AON (AON) Financials

$379.04 -5.30 (-1.38%)

Closing price 04/15/2025 03:59 PM Eastern

Extended Trading

$379.10 +0.06 (+0.02%)

As of 04/15/2025 06:33 PM Eastern

Annual Income Statements for AON

This table shows AON's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	1,385	1,396	1,226	1,134	1,532	1,969	1,255	2,589	2,564	2,654
Consolidated Net Income / (Loss)	1,422	1,430	1,263	1,174	1,573	2,018	1,308	2,646	2,628	2,720
Net Income / (Loss) Continuing Operations	1,253	1,253	435	1,100	1,573	2,018	1,308	2,646	2,628	2,720
Total Pre-Tax Income	1,428	1,401	810	1,246	1,870	2,466	1,931	3,156	3,169	3,462
Total Revenue	9,221	9,136	-255	10,497	10,714	10,738	11,882	12,091	12,923	14,977
Net Interest Income / (Expense)	-259	-273	-255	-273	-299	-328	-311	-388	-453	-721
Total Interest Income	14	9.00	27	5.00	8.00	6.00	11	18	31	67
Investment Securities Interest Income	14	9.00	27	5.00	8.00	6.00	11	18	31	67
Total Interest Expense	273	282	282	278	307	334	322	406	484	788
Other Interest Expense	-	-	-	278	-	-	322	-	484	788
Total Non-Interest Income	9,480	9,409	0.00	10,770	11,013	11,066	12,193	12,479	13,376	15,698
Other Non-Interest Income	9,480	-	-	-	-	-	-	-	-	15,698
Total Non-Interest Expense	7,793	7,735	-1,065	9,226	8,844	8,272	10,103	8,935	9,591	11,863
Salaries and Employee Benefits	5,605	5,514	6,003	6,103	6,054	5,905	6,738	6,477	6,902	8,283
Net Occupancy & Equipment Expense	751	729	767	854	833	735	804	798	828	864
Other Operating Expenses	1,100	1,173	1,272	1,500	1,393	1,232	2,235	1,271	1,470	1,641
Depreciation Expense	164	162	187	176	172	167	179	151	167	183
Impairment Charge	-	-	704	593	-	-	147	-	89	503
Restructuring Charge	-	-	-	-	-	-	0.00	0.00	135	389
Nonoperating Income / (Expense), net	-	-	-	-25	0.00	-	152	-	-163	348
Income Tax Expense	175	148	250	146	297	448	623	510	541	742
Net Income / (Loss) Attributable to Noncontrolling Interest	37	34	37	40	41	49	53	57	64	66
Basic Earnings per Share	$4.93	$5.21	$4.74	$4.62	$6.42	$8.49	$5.59	$12.23	$12.60	$12.55
Weighted Average Basic Shares Outstanding	280.80M	268.10M	258.50M	245.20M	238.60M	231.90M	224.70M	211.70M	203.50M	211.40M
Diluted Earnings per Share	$4.88	$5.16	$4.70	$4.59	$6.37	$8.45	$5.55	$12.14	$12.51	$12.49
Weighted Average Diluted Shares Outstanding	283.80M	270.30M	260.70M	247M	240.60M	233.10M	226.10M	213.20M	205M	212.50M
Weighted Average Basic & Diluted Shares Outstanding	280.90M	267.90M	258.60M	240.00M	231.58M	225.98M	213.94M	205.14M	198.30M	216.00M
Cash Dividends to Common per Share	$1.15	$1.29	$1.41	$1.56	$1.72	$1.78	$1.99	$2.19	$2.41	$2.64

This table shows AON's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	408	657	1,050	560	456	498	1,071	524	343	716
Consolidated Net Income / (Loss)	418	666	1,079	575	467	507	1,093	538	355	734
Net Income / (Loss) Continuing Operations	418	666	1,079	575	467	507	1,093	538	355	734
Total Pre-Tax Income	510	709	1,342	658	560	609	1,424	698	449	891
Total Revenue	2,600	3,023	3,765	3,052	2,843	3,263	3,954	3,566	3,512	3,945
Net Interest Income / (Expense)	-96	-107	-106	-125	-110	-112	-116	-194	-209	-202
Total Interest Income	7.00	3.00	5.00	5.00	9.00	12	28	31	4.00	4.00
Investment Securities Interest Income	7.00	3.00	5.00	5.00	9.00	12	28	31	4.00	4.00
Total Interest Expense	103	110	111	130	119	124	144	225	213	206
Total Non-Interest Income	2,696	3,130	3,871	3,177	2,953	3,375	4,070	3,760	3,721	4,147
Total Non-Interest Expense	2,090	2,284	2,398	2,335	2,262	2,596	2,605	2,868	3,098	3,292
Salaries and Employee Benefits	1,532	1,539	1,792	1,754	1,685	1,671	1,883	2,130	2,150	2,120
Net Occupancy & Equipment Expense	204	211	214	197	209	208	195	214	229	226
Other Operating Expenses	299	306	329	320	300	521	348	455	429	409
Depreciation Expense	37	36	38	39	42	48	44	45	47	47
Restructuring Charge	0.00	-	0.00	0.00	6.00	129	119	132	69	69
Income Tax Expense	92	43	263	83	93	102	331	160	94	157
Net Income / (Loss) Attributable to Noncontrolling Interest	10	9.00	29	15	11	9.00	22	14	12	18
Basic Earnings per Share	$1.93	$3.20	$5.09	$2.74	$2.25	$2.52	$5.38	$2.47	$1.58	$3.12
Weighted Average Basic Shares Outstanding	210.90M	211.70M	206.10M	204.70M	202.90M	203.50M	199.10M	212.50M	217.40M	211.40M
Diluted Earnings per Share	$1.92	$3.16	$5.07	$2.71	$2.23	$2.50	$5.35	$2.46	$1.57	$3.11
Weighted Average Diluted Shares Outstanding	212.60M	213.20M	207.10M	206.30M	204.60M	205M	200.10M	213.30M	218.40M	212.50M
Weighted Average Basic & Diluted Shares Outstanding	206.85M	205.14M	204.25M	202.87M	200.22M	198.30M	217.43M	217.24M	216.27M	216.00M

This table details how cash moves in and out of AON's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	10	47	325	166	1,422	629	72	431	646	611
Net Cash From Operating Activities	2,009	2,326	734	1,686	1,835	2,783	2,182	3,219	3,435	3,035
Net Cash From Continuing Operating Activities	1,840	2,183	669	1,834	1,835	2,783	2,182	3,219	3,435	3,035
Net Income / (Loss) Continuing Operations	1,591	1,607	2,091	1,248	1,573	2,018	1,308	2,646	2,628	2,720
Consolidated Net Income / (Loss)	1,422	1,430	1,263	1,174	1,573	2,018	1,308	2,646	2,628	2,720
Depreciation Expense	164	162	187	176	172	167	179	151	167	183
Amortization Expense	174	157	704	593	392	246	147	113	89	503
Non-Cash Adjustments to Reconcile Net Income	16	243	301	344	268	298	323	261	89	-308
Changes in Operating Assets and Liabilities, net	-105	14	-958	-527	-570	54	225	48	462	-63
Net Cash From Investing Activities	-138	-954	2,787	31	-229	-679	49	-449	-188	-2,833
Net Cash From Continuing Investing Activities	-48	-888	2,806	31	-229	-679	49	-449	-188	-2,833
Purchase of Property, Leasehold Improvements and Equipment	-200	-156	-183	-240	-225	-141	-137	-196	-252	-218
Purchase of Investment Securities	-273	-882	-1,325	-80	-117	-632	-90	-269	-17	-3,678
Divestitures	205	107	4,246	-	52	30	218	81	5.00	700
Sale and/or Maturity of Investments	220	43	68	419	61	64	58	-65	76	363
Net Cash From Financing Activities	-1,689	-1,286	-3,265	-1,699	-247	-1,772	-1,924	-1,790	-2,865	796
Net Cash From Continuing Financing Activities	-1,689	-1,286	-3,265	-1,699	-247	-1,772	-1,924	-1,790	-2,865	796
Issuance of Debt	5,351	3,467	1,654	5,754	6,052	991	1,495	1,967	744	7,926
Issuance of Common Equity	-	-	-	-	-	44	55	58	72	79
Repayment of Debt	-5,098	-2,945	-1,999	-5,417	-4,941	-720	258	-565	-377	-5,519
Repurchase of Common Equity	-1,550	-1,257	-2,399	-1,470	-1,960	-1,763	-3,543	-3,203	-2,700	-1,000
Payment of Dividends	-323	-345	-364	-417	-410	-412	-447	-463	-489	-562
Other Financing Activities, Net	-69	-206	-157	-149	1,012	88	258	416	-115	-128
Effect of Exchange Rate Changes	-172	-39	69	-	63	297	-235	-549	264	-387
Other Net Changes in Cash	-	-	-	-	-	-	0.00	0.00	0.00	0.00
Cash Interest Paid	254	272	272	266	289	326	328	351	446	658
Cash Income Taxes Paid	249	218	1,182	337	353	455	412	546	740	1,053

This table details how cash moves in and out of AON's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	4.00	-119	1,110	313	-455	-322	463	136	722	-710
Net Cash From Operating Activities	1,046	1,042	443	688	1,043	1,261	309	513	1,013	1,200
Net Cash From Continuing Operating Activities	1,046	1,042	443	688	1,043	1,261	309	513	1,013	1,200
Net Income / (Loss) Continuing Operations	418	666	1,079	575	467	507	1,093	538	355	734
Consolidated Net Income / (Loss)	418	666	1,079	575	467	507	1,093	538	355	734
Depreciation Expense	37	36	38	39	42	48	44	45	47	47
Amortization Expense	34	26	25	25	20	19	16	128	174	185
Non-Cash Adjustments to Reconcile Net Income	36	96	57	29	31	-28	-28	-216	-	-64
Changes in Operating Assets and Liabilities, net	521	218	-756	20	483	715	-816	18	437	298
Net Cash From Investing Activities	-84	-240	205	-77	-76	-240	-4,961	2,676	29	-577
Net Cash From Continuing Investing Activities	-84	-240	205	-77	-76	-240	-4,961	2,676	29	-577
Purchase of Property, Leasehold Improvements and Equipment	-58	-70	-76	-69	-58	-49	-48	-53	-62	-55
Purchase of Investment Securities	-90	-35	267	-49	-297	62	-5,106	2,424	-465	-531
Divestitures	58	1.00	1.00	-	-	4.00	75	-	-	14
Sale and/or Maturity of Investments	6.00	-136	13	41	279	-257	118	28	222	-5.00
Net Cash From Financing Activities	-302	-1,451	404	-443	-1,162	-1,664	5,261	-2,997	-699	-769
Net Cash From Continuing Financing Activities	-302	-1,451	404	-443	-1,162	-1,664	5,261	-2,997	-699	-769
Issuance of Common Equity	23	9.00	25	8.00	30	9.00	25	2.00	34	18
Repayment of Debt	-16	-140	-173	173	-274	-103	-591	-3,737	-1,141	-50
Repurchase of Common Equity	-1,200	-675	-550	-550	-850	-750	-250	-250	-300	-200
Payment of Dividends	-118	-116	-115	-126	-125	-123	-123	-146	-147	-146
Other Financing Activities, Net	513	-529	473	269	-160	-697	258	-259	264	-391
Effect of Exchange Rate Changes	-656	530	58	145	-260	321	-146	-56	379	-564
Cash Interest Paid	64	132	79	141	89	137	95	161	282	120
Cash Income Taxes Paid	143	128	206	255	152	127	244	309	297	203

This table presents AON's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	26,883	26,615	26,088	26,422	29,405	32,114	31,917	32,704	33,959	48,965
Cash and Due from Banks	384	426	756	656	790	884	544	690	778	1,085
Trading Account Securities	356	290	529	172	138	308	292	452	369	219
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	2,564	2,106	2,478	2,760	3,112	3,070	3,094	3,035	3,254	3,803
Premises and Equipment, Net	765	550	564	588	621	599	529	558	638	637
Separate Account Business Assets	9,932	8,959	9,625	10,166	11,834	13,798	14,386	15,900	16,307	17,566
Goodwill	8,448	7,410	8,358	8,171	8,165	8,666	8,434	8,292	8,414	15,234
Intangible Assets	2,180	1,890	1,733	1,149	783	640	492	447	234	6,743
Other Assets	2,254	4,984	2,045	2,760	3,962	4,149	4,146	3,330	3,965	3,678
Total Liabilities & Shareholders' Equity	26,883	26,615	26,088	26,422	29,405	32,114	31,917	32,704	33,959	48,965
Total Liabilities	20,824	21,083	21,440	22,203	25,956	28,531	30,759	33,133	34,701	42,535
Short-Term Debt	562	336	299	251	712	448	1,164	945	1,204	751
Other Short-Term Payables	10,751	9,615	10,495	2,879	3,025	3,187	3,523	3,461	4,140	4,678
Long-Term Debt	5,138	5,869	5,667	5,993	6,627	7,281	8,228	9,825	9,995	16,265
Separate Account Business Liabilities	1,772	1,604	1,961	10,166	11,834	13,798	14,386	15,900	16,307	17,566
Other Long-Term Liabilities	2,601	3,659	3,018	2,914	3,758	3,817	3,458	3,002	3,055	3,275
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	125
Total Equity & Noncontrolling Interests	6,059	5,532	4,648	4,219	3,449	3,583	1,158	-429	-742	6,305
Total Preferred & Common Equity	6,002	5,475	4,583	4,151	3,375	3,495	1,061	-529	-826	6,121
Total Common Equity	6,002	5,475	4,583	4,151	3,375	3,495	1,061	-529	-826	6,121
Common Stock	5,412	5,580	5,777	5,967	6,154	6,314	6,626	6,866	6,946	13,175
Retained Earnings	4,013	3,807	2,302	2,093	1,254	1,042	-1,694	-2,772	-3,399	-2,309
Accumulated Other Comprehensive Income / (Loss)	-3,423	-3,912	-3,496	-3,909	-4,033	-3,861	-3,871	-4,623	-4,373	-4,745
Noncontrolling Interest	57	57	65	68	74	88	97	100	84	184

This table presents AON's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	31,223	32,704	34,253	36,049	33,112	33,959	40,767	51,453	49,885	48,965
Cash and Due from Banks	692	690	1,119	952	808	778	995	974	1,103	1,085
Trading Account Securities	251	452	172	200	175	369	5,413	182	196	219
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	2,971	3,035	3,713	3,764	3,300	3,254	4,035	4,459	4,004	3,803
Premises and Equipment, Net	510	558	605	639	652	638	590	636	650	637
Separate Account Business Assets	14,699	15,900	16,629	18,193	15,965	16,307	17,161	18,865	17,596	17,566
Goodwill	7,979	8,292	8,319	8,360	8,245	8,414	8,302	15,281	15,612	15,234
Intangible Assets	456	447	425	268	252	234	217	6,794	6,789	6,743
Other Assets	3,665	3,330	3,271	3,673	3,715	3,965	4,054	4,262	3,935	3,678
Total Liabilities & Shareholders' Equity	31,223	32,704	34,253	36,049	33,112	33,959	40,767	51,453	49,885	48,965
Total Liabilities	31,893	33,133	34,195	35,887	33,598	34,701	40,795	45,295	43,332	42,535
Short-Term Debt	711	945	775	1,338	1,282	1,204	606	4.00	0.00	751
Other Short-Term Payables	3,278	3,461	3,191	3,418	3,475	4,140	4,071	4,629	4,502	4,678
Long-Term Debt	10,116	9,825	10,577	9,989	9,969	9,995	15,916	17,610	17,090	16,265
Separate Account Business Liabilities	14,699	15,900	16,629	18,193	15,965	16,307	17,161	18,865	17,596	17,566
Other Long-Term Liabilities	3,089	3,002	3,023	2,949	2,907	3,055	3,041	4,187	4,144	3,275
Redeemable Noncontrolling Interest	-	-	-	-	-	0.00	-	130	135	125
Total Equity & Noncontrolling Interests	-670	-429	58	162	-486	-742	-28	6,028	6,418	6,305
Total Preferred & Common Equity	-783	-529	-70	65	-586	-826	-133	5,860	6,244	6,121
Total Common Equity	-783	-529	-70	65	-586	-826	-133	5,860	6,244	6,121
Common Stock	6,774	6,866	6,862	6,908	7,017	6,946	6,971	12,912	13,047	13,175
Retained Earnings	-2,638	-2,772	-2,388	-2,505	-3,024	-3,399	-2,700	-2,574	-2,682	-2,309
Accumulated Other Comprehensive Income / (Loss)	-4,919	-4,623	-4,544	-4,338	-4,579	-4,373	-4,404	-4,478	-4,121	-4,745
Noncontrolling Interest	113	100	128	97	100	84	105	168	174	184

This table displays calculated financial ratios and metrics derived from AON's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-21.86%	-0.92%	-102.79%	4,216.47%	2.07%	0.22%	10.65%	1.76%	6.88%	15.89%
EBITDA Growth	-23.71%	-2.60%	-1.10%	19.93%	19.31%	18.28%	-26.88%	62.47%	4.91%	5.91%
EBIT Growth	-17.03%	-1.89%	-42.18%	56.91%	47.13%	31.87%	-27.86%	77.40%	5.58%	-6.54%
NOPAT Growth	-12.44%	0.00%	-55.31%	100.37%	40.19%	28.29%	-40.29%	119.58%	4.43%	-11.46%
Net Income Growth	-0.63%	0.56%	-11.68%	-7.05%	33.99%	28.29%	-35.18%	102.29%	-0.68%	3.50%
EPS Growth	4.72%	5.74%	-8.91%	-2.34%	38.78%	32.65%	-34.32%	118.74%	3.05%	-0.16%
Operating Cash Flow Growth	10.87%	15.78%	-68.44%	129.70%	8.84%	51.66%	-21.60%	47.53%	6.71%	-11.64%
Free Cash Flow Firm Growth	-5.27%	-25.31%	32.00%	-24.36%	-1.97%	19.71%	31.66%	45.14%	-7.28%	-498.25%
Invested Capital Growth	-3.72%	-0.19%	-9.57%	-1.42%	3.11%	4.86%	-6.74%	-1.98%	1.12%	124.21%
Revenue Q/Q Growth	-19.46%	21.42%	-102.69%	1,529.97%	1.03%	0.70%	0.96%	0.22%	1.89%	4.77%
EBITDA Q/Q Growth	-14.93%	9.07%	9.81%	-4.14%	0.54%	4.96%	12.75%	-8.51%	-5.08%	9.01%
EBIT Q/Q Growth	-6.18%	-0.64%	13.60%	-7.29%	1.03%	8.68%	16.05%	-8.79%	-5.58%	5.03%
NOPAT Q/Q Growth	-3.39%	-2.87%	-30.17%	17.13%	6.57%	8.73%	24.36%	-7.26%	-0.85%	-1.86%
Net Income Q/Q Growth	9.47%	-8.39%	-27.16%	45.12%	1.88%	8.15%	34.98%	-7.26%	-5.71%	9.11%
EPS Q/Q Growth	12.18%	-7.19%	-26.79%	47.12%	2.74%	8.75%	40.51%	-5.60%	-5.01%	5.13%
Operating Cash Flow Q/Q Growth	-9.67%	6.26%	-39.04%	24.34%	-2.08%	3.27%	8.50%	3.57%	6.81%	-1.97%
Free Cash Flow Firm Q/Q Growth	-14.69%	-25.18%	35.51%	-11.47%	-9.63%	11.33%	21.95%	-15.91%	21.49%	-1.52%
Invested Capital Q/Q Growth	-2.56%	0.71%	-5.35%	-2.52%	-0.38%	-0.27%	-1.39%	1.81%	-2.86%	-0.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	19.15%	18.83%	0.00%	19.43%	22.72%	26.81%	17.72%	28.29%	27.76%	25.37%
EBIT Margin	15.49%	15.33%	0.00%	12.11%	17.45%	22.97%	14.97%	26.10%	25.78%	20.79%
Profit (Net Income) Margin	15.42%	15.65%	0.00%	11.18%	14.68%	18.79%	11.01%	21.88%	20.34%	18.16%
Tax Burden Percent	99.58%	102.07%	155.93%	94.22%	84.12%	81.83%	67.74%	83.84%	82.93%	78.57%
Interest Burden Percent	100.00%	100.00%	100.00%	98.03%	100.00%	100.00%	108.54%	100.00%	95.11%	111.18%
Effective Tax Rate	12.25%	10.56%	30.86%	11.72%	15.88%	18.17%	32.26%	16.16%	17.07%	21.43%
Return on Invested Capital (ROIC)	10.45%	10.67%	0.00%	10.65%	14.80%	18.26%	11.02%	25.33%	26.57%	14.43%
ROIC Less NNEP Spread (ROIC-NNEP)	13.45%	13.64%	0.00%	11.50%	14.80%	18.26%	12.23%	25.33%	25.34%	16.37%
Return on Net Nonoperating Assets (RNNOA)	11.96%	14.01%	0.00%	15.83%	26.22%	39.13%	44.15%	700.59%	-475.42%	81.21%
Return on Equity (ROE)	22.41%	24.67%	24.81%	26.48%	41.03%	57.39%	55.18%	725.93%	-448.85%	95.64%
Cash Return on Invested Capital (CROIC)	14.24%	10.85%	15.06%	12.08%	11.75%	13.52%	18.00%	27.33%	25.46%	-62.19%
Operating Return on Assets (OROA)	5.04%	5.24%	0.00%	4.84%	6.70%	8.02%	5.56%	9.77%	10.00%	7.51%
Return on Assets (ROA)	5.02%	5.35%	0.00%	4.47%	5.64%	6.56%	4.09%	8.19%	7.88%	6.56%
Return on Common Equity (ROCE)	22.20%	24.43%	24.52%	26.08%	40.27%	56.07%	53.03%	529.76%	-519.37%	89.03%
Return on Equity Simple (ROE_SIMPLE)	23.69%	26.12%	27.56%	28.28%	46.61%	57.74%	123.28%	-500.19%	-318.16%	44.44%
Net Operating Profit after Tax (NOPAT)	1,253	1,253	560	1,122	1,573	2,018	1,205	2,646	2,763	2,447
NOPAT Margin	13.59%	13.72%	0.00%	10.69%	14.68%	18.79%	10.14%	21.88%	21.38%	16.34%
Net Nonoperating Expense Percent (NNEP)	-3.00%	-2.97%	-11.55%	-0.85%	0.00%	0.00%	-1.20%	0.00%	1.23%	-1.94%
SG&A Expenses to Revenue	68.93%	68.33%	0.00%	66.28%	64.28%	61.84%	63.47%	60.17%	59.82%	61.07%
Operating Expenses to Revenue	84.51%	84.67%	0.00%	87.89%	82.55%	77.03%	85.03%	73.90%	74.22%	79.21%
Earnings before Interest and Taxes (EBIT)	1,428	1,401	810	1,271	1,870	2,466	1,779	3,156	3,332	3,114
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,766	1,720	1,701	2,040	2,434	2,879	2,105	3,420	3,588	3,800
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.89	5.02	6.92	8.07	13.96	13.48	61.36	0.00	0.00	12.02
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.53	3.01	0.00	3.19	4.40	4.39	5.48	5.04	4.57	4.91
Price to Earnings (P/E)	16.87	19.69	25.87	29.55	30.76	23.92	51.87	23.56	23.05	27.71
Dividend Yield	1.35%	1.23%	1.11%	1.12%	0.85%	0.86%	0.67%	0.74%	0.83%	0.74%
Earnings Yield	5.93%	5.08%	3.87%	3.38%	3.25%	4.18%	1.93%	4.24%	4.34%	3.61%
Enterprise Value to Invested Capital (EV/IC)	2.44	2.84	3.48	3.74	4.98	4.78	7.02	6.88	6.66	3.83
Enterprise Value to Revenue (EV/Rev)	3.12	3.65	0.00	3.73	5.02	5.03	6.23	5.89	5.39	5.99
Enterprise Value to EBITDA (EV/EBITDA)	16.27	19.37	21.74	19.20	22.08	18.77	35.18	20.81	19.40	23.63
Enterprise Value to EBIT (EV/EBIT)	20.12	23.78	45.66	30.82	28.75	21.91	41.62	22.55	20.89	28.83
Enterprise Value to NOPAT (EV/NOPAT)	22.93	26.59	66.05	34.91	34.17	26.78	61.45	26.90	25.19	36.70
Enterprise Value to Operating Cash Flow (EV/OCF)	14.30	14.32	50.39	23.23	29.29	19.42	33.93	22.11	20.26	29.58
Enterprise Value to Free Cash Flow (EV/FCFF)	16.83	26.13	21.98	30.77	43.07	36.17	37.64	24.93	26.29	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.94	1.12	1.28	1.48	2.13	2.16	8.11	-25.10	-15.09	2.65
Long-Term Debt to Equity	0.85	1.06	1.22	1.42	1.92	2.03	7.11	-22.90	-13.47	2.53
Financial Leverage	0.89	1.03	1.20	1.38	1.77	2.14	3.61	27.66	-18.76	4.96
Leverage Ratio	4.46	4.62	5.18	5.92	7.28	8.75	13.51	88.64	-56.93	14.58
Compound Leverage Factor	4.46	4.62	5.18	5.81	7.28	8.75	14.66	88.64	-54.14	16.21
Debt to Total Capital	48.47%	52.87%	56.21%	59.68%	68.03%	68.33%	89.02%	104.15%	107.10%	72.58%
Short-Term Debt to Total Capital	4.78%	2.86%	2.82%	2.40%	6.60%	3.96%	11.03%	9.14%	11.51%	3.20%
Long-Term Debt to Total Capital	43.69%	50.00%	53.39%	57.28%	61.43%	64.37%	77.99%	95.01%	95.58%	69.37%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.48%	0.49%	0.61%	0.65%	0.69%	0.78%	0.92%	0.97%	0.80%	1.32%
Common Equity to Total Capital	51.04%	46.65%	43.18%	39.67%	31.28%	30.90%	10.06%	-5.12%	-7.90%	26.11%
Debt to EBITDA	3.23	3.61	3.51	3.06	3.02	2.68	4.46	3.15	3.12	4.48
Net Debt to EBITDA	3.01	3.36	3.06	2.74	2.69	2.38	4.20	2.95	2.90	4.19
Long-Term Debt to EBITDA	2.91	3.41	3.33	2.94	2.72	2.53	3.91	2.87	2.79	4.28
Debt to NOPAT	4.55	4.95	10.65	5.56	4.67	3.83	7.79	4.07	4.05	6.96
Net Debt to NOPAT	4.24	4.61	9.30	4.98	4.16	3.39	7.34	3.81	3.77	6.51
Long-Term Debt to NOPAT	4.10	4.68	10.12	5.34	4.21	3.61	6.83	3.71	3.62	6.65
Noncontrolling Interest Sharing Ratio	0.92%	0.98%	1.20%	1.50%	1.85%	2.30%	3.90%	27.02%	-15.71%	6.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,707	1,275	1,683	1,273	1,248	1,494	1,967	2,855	2,647	-10,542
Operating Cash Flow to CapEx	1,004.50%	1,491.03%	401.09%	702.50%	815.56%	1,973.76%	1,592.70%	1,642.35%	1,363.10%	1,392.20%
Free Cash Flow to Firm to Interest Expense	6.25	4.52	5.97	4.58	4.07	4.47	6.11	7.03	5.47	-13.38
Operating Cash Flow to Interest Expense	7.36	8.25	2.60	6.06	5.98	8.33	6.78	7.93	7.10	3.85
Operating Cash Flow Less CapEx to Interest Expense	6.63	7.70	1.95	5.20	5.24	7.91	6.35	7.45	6.58	3.57
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.34	0.00	0.40	0.38	0.35	0.37	0.37	0.39	0.36
Fixed Asset Turnover	12.05	13.90	0.00	18.22	17.72	17.60	21.07	22.25	21.61	23.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,759	11,737	10,614	10,463	10,788	11,312	10,550	10,341	10,457	23,446
Invested Capital Turnover	0.77	0.78	0.00	1.00	1.01	0.97	1.09	1.16	1.24	0.88
Increase / (Decrease) in Invested Capital	-454	-22	-1,123	-151	325	524	-762	-209	116	12,989
Enterprise Value (EV)	28,734	33,320	36,987	39,167	53,754	54,041	74,045	71,174	69,601	89,785
Market Capitalization	23,361	27,484	31,712	33,511	47,131	47,108	65,100	60,994	59,096	73,545
Book Value per Share	$21.91	$20.81	$18.34	$17.24	$14.41	$15.29	$4.82	($2.56)	($4.13)	$28.30
Tangible Book Value per Share	($16.89)	($14.54)	($22.04)	($21.46)	($23.80)	($25.42)	($35.70)	($44.80)	($47.32)	($73.32)
Total Capital	11,759	11,737	10,614	10,463	10,788	11,312	10,550	10,341	10,457	23,446
Total Debt	5,700	6,205	5,966	6,244	7,339	7,729	9,392	10,770	11,199	17,016
Total Long-Term Debt	5,138	5,869	5,667	5,993	6,627	7,281	8,228	9,825	9,995	16,265
Net Debt	5,316	5,779	5,210	5,588	6,549	6,845	8,848	10,080	10,421	15,931
Capital Expenditures (CapEx)	200	156	183	240	225	141	137	196	252	218
Net Nonoperating Expense (NNE)	-169	-177	-703	-52	0.00	0.00	-103	0.00	135	-273
Net Nonoperating Obligations (NNO)	5,700	6,205	5,966	6,244	7,339	7,729	9,392	10,770	11,199	17,016
Total Depreciation and Amortization (D&A)	338	319	891	769	564	413	326	264	256	686
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$6.42	$8.49	$5.59	$12.23	$12.60	$12.55
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	238.60M	231.90M	224.70M	211.70M	203.50M	211.40M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$6.37	$8.45	$5.55	$12.14	$12.51	$12.49
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	240.60M	233.10M	226.10M	213.20M	205M	212.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	231.58M	225.98M	213.94M	205.14M	198.30M	216.00M
Normalized Net Operating Profit after Tax (NOPAT)	1,253	1,253	-5,865	1,646	1,573	2,007	1,305	2,751	2,949	3,147
Normalized NOPAT Margin	13.59%	13.72%	0.00%	15.68%	14.68%	18.69%	10.98%	22.75%	22.82%	21.01%
Pre Tax Income Margin	15.49%	15.33%	0.00%	11.87%	17.45%	22.97%	16.25%	26.10%	24.52%	23.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.23	4.97	2.87	4.57	6.09	7.38	5.52	7.77	6.88	3.95
NOPAT to Interest Expense	4.59	4.44	1.99	4.04	5.12	6.04	3.74	6.52	5.71	3.10
EBIT Less CapEx to Interest Expense	4.50	4.41	2.22	3.71	5.36	6.96	5.10	7.29	6.36	3.68
NOPAT Less CapEx to Interest Expense	3.86	3.89	1.34	3.17	4.39	5.62	3.32	6.03	5.19	2.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	22.71%	24.13%	28.82%	35.52%	26.06%	20.42%	34.17%	17.50%	18.61%	20.66%
Augmented Payout Ratio	131.72%	112.03%	218.76%	160.73%	150.67%	107.78%	305.05%	138.55%	121.35%	57.43%

This table displays calculated financial ratios and metrics derived from AON's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.95%	0.87%	5.11%	5.75%	9.35%	7.94%	5.02%	16.84%	23.53%	20.90%
EBITDA Growth	173.92%	-17.17%	4.38%	16.92%	10.67%	-8.36%	-1.47%	11.52%	-1.24%	20.57%
EBIT Growth	158.09%	-17.06%	4.83%	18.91%	13.92%	-9.74%	-1.32%	-2.65%	-28.74%	-2.10%
NOPAT Growth	168.01%	-11.30%	4.88%	27.96%	15.91%	-16.62%	-5.79%	-14.13%	-32.44%	32.18%
Net Income Growth	146.91%	-23.71%	2.96%	11.87%	11.72%	-23.87%	1.30%	-6.43%	-23.98%	44.77%
EPS Growth	148.12%	-18.56%	7.19%	16.31%	16.15%	-20.89%	5.52%	-9.23%	-29.60%	24.40%
Operating Cash Flow Growth	1,212.77%	11.92%	-4.32%	2.99%	-0.29%	21.02%	-30.25%	-25.44%	-2.88%	-4.84%
Free Cash Flow Firm Growth	3,165.31%	-42.16%	15.23%	-71.22%	-112.86%	-49.80%	-420.27%	-3,653.09%	-10,063.52%	-2,889.76%
Invested Capital Growth	-5.07%	-1.98%	-1.43%	2.64%	5.99%	1.12%	44.56%	106.91%	119.63%	124.21%
Revenue Q/Q Growth	-9.91%	16.27%	24.55%	-18.94%	-6.85%	14.77%	21.18%	-9.81%	-1.51%	12.33%
EBITDA Q/Q Growth	-13.02%	37.87%	54.43%	-45.38%	-17.67%	14.15%	136.41%	-38.18%	-27.10%	39.37%
EBIT Q/Q Growth	-15.42%	44.90%	58.22%	-47.55%	-18.97%	14.80%	155.01%	-48.26%	-40.69%	57.73%
NOPAT Q/Q Growth	-14.63%	59.33%	65.03%	-42.99%	-22.67%	14.61%	104.23%	-48.04%	-39.16%	124.24%
Net Income Q/Q Growth	-18.68%	59.33%	62.01%	-46.71%	-18.78%	8.57%	115.58%	-50.78%	-34.01%	106.76%
EPS Q/Q Growth	-17.60%	64.58%	60.44%	-46.55%	-17.71%	12.11%	114.00%	-54.02%	-36.18%	98.09%
Operating Cash Flow Q/Q Growth	56.59%	-0.38%	-57.49%	55.30%	51.60%	20.90%	-75.50%	66.02%	97.47%	18.46%
Free Cash Flow Firm Q/Q Growth	-16.42%	-8.85%	44.47%	-73.85%	-137.36%	455.73%	-1,135.44%	-190.10%	-6.86%	2.36%
Invested Capital Q/Q Growth	-9.26%	1.81%	10.34%	0.69%	-6.30%	-2.86%	57.73%	44.13%	-0.54%	-0.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	22.35%	26.50%	37.98%	25.59%	22.62%	22.49%	35.63%	24.43%	18.08%	22.43%
EBIT Margin	19.62%	24.45%	36.31%	23.49%	20.44%	20.44%	34.12%	19.57%	11.79%	16.55%
Profit (Net Income) Margin	16.08%	22.03%	28.66%	18.84%	16.43%	15.54%	27.64%	15.09%	10.11%	18.61%
Tax Burden Percent	81.96%	93.94%	80.40%	87.39%	83.39%	83.25%	76.76%	77.08%	79.06%	82.38%
Interest Burden Percent	100.00%	95.94%	98.17%	91.77%	96.39%	91.30%	105.56%	100.00%	108.45%	136.45%
Effective Tax Rate	18.04%	6.06%	19.60%	12.61%	16.61%	16.75%	23.24%	22.92%	20.94%	17.62%
Return on Invested Capital (ROIC)	18.60%	25.50%	31.18%	22.52%	20.66%	21.15%	24.61%	11.66%	7.74%	16.44%
ROIC Less NNEP Spread (ROIC-NNEP)	18.60%	25.50%	30.99%	22.04%	20.50%	20.71%	25.02%	11.66%	7.94%	16.44%
Return on Net Nonoperating Assets (RNNOA)	219.54%	705.30%	497.06%	504.28%	-391.59%	-388.51%	23,250.08%	53.40%	37.09%	81.54%
Return on Equity (ROE)	238.14%	730.80%	528.24%	526.80%	-370.93%	-367.36%	23,274.69%	65.06%	44.83%	97.98%
Cash Return on Invested Capital (CROIC)	32.56%	27.33%	24.73%	21.53%	20.83%	25.46%	-17.50%	-54.89%	-60.36%	-62.19%
Operating Return on Assets (OROA)	7.51%	9.15%	13.16%	8.26%	8.06%	7.93%	11.93%	6.10%	4.06%	5.98%
Return on Assets (ROA)	6.15%	8.24%	10.38%	6.62%	6.48%	6.02%	9.66%	4.70%	3.48%	6.72%
Return on Common Equity (ROCE)	208.47%	533.32%	433.48%	415.34%	-439.27%	-425.09%	-157,492.09%	60.99%	41.81%	91.21%
Return on Equity Simple (ROE_SIMPLE)	-364.37%	0.00%	-3,824.29%	4,212.31%	-475.60%	0.00%	-1,986.47%	44.45%	39.93%	0.00%
Net Operating Profit after Tax (NOPAT)	418	666	1,099	627	485	555	1,035	538	327	734
NOPAT Margin	16.08%	22.03%	29.19%	20.53%	17.04%	17.02%	26.19%	15.09%	9.32%	18.61%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.19%	0.47%	0.16%	0.44%	-0.41%	0.00%	-0.20%	0.00%
SG&A Expenses to Revenue	66.77%	57.89%	53.28%	63.93%	66.62%	57.59%	52.55%	65.73%	67.74%	59.47%
Operating Expenses to Revenue	80.38%	75.55%	63.69%	76.51%	79.56%	79.56%	65.88%	80.43%	88.21%	83.45%
Earnings before Interest and Taxes (EBIT)	510	739	1,367	717	581	667	1,349	698	414	653
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	581	801	1,430	781	643	734	1,409	871	635	885
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	1,080.37	0.00	0.00	0.00	10.28	11.37	12.02
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.63	5.04	5.23	5.65	5.20	4.57	5.22	4.42	4.97	4.91
Price to Earnings (P/E)	19.98	23.56	24.53	26.25	24.22	23.05	26.48	23.63	29.14	27.71
Dividend Yield	0.81%	0.74%	0.72%	0.67%	0.73%	0.83%	0.74%	0.86%	0.75%	0.74%
Earnings Yield	5.00%	4.24%	4.08%	3.81%	4.13%	4.34%	3.78%	4.23%	3.43%	3.61%
Enterprise Value to Invested Capital (EV/IC)	6.51	6.88	6.53	7.02	7.11	6.66	5.10	3.25	3.69	3.83
Enterprise Value to Revenue (EV/Rev)	5.48	5.89	6.07	6.49	6.03	5.39	6.41	5.66	6.11	5.99
Enterprise Value to EBITDA (EV/EBITDA)	17.68	20.81	20.68	21.70	20.24	19.40	24.70	22.08	25.04	23.63
Enterprise Value to EBIT (EV/EBIT)	19.10	22.55	22.29	23.34	21.67	20.89	26.69	24.64	29.43	28.83
Enterprise Value to NOPAT (EV/NOPAT)	23.17	26.90	27.84	29.47	27.45	25.19	31.83	29.62	35.01	36.70
Enterprise Value to Operating Cash Flow (EV/OCF)	21.27	22.11	23.30	25.07	23.78	20.26	25.47	24.68	28.19	29.58
Enterprise Value to Free Cash Flow (EV/FCFF)	19.47	24.93	26.23	33.05	35.10	26.29	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-16.16	-25.10	195.72	69.92	-23.15	-15.09	-590.07	2.86	2.61	2.65
Long-Term Debt to Equity	-15.10	-22.90	182.36	61.66	-20.51	-13.47	-568.43	2.86	2.61	2.53
Financial Leverage	11.80	27.66	16.04	22.88	-19.10	-18.76	929.13	4.58	4.67	4.96
Leverage Ratio	38.70	88.64	50.22	74.49	-55.65	-56.93	2,500.67	13.85	13.68	14.58
Compound Leverage Factor	38.70	85.04	49.30	68.36	-53.64	-51.98	2,639.70	13.85	14.84	19.89
Debt to Total Capital	106.60%	104.15%	99.49%	98.59%	104.51%	107.10%	100.17%	74.10%	72.28%	72.58%
Short-Term Debt to Total Capital	7.00%	9.14%	6.79%	11.65%	11.91%	11.51%	3.67%	0.02%	0.00%	3.20%
Long-Term Debt to Total Capital	99.60%	95.01%	92.70%	86.94%	92.61%	95.58%	96.50%	74.08%	72.28%	69.37%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.11%	0.97%	1.12%	0.84%	0.93%	0.80%	0.64%	1.25%	1.31%	1.32%
Common Equity to Total Capital	-7.71%	-5.12%	-0.61%	0.57%	-5.44%	-7.90%	-0.81%	24.65%	26.41%	26.11%
Debt to EBITDA	2.90	3.15	3.15	3.05	2.98	3.12	4.85	5.04	4.90	4.48
Net Debt to EBITDA	2.71	2.95	2.84	2.79	2.76	2.90	4.56	4.76	4.59	4.19
Long-Term Debt to EBITDA	2.71	2.87	2.93	2.69	2.64	2.79	4.68	5.04	4.90	4.28
Debt to NOPAT	3.80	4.07	4.24	4.14	4.04	4.05	6.25	6.76	6.86	6.96
Net Debt to NOPAT	3.55	3.81	3.82	3.79	3.75	3.77	5.88	6.39	6.41	6.51
Long-Term Debt to NOPAT	3.55	3.71	3.95	3.65	3.58	3.62	6.02	6.76	6.86	6.65
Noncontrolling Interest Sharing Ratio	12.46%	27.02%	17.94%	21.16%	-18.43%	-15.71%	776.67%	6.25%	6.74%	6.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	960	875	1,264	331	-123	439	-4,049	-11,745	-12,551	-12,255
Operating Cash Flow to CapEx	1,803.45%	1,488.57%	582.89%	997.10%	1,798.28%	2,573.47%	643.75%	967.92%	1,633.87%	2,181.82%
Free Cash Flow to Firm to Interest Expense	9.32	7.95	11.39	2.54	-1.04	3.54	-28.12	-52.20	-58.92	-59.49
Operating Cash Flow to Interest Expense	10.16	9.47	3.99	5.29	8.76	10.17	2.15	2.28	4.76	5.83
Operating Cash Flow Less CapEx to Interest Expense	9.59	8.84	3.31	4.76	8.28	9.77	1.81	2.04	4.46	5.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.38	0.37	0.36	0.35	0.39	0.39	0.35	0.31	0.34	0.36
Fixed Asset Turnover	22.96	22.25	21.92	21.75	21.83	21.61	21.94	21.37	21.96	23.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,157	10,341	11,410	11,489	10,765	10,457	16,494	23,772	23,643	23,446
Invested Capital Turnover	1.16	1.16	1.07	1.10	1.21	1.24	0.94	0.77	0.83	0.88
Increase / (Decrease) in Invested Capital	-542	-209	-165	296	608	116	5,084	12,283	12,878	12,989
Enterprise Value (EV)	66,101	71,174	74,536	80,696	76,490	69,601	84,092	77,164	87,273	89,785
Market Capitalization	55,853	60,994	64,175	70,224	65,947	59,096	68,460	60,226	70,977	73,545
Book Value per Share	($3.71)	($2.56)	($0.34)	$0.32	($2.89)	($4.13)	($0.67)	$26.95	$28.74	$28.30
Tangible Book Value per Share	($43.70)	($44.80)	($42.97)	($41.93)	($44.77)	($47.32)	($43.46)	($74.58)	($74.37)	($73.32)
Total Capital	10,157	10,341	11,410	11,489	10,765	10,457	16,494	23,772	23,643	23,446
Total Debt	10,827	10,770	11,352	11,327	11,251	11,199	16,522	17,614	17,090	17,016
Total Long-Term Debt	10,116	9,825	10,577	9,989	9,969	9,995	15,916	17,610	17,090	16,265
Net Debt	10,135	10,080	10,233	10,375	10,443	10,421	15,527	16,640	15,987	15,931
Capital Expenditures (CapEx)	58	70	76	69	58	49	48	53	62	55
Net Nonoperating Expense (NNE)	0.00	0.00	20	52	18	48	-58	0.00	-28	0.00
Net Nonoperating Obligations (NNO)	10,827	10,770	11,352	11,327	11,251	11,199	16,522	17,614	17,090	17,016
Total Depreciation and Amortization (D&A)	71	62	63	64	62	67	60	173	221	232
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.93	$3.20	$5.09	$2.74	$2.25	$2.52	$5.38	$2.47	$1.58	$3.12
Adjusted Weighted Average Basic Shares Outstanding	210.90M	211.70M	206.10M	204.70M	202.90M	203.50M	199.10M	212.50M	217.40M	211.40M
Adjusted Diluted Earnings per Share	$1.92	$3.16	$5.07	$2.71	$2.23	$2.50	$5.35	$2.46	$1.57	$3.11
Adjusted Weighted Average Diluted Shares Outstanding	212.60M	213.20M	207.10M	206.30M	204.60M	205M	200.10M	213.30M	218.40M	212.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	206.85M	205.14M	204.25M	202.87M	200.22M	198.30M	217.43M	217.24M	216.27M	216.00M
Normalized Net Operating Profit after Tax (NOPAT)	405	666	1,119	648	506	678	1,139	458	519	791
Normalized NOPAT Margin	15.57%	22.03%	29.73%	21.25%	17.80%	20.79%	28.81%	12.84%	14.79%	20.05%
Pre Tax Income Margin	19.62%	23.45%	35.64%	21.56%	19.70%	18.66%	36.01%	19.57%	12.78%	22.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.95	6.72	12.32	5.52	4.88	5.38	9.37	3.10	1.94	3.17
NOPAT to Interest Expense	4.06	6.05	9.90	4.82	4.07	4.48	7.19	2.39	1.54	3.56
EBIT Less CapEx to Interest Expense	4.39	6.08	11.63	4.98	4.40	4.98	9.03	2.87	1.65	2.90
NOPAT Less CapEx to Interest Expense	3.50	5.42	9.22	4.29	3.58	4.08	6.86	2.16	1.25	3.30
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	16.09%	17.50%	17.48%	17.35%	17.29%	18.61%	18.81%	19.85%	21.62%	20.66%
Augmented Payout Ratio	174.80%	138.55%	126.75%	126.00%	111.48%	121.35%	109.65%	100.46%	83.79%	57.43%

Frequently Asked Questions About AON's Financials

When does AON's fiscal year end?

According to the most recent income statement we have on file, AON's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has AON's net income changed over the last 9 years?

AON's net income appears to be on an upward trend, with a most recent value of $2.72 billion in 2024, rising from $1.42 billion in 2015. The previous period was $2.63 billion in 2023.

How has AON revenue changed over the last 9 years?

Over the last 9 years, AON's total revenue changed from $9.22 billion in 2015 to $14.98 billion in 2024, a change of 62.4%.

How much debt does AON have?

AON's total liabilities were at $42.54 billion at the end of 2024, a 22.6% increase from 2023, and a 104.3% increase since 2015.

How much cash does AON have?

In the past 9 years, AON's cash and equivalents has ranged from $384 million in 2015 to $1.09 billion in 2024, and is currently $1.09 billion as of their latest financial filing in 2024.

How has AON's book value per share changed over the last 9 years?

Over the last 9 years, AON's book value per share changed from 21.91 in 2015 to 28.30 in 2024, a change of 29.2%.

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This page (NYSE:AON) was last updated on 4/16/2025 by MarketBeat.com Staff

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AON (AON) Financials

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AON (AON) Financials

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