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Aon plc (AON) stock

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NYSE: AON NYSE Insurance Brokers Next results ~January 29, 2027

C+ Fundamentals grade

Aon plc is a global professional services firm advising clients on risk and people-related decisions. It operates through two segments: Risk Capital and Human Capital. Risk Capital covers Commercial Risk Solutions, including insurance and specialty brokerage, global risk consulting, captives management and Affinity programmes, alongside Reinsurance Solutions spanning treaty and facultative reinsurance, a Strategy and Technology Group, and capital markets services. Human Capital covers Health Solutions, including consulting, brokerage and consumer benefits, and Wealth Solutions, including retirement consulting, pension administration and investments advisory.

Its clients are organisations across nearly every industry and market segment. Aon earns money chiefly through commissions, compensation from insurance and reinsurance companies for services provided to them, and fees charged to clients for advice and consulting. It also holds client funds in transit between clients and insurers, some of which may earn interest.

Aon serves clients in more than 120 countries, with Global Broking Centres in London, Bermuda and Singapore. It competes with firms such as Marsh McLennan, Willis Towers Watson, Arthur J Gallagher and Lockton. Revenues tend to be higher in the first and fourth quarters.

Based on Aon plc's 10-K filed February 13, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$290

Cash-flow model

Base case. Range ~$190–$420 across our lower- and higher-growth cases (2.1%–12.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 14% above our base value.

Price used: $333.38, November 2, 2026

Aon plc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 1 selling7 purchases and 11 sales by directors and officers, last 12 monthsInsider trades
  • Funds587 adding, 564 cuttingOf 87 active managers that changed their stake, 35 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Aon files

10-Q filed October 28: Aon

Model value −16.5%

Revenue for the twelve months to September 2026 was $17.7bn, up 3.8% on a year earlier, slower than the 4.9% growth a quarter earlier. Free-cash-flow margin held at 18.5%. Our model value falls from $350 to $292 a share, against a share price of $328. The rating stays Hold. At that price, our model says the market is pricing in about 11.0% a year of cash-flow growth for five years, faster than the 7.7% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Aon

Aon plc generated $17.7bn in revenue over the twelve months to June 2026, a rise of 3.8% year on year, a step down from the 4.9% pace recorded a quarter earlier. Free-cash-flow margin was steady at 18.5%. Our model value sits little changed at $350 a share, against a share price of $302, leaving the rating at Hold. At the current price, the market appears to be pricing in cash-flow growth of about 8.4% a year over five years. That figure sits close to the 7.7% a year revenue growth the company has actually delivered, suggesting the valuation is not far removed from recent trading performance.

10-Q on SEC EDGAR

Where Aon stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $17.6bn, up 4.9% on a year earlier, slower than 6.9% a quarter earlier. Free-cash-flow margin rose to 18.5% from 17.4% a year earlier. Operating margin widened to 26.5% from 24.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $251 a share, against a share price of $294. At that price, our model says the market is pricing in about 10.4% a year of cash-flow growth for five years, faster than the 7.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 29, 2027 (estimated)

Aon plc's trailing-twelve-month revenue grew 3.8% year on year, with a free-cash-flow margin of 18.5%. Where it stands out: operating margin of 26.3% ranks 1 of 14 insurance brokers companies we cover. Where it lags: long-term debt as % of assets of 40.4% ranks 5 of 5 insurance brokers companies we cover.

Our discounted-cash-flow model values the business at ~$290 per share in the base case (~$190–$420 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 7.4% while net income grew 44.7%: a 37pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 26.3% of revenue is left as operating profit, against a median of 10.8% for insurance brokers companies we cover.
  • Shrinking share count. Diluted shares fell 1.3% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 40.4% ranks 5 of 5 insurance brokers companies we cover (median 24.9%).
  • Below peers: revenue growth. Revenue growth of 3.8% ranks 13 of 17 insurance brokers companies we cover (median 7.6%).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 5.2% over 90 days.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$3.36 against an average estimate of $3.30: beat by 1.8%
Revenue
$4.10bn, up 2.6% on a year earlier
Share reaction
+6.3% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
adjusted EPS - foreign currency translation impact $0.42 (full year 2026); leverage ratio objective 2.8 to 3 (approximately 24 months)
Next report
January 29, 2027; average EPS estimate $4.94

Aon's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.9%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.7B
Operating margin
26.3%
Net margin
22.2%
EPS (TTM, diluted)
$18.31

Growth

Revenue growth
+3.8%
Change in growth rate
−1.1 pts
Share count change
−1.3%

Cash

Free cash flow (TTM)
$3.3B
FCF margin
18.5%
Stock pay % of revenue
2.1%

Earnings

Last results
October 28, 2026
Next results (est.)
January 29, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Product
  2. Announcement
  3. Announcement
  4. Results
  5. Results
  6. Results
  7. Guidance
  8. Announcement
  9. Leadership
  10. Product
  11. Agreement
  12. Announcement
  13. Announcement
  14. Insider trade
  15. Agreement
  16. Leadership
  17. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Aon plc valuation models and calculator

What the price is pricing in

The share price implies about 11.4% a year of cash-flow growth for five years.That is close to the 7.7% a year revenue growth Aon has delivered.

  • Priced in11.4%
  • Last 12 months3.8%
  • 3 years a year10.4%
  • 5 years a year7.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($331.51, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$290
Price used
$331.51close November 3, 2026
Implied change
▼ 12%
Uncertainty
High

How we got here: a discounted-cash-flow model of Aon plc's free cash flow after stock-based pay with after-tax interest added back ($3.4B, FY2026 Q3 TTM), growing 14.2% and 12% in the next two years (forecasts, guidance and its record), then back to 7.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$190–~$420 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Aon plc's free cash flow after stock-based pay ( $3.4B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Aon plc as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.56 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$290 ~$190–$420 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$390 ~$330–$460 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$480 ~$330–$720 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$290 ~$230–$370 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$11 ~$15–$170 Left out: out of range vs price (0.03x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$330 ~$260–$440 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$340 ~$290–$480 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Aon plc with insurance brokers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −40%
  • Revenue growth 5 points higher ▲ +53%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +5%
  • Discount rate 1 point higher ▼ −23%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $108$191$302$447$637$883
8.5% $53$113$193$297$433$607
10% $20$66$128$208$311$443

Valuation multiples over time Market data may be delayed

At fiscal year end Now
Share price$333.38
Market value$71.6bn
+ Net debt (− = net cash)$26.0bn
Enterprise value$97.6bn
Multiples
Price / sales 4.0x
Price / earnings 18.2x
Price / free cash flow 21.9x
EV / EBITDA 20.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

69 /100

Moderate moat

How hard Aon's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 5.4% of total assets over 10 years.

  • Durability 13 / 20

    Operating margin has been a median 23.6%; its worst year was 9.5%.

  • Discipline 17 / 20

    The diluted share count fell 5.9% over five years; stock-based pay has been a median 3.2% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (84 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 29, 2027, before the open. Analysts expect revenue of $4.5bn and EPS of $4.94 (range $4.52 to $5.37) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $18.73 +10% $17.9bn +4%
Next $20.24 +8% $21.6bn +21%

Next year's EPS estimate has moved −5.2% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.8% on 90 days ago. In the last 30 days, 4 analysts raised Aon plc's forecast and 10 cut it.

Consensus EPS forecast Aon plc, last 90 days
$18.00 $19.00 $20.00 $21.00 $22.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $19.08 Current fiscal year, 60 days ago: $19.07 Current fiscal year, 30 days ago: $18.70 Current fiscal year, 7 days ago: $18.57 Current fiscal year, Now: $18.73 $18.73 Next fiscal year, 90 days ago: $21.35 Next fiscal year, 60 days ago: $21.38 Next fiscal year, 30 days ago: $20.28 Next fiscal year, 7 days ago: $20.21 Next fiscal year, Now: $20.24 $20.24

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $19.08$21.35
60 days ago $19.07$21.38
30 days ago $18.70$20.28
7 days ago $18.57$20.21
Now $18.73$20.24

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.30 $3.36 +1.8%
Jun 2026 $3.80 $3.81 +0.3%
Mar 2026 $6.35 $6.48 +2.0%
Dec 2025 $4.75 $4.85 +2.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Adjusted EPS - foreign currency translation impact full year 2026 about $0.42 Non-GAAP Maintained vs about 0.42
    “If currency were to remain stable at today's rates, the Company would expect a de minimis impact on adjusted EPS in the fourth quarter of 2026 and a favorable impact on adjusted EPS of approximately $0.42 per share for the full year 2026.” source
  • Leverage ratio objective approximately 24 months 2.8 to 3
    “will prioritize debt repayment with a path towards deleveraging to our 2.8x-3.0x objective in approximately 24 months” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Aon plc's revenue by +14.2% next year and +12.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+17.3%, weight 70%) and the company's own record (+7.1%, weight 30%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy1362%
Hold524%
Sell314%

Monthly trend

  1. Oct 2026495221
  2. Sep 2026495221
  3. Aug 202639720
  4. Jul 20263107222

Counts of recommendations published by analysts covering Aon plc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.6%
of tradable shares
Days to cover
1.65
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
93%
of shares
Held by insiders
1.0%
of shares
Employees
60,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
1 up, 0 down
typical move ±6.3%
After a week
0 up, 0 down
typical move ±%
After a month
0 up, 0 down
typical move ±%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +6.3% 0.0% — —

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Aon plc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.95× the last 60 days’ realised volatility , richer than 14% of the 229 stocks we screen today.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

AON Aon plc Grade C+ $332.84

Own 100 shares, sell the $350 call expiring December 18, 2026 (46 days) for $6.90 a share — $690 per contract.

Previous session · Bid $6.90, ask $8.70, quoted Mon 2 Nov, 17:14 New York time with AON at $332.84. Option prices move with the shares: check the live chain at your broker before trading.

  • If AON ends below $350: you keep your shares and the $690 — 2.1% extra on the position, 16.4% a year at that pace.
  • If it ends above $350: your shares are sold at $350, a total return of 7.2% including the premium — at or above our value of ~$290.
$2.4k $0 −$6.5k Our value $290 Break-even $325.94 Price $332.84
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$690
Annualised
16.4%
Break-even
$325.94
Max gain
$2,406
Chance of selling
~37%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Aon plc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Aon plc
$12B $14B $16B $18B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $13.4B Revenue (TTM), FY24 Q1: $13.6B Revenue (TTM), FY24 Q2: $14.2B Revenue (TTM), FY24 Q3: $14.9B Revenue (TTM), FY24 Q4: $15.7B Revenue (TTM), FY25 Q1: $16.4B Revenue (TTM), FY25 Q2: $16.8B Revenue (TTM), FY25 Q3: $17B Revenue (TTM), FY25 Q4: $17.2B Revenue (TTM), FY26 Q1: $17.5B Revenue (TTM), FY26 Q2: $17.6B Revenue (TTM), FY26 Q3: $17.7B $17.7B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $13.4B
FY24 Q1 $13.6B
FY24 Q2 $14.2B
FY24 Q3 $14.9B
FY24 Q4 $15.7B
FY25 Q1 $16.4B
FY25 Q2 $16.8B
FY25 Q3 $17B
FY25 Q4 $17.2B
FY26 Q1 $17.5B
FY26 Q2 $17.6B
FY26 Q3 $17.7B
Revenue growth, TTM YoY Aon plc
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.2% Revenue growth, TTM YoY, FY24 Q1: 7.1% Revenue growth, TTM YoY, FY24 Q2: 10.0% Revenue growth, TTM YoY, FY24 Q3: 13.7% Revenue growth, TTM YoY, FY24 Q4: 17.4% Revenue growth, TTM YoY, FY25 Q1: 20.5% Revenue growth, TTM YoY, FY25 Q2: 18.3% Revenue growth, TTM YoY, FY25 Q3: 14.1% Revenue growth, TTM YoY, FY25 Q4: 9.4% Revenue growth, TTM YoY, FY26 Q1: 6.9% Revenue growth, TTM YoY, FY26 Q2: 4.9% Revenue growth, TTM YoY, FY26 Q3: 3.8% 3.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.2%
FY24 Q1 7.1%
FY24 Q2 10.0%
FY24 Q3 13.7%
FY24 Q4 17.4%
FY25 Q1 20.5%
FY25 Q2 18.3%
FY25 Q3 14.1%
FY25 Q4 9.4%
FY26 Q1 6.9%
FY26 Q2 4.9%
FY26 Q3 3.8%
Operating margin (TTM) Aon plc
22% 24% 26% 28% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 28.3% Operating margin (TTM), FY24 Q1: 27.8% Operating margin (TTM), FY24 Q2: 25.4% Operating margin (TTM), FY24 Q3: 23.6% Operating margin (TTM), FY24 Q4: 24.4% Operating margin (TTM), FY25 Q1: 23.4% Operating margin (TTM), FY25 Q2: 24.1% Operating margin (TTM), FY25 Q3: 24.8% Operating margin (TTM), FY25 Q4: 25.3% Operating margin (TTM), FY26 Q1: 26.3% Operating margin (TTM), FY26 Q2: 26.5% Operating margin (TTM), FY26 Q3: 26.3% 26.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 28.3%
FY24 Q1 27.8%
FY24 Q2 25.4%
FY24 Q3 23.6%
FY24 Q4 24.4%
FY25 Q1 23.4%
FY25 Q2 24.1%
FY25 Q3 24.8%
FY25 Q4 25.3%
FY26 Q1 26.3%
FY26 Q2 26.5%
FY26 Q3 26.3%
FCF margin (TTM) Aon plc
16% 18% 20% 22% 24% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 23.8% FCF margin (TTM), FY24 Q1: 22.7% FCF margin (TTM), FY24 Q2: 20.6% FCF margin (TTM), FY24 Q3: 19.3% FCF margin (TTM), FY24 Q4: 17.9% FCF margin (TTM), FY25 Q1: 16.1% FCF margin (TTM), FY25 Q2: 17.4% FCF margin (TTM), FY25 Q3: 17.9% FCF margin (TTM), FY25 Q4: 18.7% FCF margin (TTM), FY26 Q1: 20.0% FCF margin (TTM), FY26 Q2: 18.5% FCF margin (TTM), FY26 Q3: 18.5% 18.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 23.8%
FY24 Q1 22.7%
FY24 Q2 20.6%
FY24 Q3 19.3%
FY24 Q4 17.9%
FY25 Q1 16.1%
FY25 Q2 17.4%
FY25 Q3 17.9%
FY25 Q4 18.7%
FY26 Q1 20.0%
FY26 Q2 18.5%
FY26 Q3 18.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Aon took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $17.2B
  2. Other income $360M · 2.1%
  3. Other operating costs $12.8B · 74.7%
  4. Operating income $4.3B · 25.3%
  5. Income tax $1B · 5.9%
  6. Net income $3.7B · 21.5%

Shares of revenue. Source: Aon's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 7.6 8.5 11.3 11.5 11.8 12.0 9.5 9.4 10.0 10.8 11.0 11.1 12.2 12.5 13.4 15.7 17.2 17.7
EBITDA 1.2 1.4 1.8 1.8 1.9 2.2 1.8 2.0 1.3 1.7 2.3 2.9 2.3 3.8 4.0 4.0 4.5 4.8
Operating income 1.0 1.2 1.6 1.6 1.7 2.0 1.6 1.8 1.1 1.5 2.2 2.8 2.1 3.7 3.8 3.8 4.3 4.6
Net income 0.7 0.7 1.0 1.0 1.1 1.4 1.4 1.4 1.2 1.1 1.5 2.0 1.3 2.6 2.6 2.7 3.7 3.9
Diluted EPS $2.57 $2.37 $2.87 $2.99 $3.53 $4.66 $4.88 $5.16 $4.70 $4.59 $6.37 $8.45 $5.55 $12.14 $12.51 $12.49 $17.02 $18.31
Growth (year on year)
Revenue +0.9% +12.1% +32.6% +2.0% +2.6% +1.9% −21.3% −0.7% +6.3% +7.7% +2.3% +0.5% +10.2% +2.3% +7.2% +17.4% +9.4% +3.8%
EBITDA +6.7% +19.2% +30.2% +0.7% +4.5% +15.5% −20.7% +12.7% −36.5% +37.4% +36.1% +25.9% −23.0% +68.4% +3.5% +1.7% +12.8% +9.6%
Operating income +8.6% +21.8% +28.3% 0.0% +4.7% +17.7% −19.3% +14.1% −41.2% +45.0% +40.5% +28.2% −24.8% +75.6% +3.2% +1.3% +13.3% +9.9%
Net income −48.9% −5.5% +38.7% +1.4% +12.1% +25.5% −0.9% +0.8% −12.2% −7.5% +35.1% +28.5% −36.3% +106.3% −1.0% +3.5% +39.2% +44.7%
Diluted EPS −46.5% −7.8% +21.1% +4.2% +18.1% +32.0% +4.7% +5.7% −8.9% −2.3% +38.8% +32.7% −34.3% +118.7% +3.0% −0.2% +36.3% +46.6%
Margins
EBITDA margin 15.4% 16.4% 16.1% 15.9% 16.2% 18.3% 18.5% 21.0% 12.5% 16.0% 21.3% 26.6% 18.6% 30.6% 29.5% 25.6% 26.4% 27.4%
Operating margin 13.4% 14.6% 14.1% 13.9% 14.1% 16.3% 16.7% 19.2% 10.7% 14.3% 19.7% 25.1% 17.1% 29.4% 28.3% 24.4% 25.3% 26.3%
Net margin 9.8% 8.3% 8.7% 8.6% 9.4% 11.6% 14.6% 14.8% 12.3% 10.5% 13.9% 17.8% 10.3% 20.7% 19.2% 16.9% 21.5% 22.2%
Free-cash-flow margin 4.7% 7.1% 6.9% 10.0% 12.9% 12.9% 19.1% 23.1% 5.5% 13.4% 14.6% 23.9% 16.8% 24.2% 23.8% 17.9% 18.7% 18.5%
Cash flow
Cash from operations 0.5 0.8 1.0 1.4 1.8 1.8 2.0 2.3 0.7 1.7 1.8 2.8 2.2 3.2 3.4 3.0 3.5 3.6
Capital spending 0.1 0.2 0.2 0.3 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.3 0.2 0.3 0.3
Free cash flow 0.4 0.6 0.8 1.2 1.5 1.6 1.8 2.2 0.6 1.4 1.6 2.6 2.0 3.0 3.2 2.8 3.2 3.3
Stock-based pay 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.4 0.4
Free cash flow after stock pay 0.2 0.4 0.5 0.9 1.2 1.2 1.5 1.9 0.2 1.1 1.3 2.3 1.6 2.6 2.7 2.3 2.8 2.9
Balance sheet
Cash 0.2 0.3 0.3 0.3 0.5 0.4 0.4 0.4 0.8 0.7 0.8 0.9 0.5 0.7 0.8 1.1 1.2 2.0
Total debt 2.0 4.5 4.5 4.2 4.4 5.6 5.7 6.3 6.1 6.3 7.4 7.8 9.5 10.9 11.3 17.2 15.4 28.0
Net debt (negative = net cash) 1.8 4.2 4.2 3.9 3.9 5.2 5.3 5.9 5.3 5.7 6.7 7.0 9.0 10.2 10.6 16.1 14.2 26.0
Diluted shares 291m 298m 341m 333m 315m 300m 284m 270m 261m 247m 241m 233m 226m 213m 205m 213m 217m 215m
Returned to shareholders
Dividends 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.6 0.6 0.7
Buybacks 0.6 0.3 0.8 1.1 1.1 2.3 1.6 1.3 2.4 1.5 2.0 1.8 3.5 3.2 2.7 1.0 1.0 1.4
Total returned 0.8 0.4 1.0 1.3 1.3 2.5 1.9 1.6 2.8 1.9 2.4 2.2 4.0 3.7 3.2 1.6 1.6 2.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $65.1bn
Short-term assets $39.9bnLonger-term assets $25.3bn
What it owes, and who funded it · $65.0bn
Short-term liabilities $25.2bnLonger-term liabilities $29.8bnShareholders' equity $10.1bn
  • Short-term assets cover short-term liabilities $39.9bn of assets due within a year against $25.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $39.9bn short-term assets against $29.8bn of longer-dated liabilities.
  • More cash than debt $2.0bn of cash against $28.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 278% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 823% to 278% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.6bn of operating cash flow against $28.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.6bn against $755m of interest.

From Aon plc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.4B
Dividends (TTM)
$672M
Returned to shareholders
62%
of free cash flow
Buybacks, last 3 fiscal years
$4.7B
Diluted share count
−1.3%
year over year
Total shareholder yield
2.9%
dividends 0.9% + buybacks 1.9% of market value
Dividend payout ratio
17%
of net income paid out
Days sales outstanding
99 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in insurance brokers
Last 12 months unless stated AON AJG MRSH WTW BRO ERIE Median
Revenue, last 12 months $17.7bn $15.8bn $28.5bn $10.3bn $6.9bn $4.1bn $1.6bn
Revenue growth, last 12 months 3.8% 26.3% 7.6% 4.8% 26.1% 2.0% 7.6%
Revenue growth, 3-year average 10.4% 19.6% 8.6% 3.4% 18.7% 9.4% 13.8%
Revenue growth, latest quarter 2.6% 24.2% 8.1% 7.5% 7.4% 0.3% 4.7%
Operating margin 26.3% — 21.4% 22.0% — 17.9% 9.4%
Operating margin, 3-year average 24.9% — 22.9% 16.2% — 17.7% 4.9%
Net margin 22.2% 10.0% 14.2% 15.2% 17.6% 14.0% 4.9%
Cash from operations / revenue 20.2% 15.5% 15.7% 19.3% 22.9% 16.8% 15.5%
Free-cash-flow margin 18.5% 14.5% 14.6% 17.0% 21.5% 13.4% 13.4%
Free-cash-flow margin, 3-year average 18.5% 17.2% 16.2% 14.0% 22.4% 13.5% 13.7%
Stock pay / revenue 2.1% 0.4% 1.5% 2.2% 1.3% — 1.4%
Change in share count −1.3% 7.4% −2.0% −4.3% 12.3% — 5.7%

Median of all 17 companies we cover in insurance brokers. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 insurance brokers companies
Measure Company Peer median Rank
Revenue growth Growth 3.8% 7.6% 13 of 17
Change in growth rate Growth -1.1pp -0.7pp 10 of 17
Operating margin Profitability 26.3% 10.8% 1 of 14
Net margin Profitability 22.2% 4.9% 1 of 17
Free-cash-flow margin Cash generation 18.5% 17.0% 2 of 6
Stock pay as % of revenue Cash generation 2.1% 1.5% 10 of 16
Long-term debt as % of assets Balance sheet 40.4% 24.9% 5 of 5
Change in share count Balance sheet -1.3% 7.4% 3 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $8.3B 48.2% ▲ 8.0%
Europe Middle East and Africa Other Than United Kingdom and Ireland $3.2B 18.4% ▲ 8.7%
United Kingdom $2.2B 12.9% ▲ 12.4%
Asia Pacific $1.7B 10.0% ▲ 2.1%
Americas Other Than United States $1.6B 9.5% ▲ 22.3%
Ireland $185M 1.1% ▲ 26.7%

From Aon plc's 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$63.7B
Institutions reporting
1,248
Shares held vs prior quarter
▲ 2.8%
Positions opened / closed
120 / 110

Top buyers and sellers, Q2 2026: 587 institutions bought and 564 sold ; the biggest buyer was Jpmorgan Chase & Co (+6.5M shares) and the biggest seller UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.2B 15.7M 8.2% ▼ 2.7%
Vanguard Capital Management LLC $4.5B 13.6M 7.1% ▲ 0.2%
Jpmorgan Chase & Co $4B 12.2M 6.3% ▲ 115.8%
Capital World Investors $3.9B 11.7M 6.1% ▲ 2.0%
State Street Corp $3.1B 9.4M 4.9% ▲ 2.1%
Dodge & Cox $2.9B 8.6M 4.5% ▲ 5.9%
Massachusetts Financial Services Co $2.6B 7.6M 4.0% ▼ 8.9%
Vanguard Portfolio Management LLC $2.4B 7.2M 3.7% ▲ 58.0%
Morgan Stanley $2.1B 6.2M 3.2% ▼ 2.5%
Geode Capital Management, LLC $1.7B 5.2M 2.7% ▼ 1.2%
Bank Of New York Mellon Corp $1.1B 3.2M 1.7% ▼ 3.9%
Price T Rowe Associates Inc $1B 3.1M 1.6% ▲ 144.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Aon plc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $7.8M 7 trades by 1 insider, last 12 months Insider sales History → $7.8M 11 trades by 1 insider · 43% under pre-set plans
Net ▲ $75,811 net buying
Insider Date Trade Shares Price Value
Knight Lester B Director September 2, 2026 Buy 367 $330.51 $121,297
Knight Lester B Director September 2, 2026 Buy 1,440 $329.69 $474,754
Knight Lester B Director September 2, 2026 Buy 4,145 $328.34 $1.4M
Knight Lester B Director September 2, 2026 Buy 7,212 $327.52 $2.4M
Knight Lester B Director September 2, 2026 Buy 5,097 $326.53 $1.7M
Knight Lester B Director September 2, 2026 Buy 1,739 $325.63 $566,271
Zeidel Darren General Counsel July 28, 2026 Sell pre-set plan 475 $380.00 $180,500
Zeidel Darren General Counsel July 28, 2026 Sell pre-set plan 725 $378.00 $274,050
Zeidel Darren General Counsel July 28, 2026 Sell pre-set plan 700 $376.00 $263,200
Zeidel Darren General Counsel July 17, 2026 Sell pre-set plan 675 $374.00 $252,450
Zeidel Darren General Counsel July 17, 2026 Sell pre-set plan 650 $372.00 $241,800
Zeidel Darren General Counsel July 17, 2026 Sell pre-set plan 625 $370.00 $231,250

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 34 trades and filings

No trades in Aon plc disclosed in the last 12 months; 34 earlier trades on record.

  • Thomas H. Kean, Jr.(R-NJ 7):Purchase, $1,001 - $15,000, traded May 27, 2025, filed June 17, 2025
  • Jefferson Shreve(R-IN 6):Sale (full), $15,001 - $50,000, traded May 8, 2025, filed June 22, 2025
  • Jefferson Shreve(R-IN 6):Purchase, $15,001 - $50,000, traded March 13, 2025, filed April 11, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 29, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • May 1, 2026
  • January 30, 2026
  • October 31, 2025
  • July 25, 2025

Recent SEC filings

Data status

When each part of this page on Aon plc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Aon plc in brief

What does Aon plc do?
Aon plc is a US-listed company in the insurance brokers industry. Its financial year ends in December.
What is Aon plc's stock ticker?
Aon plc trades under the ticker AON on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Aon plc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Aon plc reported revenue of $17.7B, 3.8% higher than a year earlier, according to its SEC filings.
What is Aon plc's free cash flow?
Aon plc's free-cash-flow margin is 18.5% of revenue over the trailing twelve months, ranking 2 of the 6 insurance brokers companies we cover.
What is Aon plc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Aon plc's free cash flow after stock-based pay gives ~$290 per share in the base case, and ~$190–$420 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Aon plc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Jpmorgan Chase & Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Aon plc buying back stock, and does it pay a dividend?
Aon plc spent $1.4B on share repurchases over the trailing twelve months, and its diluted share count fell 1.3% over the year.
What is Aon plc's market cap?
On November 2, 2026, Aon plc's market capitalisation was about $71.6B, with a price-to-earnings ratio of 18.2 and net debt of $26B. Market figures come from third-party market data and may be delayed.
Does Aon plc pay a dividend?
Yes: Aon plc paid $672M in dividends over the trailing twelve months, a dividend yield of 0.95% and a payout ratio of 17.1%.
How much debt does Aon plc have?
Aon plc's debt-to-equity ratio is 277.6%, from its latest balance sheet (822.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Aon plc's competitors?
In our Insurance Brokers peer group, the companies closest to Aon plc are Arthur J. Gallagher & Co., Marsh McLennan, Willis Towers Watson, Brown & Brown and Erie Indemnity. The side-by-side comparison below sets their revenue, margins and growth against Aon plc's.
Are insiders buying or selling Aon plc stock?
Over the last 12 months, Aon plc's directors and officers reported 7 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is Aon plc's next earnings date?
Around January 29, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Aon plc announces its own schedule.