Aon Reports Second Quarter 2025 Results

Aon plc, a leading global professional services firm, has released its financial results for the second quarter of 2025. The company reported strong performance metrics, reflecting its strategic initiatives and operational efficiencies.

Financial Highlights

For the second quarter of 2025, Aon reported an 11% increase in total revenue, reaching $4.2 billion compared to $3.76 billion in the same period last year. Organic revenue growth was 6%. Operating income rose by 31% to $859 million, while adjusted operating income saw a 14% increase to $1.17 billion. The operating margin improved to 20.7%, and the adjusted operating margin was 28.2%.

Diluted earnings per share (EPS) increased by 8% to $2.66, while adjusted EPS grew by 19% to $3.49. Cash provided by operations surged by 55% to $796 million, and free cash flow increased by 59% to $732 million.

Business and Operational Highlights

Risk Capital revenue increased by 8% to $2.9 billion, driven by strong performance in Commercial Risk Solutions and Reinsurance Solutions, both of which reported 6% organic revenue growth. Human Capital revenue grew by 15% to $1.3 billion, with Health Solutions and Wealth Solutions contributing significantly to this growth.

Operating expenses rose by 6% to $3.3 billion, primarily due to the inclusion of NFP’s ongoing operating expenses and investments in long-term growth. Compensation and benefits expenses increased by 11% to $2.36 billion.

Strategic Initiatives and Corporate Developments

Aon continues to execute its Aon United strategy through the 3x3 Plan, focusing on meeting client demand and driving sustainable growth. The company is also committed to its capital allocation strategy, which includes debt reduction, disciplined middle-market M&A, and capital return to shareholders. During the second quarter, Aon repurchased 0.7 million class A ordinary shares for approximately $250 million.

Management's Perspective

Greg Case, President and CEO of Aon, commented, "We delivered strong second quarter results, including 6% organic revenue growth, 19% growth in adjusted EPS, and 59% free cash flow growth. This performance reflects the growing demand for our advice and solutions, driven by an increasingly complex environment and the need to unlock new sources of capital. Our solutions are resonating with clients, and we are effectively meeting that demand."

Future Outlook

Aon remains confident in its outlook and has reaffirmed its full-year 2025 financial guidance. The company expects continued growth driven by its strategic initiatives and operational efficiencies.

SEC Filing: Aon plc [ AON ] - 8-K - Jul. 25, 2025