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Aon (AON) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
Aon (AON) reported revenue of $4.0B for the third quarter 2025 (Q3 2025), +7% from a year earlier and -4% from the quarter before. Operating margin was 20.4%, net earnings $458M (11.5% of revenue).
Aon, Q3 2025: revenue $4.0B (+7% year over year), operating margin 20.4%, net earnings $458M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0B | -4% | +7% |
| Operating profit | $816M | -5% | +31% |
| Net earnings | $458M | -21% | +34% |
| Operating cash flow | $1.1B | +44% | +13% |
| Free cash flow | $1.1B | +47% | +13% |
What changed
Revenue was $4.0B in Q3 2025, up 7% year over year and down 4% from the previous quarter.
Operating profit was $0.82B, a 20.4% margin (up 3.7 points year over year). Of the extra revenue versus a year earlier, 70% reached operating profit, above the 17% margin then. Total costs grew 3% against revenue growth of 7%. Net earnings were $0.46B, up 34% year over year. The effective tax rate was 21.3%.
Operating cash flow was $1.1B (up 13% year over year), 244% of net income including minority interests. Non-cash charges added back $0.05B of depreciation and $0.11B of share-based compensation. Working capital and other items added $0.53B. Capital expenditures of $0.07B left free cash flow of $1.1B.
Questions
What was Aon's revenue in the third quarter 2025?
Aon (AON) reported revenue of $4.0B for the third quarter 2025 (Q3 2025), +7% from a year earlier and -4% from the quarter before.
Was Aon profitable in the third quarter 2025?
Operating profit was $816M (20.4% of revenue) and net earnings $458M.
Source: Aon 10-Q on SEC EDGAR.