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.
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 |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Net Income / (Loss) Attributable to Common Shareholders |
|
657 |
1,050 |
560 |
456 |
498 |
1,071 |
524 |
343 |
716 |
965 |
579 |
| Consolidated Net Income / (Loss) |
|
666 |
1,079 |
575 |
467 |
507 |
1,093 |
538 |
355 |
734 |
982 |
594 |
| Net Income / (Loss) Continuing Operations |
|
666 |
1,079 |
575 |
467 |
507 |
1,093 |
538 |
355 |
734 |
982 |
594 |
| Total Pre-Tax Income |
|
709 |
1,342 |
658 |
560 |
609 |
1,424 |
698 |
449 |
891 |
1,250 |
703 |
| Total Revenue |
|
3,023 |
3,765 |
3,052 |
2,843 |
3,263 |
3,954 |
3,566 |
3,512 |
3,945 |
4,528 |
3,943 |
| Net Interest Income / (Expense) |
|
-107 |
-106 |
-125 |
-110 |
-112 |
-116 |
-194 |
-209 |
-202 |
-201 |
-212 |
| Total Interest Income |
|
3.00 |
5.00 |
5.00 |
9.00 |
12 |
28 |
31 |
4.00 |
4.00 |
5.00 |
0.00 |
| Investment Securities Interest Income |
|
3.00 |
5.00 |
5.00 |
9.00 |
12 |
28 |
31 |
4.00 |
4.00 |
5.00 |
0.00 |
| Total Interest Expense |
|
110 |
111 |
130 |
119 |
124 |
144 |
225 |
213 |
206 |
206 |
212 |
| Long-Term Debt Interest Expense |
|
110 |
111 |
- |
- |
- |
- |
- |
213 |
- |
206 |
212 |
| Total Non-Interest Income |
|
3,130 |
3,871 |
3,177 |
2,953 |
3,375 |
4,070 |
3,760 |
3,721 |
4,147 |
4,729 |
4,155 |
| Net Realized & Unrealized Capital Gains on Investments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
4,729 |
4,155 |
| Total Non-Interest Expense |
|
2,284 |
2,398 |
2,335 |
2,262 |
2,596 |
2,605 |
3,104 |
3,098 |
3,292 |
3,278 |
3,240 |
| Salaries and Employee Benefits |
|
1,539 |
1,792 |
1,754 |
1,685 |
1,671 |
1,883 |
2,130 |
2,150 |
2,120 |
2,249 |
2,360 |
| Net Occupancy & Equipment Expense |
|
211 |
214 |
197 |
209 |
208 |
195 |
214 |
229 |
226 |
218 |
221 |
| Other Operating Expenses |
|
306 |
329 |
320 |
300 |
521 |
348 |
455 |
429 |
409 |
446 |
373 |
| Depreciation Expense |
|
36 |
38 |
39 |
42 |
48 |
44 |
45 |
47 |
47 |
46 |
47 |
| Amortization Expense |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
199 |
201 |
| Restructuring Charge |
|
- |
0.00 |
0.00 |
6.00 |
129 |
119 |
132 |
69 |
69 |
110 |
94 |
| Other Special Charges |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
10 |
-56 |
| Income Tax Expense |
|
43 |
263 |
83 |
93 |
102 |
331 |
160 |
94 |
157 |
268 |
109 |
| Net Income / (Loss) Attributable to Noncontrolling Interest |
|
9.00 |
29 |
15 |
11 |
9.00 |
22 |
14 |
12 |
18 |
17 |
15 |
| Basic Earnings per Share |
|
$3.20 |
$5.09 |
$2.74 |
$2.25 |
$2.52 |
$5.38 |
$2.47 |
$1.58 |
$3.12 |
$4.46 |
$2.68 |
| Weighted Average Basic Shares Outstanding |
|
211.70M |
206.10M |
204.70M |
202.90M |
203.50M |
199.10M |
212.50M |
217.40M |
211.40M |
216.40M |
216.20M |
| Diluted Earnings per Share |
|
$3.16 |
$5.07 |
$2.71 |
$2.23 |
$2.50 |
$5.35 |
$2.46 |
$1.57 |
$3.11 |
$4.43 |
$2.66 |
| Weighted Average Diluted Shares Outstanding |
|
213.20M |
207.10M |
206.30M |
204.60M |
205M |
200.10M |
213.30M |
218.40M |
212.50M |
217.90M |
217.30M |
| Weighted Average Basic & Diluted Shares Outstanding |
|
205.14M |
204.25M |
202.87M |
200.22M |
198.30M |
217.43M |
217.24M |
216.27M |
216.00M |
215.94M |
215.63M |
| Cash Dividends to Common per Share |
|
- |
$0.56 |
$0.62 |
$0.62 |
- |
$0.62 |
$0.68 |
$0.68 |
- |
$0.68 |
$0.75 |
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 |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Net Change in Cash & Equivalents |
|
-103 |
10 |
47 |
325 |
166 |
1,422 |
629 |
72 |
431 |
646 |
611 |
| Net Cash From Operating Activities |
|
1,812 |
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 |
|
1,812 |
1,840 |
2,183 |
669 |
1,834 |
1,835 |
2,783 |
2,182 |
3,219 |
3,435 |
3,035 |
| Net Income / (Loss) Continuing Operations |
|
1,431 |
1,591 |
1,607 |
2,091 |
1,248 |
1,573 |
2,018 |
1,308 |
2,646 |
2,628 |
2,720 |
| Consolidated Net Income / (Loss) |
|
1,431 |
1,422 |
1,430 |
1,263 |
1,174 |
1,573 |
2,018 |
1,308 |
2,646 |
2,628 |
2,720 |
| Depreciation Expense |
|
242 |
164 |
162 |
187 |
176 |
172 |
167 |
179 |
151 |
167 |
183 |
| Amortization Expense |
|
352 |
174 |
157 |
704 |
593 |
392 |
246 |
147 |
113 |
89 |
503 |
| Non-Cash Adjustments to Reconcile Net Income |
|
149 |
16 |
243 |
301 |
344 |
268 |
298 |
323 |
261 |
89 |
-308 |
| Changes in Operating Assets and Liabilities, net |
|
-362 |
-105 |
14 |
-958 |
-527 |
-570 |
54 |
225 |
48 |
462 |
-63 |
| Net Cash From Investing Activities |
|
-545 |
-138 |
-954 |
2,787 |
31 |
-229 |
-679 |
49 |
-449 |
-188 |
-2,833 |
| Net Cash From Continuing Investing Activities |
|
-545 |
-48 |
-888 |
2,806 |
31 |
-229 |
-679 |
49 |
-449 |
-188 |
-2,833 |
| Purchase of Property, Leasehold Improvements and Equipment |
|
-256 |
-200 |
-156 |
-183 |
-240 |
-225 |
-141 |
-137 |
-196 |
-252 |
-218 |
| Purchase of Investment Securities |
|
-389 |
-273 |
-882 |
-1,325 |
-80 |
-117 |
-632 |
-90 |
-269 |
-17 |
-3,678 |
| Divestitures |
|
48 |
205 |
107 |
4,246 |
- |
52 |
30 |
218 |
81 |
5.00 |
700 |
| Sale and/or Maturity of Investments |
|
52 |
220 |
43 |
68 |
419 |
61 |
64 |
58 |
-65 |
76 |
363 |
| Net Cash From Financing Activities |
|
-1,303 |
-1,689 |
-1,286 |
-3,265 |
-1,699 |
-247 |
-1,772 |
-1,924 |
-1,790 |
-2,865 |
796 |
| Net Cash From Continuing Financing Activities |
|
-1,303 |
-1,689 |
-1,286 |
-3,265 |
-1,699 |
-247 |
-1,772 |
-1,924 |
-1,790 |
-2,865 |
796 |
| Issuance of Debt |
|
5,239 |
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 |
|
-3,918 |
-5,098 |
-2,945 |
-1,999 |
-5,417 |
-4,941 |
-720 |
258 |
-565 |
-377 |
-5,519 |
| Repurchase of Common Equity |
|
-2,250 |
-1,550 |
-1,257 |
-2,399 |
-1,470 |
-1,960 |
-1,763 |
-3,543 |
-3,203 |
-2,700 |
-1,000 |
| Payment of Dividends |
|
-273 |
-323 |
-345 |
-364 |
-417 |
-410 |
-412 |
-447 |
-463 |
-489 |
-562 |
| Other Financing Activities, Net |
|
-101 |
-69 |
-206 |
-157 |
-149 |
1,012 |
88 |
258 |
416 |
-115 |
-128 |
| Effect of Exchange Rate Changes |
|
-67 |
-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 |
|
245 |
254 |
272 |
272 |
266 |
289 |
326 |
328 |
351 |
446 |
658 |
| Cash Income Taxes Paid |
|
337 |
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 |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Net Change in Cash & Equivalents |
|
-119 |
1,110 |
313 |
-455 |
-322 |
463 |
136 |
722 |
-710 |
-305 |
1,296 |
| Net Cash From Operating Activities |
|
1,042 |
443 |
688 |
1,043 |
1,261 |
309 |
513 |
1,013 |
1,200 |
140 |
796 |
| Net Cash From Continuing Operating Activities |
|
1,042 |
443 |
688 |
1,043 |
1,261 |
309 |
513 |
1,013 |
1,200 |
140 |
796 |
| Net Income / (Loss) Continuing Operations |
|
666 |
1,079 |
575 |
467 |
507 |
1,093 |
538 |
355 |
734 |
982 |
594 |
| Consolidated Net Income / (Loss) |
|
666 |
1,079 |
575 |
467 |
507 |
1,093 |
538 |
355 |
734 |
982 |
594 |
| Depreciation Expense |
|
36 |
38 |
39 |
42 |
48 |
44 |
45 |
47 |
47 |
46 |
47 |
| Amortization Expense |
|
26 |
25 |
25 |
20 |
19 |
16 |
128 |
174 |
185 |
199 |
201 |
| Non-Cash Adjustments to Reconcile Net Income |
|
96 |
57 |
29 |
31 |
-28 |
-28 |
-216 |
- |
-64 |
13 |
-100 |
| Changes in Operating Assets and Liabilities, net |
|
218 |
-756 |
20 |
483 |
715 |
-816 |
18 |
437 |
298 |
-1,100 |
54 |
| Net Cash From Investing Activities |
|
-240 |
205 |
-77 |
-76 |
-240 |
-4,961 |
2,676 |
29 |
-577 |
-292 |
24 |
| Net Cash From Continuing Investing Activities |
|
-240 |
205 |
-77 |
-76 |
-240 |
-4,961 |
2,676 |
29 |
-577 |
-292 |
24 |
| Purchase of Property, Leasehold Improvements and Equipment |
|
-70 |
-76 |
-69 |
-58 |
-49 |
-48 |
-53 |
-62 |
-55 |
-56 |
-64 |
| Purchase of Investment Securities |
|
-35 |
267 |
-49 |
-297 |
62 |
-60 |
2,424 |
-465 |
-531 |
-280 |
-58 |
| Divestitures |
|
1.00 |
1.00 |
- |
- |
4.00 |
75 |
- |
- |
14 |
24 |
95 |
| Sale and/or Maturity of Investments |
|
-136 |
13 |
41 |
279 |
-257 |
-4,928 |
28 |
222 |
-5.00 |
20 |
51 |
| Net Cash From Financing Activities |
|
-1,451 |
404 |
-443 |
-1,162 |
-1,664 |
5,261 |
-2,997 |
-699 |
-769 |
-349 |
-24 |
| Net Cash From Continuing Financing Activities |
|
-1,451 |
404 |
-443 |
-1,162 |
-1,664 |
5,261 |
-2,997 |
-699 |
-769 |
-349 |
-24 |
| Issuance of Common Equity |
|
9.00 |
25 |
8.00 |
30 |
9.00 |
25 |
2.00 |
34 |
18 |
30 |
3.00 |
| Repayment of Debt |
|
-140 |
-173 |
173 |
-274 |
-103 |
-591 |
-3,737 |
-1,141 |
-50 |
594 |
-414 |
| Repurchase of Common Equity |
|
-675 |
-550 |
-550 |
-850 |
-750 |
-250 |
-250 |
-300 |
-200 |
-250 |
-250 |
| Payment of Dividends |
|
-116 |
-115 |
-126 |
-125 |
-123 |
-123 |
-146 |
-147 |
-146 |
-147 |
-161 |
| Other Financing Activities, Net |
|
-529 |
473 |
269 |
-160 |
-697 |
258 |
-259 |
264 |
-391 |
-576 |
798 |
| Effect of Exchange Rate Changes |
|
530 |
58 |
145 |
-260 |
321 |
-146 |
-56 |
379 |
-564 |
196 |
500 |
| Cash Interest Paid |
|
132 |
79 |
141 |
89 |
137 |
95 |
161 |
282 |
120 |
273 |
143 |
| Cash Income Taxes Paid |
|
128 |
206 |
255 |
152 |
127 |
244 |
309 |
297 |
203 |
233 |
459 |
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 |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Total Assets |
|
29,772 |
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 |
|
374 |
384 |
426 |
756 |
656 |
790 |
884 |
544 |
690 |
778 |
1,085 |
| Trading Account Securities |
|
394 |
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 |
0.00 |
| Customer and Other Receivables |
|
2,815 |
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 |
765 |
550 |
564 |
588 |
621 |
599 |
529 |
558 |
638 |
637 |
| Separate Account Business Assets |
|
11,638 |
9,932 |
8,959 |
9,625 |
10,166 |
11,834 |
13,798 |
14,386 |
15,900 |
16,307 |
17,566 |
| Goodwill |
|
8,860 |
8,448 |
7,410 |
8,358 |
8,171 |
8,165 |
8,666 |
8,434 |
8,292 |
8,414 |
15,234 |
| Intangible Assets |
|
2,520 |
2,180 |
1,890 |
1,733 |
1,149 |
783 |
640 |
492 |
447 |
234 |
6,743 |
| Other Assets |
|
2,406 |
2,254 |
4,984 |
2,045 |
2,760 |
3,962 |
4,149 |
4,146 |
3,330 |
3,965 |
3,678 |
| Total Liabilities & Shareholders' Equity |
|
29,772 |
26,883 |
26,615 |
26,088 |
26,422 |
29,405 |
32,114 |
31,917 |
32,704 |
33,959 |
48,965 |
| Total Liabilities |
|
23,141 |
20,824 |
21,083 |
21,440 |
22,203 |
25,956 |
28,531 |
30,759 |
33,133 |
34,701 |
42,535 |
| Short-Term Debt |
|
783 |
562 |
336 |
299 |
251 |
712 |
448 |
1,164 |
945 |
1,204 |
751 |
| Other Short-Term Payables |
|
2,593 |
10,751 |
9,615 |
10,495 |
2,879 |
3,025 |
3,187 |
3,523 |
3,461 |
4,140 |
4,678 |
| Long-Term Debt |
|
4,799 |
5,138 |
5,869 |
5,667 |
5,993 |
6,627 |
7,281 |
8,228 |
9,825 |
9,995 |
16,265 |
| Separate Account Business Liabilities |
|
11,638 |
1,772 |
1,604 |
1,961 |
10,166 |
11,834 |
13,798 |
14,386 |
15,900 |
16,307 |
17,566 |
| Other Long-Term Liabilities |
|
3,328 |
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 |
|
6,631 |
6,059 |
5,532 |
4,648 |
4,219 |
3,449 |
3,583 |
1,158 |
-429 |
-742 |
6,305 |
| Total Preferred & Common Equity |
|
6,571 |
6,002 |
5,475 |
4,583 |
4,151 |
3,375 |
3,495 |
1,061 |
-529 |
-826 |
6,121 |
| Total Common Equity |
|
6,571 |
6,002 |
5,475 |
4,583 |
4,151 |
3,375 |
3,495 |
1,061 |
-529 |
-826 |
6,121 |
| Common Stock |
|
5,100 |
5,412 |
5,580 |
5,777 |
5,967 |
6,154 |
6,314 |
6,626 |
6,866 |
6,946 |
13,175 |
| Retained Earnings |
|
4,605 |
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) |
|
-3,134 |
-3,423 |
-3,912 |
-3,496 |
-3,909 |
-4,033 |
-3,861 |
-3,871 |
-4,623 |
-4,373 |
-4,745 |
| Noncontrolling Interest |
|
60 |
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 |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Total Assets |
|
32,704 |
34,253 |
36,049 |
33,112 |
33,959 |
40,767 |
51,453 |
49,885 |
48,965 |
50,304 |
54,010 |
| Cash and Due from Banks |
|
690 |
1,119 |
952 |
808 |
778 |
995 |
974 |
1,103 |
1,085 |
964 |
1,008 |
| Trading Account Securities |
|
452 |
172 |
200 |
175 |
369 |
5,413 |
182 |
196 |
219 |
366 |
379 |
| 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 |
|
3,035 |
3,713 |
3,764 |
3,300 |
3,254 |
4,035 |
4,459 |
4,004 |
3,803 |
4,620 |
4,905 |
| Premises and Equipment, Net |
|
558 |
605 |
639 |
652 |
638 |
590 |
636 |
650 |
637 |
650 |
664 |
| Separate Account Business Assets |
|
15,900 |
16,629 |
18,193 |
15,965 |
16,307 |
17,161 |
18,865 |
17,596 |
17,566 |
17,766 |
20,677 |
| Goodwill |
|
8,292 |
8,319 |
8,360 |
8,245 |
8,414 |
8,302 |
15,281 |
15,612 |
15,234 |
15,697 |
16,024 |
| Intangible Assets |
|
447 |
425 |
268 |
252 |
234 |
217 |
6,794 |
6,789 |
6,743 |
6,865 |
6,733 |
| Other Assets |
|
3,330 |
3,271 |
3,673 |
3,715 |
3,965 |
4,054 |
4,262 |
3,935 |
3,678 |
3,376 |
3,620 |
| Total Liabilities & Shareholders' Equity |
|
32,704 |
34,253 |
36,049 |
33,112 |
33,959 |
40,767 |
51,453 |
49,885 |
48,965 |
50,304 |
54,010 |
| Total Liabilities |
|
33,133 |
34,195 |
35,887 |
33,598 |
34,701 |
40,795 |
45,295 |
43,332 |
42,535 |
43,030 |
45,921 |
| Short-Term Debt |
|
945 |
775 |
1,338 |
1,282 |
1,204 |
606 |
4.00 |
0.00 |
751 |
1,348 |
1,837 |
| Other Short-Term Payables |
|
3,461 |
3,191 |
3,418 |
3,475 |
4,140 |
4,071 |
4,629 |
4,502 |
4,678 |
4,219 |
4,561 |
| Long-Term Debt |
|
9,825 |
10,577 |
9,989 |
9,969 |
9,995 |
15,916 |
17,610 |
17,090 |
16,265 |
16,284 |
15,451 |
| Separate Account Business Liabilities |
|
15,900 |
16,629 |
18,193 |
15,965 |
16,307 |
17,161 |
18,865 |
17,596 |
17,566 |
17,766 |
20,677 |
| Other Long-Term Liabilities |
|
3,002 |
3,023 |
2,949 |
2,907 |
3,055 |
3,041 |
4,187 |
4,144 |
3,275 |
3,413 |
3,395 |
| Redeemable Noncontrolling Interest |
|
- |
- |
- |
- |
0.00 |
- |
130 |
135 |
125 |
79 |
81 |
| Total Equity & Noncontrolling Interests |
|
-429 |
58 |
162 |
-486 |
-742 |
-28 |
6,028 |
6,418 |
6,305 |
7,195 |
8,008 |
| Total Preferred & Common Equity |
|
-529 |
-70 |
65 |
-586 |
-826 |
-133 |
5,860 |
6,244 |
6,121 |
7,004 |
7,843 |
| Total Common Equity |
|
-529 |
-70 |
65 |
-586 |
-826 |
-133 |
5,860 |
6,244 |
6,121 |
7,004 |
7,843 |
| Common Stock |
|
6,866 |
6,862 |
6,908 |
7,017 |
6,946 |
6,971 |
12,912 |
13,047 |
13,175 |
13,200 |
13,260 |
| Retained Earnings |
|
-2,772 |
-2,388 |
-2,505 |
-3,024 |
-3,399 |
-2,700 |
-2,574 |
-2,682 |
-2,309 |
-1,740 |
-1,574 |
| Accumulated Other Comprehensive Income / (Loss) |
|
-4,623 |
-4,544 |
-4,338 |
-4,579 |
-4,373 |
-4,404 |
-4,478 |
-4,121 |
-4,745 |
-4,456 |
-3,843 |
| Noncontrolling Interest |
|
100 |
128 |
97 |
100 |
84 |
105 |
168 |
174 |
184 |
191 |
165 |
Annual Metrics And Ratios for AON
This table displays calculated financial ratios and metrics derived from AON's official financial filings.
| Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Revenue Growth |
|
1.60% |
-21.86% |
-0.92% |
-102.79% |
4,216.47% |
2.07% |
0.22% |
10.65% |
1.76% |
6.88% |
15.89% |
| EBITDA Growth |
|
9.98% |
-23.71% |
-2.60% |
-1.10% |
19.93% |
19.31% |
18.28% |
-26.88% |
62.47% |
4.91% |
5.91% |
| EBIT Growth |
|
17.07% |
-17.03% |
-1.89% |
-42.18% |
56.91% |
47.13% |
31.87% |
-27.86% |
77.40% |
5.58% |
-6.54% |
| NOPAT Growth |
|
24.65% |
-12.44% |
0.00% |
-55.31% |
100.37% |
40.19% |
28.29% |
-40.29% |
119.58% |
4.43% |
-11.46% |
| Net Income Growth |
|
24.65% |
-0.63% |
0.56% |
-11.68% |
-7.05% |
33.99% |
28.29% |
-35.18% |
102.29% |
-0.68% |
3.50% |
| EPS Growth |
|
32.01% |
4.72% |
5.74% |
-8.91% |
-2.34% |
38.78% |
32.65% |
-34.32% |
118.74% |
3.05% |
-0.16% |
| Operating Cash Flow Growth |
|
3.37% |
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 |
|
237.45% |
-5.27% |
-25.31% |
32.00% |
-24.36% |
-1.97% |
19.71% |
31.66% |
45.14% |
-7.28% |
-498.25% |
| Invested Capital Growth |
|
-2.95% |
-3.72% |
-0.19% |
-9.57% |
-1.42% |
3.11% |
4.86% |
-6.74% |
-1.98% |
1.12% |
124.21% |
| Revenue Q/Q Growth |
|
0.79% |
-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 |
|
4.89% |
-14.93% |
9.07% |
9.81% |
-4.14% |
0.54% |
4.96% |
12.75% |
-8.51% |
-5.08% |
9.01% |
| EBIT Q/Q Growth |
|
7.63% |
-6.18% |
-0.64% |
13.60% |
-7.29% |
1.03% |
8.68% |
16.05% |
-8.79% |
-5.58% |
5.03% |
| NOPAT Q/Q Growth |
|
7.43% |
-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 |
|
8.08% |
9.47% |
-8.39% |
-27.16% |
45.12% |
1.88% |
8.15% |
34.98% |
-7.26% |
-5.71% |
9.11% |
| EPS Q/Q Growth |
|
9.91% |
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 |
|
9.69% |
-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 |
|
154.52% |
-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 |
|
-4.38% |
-2.56% |
0.71% |
-5.35% |
-2.52% |
-0.38% |
-0.27% |
-1.39% |
1.81% |
-2.86% |
-0.83% |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBITDA Margin |
|
19.62% |
19.15% |
18.83% |
0.00% |
19.43% |
22.72% |
26.81% |
17.72% |
28.29% |
27.76% |
25.37% |
| EBIT Margin |
|
14.58% |
15.49% |
15.33% |
0.00% |
12.11% |
17.45% |
22.97% |
14.97% |
26.10% |
25.78% |
20.79% |
| Profit (Net Income) Margin |
|
12.13% |
15.42% |
15.65% |
0.00% |
11.18% |
14.68% |
18.79% |
11.01% |
21.88% |
20.34% |
18.16% |
| Tax Burden Percent |
|
81.08% |
99.58% |
102.07% |
155.93% |
94.22% |
84.12% |
81.83% |
67.74% |
83.84% |
82.93% |
78.57% |
| Interest Burden Percent |
|
102.56% |
100.00% |
100.00% |
100.00% |
98.03% |
100.00% |
100.00% |
108.54% |
100.00% |
95.11% |
111.18% |
| Effective Tax Rate |
|
18.92% |
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) |
|
11.54% |
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) |
|
11.54% |
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) |
|
7.76% |
11.96% |
14.01% |
0.00% |
15.83% |
26.22% |
39.13% |
44.15% |
700.59% |
-475.42% |
81.21% |
| Return on Equity (ROE) |
|
19.30% |
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) |
|
14.53% |
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) |
|
5.73% |
5.04% |
5.24% |
0.00% |
4.84% |
6.70% |
8.02% |
5.56% |
9.77% |
10.00% |
7.51% |
| Return on Assets (ROA) |
|
4.77% |
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) |
|
19.16% |
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) |
|
21.78% |
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) |
|
1,431 |
1,253 |
1,253 |
560 |
1,122 |
1,573 |
2,018 |
1,205 |
2,646 |
2,763 |
2,447 |
| NOPAT Margin |
|
12.13% |
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) |
|
0.00% |
-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 |
|
59.44% |
68.93% |
68.33% |
0.00% |
66.28% |
64.28% |
61.84% |
63.47% |
60.17% |
59.82% |
61.07% |
| Operating Expenses to Revenue |
|
85.42% |
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) |
|
1,721 |
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) |
|
2,315 |
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) |
|
3.76 |
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 |
0.00 |
| Price to Revenue (P/Rev) |
|
2.09 |
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) |
|
17.69 |
16.87 |
19.69 |
25.87 |
29.55 |
30.76 |
23.92 |
51.87 |
23.56 |
23.05 |
27.71 |
| Dividend Yield |
|
1.07% |
1.35% |
1.23% |
1.11% |
1.12% |
0.85% |
0.86% |
0.67% |
0.74% |
0.83% |
0.74% |
| Earnings Yield |
|
5.65% |
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) |
|
2.45 |
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) |
|
2.54 |
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) |
|
12.95 |
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) |
|
17.42 |
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) |
|
20.95 |
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) |
|
16.55 |
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) |
|
16.64 |
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 |
|
0.84 |
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 |
|
0.72 |
0.85 |
1.06 |
1.22 |
1.42 |
1.92 |
2.03 |
7.11 |
-22.90 |
-13.47 |
2.53 |
| Financial Leverage |
|
0.67 |
0.89 |
1.03 |
1.20 |
1.38 |
1.77 |
2.14 |
3.61 |
27.66 |
-18.76 |
4.96 |
| Leverage Ratio |
|
4.05 |
4.46 |
4.62 |
5.18 |
5.92 |
7.28 |
8.75 |
13.51 |
88.64 |
-56.93 |
14.58 |
| Compound Leverage Factor |
|
4.15 |
4.46 |
4.62 |
5.18 |
5.81 |
7.28 |
8.75 |
14.66 |
88.64 |
-54.14 |
16.21 |
| Debt to Total Capital |
|
45.71% |
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 |
|
6.41% |
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 |
|
39.29% |
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% |
0.00% |
| Noncontrolling Interests to Total Capital |
|
0.49% |
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 |
|
53.80% |
51.04% |
46.65% |
43.18% |
39.67% |
31.28% |
30.90% |
10.06% |
-5.12% |
-7.90% |
26.11% |
| Debt to EBITDA |
|
2.41 |
3.23 |
3.61 |
3.51 |
3.06 |
3.02 |
2.68 |
4.46 |
3.15 |
3.12 |
4.48 |
| Net Debt to EBITDA |
|
2.25 |
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 |
|
2.07 |
2.91 |
3.41 |
3.33 |
2.94 |
2.72 |
2.53 |
3.91 |
2.87 |
2.79 |
4.28 |
| Debt to NOPAT |
|
3.90 |
4.55 |
4.95 |
10.65 |
5.56 |
4.67 |
3.83 |
7.79 |
4.07 |
4.05 |
6.96 |
| Net Debt to NOPAT |
|
3.64 |
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 |
|
3.35 |
4.10 |
4.68 |
10.12 |
5.34 |
4.21 |
3.61 |
6.83 |
3.71 |
3.62 |
6.65 |
| Noncontrolling Interest Sharing Ratio |
|
0.74% |
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) |
|
1,802 |
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 |
|
707.81% |
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 |
|
7.07 |
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 |
|
7.11 |
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 |
|
6.10 |
6.63 |
7.70 |
1.95 |
5.20 |
5.24 |
7.91 |
6.35 |
7.45 |
6.58 |
3.57 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Asset Turnover |
|
0.39 |
0.33 |
0.34 |
0.00 |
0.40 |
0.38 |
0.35 |
0.37 |
0.37 |
0.39 |
0.36 |
| Fixed Asset Turnover |
|
15.17 |
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 |
|
12,213 |
11,759 |
11,737 |
10,614 |
10,463 |
10,788 |
11,312 |
10,550 |
10,341 |
10,457 |
23,446 |
| Invested Capital Turnover |
|
0.95 |
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 |
|
-371 |
-454 |
-22 |
-1,123 |
-151 |
325 |
524 |
-762 |
-209 |
116 |
12,989 |
| Enterprise Value (EV) |
|
29,981 |
28,734 |
33,320 |
36,987 |
39,167 |
53,754 |
54,041 |
74,045 |
71,174 |
69,601 |
89,785 |
| Market Capitalization |
|
24,713 |
23,361 |
27,484 |
31,712 |
33,511 |
47,131 |
47,108 |
65,100 |
60,994 |
59,096 |
73,545 |
| Book Value per Share |
|
$23.05 |
$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 |
|
($16.87) |
($16.89) |
($14.54) |
($22.04) |
($21.46) |
($23.80) |
($25.42) |
($35.70) |
($44.80) |
($47.32) |
($73.32) |
| Total Capital |
|
12,213 |
11,759 |
11,737 |
10,614 |
10,463 |
10,788 |
11,312 |
10,550 |
10,341 |
10,457 |
23,446 |
| Total Debt |
|
5,582 |
5,700 |
6,205 |
5,966 |
6,244 |
7,339 |
7,729 |
9,392 |
10,770 |
11,199 |
17,016 |
| Total Long-Term Debt |
|
4,799 |
5,138 |
5,869 |
5,667 |
5,993 |
6,627 |
7,281 |
8,228 |
9,825 |
9,995 |
16,265 |
| Net Debt |
|
5,208 |
5,316 |
5,779 |
5,210 |
5,588 |
6,549 |
6,845 |
8,848 |
10,080 |
10,421 |
15,931 |
| Capital Expenditures (CapEx) |
|
256 |
200 |
156 |
183 |
240 |
225 |
141 |
137 |
196 |
252 |
218 |
| Net Nonoperating Expense (NNE) |
|
0.00 |
-169 |
-177 |
-703 |
-52 |
0.00 |
0.00 |
-103 |
0.00 |
135 |
-273 |
| Net Nonoperating Obligations (NNO) |
|
5,582 |
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) |
|
594 |
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 |
$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 |
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 |
$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 |
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 |
$0.00 |
| Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
0.00 |
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) |
|
1,431 |
1,253 |
1,253 |
-5,865 |
1,646 |
1,573 |
2,007 |
1,305 |
2,751 |
2,949 |
3,147 |
| Normalized NOPAT Margin |
|
12.13% |
13.59% |
13.72% |
0.00% |
15.68% |
14.68% |
18.69% |
10.98% |
22.75% |
22.82% |
21.01% |
| Pre Tax Income Margin |
|
14.96% |
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 |
|
6.75 |
5.23 |
4.97 |
2.87 |
4.57 |
6.09 |
7.38 |
5.52 |
7.77 |
6.88 |
3.95 |
| NOPAT to Interest Expense |
|
5.61 |
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 |
|
5.75 |
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 |
|
4.61 |
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 |
|
19.08% |
22.71% |
24.13% |
28.82% |
35.52% |
26.06% |
20.42% |
34.17% |
17.50% |
18.61% |
20.66% |
| Augmented Payout Ratio |
|
176.31% |
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 |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Revenue Growth |
|
0.87% |
5.11% |
5.75% |
9.35% |
7.94% |
5.02% |
16.84% |
23.53% |
20.90% |
14.52% |
10.57% |
| EBITDA Growth |
|
-17.17% |
4.38% |
16.92% |
10.67% |
-8.36% |
-1.47% |
11.52% |
-1.24% |
20.57% |
6.10% |
49.76% |
| EBIT Growth |
|
-17.06% |
4.83% |
18.91% |
13.92% |
-9.74% |
-1.32% |
-2.65% |
-28.74% |
-2.10% |
-7.34% |
52.16% |
| NOPAT Growth |
|
-11.30% |
4.88% |
27.96% |
15.91% |
-16.62% |
-5.79% |
-14.13% |
-32.44% |
32.18% |
-5.16% |
66.81% |
| Net Income Growth |
|
-23.71% |
2.96% |
11.87% |
11.72% |
-23.87% |
1.30% |
-6.43% |
-23.98% |
44.77% |
-10.16% |
10.41% |
| EPS Growth |
|
-18.56% |
7.19% |
16.31% |
16.15% |
-20.89% |
5.52% |
-9.23% |
-29.60% |
24.40% |
-17.20% |
8.13% |
| Operating Cash Flow Growth |
|
11.92% |
-4.32% |
2.99% |
-0.29% |
21.02% |
-30.25% |
-25.44% |
-2.88% |
-4.84% |
-54.69% |
55.17% |
| Free Cash Flow Firm Growth |
|
-42.16% |
15.23% |
-71.22% |
-112.86% |
-49.80% |
-420.27% |
-3,653.09% |
-10,063.52% |
-2,889.76% |
-83.52% |
91.52% |
| Invested Capital Growth |
|
-1.98% |
-1.43% |
2.64% |
5.99% |
1.12% |
44.56% |
106.91% |
119.63% |
124.21% |
51.00% |
6.75% |
| Revenue Q/Q Growth |
|
16.27% |
24.55% |
-18.94% |
-6.85% |
14.77% |
21.18% |
-9.81% |
-1.51% |
12.33% |
14.78% |
-12.92% |
| EBITDA Q/Q Growth |
|
37.87% |
54.43% |
-45.38% |
-17.67% |
14.15% |
136.41% |
-38.18% |
-27.10% |
39.37% |
68.93% |
-36.39% |
| EBIT Q/Q Growth |
|
44.90% |
58.22% |
-47.55% |
-18.97% |
14.80% |
155.01% |
-48.26% |
-40.69% |
57.73% |
91.42% |
-43.76% |
| NOPAT Q/Q Growth |
|
59.33% |
65.03% |
-42.99% |
-22.67% |
14.61% |
104.23% |
-48.04% |
-39.16% |
124.24% |
33.79% |
-39.51% |
| Net Income Q/Q Growth |
|
59.33% |
62.01% |
-46.71% |
-18.78% |
8.57% |
115.58% |
-50.78% |
-34.01% |
106.76% |
33.79% |
-39.51% |
| EPS Q/Q Growth |
|
64.58% |
60.44% |
-46.55% |
-17.71% |
12.11% |
114.00% |
-54.02% |
-36.18% |
98.09% |
42.44% |
-39.95% |
| Operating Cash Flow Q/Q Growth |
|
-0.38% |
-57.49% |
55.30% |
51.60% |
20.90% |
-75.50% |
66.02% |
97.47% |
18.46% |
-88.33% |
468.57% |
| Free Cash Flow Firm Q/Q Growth |
|
-8.85% |
44.47% |
-73.85% |
-137.36% |
455.73% |
-1,135.44% |
-190.10% |
-6.86% |
2.36% |
39.37% |
86.39% |
| Invested Capital Q/Q Growth |
|
1.81% |
10.34% |
0.69% |
-6.30% |
-2.86% |
57.73% |
44.13% |
-0.54% |
-0.83% |
6.23% |
1.89% |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBITDA Margin |
|
26.50% |
37.98% |
25.59% |
22.62% |
22.49% |
35.63% |
24.43% |
18.08% |
22.43% |
33.02% |
24.12% |
| EBIT Margin |
|
24.45% |
36.31% |
23.49% |
20.44% |
20.44% |
34.12% |
19.57% |
11.79% |
16.55% |
27.61% |
17.83% |
| Profit (Net Income) Margin |
|
22.03% |
28.66% |
18.84% |
16.43% |
15.54% |
27.64% |
15.09% |
10.11% |
18.61% |
21.69% |
15.06% |
| Tax Burden Percent |
|
93.94% |
80.40% |
87.39% |
83.39% |
83.25% |
76.76% |
77.08% |
79.06% |
82.38% |
78.56% |
84.50% |
| Interest Burden Percent |
|
95.94% |
98.17% |
91.77% |
96.39% |
91.30% |
105.56% |
100.00% |
108.45% |
136.45% |
100.00% |
100.00% |
| Effective Tax Rate |
|
6.06% |
19.60% |
12.61% |
16.61% |
16.75% |
23.24% |
22.92% |
20.94% |
17.62% |
21.44% |
15.51% |
| Return on Invested Capital (ROIC) |
|
25.50% |
31.18% |
22.52% |
20.66% |
21.15% |
24.61% |
11.66% |
7.74% |
16.44% |
16.29% |
9.76% |
| ROIC Less NNEP Spread (ROIC-NNEP) |
|
25.50% |
30.99% |
22.04% |
20.50% |
20.71% |
25.02% |
11.66% |
7.94% |
16.44% |
16.29% |
9.76% |
| Return on Net Nonoperating Assets (RNNOA) |
|
705.30% |
497.06% |
504.28% |
-391.59% |
-388.51% |
23,250.08% |
53.40% |
37.09% |
81.54% |
76.80% |
23.92% |
| Return on Equity (ROE) |
|
730.80% |
528.24% |
526.80% |
-370.93% |
-367.36% |
23,274.69% |
65.06% |
44.83% |
97.98% |
93.09% |
33.68% |
| Cash Return on Invested Capital (CROIC) |
|
27.33% |
24.73% |
21.53% |
20.83% |
25.46% |
-17.50% |
-54.89% |
-60.36% |
-62.19% |
-28.03% |
4.31% |
| Operating Return on Assets (OROA) |
|
9.15% |
13.16% |
8.26% |
8.06% |
7.93% |
11.93% |
6.10% |
4.06% |
5.98% |
9.43% |
5.39% |
| Return on Assets (ROA) |
|
8.24% |
10.38% |
6.62% |
6.48% |
6.02% |
9.66% |
4.70% |
3.48% |
6.72% |
7.41% |
4.55% |
| Return on Common Equity (ROCE) |
|
533.32% |
433.48% |
415.34% |
-439.27% |
-425.09% |
-157,492.09% |
60.99% |
41.81% |
91.21% |
88.27% |
32.40% |
| Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
-3,824.29% |
4,212.31% |
-475.60% |
0.00% |
-1,986.47% |
44.45% |
39.93% |
0.00% |
37.25% |
33.98% |
| Net Operating Profit after Tax (NOPAT) |
|
666 |
1,099 |
627 |
485 |
555 |
1,035 |
538 |
327 |
734 |
982 |
594 |
| NOPAT Margin |
|
22.03% |
29.19% |
20.53% |
17.04% |
17.02% |
26.19% |
15.09% |
9.32% |
18.61% |
21.69% |
15.06% |
| Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.19% |
0.47% |
0.16% |
0.44% |
-0.41% |
0.00% |
-0.20% |
0.00% |
0.00% |
0.00% |
| SG&A Expenses to Revenue |
|
57.89% |
53.28% |
63.93% |
66.62% |
57.59% |
52.55% |
65.73% |
67.74% |
59.47% |
54.48% |
65.46% |
| Operating Expenses to Revenue |
|
75.55% |
63.69% |
76.51% |
79.56% |
79.56% |
65.88% |
80.43% |
88.21% |
83.45% |
72.39% |
82.17% |
| Earnings before Interest and Taxes (EBIT) |
|
739 |
1,367 |
717 |
581 |
667 |
1,349 |
698 |
414 |
653 |
1,250 |
703 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
801 |
1,430 |
781 |
643 |
734 |
1,409 |
871 |
635 |
885 |
1,495 |
951 |
| Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Price to Book Value (P/BV) |
|
0.00 |
0.00 |
1,080.37 |
0.00 |
0.00 |
0.00 |
10.28 |
11.37 |
12.02 |
11.69 |
9.33 |
| 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) |
|
5.04 |
5.23 |
5.65 |
5.20 |
4.57 |
5.22 |
4.42 |
4.97 |
4.91 |
5.26 |
4.59 |
| Price to Earnings (P/E) |
|
23.56 |
24.53 |
26.25 |
24.22 |
23.05 |
26.48 |
23.63 |
29.14 |
27.71 |
32.13 |
28.12 |
| Dividend Yield |
|
0.74% |
0.72% |
0.67% |
0.73% |
0.83% |
0.74% |
0.86% |
0.75% |
0.74% |
0.68% |
0.78% |
| Earnings Yield |
|
4.24% |
4.08% |
3.81% |
4.13% |
4.34% |
3.78% |
4.23% |
3.43% |
3.61% |
3.11% |
3.56% |
| Enterprise Value to Invested Capital (EV/IC) |
|
6.88 |
6.53 |
7.02 |
7.11 |
6.66 |
5.10 |
3.25 |
3.69 |
3.83 |
3.97 |
3.54 |
| Enterprise Value to Revenue (EV/Rev) |
|
5.89 |
6.07 |
6.49 |
6.03 |
5.39 |
6.41 |
5.66 |
6.11 |
5.99 |
6.35 |
5.63 |
| Enterprise Value to EBITDA (EV/EBITDA) |
|
20.81 |
20.68 |
21.70 |
20.24 |
19.40 |
24.70 |
22.08 |
25.04 |
23.63 |
25.43 |
21.35 |
| Enterprise Value to EBIT (EV/EBIT) |
|
22.55 |
22.29 |
23.34 |
21.67 |
20.89 |
26.69 |
24.64 |
29.43 |
28.83 |
32.77 |
27.55 |
| Enterprise Value to NOPAT (EV/NOPAT) |
|
26.90 |
27.84 |
29.47 |
27.45 |
25.19 |
31.83 |
29.62 |
35.01 |
36.70 |
37.87 |
33.66 |
| Enterprise Value to Operating Cash Flow (EV/OCF) |
|
22.11 |
23.30 |
25.07 |
23.78 |
20.26 |
25.47 |
24.68 |
28.19 |
29.58 |
34.48 |
28.49 |
| Enterprise Value to Free Cash Flow (EV/FCFF) |
|
24.93 |
26.23 |
33.05 |
35.10 |
26.29 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
84.63 |
| Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Debt to Equity |
|
-25.10 |
195.72 |
69.92 |
-23.15 |
-15.09 |
-590.07 |
2.86 |
2.61 |
2.65 |
2.42 |
2.14 |
| Long-Term Debt to Equity |
|
-22.90 |
182.36 |
61.66 |
-20.51 |
-13.47 |
-568.43 |
2.86 |
2.61 |
2.53 |
2.24 |
1.91 |
| Financial Leverage |
|
27.66 |
16.04 |
22.88 |
-19.10 |
-18.76 |
929.13 |
4.58 |
4.67 |
4.96 |
4.71 |
2.45 |
| Leverage Ratio |
|
88.64 |
50.22 |
74.49 |
-55.65 |
-56.93 |
2,500.67 |
13.85 |
13.68 |
14.58 |
12.57 |
7.40 |
| Compound Leverage Factor |
|
85.04 |
49.30 |
68.36 |
-53.64 |
-51.98 |
2,639.70 |
13.85 |
14.84 |
19.89 |
12.57 |
7.40 |
| Debt to Total Capital |
|
104.15% |
99.49% |
98.59% |
104.51% |
107.10% |
100.17% |
74.10% |
72.28% |
72.58% |
70.79% |
68.12% |
| Short-Term Debt to Total Capital |
|
9.14% |
6.79% |
11.65% |
11.91% |
11.51% |
3.67% |
0.02% |
0.00% |
3.20% |
5.41% |
7.24% |
| Long-Term Debt to Total Capital |
|
95.01% |
92.70% |
86.94% |
92.61% |
95.58% |
96.50% |
74.08% |
72.28% |
69.37% |
65.38% |
60.89% |
| 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 |
|
0.97% |
1.12% |
0.84% |
0.93% |
0.80% |
0.64% |
1.25% |
1.31% |
1.32% |
1.08% |
0.97% |
| Common Equity to Total Capital |
|
-5.12% |
-0.61% |
0.57% |
-5.44% |
-7.90% |
-0.81% |
24.65% |
26.41% |
26.11% |
28.12% |
30.91% |
| Debt to EBITDA |
|
3.15 |
3.15 |
3.05 |
2.98 |
3.12 |
4.85 |
5.04 |
4.90 |
4.48 |
4.54 |
4.11 |
| Net Debt to EBITDA |
|
2.95 |
2.84 |
2.79 |
2.76 |
2.90 |
4.56 |
4.76 |
4.59 |
4.19 |
4.29 |
3.87 |
| Long-Term Debt to EBITDA |
|
2.87 |
2.93 |
2.69 |
2.64 |
2.79 |
4.68 |
5.04 |
4.90 |
4.28 |
4.19 |
3.68 |
| Debt to NOPAT |
|
4.07 |
4.24 |
4.14 |
4.04 |
4.05 |
6.25 |
6.76 |
6.86 |
6.96 |
6.76 |
6.49 |
| Net Debt to NOPAT |
|
3.81 |
3.82 |
3.79 |
3.75 |
3.77 |
5.88 |
6.39 |
6.41 |
6.51 |
6.39 |
6.11 |
| Long-Term Debt to NOPAT |
|
3.71 |
3.95 |
3.65 |
3.58 |
3.62 |
6.02 |
6.76 |
6.86 |
6.65 |
6.24 |
5.80 |
| Noncontrolling Interest Sharing Ratio |
|
27.02% |
17.94% |
21.16% |
-18.43% |
-15.71% |
776.67% |
6.25% |
6.74% |
6.91% |
5.18% |
3.82% |
| Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Free Cash Flow to Firm (FCFF) |
|
875 |
1,264 |
331 |
-123 |
439 |
-4,049 |
-11,745 |
-12,551 |
-12,255 |
-7,430 |
-1,011 |
| Operating Cash Flow to CapEx |
|
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% |
1,243.75% |
| Free Cash Flow to Firm to Interest Expense |
|
7.95 |
11.39 |
2.54 |
-1.04 |
3.54 |
-28.12 |
-52.20 |
-58.92 |
-59.49 |
-36.07 |
-4.77 |
| Operating Cash Flow to Interest Expense |
|
9.47 |
3.99 |
5.29 |
8.76 |
10.17 |
2.15 |
2.28 |
4.76 |
5.83 |
0.68 |
3.75 |
| Operating Cash Flow Less CapEx to Interest Expense |
|
8.84 |
3.31 |
4.76 |
8.28 |
9.77 |
1.81 |
2.04 |
4.46 |
5.56 |
0.41 |
3.45 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Asset Turnover |
|
0.37 |
0.36 |
0.35 |
0.39 |
0.39 |
0.35 |
0.31 |
0.34 |
0.36 |
0.34 |
0.30 |
| Fixed Asset Turnover |
|
22.25 |
21.92 |
21.75 |
21.83 |
21.61 |
21.94 |
21.37 |
21.96 |
23.49 |
25.08 |
24.50 |
| Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Invested Capital |
|
10,341 |
11,410 |
11,489 |
10,765 |
10,457 |
16,494 |
23,772 |
23,643 |
23,446 |
24,906 |
25,377 |
| Invested Capital Turnover |
|
1.16 |
1.07 |
1.10 |
1.21 |
1.24 |
0.94 |
0.77 |
0.83 |
0.88 |
0.75 |
0.65 |
| Increase / (Decrease) in Invested Capital |
|
-209 |
-165 |
296 |
608 |
116 |
5,084 |
12,283 |
12,878 |
12,989 |
8,412 |
1,605 |
| Enterprise Value (EV) |
|
71,174 |
74,536 |
80,696 |
76,490 |
69,601 |
84,092 |
77,164 |
87,273 |
89,785 |
98,808 |
89,713 |
| Market Capitalization |
|
60,994 |
64,175 |
70,224 |
65,947 |
59,096 |
68,460 |
60,226 |
70,977 |
73,545 |
81,870 |
73,187 |
| Book Value per Share |
|
($2.56) |
($0.34) |
$0.32 |
($2.89) |
($4.13) |
($0.67) |
$26.95 |
$28.74 |
$28.30 |
$32.43 |
$36.32 |
| Tangible Book Value per Share |
|
($44.80) |
($42.97) |
($41.93) |
($44.77) |
($47.32) |
($43.46) |
($74.58) |
($74.37) |
($73.32) |
($72.03) |
($69.07) |
| Total Capital |
|
10,341 |
11,410 |
11,489 |
10,765 |
10,457 |
16,494 |
23,772 |
23,643 |
23,446 |
24,906 |
25,377 |
| Total Debt |
|
10,770 |
11,352 |
11,327 |
11,251 |
11,199 |
16,522 |
17,614 |
17,090 |
17,016 |
17,632 |
17,288 |
| Total Long-Term Debt |
|
9,825 |
10,577 |
9,989 |
9,969 |
9,995 |
15,916 |
17,610 |
17,090 |
16,265 |
16,284 |
15,451 |
| Net Debt |
|
10,080 |
10,233 |
10,375 |
10,443 |
10,421 |
15,527 |
16,640 |
15,987 |
15,931 |
16,668 |
16,280 |
| Capital Expenditures (CapEx) |
|
70 |
76 |
69 |
58 |
49 |
48 |
53 |
62 |
55 |
56 |
64 |
| Net Nonoperating Expense (NNE) |
|
0.00 |
20 |
52 |
18 |
48 |
-58 |
0.00 |
-28 |
0.00 |
0.00 |
0.00 |
| Net Nonoperating Obligations (NNO) |
|
10,770 |
11,352 |
11,327 |
11,251 |
11,199 |
16,522 |
17,614 |
17,090 |
17,016 |
17,632 |
17,288 |
| Total Depreciation and Amortization (D&A) |
|
62 |
63 |
64 |
62 |
67 |
60 |
173 |
221 |
232 |
245 |
248 |
| Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Adjusted Basic Earnings per Share |
|
$3.20 |
$5.09 |
$2.74 |
$2.25 |
$2.52 |
$5.38 |
$2.47 |
$1.58 |
$3.12 |
$4.46 |
$2.68 |
| Adjusted Weighted Average Basic Shares Outstanding |
|
211.70M |
206.10M |
204.70M |
202.90M |
203.50M |
199.10M |
212.50M |
217.40M |
211.40M |
216.40M |
216.20M |
| Adjusted Diluted Earnings per Share |
|
$3.16 |
$5.07 |
$2.71 |
$2.23 |
$2.50 |
$5.35 |
$2.46 |
$1.57 |
$3.11 |
$4.43 |
$2.66 |
| Adjusted Weighted Average Diluted Shares Outstanding |
|
213.20M |
207.10M |
206.30M |
204.60M |
205M |
200.10M |
213.30M |
218.40M |
212.50M |
217.90M |
217.30M |
| 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 |
|
205.14M |
204.25M |
202.87M |
200.22M |
198.30M |
217.43M |
217.24M |
216.27M |
216.00M |
215.94M |
215.63M |
| Normalized Net Operating Profit after Tax (NOPAT) |
|
666 |
1,119 |
648 |
506 |
678 |
1,139 |
458 |
519 |
791 |
1,076 |
626 |
| Normalized NOPAT Margin |
|
22.03% |
29.73% |
21.25% |
17.80% |
20.79% |
28.81% |
12.84% |
14.79% |
20.05% |
23.77% |
15.88% |
| Pre Tax Income Margin |
|
23.45% |
35.64% |
21.56% |
19.70% |
18.66% |
36.01% |
19.57% |
12.78% |
22.59% |
27.61% |
17.83% |
| Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBIT to Interest Expense |
|
6.72 |
12.32 |
5.52 |
4.88 |
5.38 |
9.37 |
3.10 |
1.94 |
3.17 |
6.07 |
3.32 |
| NOPAT to Interest Expense |
|
6.05 |
9.90 |
4.82 |
4.07 |
4.48 |
7.19 |
2.39 |
1.54 |
3.56 |
4.77 |
2.80 |
| EBIT Less CapEx to Interest Expense |
|
6.08 |
11.63 |
4.98 |
4.40 |
4.98 |
9.03 |
2.87 |
1.65 |
2.90 |
5.80 |
3.01 |
| NOPAT Less CapEx to Interest Expense |
|
5.42 |
9.22 |
4.29 |
3.58 |
4.08 |
6.86 |
2.16 |
1.25 |
3.30 |
4.50 |
2.50 |
| Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Dividend Payout Ratio |
|
17.50% |
17.48% |
17.35% |
17.29% |
18.61% |
18.81% |
19.85% |
21.62% |
20.66% |
22.46% |
22.55% |
| Augmented Payout Ratio |
|
138.55% |
126.75% |
126.00% |
111.48% |
121.35% |
109.65% |
100.46% |
83.79% |
57.43% |
60.79% |
60.08% |
Key Financial Trends
Over the past four years, Aon plc (NYSE: AON) has demonstrated solid financial performance with some notable trends in profitability, cash flow, and balance sheet strength.
Income Statement Highlights:
- Consistent net income growth from $408 million in Q3 2022 to $594 million in Q2 2025 for continuing operations, signaling steady profitability improvements.
- Diluted EPS increased accordingly, reaching $2.66 in Q2 2025 from approximately $1.92 in Q3 2022, reflecting effective shareholder value creation.
- Total revenues have been relatively stable, with fluctuations primarily driven by non-interest income components such as capital gains.
- Net interest expense remains a significant drag, growing from around $96-$125 million in earlier periods to over $212 million in Q2 2025.
- Elevated restructuring and impairment charges in some quarters, for example, restructuring charges over $130 million in Q2 2024, may indicate ongoing business realignments or cost pressures.
Cash Flow Statement Observations:
- Operating cash flow shows strength with $796 million generated in Q2 2025, albeit down from a peak of $1.2 billion in Q4 2024, supporting operational efficiency.
- Aon has maintained steady investments in property and equipment, typically in the $40-$70 million range quarterly, indicating ongoing capital expenditures for growth or maintenance.
- Cash used for investing includes both purchases and sales of investments, showing active portfolio management.
- Significant equity repurchases continue, with $250 million in Q2 2025 alone, which could add shareholder value but may constrain liquidity.
- Debt repayments balance issuances in some periods, and debt levels remain elevated, impacting interest expense and cash flow flexibility.
Balance Sheet Summary:
- Total assets increased steadily from about $31.2 billion in Q3 2022 to $54.0 billion by Q2 2025, indicating growth in scale and business expansion.
- Common equity grew consistently, from slightly negative in early 2023 to $7.8 billion in Q2 2025, strengthening the capital base.
- Goodwill and intangible assets remain a significant portion of total assets (~$16 billion goodwill and ~$6.7 billion intangible assets), reflecting acquisitions and brand value.
- Long-term debt levels are high, around $15-$17 billion range recently, contributing to elevated interest expenses.
- Negative accumulated other comprehensive income continues to weigh on total common equity, likely due to changes in market valuations and currency effects.
Summary: Aon demonstrates consistent profitability growth and stable operating cash flows with active capital allocation toward share repurchases and reinvestment. The firm’s growing asset base and equity position reflect business expansion, while high leverage and restructuring charges warrant monitoring. Interest expenses have risen, impacting net income margins, but overall, the company appears financially robust with positive trends in earnings per share and cash generation.
10/24/25 03:58 PM ETAI Generated. May Contain Errors.