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Aon cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.1B in Q3 2026 · $3.3B over twelve months

Operating cash flow$1.2B
Capital spending−$94.0M
Free cash flow+$1.1B
Cash / net income2.5×

Analysis

In Q3 2026, Aon generated $1.2B of operating cash flow and spent $94.0M on capital projects, leaving free cash flow of $1.1B. That is $18.0M more than in Q3 2025 ($1.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.6B; the largest uses were other investing ($13.1B), buybacks ($1.4B), dividends ($672M); besides operations, cash came from net borrowing (+) / repaid (−) ($11.3B), asset & business sales ($2.3B); the cash balance rose by $951M.

Operating cash flow was $1.2B against net income of $486M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: receivables +$589M, other operating capital −$322M, payables +$218M.

Free cash flow

Aon: free cash flow by quarterAon: free cash flow by quarter$1.1BQ4 2024$84.0MQ1 2025$732MQ2 2025$1.1BQ3 2025$1.3BQ4 2025$363MQ1 2026$483MQ2 2026$1.1BQ3 2026
Operating cash flow less capital spending.
Aon: operating cash flow against capital spendingAon: operating cash flow against capital spendingOperating cash flowCapital spending$1.2B$55.0MQ4 2024$140M$56.0MQ1 2025$796M$64.0MQ2 2025$1.1B$69.0MQ3 2025$1.4B$74.0MQ4 2025$430M$67.0MQ1 2026$556M$73.0MQ2 2026$1.2B$94.0MQ3 2026
Latest (Q3 2026): Operating cash flow $1.2B, Capital spending $94.0M.

Capital allocation, year by year

Aon: where the cash came from (up) and went (down), by fiscal yearAon: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing $2.1BFY2021: Shares issued $55.0MFY2021: Asset sales $218MFY2021: Capital spending −$137MFY2021: Acquisitions −$14.0MFY2021: Buybacks −$3.5BFY2021: Dividends −$447M$4.6BFY2021FY2022: Operating cash flow $3.2BFY2022: Net borrowing $1.9BFY2022: Shares issued $58.0MFY2022: Asset sales $81.0MFY2022: Capital spending −$196MFY2022: Acquisitions −$162MFY2022: Buybacks −$3.2BFY2022: Dividends −$463M$5.2BFY2022FY2023: Operating cash flow $3.4BFY2023: Net borrowing $725MFY2023: Shares issued $72.0MFY2023: Asset sales $5.0MFY2023: Capital spending −$252MFY2023: Acquisitions −$35.0MFY2023: Buybacks −$2.7BFY2023: Dividends −$489M$4.2BFY2023FY2024: Operating cash flow $3.0BFY2024: Net borrowing $2.4BFY2024: Shares issued $79.0MFY2024: Asset sales $700MFY2024: Capital spending −$218MFY2024: Acquisitions −$3.5BFY2024: Buybacks −$1.0BFY2024: Dividends −$562M$6.2BFY2024FY2025: Operating cash flow $3.5BFY2025: Net borrowing −$1.9BFY2025: Shares issued $70.0MFY2025: Asset sales $2.3BFY2025: Capital spending −$263MFY2025: Acquisitions −$394MFY2025: Buybacks −$1.0BFY2025: Dividends −$629M$5.9BFY2025
Over these 5 years operating cash flow totalled $15.4B; the largest uses were buybacks ($11.4B) and acquisitions ($4.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.3B
Debt$15.2B
Net cash$67.0M
Due within a year$589M

Aon funds itself: free cash flow was $3.3B over the last twelve months, and $15.3B of cash and investments stands against $15.2B of debt ($589M due within a year, 26.0× covered by cash).

Aon: debt maturities by year (FY2025)Aon: debt maturities by year (FY2025)$589MYear 1$1.7BYear 2$352MYear 3$1.8BYear 4$1.0BYear 5$10.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $15.3B of cash and investments now.

Where the cash came from and went

Aon: sources (+) and uses (−) of cash, Q3 2026Aon: sources (+) and uses (−) of cash, Q3 2026Other financing$13.8BOther investing−$13.1BCash drawn (+) / kept (−)−$1.4BOperating cash flow$1.2BNet borrowing (+) / repaid (−)−$300MDividends−$174MCapital spending−$94.0MExchange rates$40.0MShares issued$25.0MTaxes on employees’ shares−$14.0MAcquisitions−$5.0MAsset & business sales$1.0M
Aon: sources (+) and uses (−) of cash, TTM to Q3 2026Aon: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$13.1BNet borrowing (+) / repaid (−)$11.3BOperating cash flow$3.6BAsset & business sales$2.3BBuybacks−$1.4BCash drawn (+) / kept (−)−$951MDividends−$672MAcquisitions−$445MCapital spending−$308MTaxes on employees’ shares−$162MOther financing−$155MShares issued$63.0M

From profit to cash

Aon: net income to operating cash flow, Q3 2026Aon: net income to operating cash flow, Q3 2026Net income$486MDepreciation & amortization$49.0MStock-based pay$104MDeferred taxes−$127MOther non-cash−$4.0MReceivables$589MPayables$218MIncome taxes payable$20.0MOther operating capital−$322MOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.2B−$94.0M−$5.0M—−$174M−$300M$25.0M−$1.4B$1.1B
Q2 2026$556M−$73.0M−$26.0M−$600M−$175M$297M$3.0M$401M$483M
Q1 2026$430M−$67.0M−$296M−$500M−$162M−$593M$25.0M−$891M$363M
Q4 2025$1.4B−$74.0M−$118M−$250M−$161M−$1.6B$10.0M$947M$1.3B
Q3 2025$1.1B−$69.0M−$133M−$250M−$160M−$504M$27.0M−$196M$1.1B
Q2 2025$796M−$64.0M−$27.0M−$250M−$161M−$414M$3.0M−$1.3B$732M
Q1 2025$140M−$56.0M−$116M−$250M−$147M$594M$30.0M$305M$84.0M
Q4 2024$1.2B−$55.0M−$495M−$200M−$146M−$50.0M$18.0M$710M$1.1B

Aon: income statement and cash flow

Aon, Q3 2026: revenue $4.1B (+3% year over year), operating margin 19.7%. The chart follows the revenue to costs, profit and cash.

Aon: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.