Aon plc (AON) is trading up at $296.71 (+2.41%) on NYSE/NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Financials sector.
Current price targets from 2 firms average $374, ranging from $349 to $398 — 26% above the current $297. Each is tracked to its date and scored the same way a member's call is.
Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.
| FY2016Dec 2016 | FY2017Dec 2017 | FY2018Dec 2018 | FY2019Dec 2019 | FY2020Dec 2020 | FY2021Dec 2021 | FY2022Dec 2022 | FY2023Dec 2023 | FY2024Dec 2024 | FY2025Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $9.41B | $10.00B | $10.8B | $11.0B | $11.1B | $12.2B | $12.5B | $13.4B | $15.7B | $17.2B |
| Growth (year over year) | −0.7% | +6.3% | +7.7% | +2.3% | +0.5% | +10.2% | +2.3% | +7.2% | +17.4% | +9.4% |
| Operating income | $1.81B | $1.06B | $1.54B | $2.17B | $2.78B | $2.09B | $3.67B | $3.79B | $3.83B | $4.34B |
| Operating margin | 19.2% | 10.7% | 14.3% | 19.7% | 25.1% | 17.1% | 29.4% | 28.3% | 24.4% | 25.3% |
| Net income | $1.40B | $1.23B | $1.13B | $1.53B | $1.97B | $1.25B | $2.59B | $2.56B | $2.65B | $3.69B |
| Net margin | 14.8% | 12.3% | 10.5% | 13.9% | 17.8% | 10.3% | 20.7% | 19.2% | 16.9% | 21.5% |
| EPS (diluted) | $5.16 | $4.70 | $4.59 | $6.37 | $8.45 | $5.55 | $12.14 | $12.51 | $12.49 | $17.02 |
| Balance sheet | ||||||||||
| Cash and equivalents | $426.0M | $756.0M | $656.0M | $790.0M | $884.0M | $544.0M | $690.0M | $778.0M | $1.08B | $1.20B |
| Total assets | $26.6B | $26.1B | $26.4B | $29.4B | $32.1B | $31.9B | $32.7B | $34.0B | $49.0B | $50.8B |
| Total liabilities | $21.1B | $21.4B | $22.2B | $26.0B | $28.5B | $30.8B | $33.1B | $34.7B | $42.5B | $41.2B |
| Long-term debt | $5.87B | $5.67B | $5.99B | $6.63B | $7.28B | $8.23B | $9.82B | $9.99B | $16.3B | $14.7B |
| Shareholders' equity | $5.47B | $4.58B | $4.15B | $3.38B | $3.50B | $1.06B | −$529.0M | −$826.0M | $6.12B | $9.35B |
| Cash flow | ||||||||||
| Operating cash flow | $2.33B | $734.0M | $1.69B | $1.83B | $2.78B | $2.18B | $3.22B | $3.44B | $3.04B | $3.48B |
| Capital expenditure | $156.0M | $183.0M | $240.0M | $225.0M | $141.0M | $137.0M | $196.0M | $252.0M | $218.0M | $263.0M |
| Free cash flow | $2.17B | $551.0M | $1.45B | $1.61B | $2.64B | $2.04B | $3.02B | $3.18B | $2.82B | $3.22B |
| Dividends paid | $345.0M | $364.0M | $382.0M | $410.0M | $412.0M | $447.0M | $463.0M | $489.0M | $562.0M | $629.0M |
| Share buybacks | $1.26B | $2.40B | — | — | — | — | — | — | — | — |
| Q3 FY24Sep 2024 | Q4 FY24†Dec 2024 | Q1 FY25Mar 2025 | Q2 FY25Jun 2025 | Q3 FY25Sep 2025 | Q4 FY25†Dec 2025 | Q1 FY26Mar 2026 | Q2 FY26Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $3.72B | $4.15B | $4.73B | $4.16B | $4.00B | $4.30B | $5.03B | $4.25B |
| Growth (year over year) | +26.0% | +22.9% | +16.2% | +10.5% | +7.4% | +3.7% | +6.4% | +2.2% |
| Operating income | $623.0M | $1.09B | $1.46B | $859.0M | $816.0M | $1.21B | $1.72B | $915.0M |
| Operating margin | 16.7% | 26.3% | 30.9% | 20.7% | 20.4% | 28.1% | 34.1% | 21.5% |
| Net income | $343.0M | $716.0M | $965.0M | $579.0M | $458.0M | $1.69B | $1.21B | $551.0M |
| Net margin | 9.2% | 17.3% | 20.4% | 13.9% | 11.5% | 39.4% | 24.1% | 13.0% |
| EPS (diluted) | $1.57 | $3.11 | $4.43 | $2.66 | $2.11 | $7.82 | $5.63 | $2.58 |
| Balance sheet | ||||||||
| Cash and equivalents | $1.10B | $1.08B | $964.0M | $1.01B | $1.09B | $1.20B | $1.18B | $1.06B |
| Total assets | $49.9B | $49.0B | $50.3B | $54.0B | $51.6B | $50.8B | $51.4B | $53.3B |
| Total liabilities | $43.3B | $42.5B | $43.0B | $45.9B | $43.4B | $41.2B | $41.4B | $43.6B |
| Long-term debt | $17.1B | $16.3B | $16.3B | $15.5B | $15.1B | $14.7B | $13.5B | $12.9B |
| Shareholders' equity | $6.24B | $6.12B | $7.00B | $7.84B | $7.94B | $9.35B | $9.83B | $9.60B |
| Cash flow | ||||||||
| Operating cash flow | $1.01B | $1.20B | $140.0M | $796.0M | $1.15B | $1.40B | $430.0M | $556.0M |
| Capital expenditure | $62.0M | $55.0M | $56.0M | $64.0M | $69.0M | $74.0M | $67.0M | $73.0M |
| Free cash flow | $951.0M | $1.15B | $84.0M | $732.0M | $1.08B | $1.32B | $363.0M | $483.0M |
| Dividends paid | $147.0M | $146.0M | $147.0M | $161.0M | $160.0M | $161.0M | $162.0M | $175.0M |
From Aon plc's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →
Aon plc's latest reported figures next to the median of the other 75 S&P 500 Financials companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.
| Measure | Aon plc | Financials (75 other S&P 500 companies) | S&P 500 (502 other companies) |
|---|---|---|---|
| Revenue growth, latest fiscal year | +9.4% | +7.2% | +7.0% |
| Net margin, latest fiscal year | 21.5% | 19.3% | 12.9% |
| Dividend per share, latest fiscal year | $2.91 | $2.35 | $2.40 |
| Share price change, 1 year | −13.8% | +9.3% | +7.5% |
Aon plc: fiscal year ended December 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 20, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, Aon plc included, are the last regular-session prices of October 20, 2026; the 1-year change compares that price with each company's last close on or before October 20, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 75/496, net margin 75/496, dividend per share 61/349, 1-year price change 75/488; the reasons below can overlap. 14 are left out of the price figure because our archive holds no comparable close for them; dividend medians are among the 61 sector and 349 S&P 500 companies reporting a per-share dividend. The S&P 500 price figure is the middle company's change, not the index's return.
Aon plc describes itself in its annual report for 2025 (Form 10-K) as a leading global professional services firm, which provides clients with Risk Capital and Human Capital expertise and solutions to help them make better risk and people decisions. The 10-K says Aon is incorporated in Ireland; its cover gives its address as 15 George's Quay, Dublin 2, Ireland. It serves clients in more than 120 countries, and as of December 31, 2025 it employed approximately 60,000 employees. Its fiscal year ends December 31. Its Class A ordinary shares trade on the NYSE under the symbol AON, with 214,254,496 shares outstanding on February 12, 2026 (10-K cover) and 212,125,434 on July 28, 2026 (10-Q cover). The 10-K says Aon manages its business within two reportable segments: Risk Capital and Human Capital.
For 2025 the consolidated statements of income report total revenue of $17,181 million, against $15,698 million in 2024, operating income of $4,344 million, against $3,835 million, and net income attributable to Aon shareholders of $3,695 million, or $17.02 per diluted share, against $2,654 million, or $12.49, in 2024. The 10-K (Item 7) says total revenue increased in 2025 reflecting 6% organic revenue growth (a non-GAAP measure), acquired revenues from NFP, and a favorable impact from foreign currency translation, and that other income of $1,211 million, against $348 million in 2024, increased primarily due to gain on the sale of businesses, particularly the NFP Wealth business sold in the fourth quarter. On April 25, 2024 Aon acquired NFP Intermediate Holdings A Corp. (NFP) for an aggregate U.S. GAAP purchase price totaling $9.1 billion, and on October 30, 2025 it completed the sale of a significant majority of NFP's wealth businesses to Madison Dearborn Partners, LLC, for total cash proceeds on closing of $2.3 billion and a pre-tax gain of $1.2 billion (10-K). Cash provided by operating activities was $3,481 million in 2025; Aon spent $1,000 million on share repurchase and $629 million on cash dividends to shareholders (10-K, cash flows). The 10-K reports adjusted diluted earnings per share of $17.07, against $15.60 in 2024, and an adjusted operating margin of 32.4%, against 31.5%, both non-GAAP measures.
According to its 10-Q for the quarter ended June 30, 2026 (unaudited), total revenue was $4,246 million, against $4,155 million a year earlier, and net income attributable to Aon shareholders was $551 million, or $2.58 per diluted share, against $579 million, or $2.66. The 10-Q says revenue increased $91 million, or 2%, reflecting 5% organic revenue growth (a non-GAAP measure) and a 1% favorable impact from foreign currency translation, partially offset by a 4% unfavorable impact primarily from divestitures largely due to the divestitures of the NFP Wealth business and Stroz Friedberg; Risk Capital revenue increased $140 million, or 5%, and Human Capital revenue decreased $47 million, or 4%; the 10-Q says Wealth Solutions revenue decreased $93 million, or 18%, due primarily to the sale of the NFP Wealth business in the fourth quarter of 2025. It says net income decreased $29 million, or 5%, due to the factors set out in its results highlights and a $73 million decrease in Other income (expense). In its July 29, 2026 release Aon reported adjusted EPS of $3.81, against $3.49, a non-GAAP measure, and said it was reaffirming 2026 guidance of 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 (company projections, non-GAAP measures). Gregory C. Case, Chief Executive Officer, and Edmund Reese, Chief Financial Officer, certified the 10-Q (Exhibits 31.1 and 31.2). In a Form 8-K filed August 17, 2026, Aon said Mr. Reese would transition from his role as Executive Vice President and Chief Financial Officer effective August 17, 2026, to serve as a senior advisor until August 16, 2027, and that Nadin Virani would serve as interim Chief Financial Officer.
In a Form 8-K filed August 31, 2026, Aon reported that on August 30, 2026 it entered into an Agreement and Plan of Merger under which it will acquire USI Advantage Corp. for a purchase price of $17 billion in cash, subject to downward adjustments for leakage since June 30, 2026. Completion is subject to customary closing conditions, including receipt of applicable regulatory approvals, and either party may terminate if the closing has not occurred by June 1, 2027, subject to up to two three-month extensions relating to regulatory approvals. A Form 8-K filed September 17, 2026 reports the sale of senior notes in seven series due from 2029 to 2056, with net proceeds of approximately $13,400,800,000, which the issuers intend to use for general corporate purposes, including paying the cash consideration for the USI acquisition; if the acquisition is not consummated within the stated period, the USI Acquisition Notes (all series except the 2056 Notes) must be redeemed at 101% of principal plus accrued interest. A Form 8-K filed September 22, 2026 reports that on September 18, 2026 Aon and certain subsidiaries entered into credit agreements providing unsecured delayed draw term loan facilities of $4,000,000,000 and a $3,000,000,000 unsecured revolving credit facility, which replaces two $1,000,000,000 revolving credit facilities.
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| Fiscal year | Revenue (as reported in 10-K) | Reported as | Filed |
|---|---|---|---|
| 2021 | $12,193 million19 | Form 10-K for 2021 (year ended December 31, 2021), total revenue, in millions as filed | Feb 18, 2022 |
| 2022 | $12,479 million20 | Form 10-K for 2022 (year ended December 31, 2022), total revenue, in millions as filed | Feb 17, 2023 |
| 2023 | $13,376 million21 | Form 10-K for 2023 (year ended December 31, 2023), total revenue, in millions as filed | Feb 16, 2024 |
| 2024 | $15,698 million22 | Form 10-K for 2024 (year ended December 31, 2024), total revenue, in millions as filed | Feb 18, 2025 |
| 2025 | $17,181 million4 | Form 10-K for 2025 (year ended December 31, 2025), total revenue, in millions as filed | Feb 13, 2026 |
| Name | Released | What it is |
|---|---|---|
| Commercial Risk Solutions | — | Brokerage and consulting services that help organizations develop, improve, and implement their risk management strategies. It includes insurance and specialty brokerage, global risk consulting, captives management, and Affinity programs (10-K, Item 1).1 |
| Reinsurance Solutions | — | Includes treaty reinsurance, facultative reinsurance, Strategy and Technology Group and capital markets, which the 10-K describes as a global investment bank with expertise in insurance-linked securities, capital raising, strategic advice, restructuring, and mergers and acquisitions.1 |
| Data Center Lifecycle Insurance Program | — | Launched in 2025, a proprietary program designed to support data center projects from construction through ongoing operations by bringing together traditionally fragmented risk classes into a single coordinated insurance solution (10-K, Item 1).1 |
| Capital Insights Explorer, ReMetrica and PathWise | — | Analytics and modeling tools the 10-K names among those the Strategy and Technology Group uses, with strategic advice and data-driven consulting, to help clients deploy capital efficiently and effectively.1 |
| Name | Released | What it is |
|---|---|---|
| Health Solutions | — | Includes consulting and brokerage, consumer benefits, compensation, and talent advisory services (10-K, Item 1).1 |
| Wealth Solutions | — | Includes retirement consulting, pension administration, and investments consulting; for defined contributions the 10-K says Aon offers Master Trusts and Pooled Employer Plans.1 |
Figures last checked against the sources above on . General information, not investment advice.
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