Aon (AON) Company Report

Aon achieved $4 billion in total revenue, up 7% year-over-year and surpassing analyst expectations.
Adjusted EPS rose 12% to $3.05, while adjusted operating income increased 15% to $1.05 billion.
The company delivered 7% organic revenue growth across Commercial Risk Solutions, Reinsurance Solutions, and Health Solutions.
Free cash flow for the first nine months rose 13% to $1.9 billion, driven by robust operating income and cost management.
Management reaffirmed full-year guidance for mid-single-digit or greater organic revenue growth, citing balanced contributions across segments.

Oct 31, 2025, 6:58 PM

Morningstar

Aon reports Q3 2025 results

AON

Earnings

Guidance Update

Organic revenue growth of 7% year-over-year to $3,997 million in Q3’25.
Adjusted operating margin expanded by 170 bps to 26.3% in the quarter.
Adjusted EPS rose 12% to $3.05 per share in Q3’25.
Free cash flow increased 13% to $1,079 million in the quarter.
Company remains on track to meet full-year 2025 targets and expects to enter 2026 with strong momentum.

Oct 31, 2025, 12:30 PM

Presentation

Aon reports Q3 2025 results

AON

Earnings

Guidance Update

Share Buyback

Aon delivered 7% organic revenue growth in Q3 and 7% total revenue growth to $4.0 billion, with an adjusted operating margin of 26.3%, $3.05 adjusted EPS, and 13% free cash flow increase to $1.1 billion.
Execution of the Aon United and 3×3 plan drove broad-based growth across commercial risk, M&A services, construction, reinsurance, health solutions, and wealth management, supported by advanced analytics and a 6% increase in revenue-generating hires year to date.
Capital position strengthened by the $2 billion NFP wealth sale, continued debt reduction, and $411 million returned to shareholders in Q3 (including $250 million share repurchases); YTD buybacks total $750 million, targeting $1 billion, with leverage at 3.2×, set to reach 2.8–3.0× by year-end.
Reaffirmed full-year 2025 guidance: mid-single-digit organic revenue growth, 80–90 bps adjusted operating margin expansion, double-digit free cash flow growth, and 7–9% adjusted EPS growth in Q4, with an effective tax rate of 19.5–20.5%.

Oct 31, 2025, 12:30 PM

Transcript

Aon reports Q3 2025 results

AON

Earnings

Share Buyback

Guidance Update

Aon delivered 7% organic revenue growth, with total revenue of $4.0 billion, an adjusted operating margin of 26.3%, $3.05 adjusted EPS, and 13% free cash flow growth in Q3 2025.
Generated $1.1 billion of free cash flow in Q3 (up 13% y/y), strengthening capital for strategic investments and shareholder returns.
Returned $411 million to shareholders in the quarter, including $250 million in share repurchases; leverage reduced to 3.2×, on track for full-year $1 billion buybacks.
Reaffirmed full-year 2025 guidance: mid-single-digit or greater organic revenue growth, 80–90 bps margin expansion, 7–9% Q4 EPS growth, and double-digit free cash flow increase.

Oct 31, 2025, 12:30 PM

Transcript

Aon announces Q3 2025 results

AON

Earnings

Share Buyback

Guidance Update

Delivered 7% organic revenue growth, total revenue of $4.0 billion, 26.3% adjusted operating margin, $3.05 adjusted EPS, and 13% free cash flow growth in Q3 2025.
Sold NFP Wealth for over $2 billion, reduced net leverage to 3.2×, and returned $411 million to shareholders in the quarter (including $250 million in share repurchases), on track for $1 billion buybacks in 2025.
Completed $32 million in acquired EBITDA through middle-market tuck-in deals via NFP and expects $35–40 million more by year-end.
Reaffirmed full-year 2025 guidance: mid-single-digit+ organic growth, 80–90 bps margin expansion, 19.5–20.5% effective tax rate, 7–9% Q4 adjusted EPS growth, and double-digit free cash flow growth.

Oct 31, 2025, 12:30 PM

Transcript

Aon plc reports Q3 2025 results

AON

Earnings

Share Buyback

Aon delivered 7% total revenue growth (7% organic) to $3.997 billion in Q3 2025.
Operating income rose 31% to $816 million, driving the operating margin up to 20.4%.
Diluted EPS increased 34% to $2.11, while adjusted EPS grew 12% to $3.05.
Free cash flow totaled $1.079 billion, a 13% year-over-year increase, with cash from operations of $1.148 billion.
The company repurchased 0.7 million shares for $250 million, leaving $1.6 billion available under its share buyback program.

Oct 31, 2025, 10:32 AM

8-K

Aon survey finds geopolitical volatility enters top-10 business risks

AON

Aon’s 2025 Global Risk Management Survey shows geopolitical volatility spiked 12 places since 2023 to break into the top ten global risks for the first time.
Cyber attack or data breach remains the #1 current and future risk, yet only 13% of respondents have quantified their cyber exposure.
Organizations are underprepared: just 14% track exposure to the top ten risks and only 19% use analytics to evaluate their insurance programs.
Looking ahead to 2028, Artificial Intelligence and Climate change enter the top ten future risks, with climate change ranking #9 amid record 2024 catastrophe losses.

Oct 1, 2025, 7:00 AM

Press Release

Aon to divest NFP wealth businesses for $2.7B

AON

M&A

Aon announced a definitive agreement to sell a majority of its wealth businesses, including Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth, back to Madison Dearborn Partners for $2.7 billion, with closing expected in late Q4 2025.
The businesses manage $60 billion in client assets and advise on $500 billion, representing about 20% of NFP’s profits.
The divestment aligns with Aon’s 3x3 Plan to focus on core Risk Capital and Human Capital capabilities, strengthening its capital position and growth flexibility.
Madison Dearborn Partners will finance the transaction with $1.5 billion in equity and $1 billion in debt, and will consolidate the assets under a unified brand led by Michael LaMena.
Aon retains its core wealth and retirement consulting business serving institutional clients, following its April 2024 acquisition of NFP.

Sep 3, 2025, 4:20 AM

Morningstar

Aon sued by Vesttoo creditors over alleged fraud

AON

Legal Proceedings

The Vesttoo Creditors Liquidating Trust filed a lawsuit in Delaware against Aon and China Construction Bank, alleging fraudulent conduct in collateral protection insurance (CPI) transactions.
The complaint claims Aon marketed and scaled its CPI product despite awareness of significant red flags regarding Vesttoo’s collateral providers, contributing to hundreds of millions in losses and Vesttoo’s 2023 bankruptcy.
Aon denies the allegations, calling the lawsuit a misguided attempt to shift blame for Vesttoo’s deliberate fraud and stating it was also a victim.
China Construction Bank is accused of conspiring to produce $2.8 billion in forged letters of credit to support Vesttoo’s collateral.

Aug 14, 2025, 4:25 AM

Bloomberg

AON reports strong 2025 revenue growth and network expansion

AON

Revenue Acceleration/Inflection

Product Launch

New Projects/Investments

Annual revenue exceeded $2 billion for the 12 months ended June 30, 2025, a >40% increase over the prior period.
Network expanded to over 300 oncology and hematology providers across 20 states, fueled by new partnerships and clinic additions.
Launched advanced treatments including bispecific T-cell engager (BiTE) immunotherapies at 40+ clinics and broadened radioligand therapy access.
Delivered value-based care savings with $6 million in CMS model cost reductions, $2.7 million in commercial savings, and 39% improvement in social risk factors.

Aug 12, 2025, 12:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Aon.

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