Aon plc (AON) FY2025 10-K Annual Report
Aon plc (AON) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 13, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Aon plc FY2025 10-K Analysis
Business Overview
- • Core business model: global professional services firm providing risk, retirement, and health solutions through brokerage and consulting
- • New emphasis on AI innovation, including generative AI tools with governance to manage operational, legal, and reputational risks
- • Strategic shift focusing on proprietary data and analytics tools, notably in insurance/reinsurance placement, to differentiate offerings
- • 51.8% of consolidated revenue generated outside U.S., exposing business to currency exchange risks impacting financial results
- • Total consolidated debt approx. $15.2 billion as of Dec 31, 2025, heightening financial leverage and impacting operational flexibility
Management Discussion & Analysis
- • Revenue $17.2B, up $1.5B (9%) YoY; Risk Capital $11.3B (+7%), Human Capital $5.9B (+13%)
- • Operating margin 25.3% vs 24.4% YoY; Risk Capital margin down 30.4% vs 31.3%; Human Capital margin up 23.9% vs 21.9%
- • Best performing segment: Human Capital operating income +23% to $1.4B; Worst performing: Risk Capital margin decline despite +4% income growth to $3.4B
- • Operating cash flow $3.5B, up $446M (15%); Free cash flow $3.2B, up $401M (14%); Capex increased $45M; NFP acquisition-related expenses and $1.2B gain on NFP Wealth sale
- • Management notes uncertainties from global minimum tax (OECD Pillar Two) and ongoing integration of NFP; 2026 risks include tax regime changes and market conditions
Risk Factors
- • Oversight of cybersecurity risks by Audit Committee includes risks from artificial intelligence use and regular CISO reporting
- • Exposure to evolving cybersecurity threats despite risk-based safeguards aligned with NIST Cybersecurity Framework
- • Third-party risk governance program requires supplier compliance with Aon’s data security mandates and periodic contract reviews
- • Reliance on external service providers to assess and assist with security processes introduces potential operational vulnerabilities
- • Cybersecurity insurance in place but may not cover all losses from breaches or data privacy events
Aon plc FY2025 Key Financial MetricsXBRL
Revenue
$17.2B
▲ +9.4% YoY
Net Income
$3.7B
▲ +39.2% YoY
Operating Margin
25.3%
▲ +85bp YoY
Net Margin
21.5%
▲ +460bp YoY
ROE
39.5%
▼ -385bp YoY
Total Assets
$50.8B
▲ +3.7% YoY
EPS (Diluted)
$17.02
▲ +36.3% YoY
Operating Cash Flow
$3.5B
▲ +14.7% YoY
Source: XBRL data from Aon plc FY2025 10-K filing on SEC EDGAR. All figures in USD.
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