$AON

Aon plc

CIK:0000315293|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 4,246	$ 4,155	$ 9,280	$ 8,884
Expenses
Compensation and benefits	2,271	2,360	4,664	4,609
Information technology	162	136	306	272
Premises	85	85	166	167
Depreciation of fixed assets	49	47	95	93
Amortization and impairment of intangible assets	174	201	326	400
Other general expense	494	373	905	819
Accelerating Aon United Program expenses	96	94	188	204
Total operating expenses	3,331	3,296	6,650	6,564
Operating income	915	859	2,630	2,320
Interest income	5	0	17	5
Interest expense	(179)	(212)	(358)	(418)
Other income (expense)	(17)	56	(12)	46
Income before income taxes	724	703	2,277	1,953
Income tax expense	159	109	473	377
Net income	565	594	1,804	1,576
Less: Net income attributable to redeemable and nonredeemable noncontrolling interests	14	15	41	32
Net income attributable to Aon shareholders	$ 551	$ 579	$ 1,763	$ 1,544
Basic net income per share attributable to Aon shareholders (in dollars per share)	$ 2.58	$ 2.68	$ 8.25	$ 7.14
Diluted net income per share attributable to Aon shareholders (in dollars per share)	$ 2.58	$ 2.66	$ 8.22	$ 7.10
Weighted average ordinary shares outstanding - basic (in shares)	213.2	216.2	213.8	216.3
Weighted average ordinary shares outstanding - diluted (in shares)	213.9	217.3	214.6	217.6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 1,804	$ 1,576
Adjustments to reconcile net income to cash provided by operating activities:
Gain from sales of businesses	(20)	0
Depreciation of fixed assets	95	93
Amortization and impairment of intangible assets	326	400
Share-based compensation expense	204	266
Deferred income taxes	(90)	(242)
Other, net	1	(111)
Change in assets and liabilities:
Receivables, net	(1,180)	(902)
Accounts payable and accrued liabilities	(605)	(738)
Accelerating Aon United Program liabilities	24	15
Current income taxes	(69)	(73)
Pension, other postretirement and postemployment liabilities	(23)	(12)
Other assets and liabilities	519	664
Cash provided by operating activities	986	936
Cash flows from investing activities
Proceeds from investments	33	71
Purchases of investments	(36)	(42)
Net sales (purchases) of short-term investments - non fiduciary	1,394	(153)
Acquisition of businesses, net of cash and funds held on behalf of clients	(322)	(143)
Sale of businesses, net of cash and funds held on behalf of clients	21	119
Capital expenditures	(140)	(120)
Cash provided by (used for) investing activities	950	(268)
Cash flows from financing activities
Share repurchase	(1,100)	(500)
Proceeds from issuance of shares	28	33
Cash paid for employee taxes on withholding shares	(141)	(194)
Commercial paper issuances, net of repayments	297	480
Repayment of debt	(593)	(300)
Increase in fiduciary liabilities, net of fiduciary receivables	710	569
Cash dividends to shareholders	(337)	(308)
Redeemable and nonredeemable noncontrolling interests, and other financing activities	(163)	(153)
Cash used for financing activities	(1,299)	(373)
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients	(147)	696
Net increase in cash and cash equivalents and funds held on behalf of clients	490	991
Cash, cash equivalents and funds held on behalf of clients at beginning of period	8,573	8,333
Cash, cash equivalents and funds held on behalf of clients at end of period	9,063	9,324
Reconciliation of cash and cash equivalents and funds held on behalf of clients:
Cash and cash equivalents	1,062	1,008
Cash and cash equivalents and funds held on behalf of clients classified as held for sale	0	1
Funds held on behalf of clients	8,001	8,315
Total cash and cash equivalents and funds held on behalf of clients	9,063	9,324
Supplemental disclosures:
Interest paid	363	416
Income taxes paid, net of refunds	$ 632	$ 692

Condensed Consolidated Statements of Financial Position - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 1,062	$ 1,195
Short-term investments	205	1,603
Receivables, net	5,348	4,209
Fiduciary assets	20,698	17,889
Other current assets	801	878
Total current assets	28,114	25,774
Goodwill	15,884	15,797
Intangible assets, net	5,657	5,727
Fixed assets, net	761	702
Operating lease right-of-use assets	750	677
Deferred tax assets	770	748
Prepaid pension	596	603
Other non-current assets	815	756
Total assets	53,347	50,784
Current liabilities
Accounts payable and accrued liabilities	2,266	2,861
Short-term debt and current portion of long-term debt	2,020	589
Fiduciary liabilities	20,698	17,889
Other current liabilities	2,242	1,887
Total current liabilities	27,226	23,226
Long-term debt	12,947	14,660
Non-current operating lease liabilities	730	641
Deferred tax liabilities	342	340
Pension, other postretirement, and postemployment liabilities	1,002	1,084
Other non-current liabilities	1,390	1,285
Total liabilities	43,637	41,236
Redeemable noncontrolling interests	24	89
Equity
Ordinary shares - $0.01 nominal value Authorized: 500.0 shares (issued: at June 30, 2026 - 212.0; at December 31, 2025 - 214.5)	2	2
Additional paid-in capital	13,500	13,438
Retained earnings (Accumulated deficit)	82	(245)
Accumulated other comprehensive loss	(3,986)	(3,843)
Total Aon shareholders' equity	9,598	9,352
Nonredeemable noncontrolling interests	88	107
Total equity	9,686	9,459
Total liabilities, redeemable noncontrolling interests and equity	$ 53,347	$ 50,784