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Aon (AON) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 25, 2025
Aon (AON) reported revenue of $4.7B for the first quarter 2025 (Q1 2025), +16% from a year earlier and +14% from the quarter before. Operating margin was 30.9%, net earnings $965M (20.4% of revenue).
Aon, Q1 2025: revenue $4.7B (+16% year over year), operating margin 30.9%, net earnings $965M, operating cash flow $140M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.7B | +14% | +16% |
| Operating profit | $1.5B | +34% | -0.3% |
| Net earnings | $965M | +35% | -10% |
| Operating cash flow | $140M | -88% | -55% |
| Free cash flow | $84.0M | -93% | -68% |
What changed
Revenue was $4.7B in Q1 2025, up 16% year over year and up 14% from the previous quarter.
Operating profit was $1.5B, a 30.9% margin (down 5.1 points year over year). Operating profit fell $4.0M even though revenue rose $0.66B versus a year earlier, so costs grew faster than sales. Total costs grew 25% against revenue growth of 16%. Net earnings were $1.0B, down 10% year over year. The effective tax rate was 21.4%.
Operating cash flow was $0.14B (down 55% year over year), 14% of net earnings. Non-cash charges added back $0.05B of depreciation and $0.15B of share-based compensation. Working capital and other items used $1.0B. Capital expenditures of $0.06B left free cash flow of $0.08B.
Questions
What was Aon's revenue in the first quarter 2025?
Aon (AON) reported revenue of $4.7B for the first quarter 2025 (Q1 2025), +16% from a year earlier and +14% from the quarter before.
Was Aon profitable in the first quarter 2025?
Operating profit was $1.5B (30.9% of revenue) and net earnings $965M.
Source: Aon 10-Q on SEC EDGAR.