion of available capital.
- Aon delivered $4.3 billion revenue (+4% YoY) in Q4 and $17.2 billion (+9% YoY) for FY 2025, with organic revenue growth of 5% in Q4 and 6% for the year.
- Q4 diluted EPS of $7.82 (+138%) and adjusted EPS of $4.85 (+10%), and full-year diluted EPS of $17.02 (+36%) and adjusted EPS of $17.07 (+9%).
- Strong cash generation: Q4 free cash flow of $1.323 billion (+16%), full-year $3.218 billion (+14%), and $1.9 billion of debt repaid in 2025, achieving the leverage objective in Q4.
- For 2026, Aon expects mid-single-digit organic revenue growth, 70–80 bps of adjusted operating margin expansion, strong adjusted EPS growth, and double-digit free cash flow growth.
- Aon’s fourth-quarter revenue rose 4% to $4.3 billion, driven by 5% organic growth, while full-year revenue increased 9% to $17.2 billion with 6% organic growth.
- Diluted EPS in Q4 was $7.82, up 138%, and adjusted EPS was $4.85, up 10%; for the full year, diluted EPS was $17.02, up 36%, and adjusted EPS was $17.07, up 9%.
- Free cash flow reached $1.32 billion in Q4 (+16%) and $3.22 billion for the year (+14%); the company paid down $1.9 billion of debt and met its leverage target in Q4.
- Aon introduced 2026 guidance calling for mid-single-digit organic revenue growth, 70–80 bps of adjusted operating margin expansion, strong adjusted EPS growth and double-digit free cash flow growth.
- The company repurchased 2.7 million shares for $1 billion in 2025 (including 0.7 million shares for $250 million in Q4) and has $1.3 billion of repurchase authorization remaining.
- Aon’s 2026 Climate and Catastrophe Insight report finds that severe convective storms (SCS) have overtaken tropical cyclones as the costliest insured peril of the 21st century, generating $61 billion in insured losses in 2025—the third-highest SCS toll on record.
- Global economic losses from natural disasters in 2025 amounted to $260 billion (the lowest since 2015), while insured losses remained elevated at $127 billion, marking the sixth consecutive year above the $100 billion threshold.
- Insurers covered 49% of global economic losses in 2025, leaving a protection gap of 51%, the smallest on record.
- California wildfires (Palisades and Eaton Fires) were the costliest ever, causing $58 billion in economic losses and $41 billion in insured losses.
- Aon Global Limited will redeem in full and delist its 2.875% Senior Notes due 2026 from the NYSE on February 14, 2026, at a redemption price of 100% plus accrued interest.
- The redemption will retire all notes issued on May 14, 2014, under the Indenture dated May 24, 2013 (as amended April 1, 2020).
- The aggregate redemption price is €510,869,863 (approximately €1,021.74 per €1,000 principal), payable upon surrender of the notes.
- The Bank of New York Mellon (London Branch) will act as paying agent; final interest will be paid as part of the redemption price.
- Aon has expanded its Data Center Lifecycle Insurance Program (DCLP) by $1 billion, raising total capacity to $2.5 billion to meet growing risk complexity in cloud, AI and digital infrastructure projects.
- The program unifies construction, cyber, cargo and operational risks into a single, coordinated solution, streamlining capacity for Construction All Risks, Delay in Start-Up and Operational Property Damage/Business Interruption.
- Key coverages include up to $400 million for cyber and tech E&O, $100 million in third-party liability (ex-U.S.), and $500 million in project cargo insurance, supported by integrated risk engineering and analytics.
- Sustained GLP-1 therapy users saw 6 percentage points lower medical cost growth at 30 months (diabetes) and 9 points lower with ≥80% adherence; weight-loss users had 3 points lower growth at 18 months and 7 points lower with consistent use.
- Female GLP-1 users experienced ≈50% fewer ovarian cancer cases, ≈14% fewer breast cancer cases, and 47% fewer MACE hospitalizations (≥80% adherence) versus non-users; male users saw a 26% MACE reduction.
- Aon projects 9.5% U.S. employer healthcare cost growth in 2026; prescription drugs rising 13–15%, with GLP-1s now accounting for ≈20% of drug spend and up 50% in 2025.
- Analysis covers July 2022–March 2025 claims from over 50 million commercial lives, including 192,000 GLP-1 users, demonstrating both financial and clinical benefits.
Quarterly earnings call transcripts for Aon.
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