Filing Flows › Aon (AON) › Q4 2025
Aon (AON) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Aon (AON) reported revenue of $4.3B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +8% from the quarter before. Operating margin was 28.1%, net earnings $1.7B (39.4% of revenue).
Aon, Q4 2025: revenue $4.3B (+4% year over year), operating margin 28.1%, net earnings $1.7B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | +8% | +4% |
| Operating profit | $1.2B | +48% | +11% |
| Net earnings | $1.7B | +270% | +136% |
| Operating cash flow | $1.4B | +22% | +16% |
| Free cash flow | $1.3B | +23% | +16% |
What changed
Revenue was $4.3B in Q4 2025, up 4% year over year and up 8% from the previous quarter.
Operating profit was $1.2B, a 28.1% margin (up 1.8 points year over year). Of the extra revenue versus a year earlier, 76% reached operating profit, above the 26% margin then. Total costs grew 1% against revenue growth of 4%. Net earnings were $1.7B, up 136% year over year. The effective tax rate was 22.9%. Non-operating items added $1.0B, 45% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.4B (up 16% year over year), 82% of net earnings. Non-cash charges added back $0.05B of depreciation and $0.06B of share-based compensation. Working capital and other items used $0.41B. Capital expenditures of $0.07B left free cash flow of $1.3B.
Questions
What was Aon's revenue in the fourth quarter 2025?
Aon (AON) reported revenue of $4.3B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +8% from the quarter before.
Was Aon profitable in the fourth quarter 2025?
Operating profit was $1.2B (28.1% of revenue) and net earnings $1.7B.
Source: Aon 10-K on SEC EDGAR.