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Aon (AON) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 25, 2025
Aon (AON) reported revenue of $4.2B for the second quarter 2025 (Q2 2025), +11% from a year earlier and -12% from the quarter before. Operating margin was 20.7%, net earnings $579M (13.9% of revenue).
Aon, Q2 2025: revenue $4.2B (+10% year over year), operating margin 20.7%, net earnings $579M, operating cash flow $796M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | -12% | +11% |
| Operating profit | $859M | -41% | +31% |
| Net earnings | $579M | -40% | +10% |
| Operating cash flow | $796M | +469% | +55% |
| Free cash flow | $732M | +771% | +59% |
What changed
Revenue was $4.2B in Q2 2025, up 11% year over year and down 12% from the previous quarter.
Operating profit was $0.86B, a 20.7% margin (up 3.2 points year over year). Of the extra revenue versus a year earlier, 51% reached operating profit, above the 17% margin then. Total costs grew 6% against revenue growth of 11%. Net earnings were $0.58B, up 10% year over year. The effective tax rate was 15.5%.
Operating cash flow was $0.80B (up 55% year over year), 134% of net income including minority interests. Non-cash charges added back $0.05B of depreciation and $0.12B of share-based compensation. Capital expenditures of $0.06B left free cash flow of $0.73B.
Questions
What was Aon's revenue in the second quarter 2025?
Aon (AON) reported revenue of $4.2B for the second quarter 2025 (Q2 2025), +11% from a year earlier and -12% from the quarter before.
Was Aon profitable in the second quarter 2025?
Operating profit was $859M (20.7% of revenue) and net earnings $579M.
Source: Aon 10-Q on SEC EDGAR.