Aon (AON) financials

NYSE · Financial Services · Insurance - Brokers · 60,000 employees · CEO Gregory C. Case

Price: $321.67 +0.01%
Market cap: $68.2B
Enterprise value: $95B
Last report: Q3 '26 filed 2026-10-28
Next report: 2027-01-29 EPS est. $4.90

Revenue (TTM)$17.7B+3.8% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)27.0%+2.2 pp vs a year agoOperating income $4.78B

Net income (TTM)$3.93B+44.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.27B+7.4% vs a year agoCapex $308M

Diluted EPS (TTM)$18.27+46.4% vs a year agoSum of the last 4 quarters

Net cash-$13.5B+17.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $68.2B
Revenue: $17.7B
Revenue growth: +4%
Profit margin: 22.2%
P/E: 17.5×
P/S: 3.9×
EV / EBITDA: 14.1×
Free cash flow: $3.27B
Net income: $3.93B
Revenue estimate: $17.9B
Earnings: 2027-01-29
Dividend: $3.13

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-28): revenue beat by 0.6%, EPS beat by 1.8%Revenue $4.1B vs $4.08B expected (+0.6%); EPS $3.36 vs $3.30 (+1.8%).
Revenue growth slowing: 2.6% year on yearQ3 '26 revenue $4.1B, against an average of 4.9% over the four quarters before.
Operating margin 27.0% (TTM), +2.2 pp on a year agoOperating income grew 13.0% while revenue grew 3.8%.
Capex 1.7% of revenue (a year ago 1.4%)$308M invested in the last 4 quarters (+26.2% on a year earlier). Free cash flow $3.27B = 83.1% of net income.
Returned $2.02B to shareholders = 61.9% of free cash flowBuybacks $1.35B (a year earlier $950M), dividends $672M, stock-based pay $308M (TTM).
Diluted share count down 1.7% in a year213M diluted shares in Q3 '26, 217M a year earlier.
Net debt $13.5BCash + short-term investments $15.3B, debt incl. leases $28.8B; a year ago net debt $16.3B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$4.1B	$4B	+2.6%
Gross margin	44.5%	43.5%	+1.0 pp
Operating income	$809M	$816M	-0.9%
Operating margin	19.7%	20.4%	-0.7 pp
Net income	$476M	$458M	+3.9%
Diluted EPS	$2.23	$2.11	+5.7%
Operating cash flow	$1.19B	$1.15B	+3.7%
Capex	$94M	$69M	+36.2%
Free cash flow	$1.1B	$1.08B	+1.7%
R&D	$0	$0	–
Stock-based compensation	$104M	$106M	-1.9%

Reported vs consensus

2026-10-28

	Actual	Consensus	vs consensus
Revenue	$4.1B	$4.08B	+0.6%
EPS (as estimated)	$3.36	$3.30	+1.8%

From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Risk Capital Segment	$2.68B	+6.2%	65.4%	$11.9B	–
Human Capital Segment	$1.42B	-3.7%	34.6%	$5.8B	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
United States	$2.14B	+2.5%	57.5%	$8.32B	-0.5%
Europe, Middle East, And Africa	$606M	+9.2%	16.3%	$3.52B	+14.0%
United Kingdom	$526M	+0.2%	14.2%	$2.31B	+6.8%
Asia Pacific	$403M	-1.7%	10.8%	$1.68B	-1.9%
IRELAND	$46M	+9.5%	1.2%	$198M	+14.5%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Risk Capital Segment	–	–	$608M	+3.9%	–	–	$3.7B
Human Capital Segment	–	–	$346M	+4.2%	–	–	$1.51B
Corporate And Eliminations	–	–	-$145M	-43.6%	–	–	-$563M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $3.57B
Capex: -$308M
Buybacks: -$1.35B
Dividends: -$672M
Acquisitions: $2.11B
Net debt issued: $10.3B
Stock-based compensation: $308M
Free cash flow: $3.27B
Returned to shareholders / FCF: 61.9%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	17.5×	30.1×	20.6× – 53.8×
EV / EBITDA	14.1×	20.7×	17.1× – 30.0×
EV / Sales	5.4×	5.8×	5.3× – 6.3×
Price / FCF	20.9×	24.6×	18.6× – 33.0×
Price / Book	6.8×	28.1× 3 of 5 years	8.1× – 63.7×
FCF yield	4.8%	4.2%	3.0% – 5.4%
Return on invested capital	9.0%	15.8%	9.9% – 22.9%
Return on equity	40.4%	-119.7%	-489.4% – 118.3%

Analysts

Consensus target $361.30 (+12.3%)
range $317.00 – $423.00 · rating Hold

Strong buy0

Buy18

Hold19

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$17.9B	+4.2%	$18.41	+8.1%	17.5×	14
FY2027	$21.7B	+21.2%	$20.25	+10.0%	15.9×	13
FY2028	$23B	+5.9%	$23.37	+15.4%	13.8×	5
FY2029	$23.7B	+3.1%	$25.65	+9.8%	12.5×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 246 figures Aon plc tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Accrued Liabilities, Current	$2.54B	$2.4B	+5.7%	$2.86B	$2.91B	-1.5%
Accounts Receivable, after Allowance for Credit Loss, Current	$4.78B	$4.28B	+11.7%	$4.21B	$3.8B	+10.7%
Accounts Receivable, Allowance for Credit Loss, Current	$83M	$74M	+12.2%	$74M	$75M	-1.3%
Accounts Receivable, Credit Loss Expense (Reversal)	$5M	$4M	+25.0%	$10M	$7M	+42.9%
Accrued Income Taxes, Current	$239M	$127M	+88.2%	$309M	$260M	+18.8%
Accrued Income Taxes, Noncurrent	$1.09B	$979M	+10.8%	$1.01B	$885M	+14.6%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.65B2025-12-31	$1.51B	+9.0%	$1.65B	$1.51B	+9.0%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$3.91B	-$3.92B	+0.3%	-$3.84B	-$4.75B	+19.0%
Additional Paid in Capital, Common Stock	$13.6B	$13.4B	+1.8%	$13.4B	$13.2B	+2.0%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	100K	0	–	02023-12-31	800K	-100.0%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$104M	$106M	-1.9%	$432M	$474M	-8.9%
Assets	$65.1B	$51.6B	+26.1%	$50.8B	$49B	+3.7%
Assets for Plan Benefits, Defined Benefit Plan	$602M	$588M	+2.4%	$603M	$556M	+8.5%
Assets, Current	$39.9B	$26.6B	+50.1%	$25.8B	$23.4B	+10.0%
Business Combination, Contingent Consideration, Liability, Current	$45M	$70M	-35.7%	$28M	$93M	-69.9%
Business Combination, Contingent Consideration, Liability, Noncurrent	$120M	$121M	-0.8%	$99M	$104M	-4.8%
Cash and Cash Equivalents, at Carrying Value	$2.02B	$1.1B	+84.2%	$1.2B	$1.09B	+10.1%
Cash, Cash Equivalents, and Short-term Investments	$15.3B	–	–	–	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$10.5B	$9.52B	+10.0%	$8.57B	$8.33B	+2.9%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.41B	$196M	+618.4%	$240M	$611M	-60.7%
Common Stock, Dividends, Per Share, Cash Paid	$0.82	$0.75	+10.1%	$2.91	$2.64	+10.2%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	500M	500M	0.0%	500M	500M	0.0%
Common Stock, Shares, Issued	212M	215M	-1.4%	215M	216M	-0.7%
Common Stock, Value, Issued	$2M	$2M	0.0%	$2M	$2M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$557M	$386M	+44.3%	$4.6B	$2.28B	+101.4%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$352M	$320M	+10.0%	$450M	$424M	+6.1%
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	$215M	$190M	+13.2%	$208M	$207M	+0.5%
Contract with Customer, Liability, Current	$262M	$286M	-8.4%	$259M	$280M	-7.5%
Contract with Customer, Liability, Noncurrent	$26M	$29M	-10.3%	$30M	$30M	0.0%
Costs and Expenses	$3.29B	$3.18B	+3.5%	$12.8B	$11.9B	+8.2%
Current Income Tax Expense (Benefit)	–	–	–	$1.15B	$1.05B	+9.2%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$173M2025-12-31	$191M	-9.4%	$173M	$191M	-9.4%
Debt, Current	$1.72B	$1.74B	-0.7%	$589M	$751M	-21.6%
Debt, Long-term and Short-term, Combined Amount	$15.2B2025-12-31	$17B	-10.4%	$15.2B	$17B	-10.4%
Deferred Income Tax Assets, Net	$884M	$855M	+3.4%	$748M	$654M	+14.4%
Deferred Income Tax Expense (Benefit)	–	–	–	-$141M	-$311M	+54.7%
Deferred Income Tax Liabilities, Net	$350M	$361M	-3.0%	$340M	$319M	+6.6%
Deferred Income Taxes and Tax Credits	-$127M	$6M	-2,216.7%	-$141M	-$311M	+54.7%
Deferred Tax Assets, Deferred Income	$34M2025-12-31	$31M	+9.7%	$34M	$31M	+9.7%
Deferred Tax Assets, Gross	$2.57B2025-12-31	$2.53B	+1.7%	$2.57B	$2.53B	+1.7%
Deferred Tax Assets, Net	$408M2025-12-31	$335M	+21.8%	$408M	$335M	+21.8%
Deferred Tax Assets, Net of Valuation Allowance	$2.26B2025-12-31	$2.33B	-2.7%	$2.26B	$2.33B	-2.7%
Deferred Tax Assets, Other	$58M2025-12-31	$56M	+3.6%	$58M	$56M	+3.6%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	$325M2025-12-31	$359M	-9.5%	$325M	$359M	-9.5%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other	$166M2025-12-31	$176M	-5.7%	$166M	$176M	-5.7%
Deferred Tax Assets, Valuation Allowance	$306M2025-12-31	$202M	+51.5%	$306M	$202M	+51.5%
Deferred Tax Liabilities, Net	$1.86B2025-12-31	$1.99B	-6.8%	$1.86B	$1.99B	-6.8%
Deferred Tax Liabilities, Other	$61M2025-12-31	$57M	+7.0%	$61M	$57M	+7.0%
Deferred Tax Liabilities, Tax Deferred Income	$184M2025-12-31	$160M	+15.0%	$184M	$160M	+15.0%
Deferred Tax Liabilities, Undistributed Foreign Earnings	$55M2025-12-31	$66M	-16.7%	$55M	$66M	-16.7%
Deferred Tax Liabilities, Unrealized Currency Transaction Gains	$41M2025-12-31	$36M	+13.9%	$41M	$36M	+13.9%
Defined Benefit Plan, Plan Assets, Contributions by Employer	$28M	$26M	+7.7%	–	–	–
Defined Contribution Plan, Cost	–	–	–	$231M	$212M	+9.0%
Depreciation	$49M	$47M	+4.3%	$188M	$183M	+2.7%
Derivative Asset	$38M2026-03-31	–	–	$45M	$40M	+12.5%
Derivative Liability	$30M2026-03-31	–	–	$27M	$16M	+68.8%
Disposal Group, Including Discontinued Operation, Assets, Current	$1.27B2025-09-30	$0	–	$1M2024-12-31	$354M	-99.7%
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$0	$34M	-100.0%	$0	$1M	-100.0%
Disposal Group, Including Discontinued Operation, Liabilities, Current	$166M2025-09-30	$0	–	$02024-12-31	$69M	-100.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01