Aon Past Earnings Performance
Past criteria checks 5/6
Aon has been growing earnings at an average annual rate of 16.4%, while the Insurance industry saw earnings growing at 14.7% annually. Revenues have been growing at an average rate of 9.1% per year. Aon's return on equity is 41%, and it has net margins of 22.3%.
Key information
16.39%
Earnings growth rate
16.70%
EPS growth rate
| Insurance Industry Growth | 8.02% |
| Revenue growth rate | 9.05% |
| Return on equity | 40.97% |
| Net Margin | 22.27% |
| Last Earnings Update | 30 Jun 2026 |
Recent past performance updates
Recent updates
Narrative Update • Sep 17
AON: USI Acquisition Will Recast Margins And Middle Market Earnings Power
Analyst fair value for Aon has been adjusted to $381 from $389.53, as analysts factor in a cooler revenue growth outlook alongside higher margin expectations and a lower assumed future P/E multiple following the USI acquisition and evolving views on sector fundamentals. Analyst Commentary Recent research on Aon gives you a mixed picture.Narrative Update • Sep 03
AON: USI Acquisition And Synergy Outlook Will Reshape Future Earnings Power
Aon’s updated analyst price target has moved lower, reflecting a shift in modeled fair value from about $399 to $390 as analysts weigh the USI acquisition, expected expense synergies, reduced share repurchases, and revised assumptions for revenue growth, profit margins, and future P/E multiples. Analyst Commentary Recent research around Aon focuses heavily on the planned USI acquisition and what it could mean for valuation, earnings power, and execution risk over the next few years.Seeking Alpha • Aug 31
Aon: Remaining Cautious Amid USI Acquisition
Summary Aon is reiterated a hold as growth remains sluggish and integration risks loom after the $17B USI acquisition. Q2 organic revenue growth held steady at 5%, with margin expansion and profitability guidance unchanged for 2026. The USI deal strategically targets U.S. middle market and E&S insurance segments, offering $395M in expected EBITDA synergies but raising the leverage ratio to 4.5x. Despite a historically low forward EV/EBITDA, Aon's premium to sector and integration risks suggest limited margin of safety for new investors. Read the full article on Seeking AlphaNarrative Update • Jul 31
AON: Fair Value View Weighs Soft Market Pressures And Reinsurance Opportunities
Aon’s updated analyst price target edges higher to about $399 from roughly $390, as analysts factor in their raised long term EPS assumptions and revised P/E expectations following recent Q2 results and broader insurance broker sector reviews. Analyst Commentary Recent research on Aon highlights a mix of optimism on earnings power and concern around sector conditions, which helps explain the cluster of price targets between about $339 and $426.Narrative Update • Jul 14
AON: Fair Value View Balances Organic Opportunity With Execution And Sector Risks
Aon’s updated analyst price target edges higher to $390.42 from $382.37. This reflects analysts’ refreshed assumptions around fair value and future P/E in light of a series of recent target revisions across the Street in the $360 to $426 range.Narrative Update • Jun 23
AON: Higher Organic Growth Potential And AI Services Will Support Future Upside
Analysts have trimmed their consolidated price target on Aon by about $3 to reflect a slightly lower fair value estimate near $382, even as some research points to higher long term organic growth potential while others reset targets following recent sector results. Analyst Commentary Recent research on Aon shows a split picture, with some bullish analysts pointing to higher organic growth potential and others resetting targets after sector results and Q1 updates.Analysis Article • Jun 19
Aon (AON) Stock Could Be 17.5% Undervalued After Contract AI Launch And Leadership Moves
Aon (AON) has drawn fresh attention after rolling out its Contract AI platform for reinsurance clients, while recently reshaping senior broking and reinsurance leadership through several appointments across London and the middle market. See our latest analysis for Aon. Aon's recent Contract AI launch and leadership reshuffle come after a period where the share price has eased, with a 7.71% year to date share price decline and a 5 year total shareholder return of 38.66% pointing to mixed...Narrative Update • Jun 05
AON: AI Exposed Services And Cost Efficiencies Will Support Future Upside
Analysts have made a small downward adjustment to Aon’s fair value estimate to about $385, reflecting slightly lower revenue growth assumptions and a more conservative average of recent price target moves, even though some firms highlight stronger organic growth potential and modestly higher profit margin expectations. Analyst Commentary Recent Street research around Aon reflects a split view, with some analysts leaning more optimistic on long term execution and others becoming more cautious on the sector setup and growth outlook for brokers versus carriers.Narrative Update • May 06
AON: Margin Durability In AI Exposed Services Will Support Future Upside
Analysts have nudged their average price target on Aon slightly lower, with recent cuts of $3 to $16 from several firms, partly offset by a $33 increase from one firm, as they factor in updated views on revenue growth, margins, and sector headwinds such as weaker pricing and AI related pressures. Analyst Commentary Recent research on Aon highlights a split view, with most firms trimming price targets and one firm lifting its target, as analysts reassess how revenue growth, margins, and sector headwinds feed into valuation.Narrative Update • Apr 21
AON: Margin Durability In AI Exposed Insurance Services Will Support Future Upside
Analysts have trimmed Aon's fair value estimate by about $6 to $389.95. This reflects a series of reduced price targets and slightly more cautious assumptions on growth, margins, and future P/E across recent research updates.Narrative Update • Apr 06
AON: Margin Durability And AI Data Expansion Will Support Future Upside
Analysts have lowered the blended price target for Aon to reflect softer revenue growth expectations, a modestly lower fair value estimate of around $396, and sector commentary pointing to weaker pricing and AI headwinds. These factors are partly offset by steady margin assumptions and a slightly lower future P/E of about 24.4x.Narrative Update • Mar 23
AON: Margin Durability And Health Insights Will Support Future Upside
Analysts have recently adjusted their Aon price targets in a tight range, with moves such as Morgan Stanley trimming its target to $390, others lifting targets by $5 to $19, and some firms cutting by up to $57. These changes reflect mixed views around softening P&C pricing, AI related cost headwinds, and the importance of differentiated underwriting and margin durability.Narrative Update • Mar 09
AON: Margin Durability And Health Data Findings Will Support Future Upside
The updated Aon narrative reflects a small trim in the analyst price target to about $397 from $398, as analysts factor in slightly softer revenue growth and profit margin assumptions while still emphasizing the importance of differentiated underwriting and margin durability in a weaker pricing backdrop. Analyst Commentary Recent research on Aon shows a mixed but fairly balanced view, with several firms adjusting price targets both higher and lower while keeping a close eye on growth, pricing trends, and margin resilience.Narrative Update • Feb 22
AON: Health Data Findings And Margin Resilience Will Drive Future Upside
The updated analyst price target for Aon edges up to $398.00, as analysts factor in slightly higher long term valuation assumptions. These are supported by recent target revisions across firms that highlight mixed views on sector pricing, competition, and margin trends.Narrative Update • Feb 06
AON: Health Data Insights And Margin Resilience Will Support Future Upside
Analysts have nudged their price targets on Aon higher, reflected in a modest increase in our fair value estimate to about US$397 per share. They cite updated assumptions for slightly stronger revenue growth, steadier profit margins and a lower future P/E multiple, even as recent research shows a mix of target raises and trims across the Street.Narrative Update • Jan 23
AON: Capital Markets And Data Center Projects Will Support Future Upside Potential
Analysts have trimmed their price targets for Aon by a few dollars, reflecting slightly lower fair value estimates and modestly softer assumptions for revenue growth, margins, and future P/E as they factor in softening P&C pricing and potential growth headwinds for brokers. Analyst Commentary Street research on Aon is mixed, with some focusing on upside from execution and capital markets exposure, while others highlight pressure from softer property and casualty pricing and slower broker growth assumptions.Narrative Update • Jan 08
AON: Capital Markets And Data Center Projects Will Drive Future Upside
Analysts have made a small adjustment to Aon’s fair value estimate to about $397, reflecting mixed price target moves across the Street and updated assumptions for slightly higher revenue growth, profit margins, and a lower future P/E multiple. Analyst Commentary Street research on Aon is split, with some firms lifting their targets or ratings and others trimming them, which lines up with the modest change in the blended fair value estimate to about $397.Narrative Update • Dec 17
AON: AI Risk Solutions Will Drive Future Upside In Insurance Services
The analyst price target for Aon has been trimmed modestly to about $399 from roughly $401, as analysts balance slightly higher long term earnings estimates and solid Q3 execution against tempered sector expectations and a mixed risk/reward backdrop. Analyst Commentary Street research reflects a sharply divided view on Aon, with some bullish analysts highlighting solid execution and emerging growth drivers, while bearish analysts emphasize limited upside to current valuations and lingering sector headwinds.Narrative Update • Dec 03
AON: Data Center And AI Risk Demand Will Drive Future Upside
Analysts have trimmed their fair value estimate for Aon slightly, to about $400.50 from roughly $402.67. Modestly higher earnings expectations and solid Q3 execution are balanced against a more cautious sector outlook and limited perceived upside to current price targets.Narrative Update • Nov 18
AON: Margin Expansion And Data Center Projects Will Drive Shares Higher
Aon's analyst price target saw a modest decline of approximately $5 to $402, as analysts cite muted upside potential following Q3 results, despite incremental improvements to earnings outlook and continued positive margin trends. Analyst Commentary Recent research notes show a diverse range of opinions on Aon's future following its third-quarter performance.Narrative Update • Nov 03
AON: Future Revenue Upside Will Be Driven By Core Insurance Focus
Aon's analyst price target has decreased modestly to $407.78 from $414.20, as analysts cite a slightly softer outlook on revenue growth and margin forecasts, even though there have been positive recent earnings and sector developments. Analyst Commentary Recent analyst research reflects a mix of optimism and caution regarding Aon's outlook and valuation.Narrative Update • Sep 12
Risk Analyzers And Business Services Expansion Will Drive Operational Efficiency
Analysts have raised Aon's price target slightly to $414.20, citing solid organic growth driven by talent investments, better-than-expected Q2 performance, and relative resilience to P&C market softness, though some caution remains due to high valuation and tight earnings expectations. Analyst Commentary Bullish analysts expect Aon's investments in talent, particularly in construction, energy, and health, to drive increased organic growth, with productivity gains materializing in late 2025 and beyond.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Aon makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 30 Jun 26 | 17,577 | 3,914 | 2,564 | 0 |
| 31 Mar 26 | 17,486 | 3,942 | 2,434 | 0 |
| 31 Dec 25 | 17,181 | 3,695 | 2,445 | 0 |
| 30 Sep 25 | 17,028 | 2,718 | 2,489 | 0 |
| 30 Jun 25 | 16,752 | 2,603 | 2,449 | 0 |
| 31 Mar 25 | 16,357 | 2,548 | 2,400 | 0 |
| 31 Dec 24 | 15,698 | 2,654 | 2,293 | 0 |
| 30 Sep 24 | 14,926 | 2,436 | 2,454 | 0 |
| 30 Jun 24 | 14,158 | 2,549 | 2,340 | 0 |
| 31 Mar 24 | 13,575 | 2,585 | 2,069 | 0 |
| 31 Dec 23 | 13,376 | 2,564 | 2,298 | 0 |
| 30 Sep 23 | 13,131 | 2,723 | 2,086 | 0 |
| 30 Jun 23 | 12,874 | 2,675 | 2,080 | 0 |
| 31 Mar 23 | 12,680 | 2,616 | 2,084 | 0 |
| 31 Dec 22 | 12,479 | 2,589 | 2,011 | 0 |
| 30 Sep 22 | 12,429 | 2,795 | 1,968 | 0 |
| 30 Jun 22 | 12,435 | 1,487 | 3,114 | 0 |
| 31 Mar 22 | 12,338 | 1,365 | 3,064 | 0 |
| 31 Dec 21 | 12,193 | 1,255 | 3,039 | 0 |
| 30 Sep 21 | 12,078 | 916 | 3,098 | 0 |
| 30 Jun 21 | 11,761 | 2,091 | 1,950 | 0 |
| 31 Mar 21 | 11,372 | 2,110 | 1,904 | 0 |
| 31 Dec 20 | 11,066 | 1,969 | 1,967 | 0 |
| 30 Sep 20 | 10,986 | 1,819 | 2,036 | 0 |
| 30 Jun 20 | 10,980 | 1,767 | 2,155 | 0 |
| 31 Mar 20 | 11,089 | 1,646 | 2,238 | 0 |
| 31 Dec 19 | 11,013 | 1,532 | 2,226 | 0 |
| 30 Sep 19 | 10,898 | 1,435 | 1,776 | 0 |
| 30 Jun 19 | 10,868 | 1,361 | 1,736 | 0 |
| 31 Mar 19 | 10,823 | 1,131 | 1,879 | 0 |
| 31 Dec 18 | 10,770 | 1,060 | 2,279 | 0 |
| 30 Sep 18 | 10,909 | 794 | 2,114 | 0 |
| 30 Jun 18 | 10,900 | 834 | 2,049 | 0 |
| 31 Mar 18 | 10,707 | 735 | 1,913 | 0 |
| 31 Dec 17 | 9,998 | 398 | 1,867 | 0 |
| 30 Sep 17 | 9,739 | 765 | 1,967 | 0 |
| 30 Jun 17 | 9,600 | 853 | 1,904 | 0 |
| 31 Mar 17 | 9,514 | 1,170 | 1,809 | 0 |
| 31 Dec 16 | 9,409 | 1,219 | 1,765 | 0 |
| 30 Sep 16 | 10,042 | 1,426 | 2,022 | 0 |
| 30 Jun 16 | 10,577 | 1,444 | 2,255 | 0 |
| 31 Mar 16 | 11,095 | 1,357 | 2,534 | 0 |
| 31 Dec 15 | 9,480 | 1,216 | 1,775 | 0 |
| 30 Sep 15 | 11,670 | 1,260 | 2,888 | 0 |
Quality Earnings: AON has high quality earnings.
Growing Profit Margin: AON's current net profit margins (22.3%) are higher than last year (15.5%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: AON's earnings have grown by 16.4% per year over the past 5 years.
Accelerating Growth: AON's earnings growth over the past year (50.4%) exceeds its 5-year average (16.4% per year).
Earnings vs Industry: AON earnings growth over the past year (50.4%) exceeded the Insurance industry 27.3%.
Return on Equity
High ROE: Whilst AON's Return on Equity (40.97%) is outstanding, this metric is skewed due to their high level of debt.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/18 04:21 |
| End of Day Share Price | 2026/09/18 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Aon plc is covered by 31 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| "Alex Scott | Barclays |
| Taylor Scott | Barclays |
| null null | BMO Capital Markets Equity Research |