Aon Closes 2025 With Stronger Margins and Cash Flow, Sets 2026 Targets

Overview

• The company reported 2025 organic revenue growth of 6% with total revenue up 9% to $17 billion, a 32.4% adjusted operating margin, adjusted EPS of $17.07, and free cash flow of $3.2 billion, while Q4 delivered 5% organic growth and a 35.5% margin.
• Executives said disciplined execution of the '3x3' plan continued as Aon Business Services scaled and new AI offerings, Broker Copilot and Claims Copilot, were launched to enhance broker and claims workflows.
• Alternative capital activity accelerated as management noted cat bond market issuance rose more than 40% in 2025 and Aon’s issuance increased more than 50%.
• Sector-focused solutions expanded as the Data Center Lifecycle Insurance Program added $1 billion of capacity to reach $2.5 billion.
• Aon paid down $1.9 billion of debt to about 2.9x leverage, returned $1.6 billion to shareholders with $1 billion in repurchases, reported roughly $7 billion of available capital, and guided 2026 to mid-single-digit organic growth, 70–80 bps of margin expansion, and about $4.3 billion in free cash flow.