Aon has posted a total revenue of $4.2 billion for the second quarter of 2025, marking an 11% increase over the same period last year.
The figure includes 6% organic revenue growth, contributions from the NFP acquisition, and a 1% benefit from foreign currency translation.
Revenue from the Risk Capital segment rose $216 million, or 8%, to $2.9 billion, while Human Capital revenue increased $166 million, or 15%, reaching $1.3 billion.
Operating expenses for the quarter were up 6% year over year to $3.3 billion. The increase was attributed primarily to the ongoing costs related to NFP, higher intangible asset amortization from the acquisition, and increased spending tied to organic growth and long-term investments.
This was partially offset by lower transaction costs compared to the previous year, reduced expense from the Accelerating Aon United program, and $35 million in net restructuring savings. Risk Capital operating expenses rose $136 million, or 7%, to $2.0 billion, while Human Capital operating expenses grew $139 million, or 13%, to $1.2 billion.
"This performance reflects the growing demand for our advice and solutions, driven by an increasingly complex environment and the need to unlock new sources of capital. Our solutions are resonating with clients and we are effectively meeting that demand,” CEO Greg Case (pictured above) said.
Aon completed its acquisition of NFP in April 2024. Following the transaction, NFP has continued to operate as an “independent and connected” platform within the organization.
The unit includes approximately 7,700 professionals and was positioned to broaden Aon’s presence in the middle-market space, with a continued focus on US-based health and benefits, wealth management, and P&C distribution strategies.
The company previously reported that it expects to generate more than $2.8 billion in value from the NFP deal, net of about $400 million in transaction and integration-related costs. These benefits are anticipated to arise from increased client access, broader product offerings, and enhanced data and analytics capabilities stemming from the merger.
Diluted weighted average shares outstanding rose to 217.3 million from 213.3 million a year earlier. During the quarter, Aon repurchased 0.7 million Class A ordinary shares for approximately $250 million. As of June 30, 2025, it had $1.8 billion remaining under its share repurchase authorization.
For the first half of 2025, cash flow from operations increased by $114 million, or 14%, totaling $936 million. The growth was driven by higher adjusted operating income and improved days sales outstanding, offset by increased incentive compensation, interest, and restructuring-related payments.
Free cash flow rose 13% to $816 million over the same period. The increase reflects the higher operating cash flow, partially reduced by a $19 million rise in capital expenditures.
As part of its long-term investment strategy, Aon has committed approximately $1 billion toward Aon Business Services. This initiative is designed to strengthen core infrastructure, enhance technology and analytics capabilities, and support scalable delivery across its global operations.
The investment aligns with Aon’s three-year 3×3 operating model and is aimed at driving efficiency and enabling consistent client delivery.
“Looking ahead, we remain confident in our outlook and are reaffirming our full-year 2025 guidance,” Case said.
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