Cash flow Aon plc

Equities

AON

IE00BLP1HW54

Multiline Insurance & Brokers

Market Closed - Nyse Other stock markets 21:00:03 05/03/2026 GMT			5-day change	1st Jan Change
338.77 ^USD	-0.71%		+2.57%	-4.00%

03-04	Insurance broker Marsh meets US officials on restoring Gulf maritime trade amid Iran war	RE
02-27	Mizuho Upgrades Aon to Outperform From Neutral, Adjusts Price Target to $397 From $398	MT

07c38c4bb0b.imfmFmkWpck5fQKsSn496fvWqbW8yJX2Y4HIk5xOuHk.5FayXj1V4_sNDm31HStakZjn-fb-uOWmJ82j3t4K7SbsFKN5HViTs240bQ

Published financial data: AON PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	12.19B	12.48B	13.38B	15.7B	17.18B
Total Revenues	12.19B	12.48B	13.38B	15.7B	17.18B
Cost of Goods Sold, Total	6.72B	6.66B	7B	8.33B	9.07B
Gross Profit	5.48B	5.82B	6.38B	7.37B	8.11B
Selling General & Admin Expenses, Total	3.04B	2.01B	2.08B	2.29B	2.44B
Depreciation & Amortization - (IS)	179M	151M	167M	183M	188M
Amortization of Goodwill and Intangible Assets - (IS)	147M	113M	89M	503M	778M
Other Operating Expenses, Total	3.36B	2.28B	2.34B	2.98B	3.41B
Operating Income	2.11B	3.55B	4.04B	4.39B	4.7B
Interest Expense, Total	-322M	-406M	-484M	-788M	-815M
Interest And Investment Income	11M	18M	31M	67M	19M
Net Interest Expenses	-311M	-388M	-453M	-721M	-796M
Income (Loss) On Equity Invest.	8M	10M	5M	10M	10M
Currency Exchange Gains (Loss)	2M	-3M	-99M	8M	-52M
Other Non Operating Income (Expenses)	-21M	-7M	25M	48M	139M
EBT, Excl. Unusual Items	1.79B	3.16B	3.51B	3.73B	4B
Restructuring Charges	-	-	-135M	-389M	-365M
Merger & Related Restructuring Charges	-	-	-17M	-186M	-77M
Gain (Loss) On Sale Of Assets	142M	54M	4M	337M	1.2B
Asset Writedown	-	-	-	-	-
Legal Settlements	-	-58M	-197M	-	23M
Other Unusual Items	-	-	-	-34M	-22M
EBT, Incl. Unusual Items	1.93B	3.16B	3.17B	3.46B	4.76B
Income Tax Expense	623M	510M	541M	742M	1.01B
Earnings From Continuing Operations	1.31B	2.65B	2.63B	2.72B	3.75B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	1.31B	2.65B	2.63B	2.72B	3.75B
Minority Interest	-53M	-57M	-64M	-66M	-55M
Net Income - (IS)	1.26B	2.59B	2.56B	2.65B	3.7B
Net Income to Common Incl Extra Items	1.26B	2.59B	2.56B	2.65B	3.7B
Net Income to Common Excl. Extra Items	1.26B	2.59B	2.56B	2.65B	3.7B
Per Share Items
Net EPS - Basic	5.59	12.23	12.6	12.55	17.11
Basic EPS - Continuing Operations	5.59	12.23	12.6	12.55	17.11
Basic Weighted Average Shares Outstanding	225M	212M	204M	211M	216M
Net EPS - Diluted	5.55	12.14	12.51	12.49	17.02
Diluted EPS - Continuing Operations	5.55	12.14	12.51	12.49	17.02
Diluted Weighted Average Shares Outstanding	226M	213M	205M	212M	217M
Normalized Basic EPS	4.74	9.06	10.48	10.73	11.32
Normalized Diluted EPS	4.71	9	10.4	10.67	11.26
Dividend Per Share	1.99	2.19	2.4	2.64	2.91
Payout Ratio	35.62	17.88	19.07	21.18	17.02
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	2.44B	3.81B	4.29B	5.08B	5.66B
EBITA	2.26B	3.66B	4.12B	4.89B	5.48B
EBIT	2.11B	3.55B	4.04B	4.39B	4.7B
EBITDAR	2.73B	4.07B	4.57B	5.4B	6B
Total Revenues (As Reported)	-	-	-	-	-
Effective Tax Rate - (Ratio)	32.26	16.16	17.07	21.43	21.2
Current Domestic Taxes	2M	2M	4M	13M	12M
Current Foreign Taxes	610M	760M	910M	1.04B	1.14B
Total Current Taxes	612M	762M	914M	1.05B	1.15B
Deferred Domestic Taxes	-1M	-	-	-	-1M
Deferred Foreign Taxes	12M	-252M	-373M	-311M	-140M
Total Deferred Taxes	11M	-252M	-373M	-311M	-141M
Normalized Net Income	1.07B	1.92B	2.13B	2.27B	2.44B
Interest on Long-Term Debt	1M	1M	-	-	-
Non-Cash Pension Expense	-33M	175M	85M	40M	83M
Supplemental Operating Expense Items
General and Administrative Expenses	2.71B	1.72B	1.79B	1.97B	2.11B
Net Rental Expense, Total	296M	260M	281M	320M	332M
Imputed Operating Lease Interest Expense	78.82M	76.42M	91.78M	135M	127M
Imputed Operating Lease Depreciation	217M	184M	189M	185M	205M
Stock-Based Comp., COGS (Total)	449M	397M	438M	474M	432M
Total Stock-Based Compensation	449M	397M	438M	474M	432M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	497M	648M	738M	1.04B	1.11B
Short Term Investments	179M	380M	289M	140M	1.51B
Total Cash And Short Term Investments	676M	1.03B	1.03B	1.18B	2.62B
Accounts Receivable, Total	3.09B	3.04B	3.25B	3.8B	4.21B
Other Receivables	53M	74M	35M	43M	102M
Total Receivables	3.15B	3.11B	3.29B	3.85B	4.31B
Prepaid Expenses	137M	109M	100M	135M	136M
Restricted Cash	47.2M	42.5M	39.6M	44M	83M
Other Current Assets, Total	15.02B	16.44B	17.25B	18.23B	18.63B
Total Current Assets	19.03B	20.72B	21.7B	23.43B	25.77B
Gross Property Plant And Equipment	2.7B	2.69B	2.83B	2.87B	3.02B
Accumulated Depreciation	-1.32B	-1.39B	-1.5B	-1.51B	-1.64B
Net Property Plant And Equipment	1.38B	1.3B	1.33B	1.36B	1.38B
Long-term Investments	64M	60M	45M	90M	192M
Goodwill	8.43B	8.29B	8.41B	15.23B	15.8B
Other Intangibles, Total	492M	447M	234M	6.74B	5.73B
Deferred Tax Assets Long-Term	766M	824M	1.2B	654M	748M
Deferred Charges Long-Term	179M	185M	195M	207M	208M
Other Long-Term Assets, Total	1.57B	873M	841M	1.25B	959M
Total Assets	31.92B	32.7B	33.96B	48.96B	50.78B
Liabilities
Accounts Payable, Total	2.19B	2.11B	2.26B	2.9B	2.58B
Accrued Expenses, Total	-	-	-	-	-
Short-term Borrowings	665M	592M	597M	-	1M
Current Portion of Long-Term Debt	499M	353M	607M	751M	588M
Current Portion of Leases	213M	186M	182M	191M	181M
Current Income Taxes Payable	149M	193M	291M	260M	309M
Unearned Revenue Current, Total	321M	250M	270M	280M	259M
Other Current Liabilities	15.03B	16.62B	17.44B	18.61B	19.31B
Total Current Liabilities	19.07B	20.31B	21.65B	23B	23.23B
Long-Term Debt	8.23B	9.82B	10B	16.26B	14.66B
Long-Term Leases	818M	721M	651M	685M	641M
Unearned Revenue Non Current	70M	37M	33M	30M	30M
Pension & Other Post Retirement Benefits	1.38B	1.19B	1.22B	1.13B	1.08B
Deferred Tax Liability Non Current	401M	99M	115M	319M	340M
Other Non Current Liabilities	794M	959M	1.03B	1.11B	1.26B
Total Liabilities	30.76B	33.13B	34.7B	42.54B	41.24B
Common Stock, Total	2M	2M	2M	2M	2M
Additional Paid In Capital	6.62B	6.86B	6.94B	13.17B	13.44B
Retained Earnings	-1.69B	-2.77B	-3.4B	-2.31B	-245M
Comprehensive Income and Other	-3.87B	-4.62B	-4.37B	-4.74B	-3.84B
Total Common Equity	1.06B	-529M	-826M	6.12B	9.35B
Minority Interest	97M	100M	84M	309M	196M
Total Equity	1.16B	-429M	-742M	6.43B	9.55B
Total Liabilities And Equity	31.92B	32.7B	33.96B	48.96B	50.78B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	214M	205M	198M	216M	214M
ECS Total Common Shares Outstanding	215M	205M	199M	216M	214M
Book Value / Share	4.94	-2.58	-4.16	28.34	43.6
Tangible Book Value	-7.86B	-9.27B	-9.47B	-15.86B	-12.17B
Tangible Book Value Per Share	-36.62	-45.12	-47.7	-73.41	-56.75
Total Debt	10.42B	11.68B	12.03B	17.89B	16.07B
Net Debt	9.75B	10.65B	11B	16.71B	13.45B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-440M	170M	218M	192M	124M
Debt Equivalent Oper. Leases	2.37B	2.08B	2.25B	2.56B	2.66B
Minority Interest, Total (Incl. Fin. Div)	97M	100M	84M	309M	196M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	547M	536M	563M	568M	598M
Full Time Employees	50K	50K	50K	60K	60K
Accumulated Allowance for Doubtful Accounts (Supple)	90M	76M	79M	75M	74M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.26B	2.59B	2.56B	2.65B	3.7B
Depreciation & Amortization - CF	179M	151M	167M	183M	188M
Amortization of Goodwill and Intangible Assets - (CF)	147M	113M	89M	503M	778M
Depreciation & Amortization, Total	326M	264M	256M	686M	966M
(Gain) Loss From Sale Of Asset	-142M	-54M	-4M	-337M	-1.2B
Asset Writedown & Restructuring Costs	-	-	-	-	-
Stock-Based Compensation (CF)	449M	397M	438M	474M	432M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	64M	-25M	-281M	-379M	-219M
Change In Accounts Receivable	-119M	-96M	-188M	-312M	-257M
Change In Accounts Payable	264M	-22M	13M	393M	-155M
Change In Income Taxes	200M	216M	174M	-	114M
Change in Other Net Operating Assets	-115M	-50M	463M	-144M	106M
Cash from Operations	2.18B	3.22B	3.44B	3.04B	3.48B
Capital Expenditure	-137M	-196M	-252M	-218M	-263M
Cash Acquisitions	-14M	-162M	-35M	-3.51B	-394M
Divestitures	218M	81M	5M	700M	2.35B
Investment in Marketable and Equity Securities, Total	-18M	-172M	94M	191M	-1.41B
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	49M	-449M	-188M	-2.83B	286M
Short Term Debt Issued, Total	568M	702M	358M	280M	-
Long-Term Debt Issued, Total	5.97B	1.97B	744M	7.93B	-
Total Debt Issued	6.54B	2.67B	1.1B	8.21B	-
Short Term Debt Repaid, Total	-	-65M	-27M	-591M	-390M
Long-Term Debt Repaid, Total	-4.22B	-500M	-350M	-4.93B	-1.85B
Total Debt Repaid	-4.22B	-565M	-377M	-5.52B	-2.24B
Issuance of Common Stock	-	58M	72M	79M	70M
Repurchase of Common Stock	-3.54B	-3.42B	-2.94B	-1.2B	-1.21B
Common Dividends Paid	-447M	-463M	-489M	-562M	-629M
Common & Preferred Stock Dividends Paid	-447M	-463M	-489M	-562M	-629M
Other Financing Activities, Total	-255M	-71M	-232M	-206M	-198M
Cash from Financing	-1.92B	-1.79B	-2.86B	796M	-4.2B
Foreign Exchange Rate Adjustments	-235M	-549M	264M	-387M	678M
Net Change in Cash	72M	431M	646M	611M	240M
Supplemental Items
Cash Interest Paid	328M	351M	446M	658M	796M
Cash Income Tax Paid (Refund)	412M	546M	740M	1.05B	-
Levered Free Cash Flow	1.94B	2.57B	2.77B	3.41B	3.06B
Unlevered Free Cash Flow	2.14B	2.82B	3.07B	3.9B	3.57B
Change In Net Working Capital	-183M	-139M	-109M	-214M	502M
Net Debt Issued / Repaid	2.32B	2.1B	725M	2.69B	-2.24B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.12	6.86	7.57	6.62	5.89
Return on Total Capital	10.95	19.43	22.38	15.41	11.76
Return On Equity %	55.18	725.93	-448.85	95.64	46.94
Return on Common Equity	55.09	973.31	-378.45	100.25	47.76
Margin Analysis
Gross Profit Margin %	44.91	46.66	47.67	46.93	47.2
SG&A Margin	24.92	16.12	15.58	14.6	14.23
EBITDA Margin %	19.99	30.55	32.09	32.33	32.97
EBITA Margin %	18.52	29.34	30.84	31.16	31.87
EBIT Margin %	17.31	28.43	30.17	27.96	27.34
Income From Continuing Operations Margin %	10.73	21.2	19.65	17.33	21.83
Net Income Margin %	10.29	20.75	19.17	16.91	21.51
Net Avail. For Common Margin %	10.29	20.75	19.17	16.91	21.51
Normalized Net Income Margin	8.74	15.37	15.94	14.45	14.23
Levered Free Cash Flow Margin	15.9	20.58	20.72	21.7	17.81
Unlevered Free Cash Flow Margin	17.55	22.61	22.98	24.84	20.77
Asset Turnover
Asset Turnover	0.38	0.39	0.4	0.38	0.34
Fixed Assets Turnover	8.19	9.32	10.34	11.75	12.6
Receivables Turnover (Average Receivables)	3.96	4.07	4.25	4.45	4.29
Short Term Liquidity
Current Ratio	1	1.02	1	1.02	1.11
Quick Ratio	0.2	0.2	0.2	0.22	0.3
Operating Cash Flow to Current Liabilities	0.11	0.16	0.16	0.13	0.15
Days Sales Outstanding (Average Receivables)	92.26	89.63	85.81	82.27	85.1
Average Days Payable Outstanding	114.33	118.07	114.09	113.5	110.3
Long Term Solvency
Total Debt/Equity	900.09	-2.72K	-1.62K	278.26	168.32
Total Debt / Total Capital	90	103.81	106.57	73.56	62.73
LT Debt/Equity	781.17	-2.46K	-1.43K	263.61	160.25
Long-Term Debt / Total Capital	78.11	93.76	94.3	69.69	59.73
Total Liabilities / Total Assets	96.37	101.31	102.18	86.87	81.2
EBIT / Interest Expense	6.56	8.74	8.34	5.57	5.76
EBITDA / Interest Expense	8.49	10.03	9.45	6.85	7.36
(EBITDA - Capex) / Interest Expense	8.06	9.55	8.93	6.57	7.03
Total Debt / EBITDA	3.81	2.87	2.63	3.32	2.68
Net Debt / EBITDA	3.57	2.62	2.41	3.1	2.24
Total Debt / (EBITDA - Capex)	4.02	3.01	2.78	3.46	2.8
Net Debt / (EBITDA - Capex)	3.75	2.75	2.55	3.23	2.35
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	10.18	2.35	7.19	17.36	9.45
Gross Profit, 1 Yr. Growth %	5.84	6.34	9.5	15.54	10.07
EBITDA, 1 Yr. Growth %	-24.01	56.42	12.59	18.24	11.43
EBITA, 1 Yr. Growth %	-25.72	62.13	12.67	18.59	11.96
EBIT, 1 Yr. Growth %	-24.45	68.07	13.75	8.75	7.06
Earnings From Cont. Operations, 1 Yr. Growth %	-35.18	102.29	-0.68	3.5	37.87
Net Income, 1 Yr. Growth %	-36.26	106.29	-0.97	3.51	39.22
Normalized Net Income, 1 Yr. Growth %	-28.08	80.07	11.17	6.35	7.82
Diluted EPS Before Extra, 1 Yr. Growth %	-34.32	118.74	3.05	-0.16	36.27
Accounts Receivable, 1 Yr. Growth %	0.78	-1.91	7.22	16.87	10.68
Net Property, Plant and Equip., 1 Yr. Growth %	-13.82	-5.66	5.89	3.27	2.3
Total Assets, 1 Yr. Growth %	-0.61	2.47	3.84	44.19	3.71
Tangible Book Value, 1 Yr. Growth %	35.35	17.84	2.22	67.36	-23.23
Common Equity, 1 Yr. Growth %	-69.64	-149.86	56.14	-841.04	52.79
Cash From Operations, 1 Yr. Growth %	-21.6	47.53	6.71	-11.64	14.7
Capital Expenditures, 1 Yr. Growth %	-2.84	43.07	28.57	-13.49	20.64
Levered Free Cash Flow, 1 Yr. Growth %	-15.23	32.42	7.92	22.94	-10.4
Unlevered Free Cash Flow, 1 Yr. Growth %	-14.26	31.82	8.93	26.86	-8.66
Dividend Per Share, 1 Yr. Growth %	11.8	10.05	9.82	9.54	10.23
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	5.22	6.19	4.74	12.16	13.33
Gross Profit, 2 Yr. CAGR %	4.99	6.09	7.91	12.48	12.77
EBITDA, 2 Yr. CAGR %	-5.73	9.03	32.71	15.38	17.85
EBITA, 2 Yr. CAGR %	-6.27	9.74	35.16	15.6	18.33
EBIT, 2 Yr. CAGR %	-1.55	12.69	38.27	11.22	10.87
Earnings From Cont. Operations, 2 Yr. CAGR %	-8.81	14.51	41.75	1.39	19.45
Net Income, 2 Yr. CAGR %	-9.49	14.67	42.93	1.25	20.05
Normalized Net Income, 2 Yr. CAGR %	-2.46	13.8	41.49	8.74	10.59
Diluted EPS Before Extra, 2 Yr. CAGR %	-6.66	19.86	50.14	1.43	16.64
Accounts Receivable, 2 Yr. CAGR %	-0.29	-0.57	2.55	11.94	13.73
Net Property, Plant and Equip., 2 Yr. CAGR %	-8.61	-9.83	-1.72	3.9	3.47
Total Assets, 2 Yr. CAGR %	4.18	0.91	3.15	22.36	22.29
Tangible Book Value, 2 Yr. CAGR %	18.8	26.29	9.75	30.8	13.35
Common Equity, 2 Yr. CAGR %	-43.93	-61.1	-11.77	240.16	236.48
Cash From Operations, 2 Yr. CAGR %	9.05	7.55	25.47	-2.9	0.67
Capital Expenditures, 2 Yr. CAGR %	-21.97	17.9	35.63	5.46	2.16
Levered Free Cash Flow, 2 Yr. CAGR %	17.42	5.95	19.54	15.18	7.72
Unlevered Free Cash Flow, 2 Yr. CAGR %	15.72	6.32	19.83	17.56	10.19
Dividend Per Share, 2 Yr. CAGR %	7.56	10.92	9.93	9.79	9.88
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	4.22	4.25	6.52	8.79	11.25
Gross Profit, 3 Yr. CAGR %	5.47	5.44	7.21	10.39	11.67
EBITDA, 3 Yr. CAGR %	0.67	11.61	10.2	27.7	14.11
EBITA, 3 Yr. CAGR %	0.67	12.52	10.71	29.4	14.36
EBIT, 3 Yr. CAGR %	5.53	17.66	13.04	27.63	9.81
Earnings From Cont. Operations, 3 Yr. CAGR %	5.94	18.93	9.2	27.64	12.33
Net Income, 3 Yr. CAGR %	3.44	19.11	9.2	28.36	12.59
Normalized Net Income, 3 Yr. CAGR %	5.8	19.65	12.92	28.65	8.42
Diluted EPS Before Extra, 3 Yr. CAGR %	8.96	23.98	13.97	31.05	11.92
Accounts Receivable, 3 Yr. CAGR %	3.88	-0.83	1.96	7.12	11.52
Net Property, Plant and Equip., 3 Yr. CAGR %	32.83	-7.64	-5.93	-0.51	3.14
Total Assets, 3 Yr. CAGR %	6.5	3.61	1.88	15.33	15.8
Tangible Book Value, 3 Yr. CAGR %	15.02	18.48	17.7	26.33	9.51
Common Equity, 3 Yr. CAGR %	-36.54	-46.08	-38.17	79.35	160.51
Cash From Operations, 3 Yr. CAGR %	8.98	20.6	7.27	11.63	2.64
Capital Expenditures, 3 Yr. CAGR %	-17.05	-4.5	21.36	16.75	10.3
Levered Free Cash Flow, 3 Yr. CAGR %	21.48	22.22	6.6	20.66	6.02
Unlevered Free Cash Flow, 3 Yr. CAGR %	19.46	20.86	7.18	22.13	8.15
Dividend Per Share, 3 Yr. CAGR %	8.45	8.39	10.55	9.88	9.94
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.32	4.53	4.43	7.35	9.2
Gross Profit, 5 Yr. CAGR %	8.03	6.71	6.43	8.2	9.4
EBITDA, 5 Yr. CAGR %	4.48	10.24	12.43	13.1	12.05
EBITA, 5 Yr. CAGR %	4.7	10.92	13.26	13.74	12.49
EBIT, 5 Yr. CAGR %	5.2	13.84	17.58	15.04	10.95
Earnings From Cont. Operations, 5 Yr. CAGR %	0.86	43.49	19.03	11.58	13.19
Net Income, 5 Yr. CAGR %	-2.11	16.13	17.72	11.62	13.42
Normalized Net Income, 5 Yr. CAGR %	5.44	15.1	18.84	15.16	10.54
Diluted EPS Before Extra, 5 Yr. CAGR %	4.24	51.32	23.87	14.42	15.03
Accounts Receivable, 5 Yr. CAGR %	8	4.14	3.35	4.09	6.51
Net Property, Plant and Equip., 5 Yr. CAGR %	20.16	18.18	17.75	-3.83	-2.92
Total Assets, 5 Yr. CAGR %	3.7	4.62	5.15	10.74	9.6
Tangible Book Value, 5 Yr. CAGR %	15.51	10.97	12.88	23.26	15.94
Common Equity, 5 Yr. CAGR %	-27.98	-35.07	-27.6	12.64	21.76
Cash From Operations, 5 Yr. CAGR %	-1.27	34.4	15.3	10.59	4.58
Capital Expenditures, 5 Yr. CAGR %	-2.56	1.38	0.98	-0.63	13.28
Levered Free Cash Flow, 5 Yr. CAGR %	7.19	5.92	20.7	19.36	5.99
Unlevered Free Cash Flow, 5 Yr. CAGR %	6.71	6.06	19.61	19.53	7.41
Dividend Per Share, 5 Yr. CAGR %	9.06	9.21	9.04	8.95	10.33