Company file · AON

Aon

Aon's revenue rose 9.4% in FY2025, to $17.2B, and net income rose 39.2% to $3.7B

Revenue rose 9.4% to $17.2B in FY2025, from $15.7B in FY2024. Net income rose 39.2% to $3.7B. Risk Capital was the largest segment, at 66% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 13, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026) · Data pulled Nov 11, 2026

Key facts

Aon (NYSE: AON) reported revenue of $17.2B for fiscal 2025, the year ended Dec 31, 2025, up 9.4% from fiscal 2024. Net income was $3.7B, up 39.2%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $4.1B, up 2.6% from the same quarter a year earlier, and net income was $476M. The largest piece by segment was Risk Capital, at 66% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).

Revenue$17.2BFY2025 · +9.4% vs FY2024

Net income$3.7BFY2025 · +39.2% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 13, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 1, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 28, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Risk Capital$11.3B66%+7.4%
Human Capital$5.9B34%+13.4%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Risk Capital (66%) and Human Capital (34%), as shares of total revenue. Total revenue was $17.2B.

By segment: three-year mixShare of the total each fiscal year

FY2023

71%29%

FY2024

67%33%

FY2025

66%34%

Risk CapitalHuman Capital

Source: 10-K FY2025

By region, FY2025

United States$8.3B48%+8.0%

Europe, Middle East, and Africa, Other Than United Kingdom and Ireland$3.2B18%+8.7%

United Kingdom$2.2B13%+12.4%

Asia Pacific$1.7B10%+2.1%

Americas, Other Than United States$1.6B10%+22.3%

Ireland$185M1%+26.7%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$4.1B Q3 2026

$4.0B Q3 2025

2.6% increase

Net income

$476M Q3 2026

$458M Q3 2025

3.9% increase

Source: Aon 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026

By segment

Risk Capital

$2.7B Q3 2026

$2.5B Q3 2025

6.2% increase

Human Capital

$1.4B Q3 2026

$1.5B Q3 2025

3.7% decrease

Source: Aon 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026

The bull case and the bear case

The bull case

Revenue rose 9.4% in FY2025 to $17.2B, from $15.7B a year earlier. 10-K, FY2025
Net income rose 39.2% in FY2025 to $3.7B, from $2.7B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $4.1B, up 2.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $476M, up 3.9% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Diluted shares rose 2.2% in FY2025, which spreads profit across more shares. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include catastrophes and claims; reserves; investments and rates. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Aon is in the insurance brokers industry, part of the financials sector. The SEC files it under Insurance Agents, Brokers & Service.

Aon reports 2 segments: Risk Capital and Human Capital.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the insurance brokers industry. They are not a summary of Aon’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Catastrophes and claimsStorms, disasters and large claims can cause losses that are hard to predict.
ReservesInsurers estimate future claims, and estimates can turn out too low.
Investments and ratesReturns on the investment portfolio move with interest rates and markets.
RegulationState and national insurance rules shape pricing, capital and products.
Competition and pricingRivals can cut prices, and premiums may not keep pace with claims costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$13.4B	$15.7B	$17.2B
Net income	$2.6B	$2.7B	$3.7B
Diluted shares	205M	212M	217M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Aon's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.

What we left out

Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.

Recent filings

Form	Filed	Period
10-Q	Oct 28, 2026	Sep 30, 2026
10-Q	Jul 29, 2026	Jun 30, 2026
10-Q	May 1, 2026	Mar 31, 2026
DEF 14A	Apr 28, 2026	Jun 26, 2026
10-K	Feb 13, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Aon

How does Aon make money?

Aon's revenue was $17.2B in fiscal 2025. By segment in FY2025: Risk Capital (66%) and Human Capital (34%), as shares of total revenue. Total revenue was $17.2B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What was Aon's revenue in fiscal 2025?

$17.2B of revenue for the fiscal year ended Dec 31, 2025, up 9.4% from $15.7B in fiscal 2024. Fiscal 2023 was $13.4B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

Is Aon profitable?

Aon reported net income of $3.7B for fiscal 2025, up 39.2% from $2.7B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $476M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What did Aon report in its latest quarterly filing?

Revenue was $4.1B in the quarter ended Sep 30, 2026, up 2.6% from $4.0B a year earlier. Net income was $476M, up 3.9% from $458M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.

What are the main risks Aon faces?

Aon's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 13, 2026. Risks that are common among companies in the insurance brokers industry include Catastrophes and claims; reserves; investments and rates; regulation; competition and pricing. The first: Storms, disasters and large claims can cause losses that are hard to predict. Source: 10-K, Item 1A Risk Factors.

Where do these Aon numbers come from?

From Aon's own SEC filings: the 10-K for fiscal 2025 (filed Feb 13, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Aon

Viking Global Investors: 1,151,269 shares, reported value $381.9M at Jun 30, 2026 (+5.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 312,198 shares, reported value $103.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Polen Capital Management: 164,035 shares, reported value $54.4M at Jun 30, 2026 (−87.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 4, 2026.
Markel Group: 135,800 shares, reported value $37.6M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
Citadel Advisors: 105,569 shares, reported value $35.0M at Jun 30, 2026 (+31.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Bridgewater Associates: 15,663 shares, reported value $5.2M at Jun 30, 2026 (−22.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 6,297 shares, reported value $2.1M at Jun 30, 2026 (−67.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in AON: The editor holds no position in Aon (AON). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell AON from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 3, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold AON, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Aon	FY2025	$17.2B	+9.4%	$3.7B
Marsh McLennanMRSH	FY2025	$27.0B	+10.3%	$4.2B
Arthur J. GallagherAJG	FY2025	$13.9B	+20.7%	$1.5B
Willis Towers WatsonWTW	FY2025	$9.7B	−2.2%	$1.6B
Brown & BrownBRO	FY2025	$5.9B	+22.8%	$1.1B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.