financial statements

The full income statement, balance sheet, and cash-flow statement for Aon plc (AON), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	17.2B YoY+9.4%	15.7B YoY+17.4%	13.4B YoY+7.2%	12.5B YoY+2.3%	12.2B YoY+10.2%
Restructuring	365M YoY-6.2%	389M YoY+188.1%	135M	0.00	0.00
Provision for credit losses	10.0M YoY+42.9%	7.00M YoY-46.2%	13.0M YoY+62.5%	8.00M YoY-69.2%	26.0M YoY-10.3%
Operating income	4.34B YoY+13.3%	3.83B YoY+1.3%	3.79B YoY+3.2%	3.67B YoY+75.6%	2.09B YoY-24.8%
Interest expense	815M YoY+3.4%	788M YoY+62.8%	484M YoY+19.2%	406M YoY+26.1%	322M YoY-3.6%
Other non-operating income	1.21B YoY+248.0%	348M YoY+313.5%	-163M YoY-30.4%	-125M YoY-182.2%	152M YoY+1069.2%
Equity-method income	10.0M YoY+0.0%	10.0M YoY+100.0%	5.00M YoY-50.0%	10.0M YoY+25.0%	8.00M YoY+100.0%
Pre-tax income	4.76B YoY+37.5%	3.46B YoY+9.2%	3.17B YoY+0.4%	3.16B YoY+63.4%	1.93B YoY-21.7%
Income tax	1.01B YoY+36.0%	742M YoY+37.2%	541M YoY+6.1%	510M YoY-18.1%	623M YoY+39.1%
	3.69B YoY+39.2%	2.65B YoY+3.5%	2.56B YoY-1.0%	2.59B YoY+106.3%	1.25B YoY-36.3%
Net income to non-controlling interest	55.0M YoY-16.7%	66.0M YoY+3.1%	64.0M YoY+12.3%	57.0M YoY+7.5%	53.0M YoY+8.2%
	$17.02 YoY+36.3%	$12.49 YoY-0.2%	$12.51 YoY+3.0%	$12.14 YoY+118.7%	$5.55 YoY-34.3%
EPS (basic)	$17.11 YoY+36.3%	$12.55 YoY-0.4%	$12.60 YoY+3.0%	$12.23 YoY+118.8%	$5.59 YoY-34.2%
Weighted-avg shares (basic)	216M YoY+2.1%	211M YoY+3.9%	204M YoY-3.9%	212M YoY-5.8%	225M YoY-3.1%
Weighted-avg shares (diluted)	217M YoY+2.2%	213M YoY+3.7%	205M YoY-3.8%	213M YoY-5.7%	226M YoY-3.0%
Dividends per share	—	—	$2.41 YoY+10.0%	$2.19 YoY+10.1%	$1.99 YoY+11.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	25.8B YoY+10.0%	23.4B YoY+8.0%	21.7B YoY+4.7%	20.7B YoY+8.9%	19.0B YoY+1.9%
Cash & equivalents	1.20B YoY+10.1%	1.08B YoY+39.5%	778M YoY+12.8%	690M YoY+26.8%	544M YoY-38.5%
Short-term investments	1.60B YoY+632.0%	219M YoY-40.7%	369M YoY-18.4%	452M YoY+54.8%	292M YoY-5.2%
Accounts receivable	4.21B YoY+10.7%	3.80B YoY+16.9%	3.25B YoY+7.2%	3.04B YoY-1.9%	3.09B YoY+0.8%
Prepaid expenses	136M YoY+0.7%	135M YoY+35.0%	100M YoY-8.3%	109M YoY-20.4%	137M YoY+23.4%
Other current assets	878M YoY+15.7%	759M YoY-23.8%	996M YoY+54.2%	646M YoY-9.8%	716M YoY+14.7%
	50.8B YoY+3.7%	49.0B YoY+44.2%	34.0B YoY+3.8%	32.7B YoY+2.5%	31.9B YoY-0.6%
Property, plant & equipment	702M YoY+10.2%	637M YoY-0.2%	638M YoY+14.3%	558M YoY+5.5%	529M YoY-11.7%
Operating lease right-of-use	677M YoY-4.8%	711M YoY+9.4%	650M YoY-7.0%	699M YoY-11.1%	786M YoY-13.7%
Goodwill	15.8B YoY+3.7%	15.2B YoY+81.1%	8.41B YoY+1.5%	8.29B YoY-1.7%	8.43B YoY-2.7%
Intangible assets	5.73B YoY-15.1%	6.74B YoY+2781.6%	234M YoY-47.7%	447M YoY-9.1%	492M YoY-23.1%
Long-term investments	192M YoY+113.3%	90.0M YoY+100.0%	45.0M YoY-25.0%	60.0M YoY-6.3%	64.0M YoY-13.5%
Deferred tax assets	748M YoY+14.4%	654M YoY-45.3%	1.20B YoY+45.0%	824M YoY+7.6%	766M YoY+5.8%
Other non-current assets	756M YoY-24.2%	998M YoY+97.2%	506M YoY-0.6%	509M YoY-0.6%	512M YoY-16.1%
Total non-current assets	588M YoY+0.0%	588M YoY+0.0%	588M YoY+0.0%	588M YoY+0.0%	588M YoY+0.0%
	23.2B YoY+1.0%	23.0B YoY+6.2%	21.7B YoY+6.6%	20.3B YoY+6.5%	19.1B YoY+9.4%
Accrued liabilities	2.86B YoY-1.5%	2.90B YoY+28.4%	2.26B YoY+7.0%	2.11B YoY-3.6%	2.19B YoY+8.7%
Deferred revenue	259M YoY-7.5%	280M YoY+3.7%	270M YoY+8.0%	250M YoY-22.1%	321M YoY+8.4%
Short-term & current debt	589M YoY-21.6%	751M YoY-37.6%	1.20B YoY+27.4%	945M YoY-18.8%	1.16B YoY+159.8%
Current lease liability	181M YoY+2.8%	176M YoY+10.7%	159M YoY-2.5%	163M YoY-16.0%	194M YoY-4.9%
Other current liabilities	1.89B YoY+6.4%	1.77B YoY-5.6%	1.88B YoY+39.4%	1.35B YoY+1.2%	1.33B YoY+13.7%
	41.2B YoY-3.1%	42.5B YoY+22.6%	34.7B YoY+4.7%	33.1B YoY+7.7%	30.8B YoY+7.8%
Long-term debt	14.7B YoY-9.9%	16.3B YoY+62.7%	9.99B YoY+1.7%	9.82B YoY+19.4%	8.23B YoY+13.0%
Deferred revenue (non-current)	30.0M YoY+0.0%	30.0M YoY-9.1%	33.0M YoY-10.8%	37.0M YoY-47.1%	70.0M YoY-7.9%
Non-current lease liability	641M YoY-6.4%	685M YoY+6.9%	641M YoY-7.5%	693M YoY-10.2%	772M YoY-13.9%
Deferred tax liabilities	340M YoY+6.6%	319M YoY+177.4%	115M YoY+16.2%	99.0M YoY-75.3%	401M YoY+53.1%
Other non-current liabilities	1.28B YoY+12.3%	1.14B YoY+6.5%	1.07B YoY+4.9%	1.02B YoY+12.5%	910M YoY+1.7%
	9.35B YoY+52.8%	6.12B YoY+841.0%	-826M YoY-56.1%	-529M YoY-149.9%	1.06B YoY-69.6%
Common stock	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%
Additional paid-in capital	13.4B YoY+2.0%	13.2B YoY+89.7%	6.94B YoY+1.2%	6.86B YoY+3.6%	6.62B YoY+4.9%
Retained earnings	-245M YoY+89.4%	-2.31B YoY+32.1%	-3.40B YoY-22.6%	-2.77B YoY-63.6%	-1.69B YoY-262.6%
Treasury stock	2.47B YoY+0.0%	2.47B YoY+0.0%	2.47B YoY+0.0%	2.47B YoY+0.0%	2.47B YoY+0.0%
Accumulated other comprehensive income	-3.84B YoY+19.0%	-4.75B YoY-8.5%	-4.37B YoY+5.4%	-4.62B YoY-19.4%	-3.87B YoY-0.3%
Non-controlling interest	105M YoY+0.0%	105M YoY+25.0%	84.0M YoY-16.0%	100M YoY+3.1%	97.0M YoY+10.2%
Total equity incl. non-controlling	9.46B YoY+50.0%	6.30B YoY+949.7%	-742M YoY-73.0%	-429M YoY-137.0%	1.16B YoY-67.7%
Total liabilities & equity	50.8B YoY+3.7%	49.0B YoY+44.2%	34.0B YoY+3.8%	32.7B YoY+2.5%	31.9B YoY-0.6%
Common shares issued	215M YoY-0.7%	216M YoY+8.8%	199M YoY-3.3%	205M YoY-4.4%	215M YoY-4.7%
Common shares outstanding	270M YoY+0.0%	270M YoY+0.0%	270M YoY+0.0%	270M YoY+0.0%	270M YoY+0.0%
Shares outstanding (cover)	215M YoY-0.6%	216M YoY+8.0%	200M YoY-3.2%	207M YoY-6.1%	220M YoY-3.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.48B YoY+14.7%	3.04B YoY-11.6%	3.44B YoY+6.7%	3.22B YoY+47.5%	2.18B YoY-21.6%
Depreciation & amortization	188M YoY+2.7%	183M YoY+9.6%	167M YoY+10.6%	151M YoY-15.6%	179M YoY+7.2%
Share-based compensation	432M YoY-8.9%	474M YoY+8.2%	438M YoY+10.3%	397M YoY-11.6%	449M YoY+43.9%
Deferred income taxes	-141M YoY+54.7%	-311M YoY+16.6%	-373M YoY-48.0%	-252M YoY-2390.9%	11.0M YoY+22.2%
	286M YoY+110.1%	-2.83B YoY-1406.9%	-188M YoY+58.1%	-449M YoY-1016.3%	49.0M YoY+107.2%
Capital expenditure	263M YoY+20.6%	218M YoY-13.5%	252M YoY+28.6%	196M YoY+43.1%	137M YoY-2.8%
Acquisitions	394M YoY-88.8%	3.51B YoY+9917.1%	35.0M YoY-78.4%	162M YoY+1057.1%	14.0M YoY-96.2%
	-4.21B YoY-628.3%	796M YoY+127.8%	-2.87B YoY-60.1%	-1.79B YoY+7.0%	-1.92B YoY-8.6%
Long-term debt issued	0.00 YoY-100.0%	7.93B YoY+965.3%	744M YoY-62.2%	1.97B YoY+31.6%	1.50B YoY+50.9%
Long-term debt repaid	1.85B YoY-62.5%	4.93B YoY+1308.0%	350M YoY-30.0%	500M YoY+21.1%	413M YoY-32.0%
Common stock issued	70.0M YoY-11.4%	79.0M YoY+9.7%	72.0M YoY+24.1%	58.0M YoY+5.5%	55.0M YoY+25.0%
Dividends paid	629M YoY+11.9%	562M YoY+14.9%	489M YoY+5.6%	463M YoY+3.6%	447M YoY+8.5%
FX effect on cash	678M YoY+275.2%	-387M YoY-246.6%	264M YoY+148.1%	-549M YoY-133.6%	-235M YoY-179.1%
Net change in cash	240M YoY-60.7%	611M YoY-5.4%	646M YoY+49.9%	431M YoY+498.6%	72.0M YoY-88.6%
Interest paid	796M YoY+21.0%	658M YoY+47.5%	446M YoY+27.1%	351M YoY+7.0%	328M YoY+0.6%
Income taxes paid	1.04B YoY-1.6%	1.05B YoY+42.3%	740M YoY+35.5%	546M YoY+32.5%	412M YoY-9.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	75.8B YoY-2.4%	77.7B YoY+33.3%	58.3B YoY-6.1%	62.1B YoY-6.2%	66.2B YoY+37.1%
P/E	20.5× YoY-29.9%	29.3× YoY+35.0%	21.7× YoY-4.3%	22.7× YoY-57.1%	52.8× YoY+115.1%
P/S	4.4× YoY-10.8%	4.9× YoY+10.1%	4.5× YoY-11.7%	5.1× YoY-6.2%	5.4× YoY+24.4%
P/B	8.1× YoY-36.1%	12.7×	—	—	62.4× YoY+351.6%
P/FCF	23.6× YoY-14.5%	27.6× YoY+37.5%	20.1× YoY-6.6%	21.5× YoY-33.7%	32.4× YoY+77.1%
Earnings yield	4.9% YoY+42.6%	3.4% YoY-25.9%	4.6% YoY+4.5%	4.4% YoY+133.0%	1.9% YoY-53.5%
FCF yield	4.2% YoY+17.0%	3.6% YoY-27.2%	5.0% YoY+7.1%	4.7% YoY+50.7%	3.1% YoY-43.5%
Dividend yield	—	—	0.8% YoY+13.5%	0.7% YoY+10.2%	0.7% YoY-21.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: AON's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AON filings on SEC EDGAR → Not investment advice.

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