Total Revenue

10.5% increase (from 3,760M to 4,155M USD) " " "

Driven by robust organic revenue growth combined with strategic acquisitions and favorable market factors compared to Q2 2024’s lower base, resulting in an overall 10.5% increase. " " "

Commercial Risk Solutions

8% increase (from 2,015M to 2,178M USD) " "

Improved net new business and strong retention, along with enhanced pricing and operational efficiencies over Q2 2024, drove the segment to an 8% increase. " "

Health Solutions

16.6% increase (from 662M to 772M USD) " "

A strong performance in core health and benefits, bolstered by the integration of the NFP acquisition, led to a significant revenue boost relative to Q2 2024’s figures. " "

Wealth Solutions

12% increase (from 463M to 519M USD) " "

Increased advisory demand and favorable market performance, including improved investment inflows, contributed to resolving previous period challenges and achieving a 12% growth over Q2 2024. " "

United States Revenue

11% increase (from 1,837M to 2,040M USD) "

Strengthened by improvements in risk capital segments through higher net new business and retention, the U.S. market outperformed Q2 2024’s metrics, registering an 11% increase. "

United Kingdom Revenue

11% increase (from 548M to 610M USD) "

Enhanced commercial activity and retention initiatives in the UK drove revenue growth, building on the previous period’s results for an 11% increase. "

EMEA (excl. UK & Ireland)

12% increase (from 566M to 634M USD) "

Organic growth and improved market conditions in this region helped boost revenue by 12% compared to Q2 2024, reflecting a strong performance across underlying business lines. "

Ireland Revenue

Over 30% increase (from 35M to 46M USD) "

A small but rapidly growing market, Ireland saw over 30% growth driven by focused regional initiatives and strong market demand relative to the modest base in Q2 2024. "

Asia Pacific Revenue

About 4% increase (from 412M to 430M USD) "

Modest organic improvements and steady market penetration in the Asia Pacific region resulted in a 4% uptick over Q2 2024, indicating gradual but consistent growth. "

Organic Revenue Growth

FY 2025

mid‑single‑digit or greater organic revenue growth " " " " "

mid‑single‑digit or greater organic revenue growth " "

no change

Adjusted Operating Margin Expansion

FY 2025

80 to 90 basis points of margin expansion " " " " "

80 to 90 basis points of margin expansion " "

no change

Free Cash Flow Growth

FY 2025

double‑digit free cash flow growth " " " "

double‑digit free cash flow growth " "

no change

Target Leverage Ratio

FY 2025

2.8x to 3x by Q4 2025 "

2.8x to 3.0x by Q4 2025 "

no change

Restructuring Savings

FY 2025

no prior guidance

$260 million in cumulative annual savings from the Aon United restructuring initiative " "

no prior guidance

Tax Rate

FY 2025

no prior guidance

19.5% to 20.5% "

no prior guidance

Capital Return through Share Repurchases

FY 2025

no prior guidance

$1 billion in capital return through share repurchases "

no prior guidance

Interest Expense

Q3 2025

no prior guidance

approximately $210 million "

no prior guidance

Other Expense

Q3 2025

no prior guidance

range between $25 million and $32 million "

no prior guidance

Free Cash Flow Growth and Capital Allocation Strategy

Prior periods (Q1 2025, Q4 2024, Q3 2024) emphasized double‐digit free cash flow growth guided by strong operating income, NFP contributions, working capital improvements, and a disciplined capital allocation strategy aimed at reducing leverage and returning capital to shareholders. " " " " " " " "

In Q2 2025, free cash flow increased markedly (59% quarterly increase and 13% YTD) while maintaining focus on balanced capital allocation—including reduced leverage, share repurchases, and targeted tuck-in acquisitions—to enable sustainable growth. " " " "

Continued strong growth with enhanced operating efficiency and capital discipline. The fundamental drivers remain consistent, though Q2 2025 shows sharper improvements and clearer articulation of capital plans. " " " "

NFP Acquisition Integration, M&A Synergies, and Execution Risks

Earlier calls (Q1 2025, Q4 2024, Q3 2024) consistently reported successful integration of NFP with high producer retention, clear revenue and cost synergies, and manageable execution risks despite integration costs and operational complexities. " " " " " " " "

Q2 2025 reinforced positive integration progress with strong producer retention, targeted revenue synergies (e.g. $80 million for 2025), and reduced integration costs supporting a robust M&A synergy thesis and execution risk mitigation. " " " "

Stable and positive integration with continued focus on synergy realization. Sentiment remains upbeat about the integration’s success and its accretive impact, with risks diminishing over time. " " " "

Talent Expansion and Digital Investments

Previous earnings calls (Q1 2025, Q4 2024, Q3 2024) highlighted talent expansion in prioritized areas (e.g. construction, energy, health) and ongoing investments in Aon Business Services (ABS) to drive operational efficiency and enhance client service through improved analytics and digital tools. " " " " " "

In Q2 2025, Aon reported a 6% increase in revenue‐generating hires and launched new digital products such as Aon Broker Copilot and Aon Surge Stop Loss, along with further ABS enhancements to advance data analytics and client solutions. " " " "

Continued and intensified investment in talent and digital innovation. The focus is now sharper on leveraging technology to drive growth and service quality while expanding the workforce in key areas. " " "

Organic Revenue Growth, EPS Growth, and Margin Expansion

In Q1 2025, Q4 2024, and Q3 2024, organic revenue growth was reported in the 5–7% range, with EPS growth ranging from 12% to 17% and margin expansion supported by restructuring savings and operating leverage across solution lines. " " " " " " " "

Q2 2025 delivered 6% organic revenue growth, a 19% year‐over‐year increase in adjusted EPS, and an 80 basis point margin expansion, driven by operating leverage, cost savings, and enhanced performance in key solution lines. " " "

Improved EPS growth and sustained margin expansion with stable organic revenue. The metrics show step‐up improvements, indicating better operating performance compared to earlier periods. " " "

Reinsurance Performance and Pricing Environment Challenges

Prior periods (Q1 2025, Q4 2024, Q3 2024) noted organic revenue growth in reinsurance between 4% and 7%, with various challenges posed by rate declines (especially in property renewals) counterbalanced by growth in insurance-linked securities and advantageous treaty placements. " " " " " " " "

In Q2 2025, the reinsurance segment achieved 6% organic revenue growth while contending with pricing challenges such as 5%–20% rate declines on April 1 property renewals, even as sectors like insurance-linked securities continue to show robust performance. "

Steady growth amid persistent pricing pressures. While growth remains solid, recurring challenges with rate declines persist, requiring ongoing market adaptation. "

Macro Uncertainty and External Market Risks

Earlier calls (Q1 2025, Q4 2024, Q3 2024) discussed broad macro themes—volatility driven by trade, technology, weather, and workforce trends—and the resulting uncertainty impacting client decision-making and investment, with a focus on the need for robust risk management solutions. " " " "

In Q2 2025, macro uncertainty was framed around an even more complex operating environment, citing interconnected megatrends (including severe weather events and AI-driven workforce changes) that underscore challenges for clients and reinforce the need for actionable insights. " " "

Persistent external challenges with increased specificity. The discussion remains consistent but with sharper focus on current disruptive events, emphasizing the increasing complexity of the risk landscape. " " "

Financing Costs, Debt Levels, and Interest Rate Impacts

Prior periods (Q1 2025, Q4 2024, Q3 2024) highlighted significant debt increases (notably from the NFP acquisition), higher interest expenses, and sensitivity to declining interest rates, with clear strategies around debt reduction and managing financing costs. " " " " "

In Q2 2025, Aon reported a decline in interest expense (to $212 million) due to lower average debt balances and progress toward achieving a targeted leverage ratio of 2.8–3.0x, alongside measured impacts from interest rate fluctuations. "

Improved financing conditions with continued focus on debt reduction. There is clear progress in managing costs and reducing leverage compared to previous periods. "

Tax Policy and Regulatory Uncertainty

Q4 2024 and Q3 2024 provided robust commentary on variability in tax rates, the complexity of operating in multiple jurisdictions, and the challenges of policy changes; Q1 2025 had only minimal mentions mostly in context with regulatory challenges affecting specific segments. " " "

Q2 2025 emphasized tax policy topics more explicitly by referencing recent U.S. tax legislation and shifts in global tariffs as part of the broader complex operating environment that affects client decisions and risk management. " "

Increased prominence of tax/regulatory issues. Compared to the lighter-touch in Q1, Q2 now integrates these factors more directly, reflecting a growing concern with evolving global policy uncertainties. " "

Health Solutions Growth and Geographic Expansion

In Q1 2025, Q4 2024, and Q3 2024, Health Solutions reported organic growth between 5% and 9% with strong contributions from international markets and regulatory-driven opportunities, underlining robust growth in core health and benefits businesses. " " " " "

Q2 2025 reported 6% organic revenue growth in Health Solutions, driven by increased healthcare costs and strong international performance—especially in areas like executive benefits and pharmacy solutions. " "

Steady and consistent growth with sustained geographic expansion. Growth rates remain strong across periods, with international markets continuing to bolster performance. " "