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Aon Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Jan, 2026
Executive summary
Achieved 6% organic revenue growth and 9% total revenue growth for full-year 2025, advancing the 3x3 Plan and Aon United strategy, with strong execution driving client impact and operating leverage.
Adjusted operating margin expanded 90 basis points to 32.4% for FY'25, with Q4 margin up 220 basis points to 35.5%.
Adjusted EPS rose 9% to $17.07 for FY'25, with Q4 adjusted EPS up 10% to $4.85; free cash flow increased 14% to $3.2 billion for the year and 16% in Q4.
Completed successful integration of NFP, driving middle market growth and enhancing platform capabilities; realized $1.2 billion in gains from the sale of NFP Wealth in Q4.
Entered 2026 with strong momentum, focusing on client-centric strategy, talent investment, and innovation in response to macro complexity.
Financial highlights
Full-year 2025 revenue reached $17.2 billion, up 9% from 2024, with 6% organic growth, 2% from acquisitions, and 1% from currency.
Q4 revenue was $4.3 billion, up 4% year-over-year, with 5% organic growth and a 2% favorable currency impact.
Operating income for FY'25 was $4,344 million (up 13% YoY); adjusted operating income was $5,563 million (up 13% YoY).
Diluted EPS for Q4 was $7.82 (up 138%); full-year diluted EPS was $17.02 (up 36%).
Free cash flow for Q4 was $1.3 billion (up 16% YoY); full-year free cash flow was $3.2 billion (up 14% YoY).
Outlook and guidance
2026 guidance targets mid-single-digit or greater organic revenue growth, 70–80 basis points of adjusted operating margin expansion, strong adjusted EPS growth, and double-digit free cash flow growth.
Expect $4.3 billion in free cash flow before tax impact from NFP Wealth sale; plan to return at least $1 billion in share repurchases.
2026 guidance includes expected tax rate of 19.5–20.5%, $80 million non-cash pension expense, and a ~$300 million tax impact from the NFP Wealth sale.
Currency expected to have a favorable impact of $0.36 per share in Q1 2026 and $0.39 per share for full-year 2026 if rates remain stable.
Continued investment in revenue-generating talent (targeting 4%-8% net increase in 2026) and high-growth M&A opportunities.
NFP Wealth sale's net Q4 financial impact
Accelerating Aon United Q4 cost/benefit
2025 FCF growth drivers and headwinds
How does Aon maintain data center market leadership?
Detail NFP integration into ABS for new savings.
How do M&A valuations impact deployment strategy?
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Next Aon earnings date
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Frequently asked questions
Professional Services
Aon is a British-American company headquartered in London, with the North American division working out of Chicago. It is a professional services firm providing risk management and consulting services across a wide range of different sectors, as well as data and analytics. The company operates on a global scale with roughly 50,000 employees working across over 100 countries. The name comes from the Gaelic word aon, which translates to one, and the shares of the company’s shares trade on the NYSE.
Born From a Merger
Aon was founded in Chicago in 1982 as the result of a merger between two different insurance companies. The two companies that formed what we today know as Aon, Ryan Insurance Group and Combined Insurance Company of America, did however have lineages tracing much further back than that. The company got its current name in 1987 and quickly built up a global presence through organic growth and several large acquisitions. The company also had a notable sponsor partnership with Manchester United between 2010 and 2015. Looking at a list of the competition gives us examples of similar companies such as Willis Towers Watson and Marsh & McLennan.
Services and Risk Capital
As previously mentioned, Aon provides a host of different services for its clients. These clients can be found in finance, hospitality, insurance, life sciences, logistics, and many other sectors. The company works in two primary divisions: Risk Capital and Human capital.
Within Risk Capital Aon provides, as suggested by the name, various types of risk management. This is done on a consultancy basis, helping companies as well as institutions in the public sector manage risk in various parts of their organizations and operations.
Human Capital
The Human Capital solutions provided by Aon are also incredibly diverse. The company provides services within analytics, health & benefits, workplace wellbeing, investments, and more. All of these combined services provided by Aon means that they can more or less be a one-stop shop for clients looking for consultancy services to help them address a wide array of different needs.
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