Latest revenue
$5.03B
as of 2026-03-31
Latest net income
$1.21B
as of 2026-03-31
Net margin
24.1%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $69.37B
- Enterprise value
- $85.06B
- P/E (trailing)
- 18.8×
- Forward P/E
- —
- P/B
- 8.74×
- Dividend yield
- 0.9%
- 52-wk high
- $381.00
- 52-wk low
- $304.59
- Beta
- —
- Shares out
- 213.6M
5-year trend
What this company does
Aon is a global professional services firm that advises companies on insurance brokerage, reinsurance, retirement, health benefits, and human capital risk. It earns fees and commissions from placing insurance and consulting on risk and people strategies, with year-to-date revenue of $12.9 billion. The company is digesting its 2024 acquisition of NFP, which expanded its middle-market reach and is driving higher intangible amortization and ongoing 'Accelerating Aon United' restructuring costs.
Generated from AON's filing dated 2026-02-13
Key risks
- Leverage remains elevated: $15.1B long-term debt plus $1.7B short-term debt against $8.1B equity; interest expense $624M YTD vs $5M interest income.
- Intangible amortization/impairment surged to $593M YTD 2025 from $318M YTD 2024, reflecting NFP acquisition drag on GAAP earnings.
- Other income swung to -$13M in Q3 2025 vs +$35M prior year; 2024 nine-month results benefited from $333M business-sale gains not recurring.
Generated from AON's filing dated 2026-02-13
Profitability
Operating margin
25.3%
3.5%Net margin
21.5%
27.2%Return on equity
39.5%
8.9%Return on assets
7.3%
34.2%Leverage
Debt / equity
4.43×
36.7%Long-term debt / equity
1.57×
41.0%Debt / assets
81.6%
6.8%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $5.03B | +6.4% | $1.21B | +25.6% | 24.1% |
Q4 2025 2025-12-31 | $4.30B | +3.7% | $1.69B | +136.5% | 39.4% |
Q3 2025 2025-09-30 | $4.00B | +7.4% | $458.0M | +33.5% | 11.5% |
Q2 2025 2025-06-30 | $4.16B | +10.5% | $579.0M | +10.5% | 13.9% |
Q1 2025 2025-03-31 | $4.73B | +16.2% | $965.0M | -9.9% | 20.4% |
Q4 2024 2024-12-31 | $4.15B | — | $716.0M | — | 17.3% |
Q3 2024 2024-09-30 | $3.72B | +26.0% | $343.0M | -24.8% | 9.2% |
Q2 2024 2024-06-30 | $3.76B | +18.4% | $524.0M | -6.4% | 13.9% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Insurance Agents, Brokers & Service · SIC 6411
Your notes
Keep private notes on AON — thesis, target price, catalysts to watch.
Visible only to you. Never shared. Never used to train AI.
Insider activity
Insider buying
$1.3M
Insider selling
$6.1M
Net activity
−$4.8M
Distinct insiders
2
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value | |
|---|---|---|---|---|---|---|
| 2026-02-26 | Darren Zeidel General Counsel | Sale | 4,300 | $329.72 | $1.4M | |
| 2026-02-17 | Darren Zeidel General Counsel | Sale | 5,040 | $325.79 | $1.6M |
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns AON
Institutional value
$19.27B
Total shares held
61.1M
Distinct holders
746
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 13.6M | $4.38B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 4.6M | $1.47B | — | New |
| 3 | Bank of New York Mellon Corp | 3.3M | $1.07B | — | New |
| 4 | Mitsubishi UFJ Asset Management Co., Ltd. | 2.5M | $812.3M | — | New |
| 5 | WCM INVESTMENT MANAGEMENT, LLC | 2.0M | $632.7M | — | New |
| 6 | Boston Partners | 2.0M | $631.1M | — | New |
| 7 | DIAMOND HILL CAPITAL MANAGEMENT INC | 1.5M | $480.3M | — | New |
| 8 | Invesco Ltd. | 1.5M | $479.9M | — | New |
| 9 | Legal & General Group Plc | 1.3M | $432.9M | — | New |
| 10 | Mawer Investment Management Ltd. | 1.3M | $412.2M | — | New |
| 11 | DIMENSIONAL FUND ADVISORS LP | 1.3M | $404.7M | — | New |
| 12 | VANGUARD FIDUCIARY TRUST CO | 1.2M | $395.6M | — | New |
| 13 | Cantillon Capital Management LLC | 1.1M | $353.6M | — | New |
| 14 | Sustainable Growth Advisers, LP | 1.1M | $339.5M | — | New |
| 15 | Vontobel Holding Ltd. | 999.2K | $322.5M | — | New |
| 16 | Wealthspire Advisors, LLC | 984.1K | $317.6M | — | New |
| 17 | UBS Group AG | 903.9K | $291.8M | — | New |
| 18 | Nuveen, LLC | 851.1K | $274.7M | — | New |
| 19 | DEUTSCHE BANK AG\ | 644.7K | $208.1M | — | New |
| 20 | Swiss National Bank | 599.3K | $193.4M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Organic growth implied by the 12% YTD revenue gain looks heavily NFP-driven; what's underlying organic growth ex-NFP and FX?
- 2
Intangible amortization nearly doubled YTD to $593M; should investors expect this run-rate to persist, pressuring reported EPS?
- 3
Accelerating Aon United costs still ran $236M YTD—when do these end, and what's the realized run-rate savings versus original $900M target?
Refreshed when AON files a new report · last from 2026-02-13