AONAon plc

Financials · Insurance Brokers · NYSE

Aon plc (which may be referred to as “Aon,” the “Company,” “we,” “us,” or “our”) is a leading global professional services firm. 10-K, Item 1

Employees: 60,000
Headquarters: Dublin 2, L2
CEO: Gregory C. Case
Next results: around Jan 29, 2027

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AON and 9 peers, year by year

The 9 Financials companies closest to AON in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
AON Aon plc	FY2025	$17.2B	+9.4%	25.3%	21.5%	18.7%	39.5%	1.69
RJF Raymond James Financial	FY2025	$15.9B	+6.6%	-	13.4%	14.1%	17.1%	0.06
PFG Principal Financial Group	FY2025	$15.6B	−3.1%	-	7.6%	-	10.0%	0.33
AFL Aflac	FY2025	$17.2B	−9.3%	-	21.2%	-	12.4%	-
ACGL Arch Capital Group	FY2025	$19.9B	+14.3%	-	22.1%	30.7%	18.2%	-
L Loews Corporation	FY2025	$18.5B	+9.7%	-	9.0%	14.6%	8.9%	0.51
AJG Arthur J. Gallagher & Co.	FY2025	$13.9B	+20.7%	-	10.7%	-	6.4%	0.58
SPGI S&P Global	FY2025	$15.3B	+7.9%	42.2%	29.2%	35.6%	14.4%	0.44
EG Everest Group	FY2025	$17.5B	+1.2%	-	9.1%	-	10.3%	-
BX Blackstone Inc.	FY2025	$14.5B	+9.2%	-	20.9%	31.5%	34.8%	1.45

Revenuepeer median $15.9B

Sales growthpeer median +7.9%

Operating margin

SPGI 42.2%
AON 25.3%
RJF -
PFG -
AFL -
ACGL -
L -
AJG -
EG -
BX -

Net marginpeer median 13.4%

FCF marginpeer median 30.7%

SPGI 35.6%
BX 31.5%
ACGL 30.7%
AON 18.7%
L 14.6%
RJF 14.1%
PFG -
AFL -
AJG -
EG -

Return on equitypeer median 12.4%

Debt / equitypeer median 0.48

AON 1.69
BX 1.45
AJG 0.58
L 0.51
SPGI 0.44
PFG 0.33
RJF 0.06
AFL -
ACGL -
EG -

RevenueSales growthOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AON Dec	$9.4B	$10.0B	$10.8B	$11.0B	$11.1B	$12.2B	$12.5B	$13.4B	$15.7B	$17.2B
RJF Sep	$5.5B	$6.5B	$7.5B	$8.0B	$8.2B	$9.9B	$11.3B	$13.0B	$14.9B	$15.9B
PFG Dec	$12.4B	$14.1B	$14.2B	$16.2B	$14.7B	$14.4B	$17.5B	$13.7B	$16.1B	$15.6B
AFL Dec	$22.6B	$21.7B	$21.8B	$22.3B	$22.1B	$21.6B	$19.1B	$18.7B	$18.9B	$17.2B
ACGL Dec	$4.5B	$5.6B	$5.5B	$6.9B	$9.2B	-	$9.6B	$13.6B	$17.4B	$19.9B
L Dec	$13.1B	$13.7B	$14.1B	$14.9B	$12.6B	$14.7B	$14.0B	$15.9B	$17.5B	$18.5B
AJG Dec	$5.7B	$6.2B	$6.9B	$7.2B	$7.0B	$8.2B	$8.6B	$10.1B	$11.6B	$13.9B
SPGI Dec	$5.7B	$6.1B	$6.3B	$6.7B	$7.4B	$8.3B	$11.2B	$12.5B	$14.2B	$15.3B
EG Dec	$5.8B	$6.6B	$7.4B	$8.2B	$9.6B	$11.9B	$12.1B	$14.6B	$17.3B	$17.5B
BX Dec	$5.1B	$7.1B	$6.8B	$7.3B	$6.1B	$22.6B	$8.5B	$8.0B	$13.2B	$14.5B
Peer median	$5.7B	$6.6B	$7.4B	$8.0B	$9.2B	$13.1B	$11.3B	$13.6B	$16.1B	$15.9B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AON Dec	−0.7%	+6.3%	+7.7%	+2.3%	+0.5%	+10.2%	+2.3%	+7.2%	+17.4%	+9.4%
RJF Sep	+4.0%	+18.2%	+14.6%	+7.3%	+1.8%	+21.3%	+14.1%	+14.9%	+14.9%	+6.6%
PFG Dec	+3.6%	+13.7%	+1.0%	+13.9%	−9.1%	−3.2%	+21.5%	−22.1%	+18.0%	−3.1%
AFL Dec	+8.1%	−4.0%	+0.4%	+2.5%	−0.7%	−0.2%	−11.2%	−2.3%	+1.2%	−9.3%
ACGL Dec	+13.4%	+26.1%	−3.1%	+27.1%	+8.7%	-	+3.9%	+41.8%	+27.9%	+14.3%
L Dec	−2.3%	+11.4%	−2.0%	−0.4%	−27.1%	−28.9%	+4.1%	+13.1%	+22.6%	+9.7%
AJG Dec	+3.8%	+10.0%	+11.0%	+3.8%	−2.7%	+17.2%	+4.2%	+17.8%	+14.7%	+20.7%
SPGI Dec	+6.5%	+7.1%	+3.2%	+7.0%	+11.1%	+11.5%	+34.8%	+11.8%	+13.7%	+7.9%
EG Dec	+2.1%	+14.0%	+11.2%	+11.8%	+16.6%	+23.6%	+1.6%	+21.0%	+18.5%	+1.2%
BX Dec	+10.3%	+38.8%	−4.4%	+7.4%	−16.8%	+270%	−62.3%	−5.8%	+64.9%	+9.2%
Peer median	+4.0%	+13.7%	+1.0%	+7.3%	−0.7%	+14.4%	+4.1%	+13.1%	+18.0%	+7.9%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AON Dec	19.2%	10.7%	14.3%	19.7%	25.1%	17.1%	29.4%	28.3%	24.4%	25.3%
RJF Sep	-	-	-	-	-	-	-	-	-	-
PFG Dec	-	-	-	-	-	-	-	-	-	-
AFL Dec	18.2%	18.9%	20.0%	20.0%	19.9%	22.9%	21.7%	-	-	-
ACGL Dec	-	-	-	-	-	-	-	-	-	-
L Dec	-	-	-	-	-	-	-	-	-	-
AJG Dec	-	-	-	-	-	-	-	-	-	-
SPGI Dec	59.0%	42.6%	44.6%	48.2%	48.6%	50.9%	44.2%	32.2%	39.3%	42.2%
EG Dec	-	-	-	-	-	-	-	-	-	-
BX Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AON Dec	14.8%	12.3%	10.5%	13.9%	17.8%	10.3%	20.7%	19.2%	16.9%	21.5%
RJF Sep	9.6%	9.7%	11.5%	12.9%	10.0%	14.2%	13.3%	13.4%	13.9%	13.4%
PFG Dec	10.6%	16.4%	10.9%	8.6%	9.5%	11.0%	27.1%	4.6%	9.7%	7.6%
AFL Dec	11.8%	21.2%	13.4%	14.8%	21.6%	19.6%	23.1%	24.9%	28.8%	21.2%
ACGL Dec	15.5%	11.0%	13.9%	23.6%	23.3%	-	15.4%	32.6%	24.7%	22.1%
L Dec	5.0%	8.5%	4.5%	6.2%	−7.4%	10.7%	5.9%	9.0%	8.1%	9.0%
AJG Dec	7.0%	7.7%	9.1%	9.3%	11.7%	11.0%	13.0%	9.6%	12.7%	10.7%
SPGI Dec	37.2%	24.7%	31.3%	31.7%	31.4%	36.4%	29.0%	21.0%	27.1%	29.2%
EG Dec	13.7%	4.1%	−1.7%	9.3%	2.7%	11.6%	5.0%	17.3%	7.9%	9.1%
BX Dec	20.2%	20.6%	22.6%	27.9%	17.1%	25.9%	20.5%	17.3%	21.0%	20.9%
Peer median	11.8%	11.0%	11.5%	12.9%	11.7%	12.9%	15.4%	17.3%	13.9%	13.4%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AON Dec	$2.2B	$551.0M	$1.4B	$1.6B	$2.6B	$2.0B	$3.0B	$3.2B	$2.8B	$3.2B
RJF Sep	−$695.1M	−$315.0M	$750.0M	$439.0M	$3.9B	$6.6B	−$19.0M	−$3.7B	$1.9B	$2.2B
PFG Dec	-	-	-	-	-	-	-	-	-	-
AFL Dec	-	-	-	-	-	-	-	-	-	-
ACGL Dec	$1.4B	$1.1B	$1.5B	$2.0B	$3.4B	-	$3.8B	$5.7B	$6.6B	$6.1B
L Dec	$803.0M	$1.6B	$3.2B	$700.0M	$1.0B	$2.1B	$2.7B	$3.2B	$2.4B	$2.7B
AJG Dec	$431.8M	-	-	-	-	-	-	-	-	-
SPGI Dec	$1.4B	$1.9B	$2.0B	$2.7B	$3.5B	$3.6B	$2.5B	$3.6B	$5.6B	$5.5B
EG Dec	-	-	-	-	-	-	-	-	-	-
BX Dec	−$110.4M	−$1.7B	$27.4M	$1.9B	$1.8B	$3.9B	$6.1B	$3.8B	$3.4B	$4.5B
Peer median	$617.4M	$1.1B	$1.5B	$1.9B	$3.4B	$3.7B	$2.7B	$3.6B	$3.4B	$4.5B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AON Dec	23.1%	5.5%	13.4%	14.6%	23.9%	16.8%	24.2%	23.8%	17.9%	18.7%
RJF Sep	−12.6%	−4.8%	10.0%	5.5%	48.3%	66.3%	−0.2%	−28.4%	13.1%	14.1%
PFG Dec	-	-	-	-	-	-	-	-	-	-
AFL Dec	-	-	-	-	-	-	-	-	-	-
ACGL Dec	30.5%	19.1%	28.1%	29.0%	36.6%	-	39.2%	41.8%	38.0%	30.7%
L Dec	6.1%	11.4%	22.9%	4.7%	8.2%	14.6%	18.9%	20.3%	13.7%	14.6%
AJG Dec	7.6%	-	-	-	-	-	-	-	-	-
SPGI Dec	25.5%	31.2%	31.2%	39.7%	46.9%	42.9%	22.5%	28.5%	39.2%	35.6%
EG Dec	-	-	-	-	-	-	-	-	-	-
BX Dec	−2.1%	−23.1%	0.4%	25.9%	29.9%	17.4%	71.6%	47.8%	25.9%	31.5%
Peer median	6.9%	11.4%	22.9%	25.9%	36.6%	30.2%	22.5%	28.5%	25.9%	30.7%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AON Dec	25.5%	26.8%	27.3%	45.4%	56.3%	118.3%	n/m	n/m	43.4%	39.5%
RJF Sep	10.8%	11.4%	13.5%	15.7%	11.5%	17.0%	16.0%	17.0%	17.7%	17.1%
PFG Dec	12.9%	18.0%	13.6%	9.5%	8.4%	9.8%	47.7%	5.7%	14.2%	10.0%
AFL Dec	13.0%	18.7%	12.4%	11.4%	14.2%	24.8%	21.9%	21.2%	20.9%	12.4%
ACGL Dec	8.4%	6.7%	8.0%	14.2%	15.9%	-	11.4%	24.2%	20.7%	18.2%
L Dec	3.6%	6.1%	3.4%	4.9%	−5.2%	8.8%	5.7%	9.1%	8.3%	8.9%
AJG Dec	11.0%	11.4%	14.1%	13.0%	13.2%	10.7%	12.2%	9.0%	7.3%	6.4%
SPGI Dec	n/m	n/m	n/m	n/m	n/m	148.8%	8.9%	7.7%	11.6%	14.4%
EG Dec	9.8%	3.3%	−1.6%	8.4%	2.7%	13.6%	7.1%	19.1%	9.9%	10.3%
BX Dec	-	-	24.2%	29.2%	15.7%	62.2%	22.8%	20.4%	33.8%	34.8%
Peer median	10.8%	11.4%	13.0%	12.2%	12.4%	15.3%	12.2%	17.0%	14.2%	12.4%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AON Dec	1.19	1.37	1.56	2.39	2.34	9.95	n/m	n/m	2.90	1.69
RJF Sep	-	-	-	-	-	0.00	0.00	-	-	0.06
PFG Dec	0.31	0.25	0.29	0.26	0.26	0.27	0.41	0.37	0.37	0.33
AFL Dec	-	-	-	-	-	-	-	-	-	-
ACGL Dec	-	-	-	-	-	-	-	-	-	-
L Dec	0.59	0.60	0.61	0.60	0.57	0.51	0.63	0.57	0.52	0.51
AJG Dec	0.17	0.07	0.09	0.12	0.02	0.03	0.04	0.06	0.01	0.58
SPGI Dec	5.48	5.03	5.83	8.24	8.07	2.02	0.31	0.34	0.34	0.44
EG Dec	-	-	-	-	-	-	-	-	-	-
BX Dec	-	-	1.63	1.65	0.86	0.83	1.63	1.70	1.40	1.45
Peer median	0.45	0.43	0.61	0.60	0.57	0.39	0.36	0.37	0.37	0.48

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AON Dec	$5.16	$4.70	$4.59	$6.37	$8.45	$5.55	$12.14	$12.51	$12.49	$17.02
RJF Sep	$3.65	$4.33	$5.75	$4.78	$3.88	$6.63	$6.98	$7.97	$9.70	$10.30
PFG Dec	$4.50	$7.88	$5.36	$4.96	$5.05	$5.79	$18.63	$2.55	$6.68	$5.25
AFL Dec	$3.21	$5.77	$3.77	$4.43	$6.67	$6.25	$6.93	$7.78	$9.63	$6.82
ACGL Dec	$1.78	$1.36	$1.73	$3.87	$5.23	-	$3.80	$11.62	$11.19	$11.60
L Dec	$1.93	$3.45	$1.99	$3.07	−$3.32	$6.00	$3.38	$6.29	$6.41	$7.97
AJG Dec	$2.22	$2.64	$3.40	$3.52	$4.20	$4.37	$5.19	$4.42	$6.50	$5.74
SPGI Dec	$7.94	$5.78	$7.73	$8.60	$9.66	$12.51	$10.20	$8.23	$12.35	$14.66
EG Dec	$23.68	$11.70	$2.17	$24.70	$12.78	$34.62	$15.19	$60.19	$31.78	$37.80
BX Dec	$1.56	$2.21	$2.26	$3.03	$1.50	$8.13	$2.36	$1.84	$3.62	$3.87
Peer median	$3.21	$4.33	$3.40	$4.43	$5.05	$6.44	$6.93	$7.78	$9.63	$7.97

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out AON and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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