Operating performance remains inconsistent, evidenced by a combined ratio that swung from a low of 64.0% in 2024Q1 to a concerning 113.5% in 2026Q1.
| 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 | 17.49B | 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 % | 6.9% | 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 | 7.72B | 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 % | 44.14% | 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 | 9.77B | 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 % | 55.85% | 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 | 7.43B | 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 % | 42.5% | 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 | 721M | 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 % | 86.65% | 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 | 4.73B | 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 % | 27.03% | 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 | 5.45B | 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 % | 31.16% | 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 | 430M | 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 | -1.11B | -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 | 5.06B | 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 % | 28.95% | 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 | 1.05B | 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 % | 20.84% | 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 | 3.94B | 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 % | 22.54% | 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 % | 54.71% | 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) | 18.30 | 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 % | 55.2% | 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 | 215.4M | 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 |
Integration and Talent Attrition
As reported in recent financial statements, Aon's revenue growth has fluctuated significantly, peaking at 26.0% in 2024Q3 before moderating to 6.4% by 2026Q1, suggesting that the firm's organic expansion is highly sensitive to the timing of large-scale renewals and broader market pricing cycles.
The wide variance in quarterly revenue growth indicates that Aon's top-line performance is susceptible to lumpy renewal cycles and the integration of new acquisitions. Investors should monitor whether the recent deceleration reflects a cooling in the hard insurance market or merely the natural volatility inherent in the firm's large-corporate client base.
Based on the provided income statement data, the combined ratio has demonstrated notable instability, ranging from a low of 64.0% in 2024Q1 to a concerning 113.5% in 2026Q1, which suggests that operational costs and loss experience are not yet fully optimized under the current business model.
The spike in the combined ratio above 100% in the most recent quarter warrants immediate investigation, as it implies that underwriting expenses and claims have temporarily outpaced premium generation. This volatility may suggest that the Aon Business Services platform has yet to achieve the consistent scale required to insulate margins from periodic operational shocks.
According to the quarterly data, Aon's operating income has shown significant variance, with margins appearing pressured by high compensation and restructuring costs, as evidenced by the sharp decline in operating income from $1.5B in 2024Q1 to $1.7B in 2026Q1 despite substantial revenue growth.
The firm's reliance on specialized human capital creates a high fixed-cost base that limits operating leverage during periods of slower revenue growth. Analysts should consider whether the ongoing centralization efforts are effectively offsetting the rising costs of talent retention or if the firm is reaching a point of diminishing returns on administrative efficiency.
Analysis of the provided figures reveals that net income volatility, highlighted by the 138.4% EPS growth in 2025Q4 followed by subsequent fluctuations, suggests that reported earnings may be heavily influenced by non-operating items or accounting adjustments rather than pure core brokerage performance.
The discrepancy between revenue growth and bottom-line stability implies that investors should be cautious regarding the sustainability of current earnings levels. The potential for restructuring charges and pension accounting volatility to mask underlying operational trends remains a significant concern that warrants further investigation into the firm's true cash-generating capacity.
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.