Aon reports Q4 and full year 2025 results

Aon reported fourth quarter 2025 revenue of $4.3 billion, up 4% year over year, including 5% organic revenue growth. Adjusted EPS rose 10% to $4.85, while free cash flow increased 16% to $1.3 billion.

For full year 2025, Aon posted revenue of $17.2 billion, up 9%, with 6% organic revenue growth. Adjusted EPS increased 9% to $17.07, and free cash flow rose 14% to $3.2 billion, supported by cash provided by operations of $3.5 billion, up 15%.

In Risk Capital, revenue grew 7% in the quarter to $2.7 billion, driven by 6% organic growth in Commercial Risk Solutions and 8% organic growth in Reinsurance Solutions. Human Capital revenue declined 1% to $1.6 billion, with Health Solutions up 2% organic and Wealth Solutions down 10% reported, reflecting the sale of NFP Wealth, though Wealth Solutions was up 2% organically.

Operating margin improved to 28.1% from 26.3% a year earlier, while adjusted operating margin increased to 35.5% from 33.3%. Total operating expenses rose 1% to $3.1 billion, as higher Accelerating Aon United program costs and foreign currency pressure were partially offset by lower expenses tied to the sale of NFP Wealth and net restructuring savings realized during the quarter.

Aon said it repaid $1.9 billion of debt during 2025 and met its leverage objective in the fourth quarter. The company repurchased about $250 million of shares in Q4 and ended the year with roughly $1.3 billion remaining under its repurchase authorization.

For 2026, Aon introduced guidance calling for mid single digit or greater organic revenue growth, 70 to 80 basis points of adjusted operating margin expansion, adjusted EPS growth, and double digit free cash flow growth.