Revenue growth decelerated to 2.2% in Q2 2026 from a 16.2% pace in Q1 2025, while the combined ratio improved to 80.6% from 82.6% a year earlier, though a negative loss ratio of -14.6% indicates significant reserve releases inflating earnings.
Aon plc (AON) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 17.58B | 17.18B | 15.7B | 13.38B | 12.48B | 12.19B | 11.07B | 11.01B | 10.77B | 10B | 9.41B | 9.48B | 12.04B | 11.81B | 11.51B | 11.29B | 8.51B | 7.59B | 7.53B | 7.36B | 6.88B | 6.65B | 10.17B | 9.81B | 7.44B | 7.43B | 7.32B | 7.07B | 6.49B | 5.75B | 3.89B |
| Revenue Growth % | 4.92% | 9.45% | 17.36% | 7.19% | 2.35% | 10.18% | 0.48% | 2.26% | 7.72% | 6.26% | -0.75% | -21.3% | 1.95% | 2.61% | 2.01% | 32.6% | 12.07% | 0.89% | 2.3% | 6.95% | 3.46% | -34.61% | 3.69% | 31.8% | 0.23% | 1.46% | 3.52% | 8.89% | 12.9% | 47.92% | 12.19% |
| Medical Costs & Claims | 2.97B | 8.98B | 8.28B | 6.9B | 6.48B | 6.74B | 5.91B | 6.05B | 6.1B | 6B | 5.51B | 5.61B | 7.01B | 6.95B | 6.71B | 6.57B | 5.1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 16.87% | 52.3% | 52.76% | 51.6% | 51.9% | 55.26% | 53.36% | 54.97% | 56.67% | 60.04% | 58.6% | 59.12% | 58.23% | 58.78% | 58.27% | 58.18% | 59.88% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 14.61B | 8.2B | 7.42B | 6.47B | 6B | 5.46B | 5.16B | 4.96B | 4.67B | 4B | 3.9B | 3.88B | 5.03B | 4.87B | 4.8B | 4.72B | 3.42B | 7.59B | 7.53B | 7.36B | 6.88B | 6.65B | 10.17B | 9.81B | 7.44B | 7.43B | 7.32B | 7.07B | 6.49B | 5.75B | 3.89B |
| Gross Margin % | 83.12% | 47.7% | 47.24% | 48.4% | 48.1% | 44.74% | 46.64% | 45.03% | 43.33% | 39.96% | 41.4% | 40.88% | 41.77% | 41.22% | 41.73% | 41.82% | 40.12% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 10.53% | 14.54% | 7.86% | 10.03% | 5.7% | 4.07% | 6.26% | 16.82% | 2.57% | 0.52% | -22.98% | 3.31% | 1.35% | 1.8% | 38.21% | -55.04% | 0.89% | 2.3% | 6.95% | 3.46% | -34.61% | 3.69% | 31.8% | 0.23% | 1.46% | 3.52% | 8.89% | 12.9% | 47.92% | 12.19% |
| Operating Expenses | 9.83B | 3.85B | 3.58B | 2.69B | 2.33B | 3.37B | 2.38B | 2.79B | 3.12B | 2.93B | 2.08B | 2.29B | 3.06B | 3.2B | 3.21B | 3.12B | 2.17B | 6.57B | 6.59B | 6.2B | 6.09B | 5.94B | 9.16B | 8.6B | 6.53B | 6.9B | 6.33B | 6.33B | 5.47B | 5.14B | 3.4B |
| OpEx / Revenue % | 55.91% | 22.42% | 22.81% | 20.1% | 18.7% | 27.6% | 21.51% | 25.33% | 29% | 29.31% | 22.15% | 24.14% | 25.45% | 27.08% | 27.87% | 27.68% | 25.51% | 86.56% | 87.51% | 84.2% | 88.45% | 89.37% | 90.01% | 87.66% | 87.68% | 92.92% | 86.42% | 89.53% | 84.32% | 89.37% | 87.51% |
| Depreciation & Amortization | 473M | 966M | 686M | 256M | 264M | 326M | 413M | 564M | 769M | 891M | 319M | 338M | 594M | 635M | 655M | 582M | 305M | 242M | 222M | 205M | 244M | 277M | 309M | 314M | 262M | 339M | 333M | 330M | 268M | 450M | 380M |
| Combined Ratio % | 72.78% | 74.72% | 75.57% | 71.7% | 70.6% | 82.86% | 74.87% | 80.31% | 85.66% | 89.35% | 80.75% | 83.26% | 83.68% | 85.86% | 86.14% | 85.86% | 85.39% | 86.56% | 87.51% | 84.2% | 88.45% | 89.37% | 90.01% | 87.66% | 87.68% | 92.92% | 86.42% | 89.53% | 84.32% | 89.37% | 87.51% |
| Operating Income | 4.78B | 4.34B | 3.83B | 3.79B | 3.67B | 2.09B | 2.78B | 2.17B | 1.54B | 1.06B | 1.81B | 1.59B | 1.97B | 1.67B | 1.6B | 1.6B | 1.24B | 1.02B | 940M | 1.16B | 795M | 707M | 1.02B | 1.21B | 917M | 526M | 994M | 740M | 1.02B | 611.1M | 485.7M |
| Operating Margin % | 27.21% | 25.28% | 24.43% | 28.3% | 29.4% | 17.14% | 25.13% | 19.69% | 14.34% | 10.65% | 19.25% | 16.74% | 16.32% | 14.14% | 13.86% | 14.14% | 14.61% | 13.44% | 12.49% | 15.8% | 11.55% | 10.63% | 9.99% | 12.34% | 12.32% | 7.08% | 13.58% | 10.47% | 15.68% | 10.63% | 12.49% |
| Operating Income Growth % | - | 13.27% | 1.32% | 3.16% | 75.55% | -24.85% | 28.22% | 40.48% | 44.98% | -41.19% | 14.11% | -19.28% | 17.65% | 4.7% | 0% | 28.3% | 21.84% | 8.62% | -19.17% | 46.29% | 12.45% | -30.41% | -16.1% | 32.06% | 74.33% | -47.08% | 34.32% | -27.31% | 66.58% | 25.82% | -1.94% |
| EBITDA | 5.26B | 5.31B | 4.52B | 4.04B | 3.93B | 2.42B | 3.19B | 2.73B | 2.31B | 1.96B | 2.13B | 1.93B | 2.56B | 2.31B | 2.25B | 2.18B | 1.55B | 1.26B | 1.16B | 1.37B | 1.04B | 984M | 1.32B | 1.52B | 1.18B | 865M | 1.33B | 1.07B | 1.29B | 1.06B | 865.7M |
| EBITDA Margin % | 29.9% | 30.91% | 28.8% | 30.21% | 31.52% | 19.81% | 28.86% | 24.82% | 21.48% | 19.56% | 22.64% | 20.31% | 21.25% | 19.52% | 19.55% | 19.3% | 18.2% | 16.63% | 15.44% | 18.59% | 15.1% | 14.79% | 13.03% | 15.55% | 15.84% | 11.65% | 18.13% | 15.13% | 19.81% | 18.45% | 22.27% |
| Interest Expense | 39M | 815M | 788M | 484M | 406M | 322M | 334M | 307M | 278M | 282M | 282M | 273M | 255M | 210M | 228M | 245M | 182M | 122M | 126M | 138M | 129M | 125M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | -1.05B | -38M | -415M | 132M | 107M | -163M | -19M | -8M | 20M | 98M | 128M | -114M | -54M | -77M | -12M | -37M | 3M | -50M | -65M | 15M | 3M | 5M | -180M | 14M | -7.95B | -14.05B | -6.33B | 0 | 0 | -10.28B | -6.81B |
| Pretax Income | 5.08B | 4.76B | 3.46B | 3.17B | 3.16B | 1.93B | 2.47B | 1.87B | 1.25B | 685M | 1.4B | 1.43B | 1.76B | 1.54B | 1.38B | 1.39B | 1.06B | 949M | 879M | 1.01B | 663M | 577M | 880M | 1.11B | 806M | 302M | 854M | 635M | 931M | 502M | 445M |
| Pretax Margin % | 28.92% | 27.7% | 22.05% | 23.69% | 25.29% | 15.84% | 22.28% | 16.98% | 11.57% | 6.85% | 14.89% | 15.06% | 14.65% | 13.02% | 11.99% | 12.3% | 12.44% | 12.5% | 11.68% | 13.72% | 9.64% | 8.68% | 8.65% | 11.31% | 10.83% | 4.07% | 11.67% | 8.98% | 14.34% | 8.73% | 11.45% |
| Income Tax | 1.1B | 1.01B | 742M | 541M | 510M | 623M | 448M | 297M | 146M | 250M | 148M | 175M | 334M | 390M | 360M | 378M | 300M | 268M | 242M | 348M | 216M | 161M | 303M | 411M | 310M | 156M | 333M | 243M | 349M | 203M | 154M |
| Effective Tax Rate % | 21.74% | 21.2% | 21.43% | 17.07% | 16.16% | 32.26% | 18.17% | 15.88% | 11.72% | 36.5% | 10.56% | 12.25% | 18.92% | 25.36% | 26.09% | 27.23% | 28.33% | 28.24% | 27.53% | 34.46% | 32.58% | 27.9% | 34.43% | 37.03% | 38.46% | 51.66% | 38.99% | 38.27% | 37.49% | 40.44% | 34.61% |
| Net Income | 3.91B | 3.69B | 2.65B | 2.56B | 2.59B | 1.25B | 1.97B | 1.53B | 1.13B | 1.23B | 1.4B | 1.39B | 1.4B | 1.11B | 993M | 979M | 706M | 747M | 1.46B | 864M | 720M | 735M | 546M | 628M | 466M | 147M | 474M | 352M | 541M | 299M | 334M |
| Net Margin % | 22.27% | 21.51% | 16.91% | 19.17% | 20.75% | 10.29% | 17.79% | 13.91% | 10.53% | 12.26% | 14.84% | 14.61% | 11.6% | 9.42% | 8.62% | 8.67% | 8.29% | 9.84% | 19.42% | 11.74% | 10.46% | 11.05% | 5.37% | 6.4% | 6.26% | 1.98% | 6.48% | 4.98% | 8.33% | 5.2% | 8.59% |
| Net Income Growth % | 50.37% | 39.22% | 3.51% | -0.97% | 106.29% | -36.26% | 28.52% | 35.1% | -7.5% | -12.18% | 0.79% | -0.86% | 25.52% | 12.08% | 1.43% | 38.67% | -5.49% | -48.91% | 69.21% | 20% | -2.04% | 34.62% | -13.06% | 34.76% | 217.01% | -68.99% | 34.66% | -34.94% | 80.94% | -10.48% | -17.08% |
| EPS (Diluted) | 18.24 | 17.02 | 12.49 | 12.51 | 12.14 | 5.55 | 8.45 | 6.37 | 4.59 | 4.70 | 5.16 | 4.88 | 4.66 | 3.53 | 2.99 | 2.87 | 2.37 | 2.57 | 4.91 | 2.69 | 2.13 | 2.17 | 1.63 | 1.97 | 1.61 | 0.53 | 1.79 | 1.33 | 2.07 | 1.12 | 1.26 |
| EPS Growth % | 52.01% | 36.27% | -0.16% | 3.05% | 118.74% | -34.32% | 32.65% | 38.78% | -2.34% | -8.91% | 5.74% | 4.72% | 32.01% | 18.06% | 4.18% | 21.1% | -7.78% | -47.66% | 82.53% | 26.29% | -1.84% | 33.13% | -17.26% | 22.36% | 203.77% | -70.39% | 34.59% | -35.75% | 84.82% | -11.11% | -18.71% |
| EPS (Basic) | - | 17.13 | 12.55 | 12.60 | 12.23 | 5.59 | 8.49 | 6.42 | 4.62 | 4.74 | 5.21 | 4.93 | 4.73 | 3.57 | 3.03 | 2.92 | 2.41 | 2.64 | 5.18 | 2.90 | 2.27 | 2.27 | 1.70 | 1.97 | 1.61 | 0.54 | 1.81 | 1.35 | 2.11 | 1.14 | 1.28 |
| Diluted Shares Outstanding | 214.6M | 216.5M | 212.5M | 205M | 213.2M | 226.1M | 233.1M | 240.6M | 247M | 260.7M | 270.3M | 283.8M | 299.6M | 315.4M | 332.6M | 340.9M | 298.1M | 291.1M | 300.9M | 323M | 342.1M | 341.5M | 336.6M | 317.8M | 287.58M | 271.7M | 264.8M | 262.7M | 259.4M | 256M | 253.22M |
Quick answers to the most common questions about buying AON stock.
For fiscal year 2025, Aon plc (AON) reported total revenue of $17.18B. This represents a 341.9% increase compared to $3.89B in 1996.
Aon plc (AON) is profitable, generating $3.69B in net income for the fiscal year ending 2025 with a net profit margin of 21.5%.
Aon plc (AON) reported an operating income of $4.34B, resulting in an operating profit margin of 25.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Aon plc (AON) generated $8.20B in gross profit for the year, representing a gross profit margin of 47.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated leverage and moderating organic growth
Metrics are mathematically derived from official filings.
Organic Growth Moderating from Peak
Aon's organic revenue growth decelerated to 5% in Q2 2026 from 9.4% TTM pace, as per recent earnings, suggesting the hard-market tailwind is normalizing.
The 5% organic growth in Q2 2026, while still positive, represents a clear moderation from the 16.2% reported in Q1 2025 and the 26% in Q4 2024. This deceleration appears consistent with a softening in global insurance pricing, though the firm's diversified segments may provide some cushion. Investors should monitor whether this trend continues, as it could signal a transition to a softer market cycle.
Underwriting Profitability Remains Solid
Combined ratio improved to 80.6% in Q2 2026 from 82.6% a year earlier, as per financial statements, indicating sustained underwriting discipline despite revenue moderation.
The combined ratio has remained below 100% throughout the reported periods, with Q2 2026 at 80.6% versus 82.6% in Q2 2024. This suggests that Aon's brokerage operations are generating consistent underwriting profits, though the loss ratio spiked to 56.5% in Q3 2025, likely due to catastrophe losses. The expense ratio appears well-controlled, benefiting from the Aon Business Services platform, but the elevated leverage may pressure future margins through higher interest costs.
Reserve Releases Masking Underlying Trends
Prior-year reserve releases appear to have inflated recent earnings, as evidenced by the negative loss ratio of -14.6% in Q2 2026, per reported data, warranting scrutiny.
The negative loss ratio in Q2 2026 is unusual and likely reflects favorable prior-year reserve development, which boosts underwriting income without corresponding operational improvement. This may be masking a deterioration in current accident year loss ratios, particularly given the elevated loss ratios in Q3 and Q4 2025. Investors should adjust for these releases to assess the true underlying profitability of the brokerage operations.
Investment Income Contribution Unclear
Fiduciary investment income is not separately disclosed in the provided data, but higher interest rates likely boosted this high-margin revenue stream, as per industry trends.
While the data does not break out investment income, Aon's fiduciary investment income is a known driver of profitability in rising rate environments. The absence of this line item in the income statement data limits a full assessment, but the firm's cash balances and escrow accounts likely generated meaningful interest income. However, the elevated debt levels and rising interest expenses may offset some of these gains, warranting a closer look at net investment contribution.
Expense Efficiency Amid High Leverage
Operating margin expanded to 25.3% in Q2 2026, as reported, but adjusted margin compression and $15.1B debt suggest efficiency gains may be offset by financing costs.
The reported operating margin of 25.3% in Q2 2026 is a slight improvement from 24.9% in Q2 2024, indicating that the Aon Business Services platform is delivering some scale benefits. However, the adjusted operating margin has reportedly fallen, suggesting that one-time items may be masking underlying cost pressures. With a debt-to-capital ratio of 65.1% versus the industry average of 49%, interest expenses are likely to rise, potentially eroding future margin expansion.
Earnings Quality Under Scrutiny
Reported EPS growth of 138% in Q4 2025 appears inflated by one-time items, as per financial statements, raising questions about the sustainability of core earnings.
The dramatic EPS swings, including a 138% increase in Q4 2025 and a -29.6% decline in Q4 2024, suggest that reported earnings are volatile and may be influenced by non-recurring items such as restructuring charges or tax benefits. The negative loss ratio in Q2 2026 further indicates that reserve releases are boosting results. Investors should normalize for these items to assess the true earnings power, especially given the elevated leverage and moderating organic growth.