Aon delivered another quarter of strong performance and finished 2025 with 9% total revenue growth, 6% organic revenue growth and double-digit free cash flow growth, demonstrating the durability and consistency of our growth model
- We paid down $1.9 billion in debt in 2025 and successfully met our leverage objective in the fourth quarter. We expect our strong balance sheet position will enable us to execute our disciplined capital allocation model in 2026, balancing investment in high-return M&A and capital return to shareholders
- We are introducing 2026 guidance that reflects the power of our Aon United strategy, accelerated through the 3×3 Plan. For 2026, we expect mid-single-digit or greater organic revenue growth, 70 to 80 basis points of adjusted operating margin expansion, strong adjusted EPS growth and double-digit free cash flow growth
Our fourth-quarter and full-year results reflect the strong execution of our 3×3 Plan, accelerating our client-centric Aon United strategy
Greg Case, president and CEO
“In the fourth quarter, we delivered 5% organic revenue growth and 16% free cash flow growth, and we achieved all of our full-year objectives, including a second straight year of 6% organic revenue growth,” said Greg Case.
“Our strategic investments in data-driven insights and capabilities through Aon Business Services are enabling us to meet rising client demand in an increasingly complex environment,” Case added.
“We are entering 2026 with momentum and are well positioned to continue to deliver for our clients, generate sustainable growth and create long-term shareholder value.”
Net income attributable to Aon shareholders in the fourth quarter increased 138%, to $7.82 per share on a diluted basis, compared to $3.28 per share on a diluted basis in the prior-year period.
Adjusted net income per share attributable to Aon shareholders increased 10% to $4.85 on a diluted basis, compared to $4.42 in the prior-year period.
The full-year 2025 cash flow summary provided below includes supplemental information related to free cash flow, which is a non-GAAP measure that is described in detail in “Reconciliation of Non-GAAP Measures – Organic Revenue Growth and Free Cash Flow” on page 11 of this press release.
Cash flows provided by operations for 2025 increased $446 million, or 15%, to $3.5 billion compared to the prior-year period, due primarily to strong adjusted operating income growth and lower NFP-related transaction costs, partially offset by working capital headwinds.
Free cash flow, defined as cash flow from operations less capital expenditures, increased $401 million, or 14%, to $3.2 billion in 2025 compared to the prior year, reflecting an increase in cash flows from operations, partially offset by a $45 million increase in capital expenditures.
Total revenue increased $153 million, or 4%, to $4.3 billion, compared to the prior-year period, reflecting organic revenue growth of 5%, driven by net new business and ongoing strong retention and a 2% favorable impact from foreign currency translation, partially offset by a 3% unfavorable impact largely due to the sales of NFP Wealth and Stroz Friedberg as part of acquisitions, divestitures and other items. Risk Capital revenue increased $171 million, or 7%, to $2.7 billion and Human Capital revenue decreased $16 million, or 1%, to $1.6 billion.
Risk Capital
Commercial Risk Solutions Organic revenue growth of 6% reflects strong growth in North America, EMEA and Latin America, driven by net new business and ongoing strong retention. Performance was highlighted by strong growth in U.S. core P&C and double-digit growth in construction. Market impact was positive.
Reinsurance Solutions Organic revenue growth of 8% reflects double-digit growth in insurance-linked securities and the Strategy and Technology Group. Strong growth in facultative placements was driven by net new business and strong retention, partially offset by a modest unfavorable market impact.
Human Capital
Health Solutions Organic revenue growth of 2% reflects strong growth in core health and benefits and consumer benefits solutions, driven by net new business, ongoing strong retention and positive market impact, partially offset by slower discretionary spend in Talent Solutions and delayed closed sales.
Wealth Solutions Organic revenue growth of 2% reflects growth in Retirement, driven by continued strong demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change, partially offset by the sale of the NFP Wealth business.
