For 2026, the broker is introducing guidance that points to further margin and earnings expansion, underpinned by its Aon United strategy and 3x3 Plan. The group expects 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.
In Q4, total revenue increased 4% to US$4.3 billion compared with the prior-year period, reflecting 5% organic revenue growth and a 2% favourable impact from foreign currency translation, partially offset by a 3% unfavourable impact from acquisitions, divestitures and other items.
Diluted EPS in the quarter jumped 138% to US$7.82, compared with US$3.28 in the prior‑year period, while adjusted EPS rose 10% to US$4.85 from US$4.42. Cash provided by operations grew 16% to US$1.40 billion, and free cash flow increased 16% to US$1.32 billion. The 138% jump in diluted EPS in Q4, and the rise in full‑year diluted EPS to US$17.02 from US$12.49, were flattered by sizable gains related to the sale of NFP Wealth and other non‑recurring items captured in “other income.”
Operating income rose 11% to US$1.21 billion and operating margin improved to 28.1% from 26.3%. Adjusted operating income also increased 11% to US$1.53 billion, while adjusted operating margin expanded to 35.5% from 33.3%.
For full‑year 2025, total revenue rose 9% to US$17.18 billion from US$15.70 billion, driven by 6% organic revenue growth, a 2% contribution from acquisitions and a 1% favourable impact from currency translation. Net income attributable to Aon shareholders increased to US$3.7 billion, or US$17.02 per diluted share, compared to US$2.7 billion, or US$12.49 per diluted share, in 2024. Adjusted net income per share increased 9% to US$17.07, including a US$0.01 per‑share headwind from foreign currency, compared to US$15.60 a year earlier. Cash flows from operations climbed 15% to US$3.48 billion, while free cash flow rose 14% to US$3.22 billion.
Total operating expenses in the fourth quarter increased 1% to US$3.09 billion compared to the prior‑year period. Compensation and benefits expense was essentially flat at US$2.12 billion, as lower expenses associated with the sale of NFP Wealth, savings from Accelerating Aon United restructuring actions and lower NFP integration costs offset expenses tied to 5% organic revenue growth and the unfavourable impact of foreign currency translation.
Information technology expense increased 10% to US$156 million, primarily due to spending associated with organic revenue growth, partially offset by restructuring savings. Premises expense edged up 1% to US$85 million, mainly reflecting FX. Depreciation of fixed assets rose 2% to US$48 million, while amortisation and impairment of intangible assets were flat at US$185 million, as the decrease in intangibles from the NFP Wealth sale was offset by intangibles from other acquisitions.
Other general expense decreased 9% to US$372 million, driven by non‑recurring gains including portfolio sales, lower transaction‑ and integration‑related costs and lower expenses associated with the sale of NFP Wealth, partially offset by FX. Accelerating Aon United Program expense increased 87% to US$129 million, reflecting higher workforce optimisation costs.
Greg Case, president and CEO, said the fourth‑quarter and full‑year results “reflect the strong execution of our 3x3 Plan, accelerating our client-centric Aon United strategy.” He added that in Q4 Aon delivered 5% organic revenue growth and 16% free cash flow growth, and achieved all of its full‑year objectives, including a second straight year of 6% organic revenue growth.
“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 said. “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.”
Looking ahead, Aon expects to continue investing in talent, data and its Aon Business Services platform as it pursues 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 in 2026.
Management emphasised that the firm’s deleveraged balance sheet, streamlined portfolio and integrated operating model leave it well placed to pursue targeted M&A and sustain capital returns, while responding to ongoing client demand around risk, health, wealth and human capital in an increasingly complex macro and risk environment.
Management emphasised that the firm’s deleveraged balance sheet, streamlined portfolio and integrated operating model leave it well placed to pursue targeted M&A and sustain capital returns, while responding to ongoing client demand around risk, health, wealth and human capital in an increasingly complex macro and risk environment.
