AONNYSEInsurance Agents, Brokers & ServiceFiscal year ends December 31
Aon plc
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$289.74−2.81 (-0.96%)
Close on Oct 19, 2026
- Market cap
- $61.98B
- P/E (TTM)
- 16.0
- Dividend yield
- 1.00%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
25.3%+0.2 pts over 5 years
Net margin
21.5%+3.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.4% | +11.2% | +9.2% | +6.1% | |
| Operating income | +13.3% | +5.8% | +9.3% | +10.6% | |
| Net income | +39.2% | +12.6% | +13.4% | – | |
| EPS, diluted | +36.3% | +11.9% | +15.0% | +13.3% | |
| Free cash flow | +14.2% | +2.1% | +4.0% | +5.9% | |
| Dividend per share | +10.2% | +9.9% | +10.3% | +9.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 57.3% | 47.8% | |
| Return on assets | – | 6.4% | 7.4% | |
| Current ratio | 1.05 | 1.07 | 1.11 | |
| Debt to equity | 1.13 | 2.21 | 1.63 | |
| Net debt to EBITDA | 2.93× | – | – | |
| Interest coverage | 6.4× | 8.3× | 5.3× | |
| Capex to revenue | 1.7% | 1.3% | 1.5% | |
| Diluted shares | 270M | 233M | 217M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Aon generated $15.35B from operations and spent $15.10B on capital expenditure, dividends and share buybacks. 7% of that went back into the business.
Generated
$15.35B
Used
$15.10B
Capital expenditure$1.07B7%Dividends$2.59B17%Share buybacks$11.45B76%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin21.5%
×Asset turnover0.34×
×Equity multiplier6.45×
=Return on equity, FY202547.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 21.5% | 0.34× | 6.45× | 47.8% |
| FY2024 | 16.9% | 0.38× | 15.66× | 100.2% |
| FY2023 | 19.2% | 0.40× | -49.20× | -378.5% |
| FY2022 | 20.7% | 0.39× | 121.47× | 973.3% |
| FY2021 | 10.3% | 0.38× | 14.05× | 55.1% |
| FY2020 | 17.8% | 0.36× | 8.95× | 57.3% |
| FY2019 | 13.9% | 0.39× | 7.42× | 40.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$3.70B
- Cash generatingOperating cash flow above zero$3.48B
- Return on assets improvedROA up on the prior year7.8% → 7.5%
- Earnings backed by cashOperating cash flow above net income$3.48B vs $3.70B
- Less leverageLong-term debt to assets fell33.2% → 28.9%
- Better liquidityCurrent ratio rose1.02 → 1.11
- No dilutionShare count did not rise213M → 217M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.46 → 0.35