Aon (AON) Q4 2025 earnings summary

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.