At a glance
Aon PLC is worth $70.73B, about 20 times its fiscal 2025 earnings. Revenue grew 9.4% to $17.18B in fiscal 2025, with 21.5% kept as profit; over 5 years it has grown 9.2% a year. It pays a 1.19% dividend yield, raised every year for at least 9 years, and returned $14.04B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −1.0% over the past year with dividends reinvested and +2.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.7% in the 2020 crash (S&P 500: 33.7%) and 25.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 10 months after the lows.
The business in plain English
Aon plc is a global insurance broker and consulting firm. As a broker, it arranges coverage with insurance companies rather than writing policies itself. It serves businesses, insurers and other organizations in more than 120 countries and nearly every industry. Aon makes money mainly from three sources: commissions when it places insurance or reinsurance, fees clients pay for advice, and payments from insurers for services. It can also earn interest on client premiums and claims it holds in transit.
Aon has two segments. Risk Capital brought in $11.29 billion, about 66% of fiscal 2025 revenue of $17.18 billion. It includes commercial insurance brokerage across lines from property and casualty to cyber and energy. It also includes reinsurance brokerage, which helps insurance companies buy insurance for themselves, and a capital markets investment bank. Human Capital brought in $5.91 billion, about 34%. It advises employers on health benefits, pay and talent, and offers retirement consulting, pension administration and investment advice.
The U.S. supplied about 48% of fiscal 2025 revenue, the U.K. about 13% and the rest of Europe, the Middle East and Africa about 18%. Asia Pacific supplied 10% and the rest of the Americas about 10%. The largest single client was only about 1% of revenue. Rivals include Marsh McLennan, Willis Towers Watson, Arthur J. Gallagher and Lockton.
Price history
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AON -1.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Risk Capital | $11.29B | 65.7% |
| Human Capital | $5.91B | 34.4% |
By geography
| U.S. | $8.28B | 48.2% |
| Europe, Middle East, & Africa other than U.K. and Ireland | $3.15B | 18.4% |
| U.K. | $2.22B | 12.9% |
| Asia Pacific | $1.71B | 10% |
| Americas other than U.S. | $1.63B | 9.5% |
| Ireland | $185.0M | 1.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.10B, up 2.6% from a year earlier, and net income was $476.0M (+3.9%).
- For fiscal 2025, revenue was $17.18B (+9.4% year over year; +9.2% a year from FY2020 to FY2025) with a 21.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.2% good |
|---|---|
| Operating margin | 25.3% good |
| Free cash flow margin | 18.7% good |
| Return on equity (FY2025) | 39.5% good |
| Return on assets (FY2025) | 7.3% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.07B | $1.97B | $2.64B |
| FY2021 | $12.19B | $1.25B | $2.04B |
| FY2022 | $12.48B | $2.59B | $3.02B |
| FY2023 | $13.38B | $2.56B | $3.18B |
| FY2024 | $15.70B | $2.65B | $2.82B |
| FY2025 | $17.18B | $3.69B | $3.22B |
Valuation snapshot
| Market value | $70.73B |
|---|---|
| P/E ratio | 19.6 |
| Dividend yield | 1.19% |
Rank among 1514 US companies
Market value at each year end
Aon’s market value went from $29.34B at the end of 2016 to $70.73B on Nov 2, 2026, about 2.4 times as much; since the end of 2025 it is down 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $70.73B | -6.7% |
| 2025 | $75.85B | -2.4% |
| 2024 | $77.67B | +33.3% |
| 2023 | $58.27B | -6.1% |
| 2022 | $62.08B | -6.2% |
| 2021 | $66.22B | +37.1% |
| 2020 | $48.30B | -1.0% |
| 2019 | $48.77B | +39.3% |
| 2018 | $35.01B | +4.5% |
| 2017 | $33.49B | +14.1% |
| 2016 | $29.34B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AON price data to Nov 2, 2026 | -4.6% | -1.0% | +2.1% | +2.7% | +13.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.6% |
| 2025 | -0.9% |
| 2024 | +24.5% |
| 2023 | -2.3% |
| 2022 | +0.6% |
| 2021 | +43.4% |
| 2020 | +2.4% |
| 2019 | +44.7% |
| 2018 | +9.9% |
| 2017 | +21.5% |
| 2016 | +22.5% |
| 2015 | -1.6% |
| 2014 | +14.3% |
| 2013 | +52.5% |
| 2012 | +20.3% |
| 2011 | +3.0% |
| 2010 | +21.8% |
| 2009 | -14.8% |
| 2008 | -2.9% |
| 2007 | +37.0% |
| 2006 | -0.1% |
| 2005 | +54.3% |
| 2004 | +2.2% |
| 2003 | +30.3% |
| 2002 | -45.1% |
| 2001 | +6.3% |
| 2000 | -12.0% |
| 1999 | +10.3% |
| 1998 | -4.4% |
| 1997 | +43.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 15.8% over that stretch · deepest drop along the way 30.3%, back to its old high 27.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.7% over that stretch · deepest drop along the way 38.7%, back to its old high 12.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.1% over that stretch · deepest drop along the way 25.4%, back to its old high 10.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 6 open-market purchases ($6.5M) and 8 sales ($3.1M), 7 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 2, 2026 | Lester B Knight Director | buy | $2.4M |
| Sep 2, 2026 | Lester B Knight Director | buy | $1.7M |
| Feb 26, 2026 | Darren Zeidel General Counsel | sell | $1.4M |
| Sep 2, 2026 | Lester B Knight Director | buy | $1.4M |
| Sep 2, 2026 | Lester B Knight Director | buy | $566K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.32% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 6.7% | Sep 30, 2026 |
| JPMORGAN CHASE & CO | 5.6% | Jun 30, 2026 |
| Massachusetts Financial Services Company | 4.6% | Mar 31, 2025 |
ETFs with the most weight in AON
| BEEX Beehive ETF | 4% |
| FPAG FPA Global Equity ETF | 3.72% |
| EAGL Eagle Capital Select Equity ETF | 3.46% |
| TMFG Motley Fool Global Opportunities ETF | 3.17% |
| EQTY Kovitz Core Equity ETF | 3.09% |
| TOLL Tema Monopolies and Oligopolies ETF | 2.9% |
| WCMI First Trust WCM International Equity ETF | 2.58% |
| BKDV BNY Mellon Dynamic Value ETF | 2.5% |
What could go wrong
- Insurance price swings hit commissions. Much of Aon's revenue comes from commissions that vary with the premiums clients pay. If insurance or reinsurance prices fall in a market cycle, or the market shifts permanently, revenue can drop.
- Errors-and-omissions claims and lawsuits. Clients can sue if Aon's advice or insurance placement falls short. These are called errors-and-omissions (E&O) claims. Large losses on these or other legal cases could materially hurt its finances.
- Competition from rivals and direct sellers. Aon competes with Marsh McLennan, Willis Towers Watson, Gallagher, Lockton and many other firms, plus insurers that sell without brokers. Losing clients or cutting fees could squeeze growth and profit margins.
- Irish law shapes dividends and buybacks. Aon is incorporated in Ireland. Irish law may give shareholders less protection than U.S. law. It requires shareholder approval for some capital decisions and distributable profits before dividends or buybacks.
- Large debt load and credit ratings. Aon had about $28.0 billion of debt against $10.1 billion of shareholders' equity as of September 30, 2026. A credit rating downgrade could raise borrowing costs and reduce financial flexibility.
- Currency swings across global operations. More than half of fiscal 2025 revenue came from outside the U.S. Exchange rate moves, such as a stronger dollar, can shrink reported revenue, profit and cash flow.
Recent events
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Other company announcement
- Major agreement signed; Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Executive or board change; Shareholder vote results; Other company announcement
- Quarterly results released
- Quarterly results released
- Executive or board change
For income and retirement investors
Aon pays a small but growing dividend. Dividends per share rose from $1.78 in fiscal 2020 to $2.91 in fiscal 2025, about 10% a year. They have also increased at least nine years in a row through fiscal 2025. The yield was 0.99% as of October 28, 2026. The payout is low: 17% of fiscal 2025 earnings and 19.5% of free cash flow (cash generated after capital spending). Buybacks matter more, at $11.4 billion over fiscal 2021–2025 versus $2.6 billion in dividends. They slowed to $1.0 billion a year in fiscal 2024 and 2025.
The stock has fallen sharply in downturns. It dropped about 30% in the 2008 financial crisis and took about 27 months from its low to regain its peak. It lost 38.7% in the 2020 COVID crash and recovered in about 12.5 months. It fell 25.4% in 2022 and recovered in about 10 months. As a single stock, Aon carries more risk than a diversified fund.
Questions investors ask
How does Aon make money?
Aon makes money mainly as an insurance broker and adviser. It earns commissions when it places insurance and reinsurance for clients, fees for consulting and analytics, and payments from insurers for services it provides them. Revenue was $17.18 billion in fiscal 2025. Risk Capital, which covers commercial insurance and reinsurance brokerage, brought in about 66%. Human Capital, which covers health benefits, talent, retirement and investment consulting, brought in about 34%.
Does Aon raise its dividend every year?
Yes. Aon has raised its dividend per share at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share grew from $1.78 in fiscal 2020 to $2.91 in fiscal 2025, about 10.3% a year. The dividend used just 17% of fiscal 2025 earnings. That leaves a cushion if profits dip, but future increases are not guaranteed.
What is Aon's dividend yield?
Aon's dividend yield was 0.99% as of October 28, 2026. That is low for investors who need income from their portfolio. Aon returns more cash through share buybacks: $11.4 billion from fiscal 2021 to 2025, versus $2.6 billion in dividends. Buybacks shrink the share count, which fell 3.7% over the five years to October 27, 2026. This raises each remaining share's slice of profits but does not put cash in shareholders' hands.
Is Aon a U.S. or Irish company?
Aon plc is incorporated in Ireland, and its shares trade on the New York Stock Exchange. It was formerly known as Aon Corp. The U.S. is its largest market, at about 48% of fiscal 2025 revenue, while Ireland supplied about 1%. Irish law differs from U.S. law and may give shareholders less protection. It also requires distributable profits before Aon pays dividends or buys back shares, and shareholder approval for some capital decisions.
How has Aon stock performed?
Aon's share price has done well over the long run but has been close to flat over five years. As of October 28, 2026, the price gained about 12% a year over 10 years, about 210% in total. Over five years it gained only about 0.5% a year. It was down 9.9% for 2026 through that date and fell as much as 29.2% over the prior 12 months. The shares traded at about 18.5 times fiscal 2025 earnings.