Aon reported total revenue up 9% year-over-year to $17.18 billion for the full year 2025, driven by 6% organic growth and contributions from strategic acquisitions. Adjusted EPS increased 9% to $17.07, while free cash flow climbed 14% to $3.22 billion. The company’s Risk Capital division grew revenue 7%, led by double-digit expansion in insurance-linked securities and strong performance in U.S. core property & casualty. Human Capital revenue rose 2%, reflecting robust demand in health and benefits advisory services. Operating margins expanded by 90 basis points, underpinned by margin-boosting restructuring savings and ongoing expense discipline.

In Q4 2025, Aon delivered 5% organic revenue growth and free cash flow growth of 16%, with total revenue of $4.30 billion. Diluted net income per share rose 138% to $7.82, reflecting favorable tax items and strong leverage on operating income; adjusted EPS grew 10% to $4.85. Currency translation contributed approximately $0.09 per share to diluted EPS. Risk Capital revenue increased 7% to $2.70 billion, driven by net new business and high client retention. Human Capital revenue remained stable at $1.60 billion, supported by growth in core health solutions offsetting portfolio divestitures.

Aon’s 3x3 Plan and Aon United strategy continued to deliver competitive differentiation, yielding recurring new wins across both Risk Capital and Human Capital practices. The company reduced net debt by $1.9 billion in 2025, achieving its leverage target in Q4, and ended the year with $1.3 billion remaining under its share repurchase authorization. For 2026, management expects mid-single-digit organic revenue growth, 70 to 80 basis points of adjusted operating margin expansion, double-digit free cash flow growth and approximately $1 billion in share buybacks, balancing investments in high-return M&A with returns to shareholders.