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AON (AON) Financials

AON logo
$353.09 -2.62 (-0.74%)
Closing price 08/1/2025 03:59 PM Eastern
Extended Trading
$353.30 +0.22 (+0.06%)
As of 08/1/2025 05:53 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for AON

Annual Income Statements for AON

This table shows AON's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 1,385 1,396 1,226 1,134 1,532 1,969 1,255 2,589 2,564 2,654
Consolidated Net Income / (Loss)		 1,422 1,430 1,263 1,174 1,573 2,018 1,308 2,646 2,628 2,720
Net Income / (Loss) Continuing Operations		 1,253 1,253 435 1,100 1,573 2,018 1,308 2,646 2,628 2,720
Total Pre-Tax Income 		1,428 1,401 810 1,246 1,870 2,466 1,931 3,156 3,169 3,462
Total Revenue		 9,221 9,136 -255 10,497 10,714 10,738 11,882 12,091 12,923 14,977
Net Interest Income / (Expense)		 -259 -273 -255 -273 -299 -328 -311 -388 -453 -721
Total Interest Income		 14 9.00 27 5.00 8.00 6.00 11 18 31 67
Investment Securities Interest Income		 14 9.00 27 5.00 8.00 6.00 11 18 31 67
Total Interest Expense		 273 282 282 278 307 334 322 406 484 788
Other Interest Expense		 - - - 278 - - 322 - 484 788
Total Non-Interest Income		 9,480 9,409 0.00 10,770 11,013 11,066 12,193 12,479 13,376 15,698
Other Non-Interest Income		 9,480 - - - - - - - - 15,698
Total Non-Interest Expense		 7,793 7,735 -1,065 9,226 8,844 8,272 10,103 8,935 9,591 11,863
Salaries and Employee Benefits		 5,605 5,514 6,003 6,103 6,054 5,905 6,738 6,477 6,902 8,283
Net Occupancy & Equipment Expense		 751 729 767 854 833 735 804 798 828 864
Other Operating Expenses		 1,100 1,173 1,272 1,500 1,393 1,232 2,235 1,271 1,470 1,641
Depreciation Expense		 164 162 187 176 172 167 179 151 167 183
Impairment Charge		 - - 704 593 - - 147 - 89 503
Restructuring Charge		 - - - - - - 0.00 0.00 135 389
Nonoperating Income / (Expense), net		 - - - -25 0.00 - 152 - -163 348
Income Tax Expense		 175 148 250 146 297 448 623 510 541 742
Net Income / (Loss) Attributable to Noncontrolling Interest		 37 34 37 40 41 49 53 57 64 66
Basic Earnings per Share		 $4.93 $5.21 $4.74 $4.62 $6.42 $8.49 $5.59 $12.23 $12.60 $12.55
Weighted Average Basic Shares Outstanding		 280.80M 268.10M 258.50M 245.20M 238.60M 231.90M 224.70M 211.70M 203.50M 211.40M
Diluted Earnings per Share		 $4.88 $5.16 $4.70 $4.59 $6.37 $8.45 $5.55 $12.14 $12.51 $12.49
Weighted Average Diluted Shares Outstanding		 283.80M 270.30M 260.70M 247M 240.60M 233.10M 226.10M 213.20M 205M 212.50M
Weighted Average Basic & Diluted Shares Outstanding		 280.90M 267.90M 258.60M 240.00M 231.58M 225.98M 213.94M 205.14M 198.30M 216.00M
Cash Dividends to Common per Share		 $1.15 $1.29 $1.41 $1.56 $1.72 $1.78 $1.99 $2.19 $2.41 $2.64

Quarterly Income Statements for AON

This table shows AON's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 408 657 1,050 560 456 498 1,071 524 343 716 965
Consolidated Net Income / (Loss)		 418 666 1,079 575 467 507 1,093 538 355 734 982
Net Income / (Loss) Continuing Operations		 418 666 1,079 575 467 507 1,093 538 355 734 982
Total Pre-Tax Income 		510 709 1,342 658 560 609 1,424 698 449 891 1,250
Total Revenue		 2,600 3,023 3,765 3,052 2,843 3,263 3,954 3,566 3,512 3,945 4,528
Net Interest Income / (Expense)		 -96 -107 -106 -125 -110 -112 -116 -194 -209 -202 -201
Total Interest Income		 7.00 3.00 5.00 5.00 9.00 12 28 31 4.00 4.00 5.00
Investment Securities Interest Income		 7.00 3.00 5.00 5.00 9.00 12 28 31 4.00 4.00 5.00
Total Interest Expense		 103 110 111 130 119 124 144 225 213 206 206
Long-Term Debt Interest Expense		 103 110 111 - - - 144 225 213 - 206
Total Non-Interest Income		 2,696 3,130 3,871 3,177 2,953 3,375 4,070 3,760 3,721 4,147 4,729
Net Realized & Unrealized Capital Gains on Investments		 2,696 - - - - - - 3,760 - - 4,729
Total Non-Interest Expense		 2,090 2,284 2,398 2,335 2,262 2,596 2,605 2,868 3,098 3,292 3,278
Salaries and Employee Benefits		 1,532 1,539 1,792 1,754 1,685 1,671 1,883 2,130 2,150 2,120 2,249
Net Occupancy & Equipment Expense		 204 211 214 197 209 208 195 214 229 226 218
Other Operating Expenses		 299 306 329 320 300 521 348 455 429 409 446
Depreciation Expense		 37 36 38 39 42 48 44 45 47 47 46
Amortization Expense		 34 - - - - - - 128 - - 199
Restructuring Charge		 0.00 - 0.00 0.00 6.00 129 119 132 69 69 110
Other Special Charges		 -16 - - - - - - -236 - - 10
Income Tax Expense		 92 43 263 83 93 102 331 160 94 157 268
Net Income / (Loss) Attributable to Noncontrolling Interest		 10 9.00 29 15 11 9.00 22 14 12 18 17
Basic Earnings per Share		 $1.93 $3.20 $5.09 $2.74 $2.25 $2.52 $5.38 $2.47 $1.58 $3.12 $4.46
Weighted Average Basic Shares Outstanding		 210.90M 211.70M 206.10M 204.70M 202.90M 203.50M 199.10M 212.50M 217.40M 211.40M 216.40M
Diluted Earnings per Share		 $1.92 $3.16 $5.07 $2.71 $2.23 $2.50 $5.35 $2.46 $1.57 $3.11 $4.43
Weighted Average Diluted Shares Outstanding		 212.60M 213.20M 207.10M 206.30M 204.60M 205M 200.10M 213.30M 218.40M 212.50M 217.90M
Weighted Average Basic & Diluted Shares Outstanding		 206.85M 205.14M 204.25M 202.87M 200.22M 198.30M 217.43M 217.24M 216.27M 216.00M 215.94M
Cash Dividends to Common per Share		 $0.56 - $0.56 $0.62 $0.62 - $0.62 $0.68 $0.68 - $0.68

Annual Cash Flow Statements for AON

This table details how cash moves in and out of AON's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 10 47 325 166 1,422 629 72 431 646 611
Net Cash From Operating Activities		 2,009 2,326 734 1,686 1,835 2,783 2,182 3,219 3,435 3,035
Net Cash From Continuing Operating Activities		 1,840 2,183 669 1,834 1,835 2,783 2,182 3,219 3,435 3,035
Net Income / (Loss) Continuing Operations		 1,591 1,607 2,091 1,248 1,573 2,018 1,308 2,646 2,628 2,720
Consolidated Net Income / (Loss)		 1,422 1,430 1,263 1,174 1,573 2,018 1,308 2,646 2,628 2,720
Depreciation Expense		 164 162 187 176 172 167 179 151 167 183
Amortization Expense		 174 157 704 593 392 246 147 113 89 503
Non-Cash Adjustments to Reconcile Net Income		 16 243 301 344 268 298 323 261 89 -308
Changes in Operating Assets and Liabilities, net		 -105 14 -958 -527 -570 54 225 48 462 -63
Net Cash From Investing Activities		 -138 -954 2,787 31 -229 -679 49 -449 -188 -2,833
Net Cash From Continuing Investing Activities		 -48 -888 2,806 31 -229 -679 49 -449 -188 -2,833
Purchase of Property, Leasehold Improvements and Equipment		 -200 -156 -183 -240 -225 -141 -137 -196 -252 -218
Purchase of Investment Securities		 -273 -882 -1,325 -80 -117 -632 -90 -269 -17 -3,678
Divestitures		 205 107 4,246 - 52 30 218 81 5.00 700
Sale and/or Maturity of Investments		 220 43 68 419 61 64 58 -65 76 363
Net Cash From Financing Activities		 -1,689 -1,286 -3,265 -1,699 -247 -1,772 -1,924 -1,790 -2,865 796
Net Cash From Continuing Financing Activities		 -1,689 -1,286 -3,265 -1,699 -247 -1,772 -1,924 -1,790 -2,865 796
Issuance of Debt		 5,351 3,467 1,654 5,754 6,052 991 1,495 1,967 744 7,926
Issuance of Common Equity		 - - - - - 44 55 58 72 79
Repayment of Debt		 -5,098 -2,945 -1,999 -5,417 -4,941 -720 258 -565 -377 -5,519
Repurchase of Common Equity		 -1,550 -1,257 -2,399 -1,470 -1,960 -1,763 -3,543 -3,203 -2,700 -1,000
Payment of Dividends		 -323 -345 -364 -417 -410 -412 -447 -463 -489 -562
Other Financing Activities, Net		 -69 -206 -157 -149 1,012 88 258 416 -115 -128
Effect of Exchange Rate Changes		 -172 -39 69 - 63 297 -235 -549 264 -387
Other Net Changes in Cash		 - - - - - - 0.00 0.00 0.00 0.00
Cash Interest Paid		 254 272 272 266 289 326 328 351 446 658
Cash Income Taxes Paid		 249 218 1,182 337 353 455 412 546 740 1,053

Quarterly Cash Flow Statements for AON

This table details how cash moves in and out of AON's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 4.00 -119 1,110 313 -455 -322 463 136 722 -710 -305
Net Cash From Operating Activities		 1,046 1,042 443 688 1,043 1,261 309 513 1,013 1,200 140
Net Cash From Continuing Operating Activities		 1,046 1,042 443 688 1,043 1,261 309 513 1,013 1,200 140
Net Income / (Loss) Continuing Operations		 418 666 1,079 575 467 507 1,093 538 355 734 982
Consolidated Net Income / (Loss)		 418 666 1,079 575 467 507 1,093 538 355 734 982
Depreciation Expense		 37 36 38 39 42 48 44 45 47 47 46
Amortization Expense		 34 26 25 25 20 19 16 128 174 185 199
Non-Cash Adjustments to Reconcile Net Income		 36 96 57 29 31 -28 -28 -216 - -64 13
Changes in Operating Assets and Liabilities, net		 521 218 -756 20 483 715 -816 18 437 298 -1,100
Net Cash From Investing Activities		 -84 -240 205 -77 -76 -240 -4,961 2,676 29 -577 -292
Net Cash From Continuing Investing Activities		 -84 -240 205 -77 -76 -240 -4,961 2,676 29 -577 -292
Purchase of Property, Leasehold Improvements and Equipment		 -58 -70 -76 -69 -58 -49 -48 -53 -62 -55 -56
Purchase of Investment Securities		 -90 -35 267 -49 -297 62 -5,106 2,424 -465 -531 -280
Divestitures		 58 1.00 1.00 - - 4.00 75 - - 14 24
Sale and/or Maturity of Investments		 6.00 -136 13 41 279 -257 118 28 222 -5.00 20
Net Cash From Financing Activities		 -302 -1,451 404 -443 -1,162 -1,664 5,261 -2,997 -699 -769 -349
Net Cash From Continuing Financing Activities		 -302 -1,451 404 -443 -1,162 -1,664 5,261 -2,997 -699 -769 -349
Issuance of Debt		 496 - 744 -217 217 - 5,942 1,393 591 - 0.00
Issuance of Common Equity		 23 9.00 25 8.00 30 9.00 25 2.00 34 18 30
Repayment of Debt		 -16 -140 -173 173 -274 -103 -591 -3,737 -1,141 -50 594
Repurchase of Common Equity		 -1,200 -675 -550 -550 -850 -750 -250 -250 -300 -200 -250
Payment of Dividends		 -118 -116 -115 -126 -125 -123 -123 -146 -147 -146 -147
Other Financing Activities, Net		 513 -529 473 269 -160 -697 258 -259 264 -391 -576
Effect of Exchange Rate Changes		 -656 530 58 145 -260 321 -146 -56 379 -564 196
Other Net Changes in Cash		 - - 0.00 - - - 0.00 - - - 0.00
Cash Interest Paid		 64 132 79 141 89 137 95 161 282 120 273
Cash Income Taxes Paid		 143 128 206 255 152 127 244 309 297 203 233

Annual Balance Sheets for AON

This table presents AON's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 26,883 26,615 26,088 26,422 29,405 32,114 31,917 32,704 33,959 48,965
Cash and Due from Banks		 384 426 756 656 790 884 544 690 778 1,085
Trading Account Securities		 356 290 529 172 138 308 292 452 369 219
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Customer and Other Receivables		 2,564 2,106 2,478 2,760 3,112 3,070 3,094 3,035 3,254 3,803
Premises and Equipment, Net		 765 550 564 588 621 599 529 558 638 637
Separate Account Business Assets		 9,932 8,959 9,625 10,166 11,834 13,798 14,386 15,900 16,307 17,566
Goodwill		 8,448 7,410 8,358 8,171 8,165 8,666 8,434 8,292 8,414 15,234
Intangible Assets		 2,180 1,890 1,733 1,149 783 640 492 447 234 6,743
Other Assets		 2,254 4,984 2,045 2,760 3,962 4,149 4,146 3,330 3,965 3,678
Total Liabilities & Shareholders' Equity		 26,883 26,615 26,088 26,422 29,405 32,114 31,917 32,704 33,959 48,965
Total Liabilities		 20,824 21,083 21,440 22,203 25,956 28,531 30,759 33,133 34,701 42,535
Short-Term Debt		 562 336 299 251 712 448 1,164 945 1,204 751
Other Short-Term Payables		 10,751 9,615 10,495 2,879 3,025 3,187 3,523 3,461 4,140 4,678
Long-Term Debt		 5,138 5,869 5,667 5,993 6,627 7,281 8,228 9,825 9,995 16,265
Separate Account Business Liabilities		 1,772 1,604 1,961 10,166 11,834 13,798 14,386 15,900 16,307 17,566
Other Long-Term Liabilities		 2,601 3,659 3,018 2,914 3,758 3,817 3,458 3,002 3,055 3,275
Redeemable Noncontrolling Interest		 - - - - - - - - 0.00 125
Total Equity & Noncontrolling Interests		 6,059 5,532 4,648 4,219 3,449 3,583 1,158 -429 -742 6,305
Total Preferred & Common Equity		 6,002 5,475 4,583 4,151 3,375 3,495 1,061 -529 -826 6,121
Total Common Equity		 6,002 5,475 4,583 4,151 3,375 3,495 1,061 -529 -826 6,121
Common Stock		 5,412 5,580 5,777 5,967 6,154 6,314 6,626 6,866 6,946 13,175
Retained Earnings		 4,013 3,807 2,302 2,093 1,254 1,042 -1,694 -2,772 -3,399 -2,309
Accumulated Other Comprehensive Income / (Loss)		 -3,423 -3,912 -3,496 -3,909 -4,033 -3,861 -3,871 -4,623 -4,373 -4,745
Noncontrolling Interest		 57 57 65 68 74 88 97 100 84 184

Quarterly Balance Sheets for AON

This table presents AON's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Total Assets		 31,223 32,704 34,253 36,049 33,112 33,959 40,767 51,453 49,885 48,965 50,304
Cash and Due from Banks		 692 690 1,119 952 808 778 995 974 1,103 1,085 964
Trading Account Securities		 251 452 172 200 175 369 5,413 182 196 219 366
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Customer and Other Receivables		 2,971 3,035 3,713 3,764 3,300 3,254 4,035 4,459 4,004 3,803 4,620
Premises and Equipment, Net		 510 558 605 639 652 638 590 636 650 637 650
Separate Account Business Assets		 14,699 15,900 16,629 18,193 15,965 16,307 17,161 18,865 17,596 17,566 17,766
Goodwill		 7,979 8,292 8,319 8,360 8,245 8,414 8,302 15,281 15,612 15,234 15,697
Intangible Assets		 456 447 425 268 252 234 217 6,794 6,789 6,743 6,865
Other Assets		 3,665 3,330 3,271 3,673 3,715 3,965 4,054 4,262 3,935 3,678 3,376
Total Liabilities & Shareholders' Equity		 31,223 32,704 34,253 36,049 33,112 33,959 40,767 51,453 49,885 48,965 50,304
Total Liabilities		 31,893 33,133 34,195 35,887 33,598 34,701 40,795 45,295 43,332 42,535 43,030
Short-Term Debt		 711 945 775 1,338 1,282 1,204 606 4.00 0.00 751 1,348
Other Short-Term Payables		 3,278 3,461 3,191 3,418 3,475 4,140 4,071 4,629 4,502 4,678 4,219
Long-Term Debt		 10,116 9,825 10,577 9,989 9,969 9,995 15,916 17,610 17,090 16,265 16,284
Separate Account Business Liabilities		 14,699 15,900 16,629 18,193 15,965 16,307 17,161 18,865 17,596 17,566 17,766
Other Long-Term Liabilities		 3,089 3,002 3,023 2,949 2,907 3,055 3,041 4,187 4,144 3,275 3,413
Redeemable Noncontrolling Interest		 - - - - - 0.00 - 130 135 125 79
Total Equity & Noncontrolling Interests		 -670 -429 58 162 -486 -742 -28 6,028 6,418 6,305 7,195
Total Preferred & Common Equity		 -783 -529 -70 65 -586 -826 -133 5,860 6,244 6,121 7,004
Total Common Equity		 -783 -529 -70 65 -586 -826 -133 5,860 6,244 6,121 7,004
Common Stock		 6,774 6,866 6,862 6,908 7,017 6,946 6,971 12,912 13,047 13,175 13,200
Retained Earnings		 -2,638 -2,772 -2,388 -2,505 -3,024 -3,399 -2,700 -2,574 -2,682 -2,309 -1,740
Accumulated Other Comprehensive Income / (Loss)		 -4,919 -4,623 -4,544 -4,338 -4,579 -4,373 -4,404 -4,478 -4,121 -4,745 -4,456
Noncontrolling Interest		 113 100 128 97 100 84 105 168 174 184 191

Annual Metrics And Ratios for AON

This table displays calculated financial ratios and metrics derived from AON's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -21.86% -0.92% -102.79% 4,216.47% 2.07% 0.22% 10.65% 1.76% 6.88% 15.89%
EBITDA Growth		 -23.71% -2.60% -1.10% 19.93% 19.31% 18.28% -26.88% 62.47% 4.91% 5.91%
EBIT Growth		 -17.03% -1.89% -42.18% 56.91% 47.13% 31.87% -27.86% 77.40% 5.58% -6.54%
NOPAT Growth		 -12.44% 0.00% -55.31% 100.37% 40.19% 28.29% -40.29% 119.58% 4.43% -11.46%
Net Income Growth		 -0.63% 0.56% -11.68% -7.05% 33.99% 28.29% -35.18% 102.29% -0.68% 3.50%
EPS Growth		 4.72% 5.74% -8.91% -2.34% 38.78% 32.65% -34.32% 118.74% 3.05% -0.16%
Operating Cash Flow Growth		 10.87% 15.78% -68.44% 129.70% 8.84% 51.66% -21.60% 47.53% 6.71% -11.64%
Free Cash Flow Firm Growth		 -5.27% -25.31% 32.00% -24.36% -1.97% 19.71% 31.66% 45.14% -7.28% -498.25%
Invested Capital Growth		 -3.72% -0.19% -9.57% -1.42% 3.11% 4.86% -6.74% -1.98% 1.12% 124.21%
Revenue Q/Q Growth		 -19.46% 21.42% -102.69% 1,529.97% 1.03% 0.70% 0.96% 0.22% 1.89% 4.77%
EBITDA Q/Q Growth		 -14.93% 9.07% 9.81% -4.14% 0.54% 4.96% 12.75% -8.51% -5.08% 9.01%
EBIT Q/Q Growth		 -6.18% -0.64% 13.60% -7.29% 1.03% 8.68% 16.05% -8.79% -5.58% 5.03%
NOPAT Q/Q Growth		 -3.39% -2.87% -30.17% 17.13% 6.57% 8.73% 24.36% -7.26% -0.85% -1.86%
Net Income Q/Q Growth		 9.47% -8.39% -27.16% 45.12% 1.88% 8.15% 34.98% -7.26% -5.71% 9.11%
EPS Q/Q Growth		 12.18% -7.19% -26.79% 47.12% 2.74% 8.75% 40.51% -5.60% -5.01% 5.13%
Operating Cash Flow Q/Q Growth		 -9.67% 6.26% -39.04% 24.34% -2.08% 3.27% 8.50% 3.57% 6.81% -1.97%
Free Cash Flow Firm Q/Q Growth		 -14.69% -25.18% 35.51% -11.47% -9.63% 11.33% 21.95% -15.91% 21.49% -1.52%
Invested Capital Q/Q Growth		 -2.56% 0.71% -5.35% -2.52% -0.38% -0.27% -1.39% 1.81% -2.86% -0.83%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 19.15% 18.83% 0.00% 19.43% 22.72% 26.81% 17.72% 28.29% 27.76% 25.37%
EBIT Margin		 15.49% 15.33% 0.00% 12.11% 17.45% 22.97% 14.97% 26.10% 25.78% 20.79%
Profit (Net Income) Margin		 15.42% 15.65% 0.00% 11.18% 14.68% 18.79% 11.01% 21.88% 20.34% 18.16%
Tax Burden Percent		 99.58% 102.07% 155.93% 94.22% 84.12% 81.83% 67.74% 83.84% 82.93% 78.57%
Interest Burden Percent		 100.00% 100.00% 100.00% 98.03% 100.00% 100.00% 108.54% 100.00% 95.11% 111.18%
Effective Tax Rate		 12.25% 10.56% 30.86% 11.72% 15.88% 18.17% 32.26% 16.16% 17.07% 21.43%
Return on Invested Capital (ROIC)		 10.45% 10.67% 0.00% 10.65% 14.80% 18.26% 11.02% 25.33% 26.57% 14.43%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.45% 13.64% 0.00% 11.50% 14.80% 18.26% 12.23% 25.33% 25.34% 16.37%
Return on Net Nonoperating Assets (RNNOA)		 11.96% 14.01% 0.00% 15.83% 26.22% 39.13% 44.15% 700.59% -475.42% 81.21%
Return on Equity (ROE)		 22.41% 24.67% 24.81% 26.48% 41.03% 57.39% 55.18% 725.93% -448.85% 95.64%
Cash Return on Invested Capital (CROIC)		 14.24% 10.85% 15.06% 12.08% 11.75% 13.52% 18.00% 27.33% 25.46% -62.19%
Operating Return on Assets (OROA)		 5.04% 5.24% 0.00% 4.84% 6.70% 8.02% 5.56% 9.77% 10.00% 7.51%
Return on Assets (ROA)		 5.02% 5.35% 0.00% 4.47% 5.64% 6.56% 4.09% 8.19% 7.88% 6.56%
Return on Common Equity (ROCE)		 22.20% 24.43% 24.52% 26.08% 40.27% 56.07% 53.03% 529.76% -519.37% 89.03%
Return on Equity Simple (ROE_SIMPLE)		 23.69% 26.12% 27.56% 28.28% 46.61% 57.74% 123.28% -500.19% -318.16% 44.44%
Net Operating Profit after Tax (NOPAT)		 1,253 1,253 560 1,122 1,573 2,018 1,205 2,646 2,763 2,447
NOPAT Margin		 13.59% 13.72% 0.00% 10.69% 14.68% 18.79% 10.14% 21.88% 21.38% 16.34%
Net Nonoperating Expense Percent (NNEP)		 -3.00% -2.97% -11.55% -0.85% 0.00% 0.00% -1.20% 0.00% 1.23% -1.94%
SG&A Expenses to Revenue		 68.93% 68.33% 0.00% 66.28% 64.28% 61.84% 63.47% 60.17% 59.82% 61.07%
Operating Expenses to Revenue		 84.51% 84.67% 0.00% 87.89% 82.55% 77.03% 85.03% 73.90% 74.22% 79.21%
Earnings before Interest and Taxes (EBIT)		 1,428 1,401 810 1,271 1,870 2,466 1,779 3,156 3,332 3,114
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,766 1,720 1,701 2,040 2,434 2,879 2,105 3,420 3,588 3,800
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 3.89 5.02 6.92 8.07 13.96 13.48 61.36 0.00 0.00 12.02
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 2.53 3.01 0.00 3.19 4.40 4.39 5.48 5.04 4.57 4.91
Price to Earnings (P/E)		 16.87 19.69 25.87 29.55 30.76 23.92 51.87 23.56 23.05 27.71
Dividend Yield		 1.35% 1.23% 1.11% 1.12% 0.85% 0.86% 0.67% 0.74% 0.83% 0.74%
Earnings Yield		 5.93% 5.08% 3.87% 3.38% 3.25% 4.18% 1.93% 4.24% 4.34% 3.61%
Enterprise Value to Invested Capital (EV/IC)		 2.44 2.84 3.48 3.74 4.98 4.78 7.02 6.88 6.66 3.83
Enterprise Value to Revenue (EV/Rev)		 3.12 3.65 0.00 3.73 5.02 5.03 6.23 5.89 5.39 5.99
Enterprise Value to EBITDA (EV/EBITDA)		 16.27 19.37 21.74 19.20 22.08 18.77 35.18 20.81 19.40 23.63
Enterprise Value to EBIT (EV/EBIT)		 20.12 23.78 45.66 30.82 28.75 21.91 41.62 22.55 20.89 28.83
Enterprise Value to NOPAT (EV/NOPAT)		 22.93 26.59 66.05 34.91 34.17 26.78 61.45 26.90 25.19 36.70
Enterprise Value to Operating Cash Flow (EV/OCF)		 14.30 14.32 50.39 23.23 29.29 19.42 33.93 22.11 20.26 29.58
Enterprise Value to Free Cash Flow (EV/FCFF)		 16.83 26.13 21.98 30.77 43.07 36.17 37.64 24.93 26.29 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.94 1.12 1.28 1.48 2.13 2.16 8.11 -25.10 -15.09 2.65
Long-Term Debt to Equity		 0.85 1.06 1.22 1.42 1.92 2.03 7.11 -22.90 -13.47 2.53
Financial Leverage		 0.89 1.03 1.20 1.38 1.77 2.14 3.61 27.66 -18.76 4.96
Leverage Ratio		 4.46 4.62 5.18 5.92 7.28 8.75 13.51 88.64 -56.93 14.58
Compound Leverage Factor		 4.46 4.62 5.18 5.81 7.28 8.75 14.66 88.64 -54.14 16.21
Debt to Total Capital		 48.47% 52.87% 56.21% 59.68% 68.03% 68.33% 89.02% 104.15% 107.10% 72.58%
Short-Term Debt to Total Capital		 4.78% 2.86% 2.82% 2.40% 6.60% 3.96% 11.03% 9.14% 11.51% 3.20%
Long-Term Debt to Total Capital		 43.69% 50.00% 53.39% 57.28% 61.43% 64.37% 77.99% 95.01% 95.58% 69.37%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.48% 0.49% 0.61% 0.65% 0.69% 0.78% 0.92% 0.97% 0.80% 1.32%
Common Equity to Total Capital		 51.04% 46.65% 43.18% 39.67% 31.28% 30.90% 10.06% -5.12% -7.90% 26.11%
Debt to EBITDA		 3.23 3.61 3.51 3.06 3.02 2.68 4.46 3.15 3.12 4.48
Net Debt to EBITDA		 3.01 3.36 3.06 2.74 2.69 2.38 4.20 2.95 2.90 4.19
Long-Term Debt to EBITDA		 2.91 3.41 3.33 2.94 2.72 2.53 3.91 2.87 2.79 4.28
Debt to NOPAT		 4.55 4.95 10.65 5.56 4.67 3.83 7.79 4.07 4.05 6.96
Net Debt to NOPAT		 4.24 4.61 9.30 4.98 4.16 3.39 7.34 3.81 3.77 6.51
Long-Term Debt to NOPAT		 4.10 4.68 10.12 5.34 4.21 3.61 6.83 3.71 3.62 6.65
Noncontrolling Interest Sharing Ratio		 0.92% 0.98% 1.20% 1.50% 1.85% 2.30% 3.90% 27.02% -15.71% 6.91%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,707 1,275 1,683 1,273 1,248 1,494 1,967 2,855 2,647 -10,542
Operating Cash Flow to CapEx		 1,004.50% 1,491.03% 401.09% 702.50% 815.56% 1,973.76% 1,592.70% 1,642.35% 1,363.10% 1,392.20%
Free Cash Flow to Firm to Interest Expense		 6.25 4.52 5.97 4.58 4.07 4.47 6.11 7.03 5.47 -13.38
Operating Cash Flow to Interest Expense		 7.36 8.25 2.60 6.06 5.98 8.33 6.78 7.93 7.10 3.85
Operating Cash Flow Less CapEx to Interest Expense		 6.63 7.70 1.95 5.20 5.24 7.91 6.35 7.45 6.58 3.57
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.33 0.34 0.00 0.40 0.38 0.35 0.37 0.37 0.39 0.36
Fixed Asset Turnover		 12.05 13.90 0.00 18.22 17.72 17.60 21.07 22.25 21.61 23.49
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 11,759 11,737 10,614 10,463 10,788 11,312 10,550 10,341 10,457 23,446
Invested Capital Turnover		 0.77 0.78 0.00 1.00 1.01 0.97 1.09 1.16 1.24 0.88
Increase / (Decrease) in Invested Capital		 -454 -22 -1,123 -151 325 524 -762 -209 116 12,989
Enterprise Value (EV)		 28,734 33,320 36,987 39,167 53,754 54,041 74,045 71,174 69,601 89,785
Market Capitalization		 23,361 27,484 31,712 33,511 47,131 47,108 65,100 60,994 59,096 73,545
Book Value per Share		 $21.91 $20.81 $18.34 $17.24 $14.41 $15.29 $4.82 ($2.56) ($4.13) $28.30
Tangible Book Value per Share		 ($16.89) ($14.54) ($22.04) ($21.46) ($23.80) ($25.42) ($35.70) ($44.80) ($47.32) ($73.32)
Total Capital		 11,759 11,737 10,614 10,463 10,788 11,312 10,550 10,341 10,457 23,446
Total Debt		 5,700 6,205 5,966 6,244 7,339 7,729 9,392 10,770 11,199 17,016
Total Long-Term Debt		 5,138 5,869 5,667 5,993 6,627 7,281 8,228 9,825 9,995 16,265
Net Debt		 5,316 5,779 5,210 5,588 6,549 6,845 8,848 10,080 10,421 15,931
Capital Expenditures (CapEx)		 200 156 183 240 225 141 137 196 252 218
Net Nonoperating Expense (NNE)		 -169 -177 -703 -52 0.00 0.00 -103 0.00 135 -273
Net Nonoperating Obligations (NNO)		 5,700 6,205 5,966 6,244 7,339 7,729 9,392 10,770 11,199 17,016
Total Depreciation and Amortization (D&A)		 338 319 891 769 564 413 326 264 256 686
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $6.42 $8.49 $5.59 $12.23 $12.60 $12.55
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 238.60M 231.90M 224.70M 211.70M 203.50M 211.40M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $6.37 $8.45 $5.55 $12.14 $12.51 $12.49
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 240.60M 233.10M 226.10M 213.20M 205M 212.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 231.58M 225.98M 213.94M 205.14M 198.30M 216.00M
Normalized Net Operating Profit after Tax (NOPAT)		 1,253 1,253 -5,865 1,646 1,573 2,007 1,305 2,751 2,949 3,147
Normalized NOPAT Margin		 13.59% 13.72% 0.00% 15.68% 14.68% 18.69% 10.98% 22.75% 22.82% 21.01%
Pre Tax Income Margin		 15.49% 15.33% 0.00% 11.87% 17.45% 22.97% 16.25% 26.10% 24.52% 23.12%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 5.23 4.97 2.87 4.57 6.09 7.38 5.52 7.77 6.88 3.95
NOPAT to Interest Expense		 4.59 4.44 1.99 4.04 5.12 6.04 3.74 6.52 5.71 3.10
EBIT Less CapEx to Interest Expense		 4.50 4.41 2.22 3.71 5.36 6.96 5.10 7.29 6.36 3.68
NOPAT Less CapEx to Interest Expense		 3.86 3.89 1.34 3.17 4.39 5.62 3.32 6.03 5.19 2.83
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 22.71% 24.13% 28.82% 35.52% 26.06% 20.42% 34.17% 17.50% 18.61% 20.66%
Augmented Payout Ratio		 131.72% 112.03% 218.76% 160.73% 150.67% 107.78% 305.05% 138.55% 121.35% 57.43%

Quarterly Metrics And Ratios for AON

This table displays calculated financial ratios and metrics derived from AON's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -0.95% 0.87% 5.11% 5.75% 9.35% 7.94% 5.02% 16.84% 23.53% 20.90% 14.52%
EBITDA Growth		 173.92% -17.17% 4.38% 16.92% 10.67% -8.36% -1.47% 11.52% -1.24% 20.57% 6.10%
EBIT Growth		 158.09% -17.06% 4.83% 18.91% 13.92% -9.74% -1.32% -2.65% -28.74% -2.10% -7.34%
NOPAT Growth		 168.01% -11.30% 4.88% 27.96% 15.91% -16.62% -5.79% -14.13% -32.44% 32.18% -5.16%
Net Income Growth		 146.91% -23.71% 2.96% 11.87% 11.72% -23.87% 1.30% -6.43% -23.98% 44.77% -10.16%
EPS Growth		 148.12% -18.56% 7.19% 16.31% 16.15% -20.89% 5.52% -9.23% -29.60% 24.40% -17.20%
Operating Cash Flow Growth		 1,212.77% 11.92% -4.32% 2.99% -0.29% 21.02% -30.25% -25.44% -2.88% -4.84% -54.69%
Free Cash Flow Firm Growth		 3,165.31% -42.16% 15.23% -71.22% -112.86% -49.80% -420.27% -3,653.09% -10,063.52% -2,889.76% -83.52%
Invested Capital Growth		 -5.07% -1.98% -1.43% 2.64% 5.99% 1.12% 44.56% 106.91% 119.63% 124.21% 51.00%
Revenue Q/Q Growth		 -9.91% 16.27% 24.55% -18.94% -6.85% 14.77% 21.18% -9.81% -1.51% 12.33% 14.78%
EBITDA Q/Q Growth		 -13.02% 37.87% 54.43% -45.38% -17.67% 14.15% 136.41% -38.18% -27.10% 39.37% 68.93%
EBIT Q/Q Growth		 -15.42% 44.90% 58.22% -47.55% -18.97% 14.80% 155.01% -48.26% -40.69% 57.73% 91.42%
NOPAT Q/Q Growth		 -14.63% 59.33% 65.03% -42.99% -22.67% 14.61% 104.23% -48.04% -39.16% 124.24% 33.79%
Net Income Q/Q Growth		 -18.68% 59.33% 62.01% -46.71% -18.78% 8.57% 115.58% -50.78% -34.01% 106.76% 33.79%
EPS Q/Q Growth		 -17.60% 64.58% 60.44% -46.55% -17.71% 12.11% 114.00% -54.02% -36.18% 98.09% 42.44%
Operating Cash Flow Q/Q Growth		 56.59% -0.38% -57.49% 55.30% 51.60% 20.90% -75.50% 66.02% 97.47% 18.46% -88.33%
Free Cash Flow Firm Q/Q Growth		 -16.42% -8.85% 44.47% -73.85% -137.36% 455.73% -1,135.44% -190.10% -6.86% 2.36% 39.37%
Invested Capital Q/Q Growth		 -9.26% 1.81% 10.34% 0.69% -6.30% -2.86% 57.73% 44.13% -0.54% -0.83% 6.23%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 22.35% 26.50% 37.98% 25.59% 22.62% 22.49% 35.63% 24.43% 18.08% 22.43% 33.02%
EBIT Margin		 19.62% 24.45% 36.31% 23.49% 20.44% 20.44% 34.12% 19.57% 11.79% 16.55% 27.61%
Profit (Net Income) Margin		 16.08% 22.03% 28.66% 18.84% 16.43% 15.54% 27.64% 15.09% 10.11% 18.61% 21.69%
Tax Burden Percent		 81.96% 93.94% 80.40% 87.39% 83.39% 83.25% 76.76% 77.08% 79.06% 82.38% 78.56%
Interest Burden Percent		 100.00% 95.94% 98.17% 91.77% 96.39% 91.30% 105.56% 100.00% 108.45% 136.45% 100.00%
Effective Tax Rate		 18.04% 6.06% 19.60% 12.61% 16.61% 16.75% 23.24% 22.92% 20.94% 17.62% 21.44%
Return on Invested Capital (ROIC)		 18.60% 25.50% 31.18% 22.52% 20.66% 21.15% 24.61% 11.66% 7.74% 16.44% 16.29%
ROIC Less NNEP Spread (ROIC-NNEP)		 18.60% 25.50% 30.99% 22.04% 20.50% 20.71% 25.02% 11.66% 7.94% 16.44% 16.29%
Return on Net Nonoperating Assets (RNNOA)		 219.54% 705.30% 497.06% 504.28% -391.59% -388.51% 23,250.08% 53.40% 37.09% 81.54% 76.80%
Return on Equity (ROE)		 238.14% 730.80% 528.24% 526.80% -370.93% -367.36% 23,274.69% 65.06% 44.83% 97.98% 93.09%
Cash Return on Invested Capital (CROIC)		 32.56% 27.33% 24.73% 21.53% 20.83% 25.46% -17.50% -54.89% -60.36% -62.19% -28.03%
Operating Return on Assets (OROA)		 7.51% 9.15% 13.16% 8.26% 8.06% 7.93% 11.93% 6.10% 4.06% 5.98% 9.43%
Return on Assets (ROA)		 6.15% 8.24% 10.38% 6.62% 6.48% 6.02% 9.66% 4.70% 3.48% 6.72% 7.41%
Return on Common Equity (ROCE)		 208.47% 533.32% 433.48% 415.34% -439.27% -425.09% -157,492.09% 60.99% 41.81% 91.21% 88.27%
Return on Equity Simple (ROE_SIMPLE)		 -364.37% 0.00% -3,824.29% 4,212.31% -475.60% 0.00% -1,986.47% 44.45% 39.93% 0.00% 37.25%
Net Operating Profit after Tax (NOPAT)		 418 666 1,099 627 485 555 1,035 538 327 734 982
NOPAT Margin		 16.08% 22.03% 29.19% 20.53% 17.04% 17.02% 26.19% 15.09% 9.32% 18.61% 21.69%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.19% 0.47% 0.16% 0.44% -0.41% 0.00% -0.20% 0.00% 0.00%
SG&A Expenses to Revenue		 66.77% 57.89% 53.28% 63.93% 66.62% 57.59% 52.55% 65.73% 67.74% 59.47% 54.48%
Operating Expenses to Revenue		 80.38% 75.55% 63.69% 76.51% 79.56% 79.56% 65.88% 80.43% 88.21% 83.45% 72.39%
Earnings before Interest and Taxes (EBIT)		 510 739 1,367 717 581 667 1,349 698 414 653 1,250
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 581 801 1,430 781 643 734 1,409 871 635 885 1,495
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 1,080.37 0.00 0.00 0.00 10.28 11.37 12.02 11.69
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 4.63 5.04 5.23 5.65 5.20 4.57 5.22 4.42 4.97 4.91 5.26
Price to Earnings (P/E)		 19.98 23.56 24.53 26.25 24.22 23.05 26.48 23.63 29.14 27.71 32.13
Dividend Yield		 0.81% 0.74% 0.72% 0.67% 0.73% 0.83% 0.74% 0.86% 0.75% 0.74% 0.68%
Earnings Yield		 5.00% 4.24% 4.08% 3.81% 4.13% 4.34% 3.78% 4.23% 3.43% 3.61% 3.11%
Enterprise Value to Invested Capital (EV/IC)		 6.51 6.88 6.53 7.02 7.11 6.66 5.10 3.25 3.69 3.83 3.97
Enterprise Value to Revenue (EV/Rev)		 5.48 5.89 6.07 6.49 6.03 5.39 6.41 5.66 6.11 5.99 6.35
Enterprise Value to EBITDA (EV/EBITDA)		 17.68 20.81 20.68 21.70 20.24 19.40 24.70 22.08 25.04 23.63 25.43
Enterprise Value to EBIT (EV/EBIT)		 19.10 22.55 22.29 23.34 21.67 20.89 26.69 24.64 29.43 28.83 32.77
Enterprise Value to NOPAT (EV/NOPAT)		 23.17 26.90 27.84 29.47 27.45 25.19 31.83 29.62 35.01 36.70 37.87
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.27 22.11 23.30 25.07 23.78 20.26 25.47 24.68 28.19 29.58 34.48
Enterprise Value to Free Cash Flow (EV/FCFF)		 19.47 24.93 26.23 33.05 35.10 26.29 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -16.16 -25.10 195.72 69.92 -23.15 -15.09 -590.07 2.86 2.61 2.65 2.42
Long-Term Debt to Equity		 -15.10 -22.90 182.36 61.66 -20.51 -13.47 -568.43 2.86 2.61 2.53 2.24
Financial Leverage		 11.80 27.66 16.04 22.88 -19.10 -18.76 929.13 4.58 4.67 4.96 4.71
Leverage Ratio		 38.70 88.64 50.22 74.49 -55.65 -56.93 2,500.67 13.85 13.68 14.58 12.57
Compound Leverage Factor		 38.70 85.04 49.30 68.36 -53.64 -51.98 2,639.70 13.85 14.84 19.89 12.57
Debt to Total Capital		 106.60% 104.15% 99.49% 98.59% 104.51% 107.10% 100.17% 74.10% 72.28% 72.58% 70.79%
Short-Term Debt to Total Capital		 7.00% 9.14% 6.79% 11.65% 11.91% 11.51% 3.67% 0.02% 0.00% 3.20% 5.41%
Long-Term Debt to Total Capital		 99.60% 95.01% 92.70% 86.94% 92.61% 95.58% 96.50% 74.08% 72.28% 69.37% 65.38%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.11% 0.97% 1.12% 0.84% 0.93% 0.80% 0.64% 1.25% 1.31% 1.32% 1.08%
Common Equity to Total Capital		 -7.71% -5.12% -0.61% 0.57% -5.44% -7.90% -0.81% 24.65% 26.41% 26.11% 28.12%
Debt to EBITDA		 2.90 3.15 3.15 3.05 2.98 3.12 4.85 5.04 4.90 4.48 4.54
Net Debt to EBITDA		 2.71 2.95 2.84 2.79 2.76 2.90 4.56 4.76 4.59 4.19 4.29
Long-Term Debt to EBITDA		 2.71 2.87 2.93 2.69 2.64 2.79 4.68 5.04 4.90 4.28 4.19
Debt to NOPAT		 3.80 4.07 4.24 4.14 4.04 4.05 6.25 6.76 6.86 6.96 6.76
Net Debt to NOPAT		 3.55 3.81 3.82 3.79 3.75 3.77 5.88 6.39 6.41 6.51 6.39
Long-Term Debt to NOPAT		 3.55 3.71 3.95 3.65 3.58 3.62 6.02 6.76 6.86 6.65 6.24
Noncontrolling Interest Sharing Ratio		 12.46% 27.02% 17.94% 21.16% -18.43% -15.71% 776.67% 6.25% 6.74% 6.91% 5.18%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 960 875 1,264 331 -123 439 -4,049 -11,745 -12,551 -12,255 -7,430
Operating Cash Flow to CapEx		 1,803.45% 1,488.57% 582.89% 997.10% 1,798.28% 2,573.47% 643.75% 967.92% 1,633.87% 2,181.82% 250.00%
Free Cash Flow to Firm to Interest Expense		 9.32 7.95 11.39 2.54 -1.04 3.54 -28.12 -52.20 -58.92 -59.49 -36.07
Operating Cash Flow to Interest Expense		 10.16 9.47 3.99 5.29 8.76 10.17 2.15 2.28 4.76 5.83 0.68
Operating Cash Flow Less CapEx to Interest Expense		 9.59 8.84 3.31 4.76 8.28 9.77 1.81 2.04 4.46 5.56 0.41
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.38 0.37 0.36 0.35 0.39 0.39 0.35 0.31 0.34 0.36 0.34
Fixed Asset Turnover		 22.96 22.25 21.92 21.75 21.83 21.61 21.94 21.37 21.96 23.49 25.08
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 10,157 10,341 11,410 11,489 10,765 10,457 16,494 23,772 23,643 23,446 24,906
Invested Capital Turnover		 1.16 1.16 1.07 1.10 1.21 1.24 0.94 0.77 0.83 0.88 0.75
Increase / (Decrease) in Invested Capital		 -542 -209 -165 296 608 116 5,084 12,283 12,878 12,989 8,412
Enterprise Value (EV)		 66,101 71,174 74,536 80,696 76,490 69,601 84,092 77,164 87,273 89,785 98,808
Market Capitalization		 55,853 60,994 64,175 70,224 65,947 59,096 68,460 60,226 70,977 73,545 81,870
Book Value per Share		 ($3.71) ($2.56) ($0.34) $0.32 ($2.89) ($4.13) ($0.67) $26.95 $28.74 $28.30 $32.43
Tangible Book Value per Share		 ($43.70) ($44.80) ($42.97) ($41.93) ($44.77) ($47.32) ($43.46) ($74.58) ($74.37) ($73.32) ($72.03)
Total Capital		 10,157 10,341 11,410 11,489 10,765 10,457 16,494 23,772 23,643 23,446 24,906
Total Debt		 10,827 10,770 11,352 11,327 11,251 11,199 16,522 17,614 17,090 17,016 17,632
Total Long-Term Debt		 10,116 9,825 10,577 9,989 9,969 9,995 15,916 17,610 17,090 16,265 16,284
Net Debt		 10,135 10,080 10,233 10,375 10,443 10,421 15,527 16,640 15,987 15,931 16,668
Capital Expenditures (CapEx)		 58 70 76 69 58 49 48 53 62 55 56
Net Nonoperating Expense (NNE)		 0.00 0.00 20 52 18 48 -58 0.00 -28 0.00 0.00
Net Nonoperating Obligations (NNO)		 10,827 10,770 11,352 11,327 11,251 11,199 16,522 17,614 17,090 17,016 17,632
Total Depreciation and Amortization (D&A)		 71 62 63 64 62 67 60 173 221 232 245
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.93 $3.20 $5.09 $2.74 $2.25 $2.52 $5.38 $2.47 $1.58 $3.12 $4.46
Adjusted Weighted Average Basic Shares Outstanding		 210.90M 211.70M 206.10M 204.70M 202.90M 203.50M 199.10M 212.50M 217.40M 211.40M 216.40M
Adjusted Diluted Earnings per Share		 $1.92 $3.16 $5.07 $2.71 $2.23 $2.50 $5.35 $2.46 $1.57 $3.11 $4.43
Adjusted Weighted Average Diluted Shares Outstanding		 212.60M 213.20M 207.10M 206.30M 204.60M 205M 200.10M 213.30M 218.40M 212.50M 217.90M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 206.85M 205.14M 204.25M 202.87M 200.22M 198.30M 217.43M 217.24M 216.27M 216.00M 215.94M
Normalized Net Operating Profit after Tax (NOPAT)		 405 666 1,119 648 506 678 1,139 458 519 791 1,076
Normalized NOPAT Margin		 15.57% 22.03% 29.73% 21.25% 17.80% 20.79% 28.81% 12.84% 14.79% 20.05% 23.77%
Pre Tax Income Margin		 19.62% 23.45% 35.64% 21.56% 19.70% 18.66% 36.01% 19.57% 12.78% 22.59% 27.61%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.95 6.72 12.32 5.52 4.88 5.38 9.37 3.10 1.94 3.17 6.07
NOPAT to Interest Expense		 4.06 6.05 9.90 4.82 4.07 4.48 7.19 2.39 1.54 3.56 4.77
EBIT Less CapEx to Interest Expense		 4.39 6.08 11.63 4.98 4.40 4.98 9.03 2.87 1.65 2.90 5.80
NOPAT Less CapEx to Interest Expense		 3.50 5.42 9.22 4.29 3.58 4.08 6.86 2.16 1.25 3.30 4.50
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 16.09% 17.50% 17.48% 17.35% 17.29% 18.61% 18.81% 19.85% 21.62% 20.66% 22.46%
Augmented Payout Ratio		 174.80% 138.55% 126.75% 126.00% 111.48% 121.35% 109.65% 100.46% 83.79% 57.43% 60.79%

Key Financial Trends

Aon plc (NYSE: AON) has demonstrated consistent financial growth over the last several years, showing recovery and expansion efforts reflected in their quarterly results.

Positive highlights from recent financials include:

  • Q1 2025 net income attributable to common shareholders was $965 million, up from $716 million in Q4 2024, signaling profitability improvement.
  • Total revenue increased significantly to $4.53 billion in Q1 2025 from $3.94 billion in Q4 2024, driven primarily by a rise in net realized & unrealized capital gains on investments ($4.73 billion in Q1 2025 compared to $4.15 billion in Q4 2024).
  • Operating cash flow remains positive, with $140 million generated in Q1 2025 compared to $1.2 billion in Q4 2024, demonstrating ongoing cash generation despite some fluctuations.
  • Goodwill and intangible assets have increased over time, supporting the company's asset base due to acquisitions or internal investments. For example, goodwill rose from $8.3 billion in Q1 2023 to nearly $15.7 billion in Q1 2025.
  • Diluted earnings per share rose to $4.43 in Q1 2025 from $3.11 in Q4 2024, reflecting stronger profitability on a per-share basis.
  • Stable dividend payments with Q1 2025 dividends at $0.675 per share, consistent with previous quarters, indicating management's confidence in cash flow and commitment to shareholder returns.

Neutral observations:

  • Interest expense on long-term debt remained high at approximately $206 million in Q1 2025, consistent with prior quarters, reflecting the company’s leverage position.
  • Restructuring charges increased to $110 million in Q1 2025 from $69 million in Q4 2024, which could be part of ongoing operational improvements or strategic shifts.
  • Cash and equivalents fluctuated over the quarters but remained near $1 billion, balancing liquidity needs and investment opportunities.
  • The total liabilities increased from $33.1 billion at the end of 2022 to $43 billion in Q1 2025, mainly due to growth in long-term debt and other liabilities, which requires monitoring for financial risk.

Potential concerns and risks:

  • Net interest income has been negative consistently across recent quarters, with a $201 million expense in Q1 2025, which negatively affects net revenue.
  • Other special charges and impairment expenses have appeared periodically, with $10 million in special charges in Q1 2025 and impairment charges varying (e.g., $174 million in Q3 2024), indicating potential asset write-downs or other one-time costs.
  • Total equity has been negative in some periods historically (e.g., Q1 2024 had negative total common equity), although recent quarters show improvement. Negative shareholders’ equity can be a risk factor.
  • Significant fluctuations in non-cash adjustments and changes in operating assets and liabilities have caused volatility in cash flows, particularly large negative $1.1 billion changes in Q1 2025 operating assets/liabilities.
  • Repurchase of common equity continues but reduces cash reserves, with $250 million spent in Q1 2025, which challenges liquidity despite enhancing shareholder value.

Summary: AON's financials reveal a trend of growth in revenue and profitability, supported by strong capital gains on investments and stable earnings per share increases. The company maintains steady dividends and is actively managing its capital structure through debt issuance and equity repurchases. However, persistent negative net interest income and fluctuations in restructuring and impairment charges present risks that investors should watch. Total liabilities growth and past negative equity highlight the need for caution but recent quarters show signs of stabilization. Overall, AON demonstrates substantial financial strength with some operational and financial risks amid its expansion.

08/02/25 09:54 PMAI Generated. May Contain Errors.

Frequently Asked Questions About AON's Financials

When does AON's financial year end?

According to the most recent income statement we have on file, AON's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has AON's net income changed over the last 9 years?

AON's net income appears to be on an upward trend, with a most recent value of $2.72 billion in 2024, rising from $1.42 billion in 2015. The previous period was $2.63 billion in 2023. See AON's forecast for analyst expectations on what’s next for the company.

How has AON's revenue changed over the last 9 years?

Over the last 9 years, AON's total revenue changed from $9.22 billion in 2015 to $14.98 billion in 2024, a change of 62.4%.

How much debt does AON have?

AON's total liabilities were at $42.54 billion at the end of 2024, a 22.6% increase from 2023, and a 104.3% increase since 2015.

How much cash does AON have?

In the past 9 years, AON's cash and equivalents has ranged from $384 million in 2015 to $1.09 billion in 2024, and is currently $1.09 billion as of their latest financial filing in 2024.

How has AON's book value per share changed over the last 9 years?

Over the last 9 years, AON's book value per share changed from 21.91 in 2015 to 28.30 in 2024, a change of 29.2%.


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This page (NYSE:AON) was last updated on 8/2/2025 by MarketBeat.com Staff
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