Aon plc (AON)

Price—Loading quote

AI: Fair-priced

Price checkThe shares look fairly priced, with steady growth offsetting a demanding cash valuation.

Aon's investor site displayed $366.64, implying a $78.3 billion equity value. Trailing earnings are about $18.14 a share: 2025's $17.02, plus first-half 2026's $8.22, minus first-half 2025's $7.10. That equals roughly 20.2 times earnings. Trailing free cash flow—cash left after running and investing in the business—is about $3.25 billion, giving a 4.1% cash yield. This is reasonable only if per-share cash keeps growing at a mid-to-high single-digit rate.

Big pictureRevenue and cash keep rising, though recent headline profit included a large one-time gain.

Revenue rose from $11.1 billion in 2020 to $17.2 billion in 2025, while operating income increased from $2.8 billion to $4.3 billion. Free cash flow climbed from roughly $2.64 billion to $3.22 billion. However, 2025 net income benefited from a $1.2 billion business-sale gain; adjusted earnings per share grew a steadier 9% to $17.07. First-half 2026 revenue and operating income grew 4% and 13%, respectively, but free cash flow advanced only 4% and fell 34% in the second quarter.

Business strengthSticky client work supports cash, but acquisition debt leaves less room for mistakes.

Second-quarter organic revenue—growth excluding acquisitions, disposals, currency changes and investment income—was 5% in all four main businesses, supported by new wins and client retention. The balance sheet remains the main weakness: June debt was $14.97 billion, against $1.06 billion of cash, leaving $13.91 billion of net debt. Aon repurchased $600 million of shares and paid $175 million of dividends during the quarter; diluted shares fell 1.6%, more than offsetting $122 million of share-based employee pay. Those shareholder returns exceeded quarterly free cash flow.

What could change the storyFaster cash growth offers upside; stalled margins or stubborn debt would expose the premium.

The bull case requires Aon to deliver its guidance: at least mid-single-digit organic growth, adjusted margin expansion of 0.7 to 0.8 percentage points and double-digit 2026 free-cash-flow growth. That would mean more than roughly $3.54 billion of annual free cash flow. Data-center construction is a promising source of new brokerage demand. The bear case is softer commercial-insurance pricing: reinsurance already had unfavorable market effects in the second quarter. Organic growth below 4%, missed margin guidance or net debt remaining near $14 billion would weaken the valuation case.

$366.64 price considered

AI: News

Second-quarter resultsUnderlying sales and adjusted profit grew, but quarterly cash generation and reported earnings declined.

On July 29, Aon reported second-quarter revenue of $4.25 billion, up 2%, while organic revenue grew 5%. Adjusted earnings per share rose 9% to $3.81, although reported earnings fell 3% to $2.58 and free cash flow declined 34% to $483 million. Management maintained its full-year growth and margin guidance. Shares closed about 1.1% lower that day; the timing is documented, but it does not establish that the results alone caused the move.

Data-center coverage expansionAon increased data-center insurance capacity, targeting rising demand from artificial-intelligence infrastructure projects.

On July 20, Aon expanded its Data Center Lifecycle Insurance Program from $3.5 billion to $5 billion of capacity. The offering combines construction, property, cyber, cargo and advisory services for large digital-infrastructure projects. This can widen Aon's brokerage and consulting opportunity as data-center spending grows. However, the $5 billion represents insurance capacity supplied through participating insurers, not committed Aon revenue, so the eventual profit contribution remains uncertain. No reliable isolated stock-price reaction was identified.

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Free cash flow

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$17.18B	$15.70B	$13.38B	$12.48B	$12.19B	$11.07B	$11.01B	$10.77B	$10.00B	$9.41B	$9.48B	$12.04B	$11.81B	$11.51B	$11.29B	$8.51B	$7.59B	$7.53B	$7.23B
Operating income	$4.34B	$3.83B	$3.79B	$3.67B	$2.09B	$2.78B	$2.17B	$1.54B	$1.06B	$1.81B	$1.59B	$1.97B	$1.67B	$1.60B	$1.60B	$1.24B	$1.02B	$940.0M	$1.00B
EBITDAderived	—	—	—	—	—	—	—	$1.72B	$1.25B	$1.97B	$1.75B	$2.21B	$1.91B	$1.83B	$1.82B	$1.40B	$1.17B	$1.16B	—
Net income	$3.69B	$2.65B	$2.56B	$2.59B	$1.25B	$1.97B	$1.53B	$1.17B	$1.26B	$1.43B	$1.42B	$1.43B	$1.15B	$1.02B	$1.01B	$706.0M	$747.0M	$1.46B	$864.0M
Basic EPSper diluted share	$17.11	$12.55	$12.60	$12.23	$5.59	$8.49	$6.42	$4.62	$4.74	$5.21	$4.93	$4.73	$3.57	$3.02	$2.92	$2.41	$2.64	$4.99	$2.83
Diluted EPSper diluted share	$17.02	$12.49	$12.51	$12.14	$5.55	$8.45	$6.37	$4.59	$4.70	$5.16	$4.88	$4.66	$3.53	$2.99	$2.87	$2.37	$2.57	$4.80	$2.66

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$1.52M disclosed value

Sells (SEC code S)9$9.33M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Feb 26, 2026Form 4	Zeidel DarrenGeneral Counsel	SellClass A Ordinary Stock	4.3K	$329.72	$1.42M	16.0K
Feb 17, 2026Form 4 · 10b5-1	Zeidel DarrenGeneral Counsel	SellClass A Ordinary Stock	5.0K	$325.79	$1.64M	20.3K
Feb 10, 2026Form 4	KNIGHT LESTER BDirector	BuyClass A Ordinary Stock · indirect	4.0K	$319.24	$1.28M	143.0K
Nov 5, 2025Form 4	Zeidel DarrenGeneral Counsel	SellClass A Ordinary Stock	1.2K	$345.17	$424.6K	20.3K
Nov 5, 2025Form 4	Zeidel DarrenGeneral Counsel	SellClass A Ordinary Stock	7.6K	$344.42	$2.61M	21.5K

Review ownership filings at SEC.gov ↗

Aon plc (AON)

Financial charts

Financial statements

Insider buys & sells