In the fourth quarter of 2025, Aon delivered 5% organic revenue growth, driving total revenues to $4.3 billion, up 4% year-over-year. Risk Capital revenues rose 7% to $2.7 billion, led by 6% growth in Commercial Risk Solutions—fueled by strong net new business and retention in North America, EMEA and Latin America—and 8% growth in Reinsurance Solutions, supported by double-digit gains in insurance-linked securities and facultative placements. Human Capital revenues were flat, as a 2% increase in Health Solutions was offset by a 10% decline in Wealth Solutions following the divestiture of the NFP Wealth business. Foreign currency translation contributed a 2% lift to reported revenues. Diluted EPS surged 138% to $7.82, reflecting a combination of operational leverage, a 0.09 per-share favorable currency impact and one-time tax benefits, while adjusted EPS climbed 10% to $4.85.

For the full year, Aon achieved 9% total revenue growth to $17.2 billion, including 6% organic expansion. Adjusted operating margin widened by 90 basis points to 32.4%, and adjusted EPS increased 9% to $17.07. The company generated $3.5 billion in operating cash flow, up 15%, and $3.2 billion in free cash flow, up 14%, reflecting disciplined working capital management and controlled capital expenditures. Aon also reduced debt by $1.9 billion in 2025, reaching its leverage target in Q4, and repurchased 0.7 million shares for $250 million, leaving $1.3 billion of share-buyback capacity available under the current authorization.

Building on its Aon United strategy and the execution of the 3x3 Plan, Aon expects mid-single-digit or greater organic revenue growth in 2026, 70 to 80 basis points of adjusted operating margin expansion and double-digit free cash flow growth. Management intends to balance high-return M&A investments with continued capital returns to shareholders, supported by a strengthened balance sheet. The company forecasts a favorable foreign currency translation tailwind of approximately $0.39 per share for the full year if current exchange rates persist, and plans to maintain its focus on data-driven client solutions, disciplined expense management and targeted restructuring savings to drive sustainable shareholder value.