Aon
Brokers commercial insurance and reinsurance while advising employers on health, talent and retirement.
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Profile
Arranges commercial insurance and reinsurance while advising employers on benefits, talent, retirement and investments. Risk Capital generates most revenue; commissions, insurer compensation and client fees support a globally regulated brokerage-and-consulting model.
Combines insurance and reinsurance brokerage with workforce consulting through Risk Capital and Human Capital. Risk Capital—the larger segment—houses Commercial Risk Solutions and Reinsurance Solutions, spanning insurance and specialty brokerage, risk consulting, captive management, treaty and facultative reinsurance, analytics and capital-markets advice. Human Capital brings together Health Solutions and Wealth Solutions, covering employee benefits, talent and compensation, retirement, pension administration and investment consulting.
Serves clients worldwide, using data, analytics and global broking centers to design insurance programs and advise on risk retention, risk transfer and capital. Revenue comes mainly from brokerage commissions, compensation paid by insurers and reinsurers for services, and customer fees. Operations depend on licenses and rules governing insurance broking, reinsurance, pensions, securities, investment advice and fiduciary client funds across many jurisdictions.
Company facts
Categories
Key statistics
Year to date +3.2% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Morgan Stanley | Reiterate | Overweight | $380 | $410 | |
| Aug 3, 2026 | UBS | Reiterate | Neutral | $383 | $387 | |
| Jul 31, 2026 | Roth Capital | Reiterate | Buy | $390 | $420 | |
| Jul 30, 2026 | Piper Sandler | Reiterate | Neutral | $377 | $391 | |
| Jul 15, 2026 | Piper Sandler | Downgrade | Overweight | Neutral | $355 | $377 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $3.80 | $3.81 | +0.3% | $4.28B | $4.25B | −0.7% | −2.81% |
| May 1, 2026Q1 FY26 | $6.37 | $6.48 | +1.7% | $4.97B | $5.03B | +1.2% | +1.09% |
| Jan 30, 2026Q4 FY25 | $4.75 | $4.85 | +2.1% | $4.38B | $4.30B | −1.8% | −0.01% |
| Oct 31, 2025Q3 FY25 | $2.91 | $3.05 | +4.8% | $3.96B | $4.00B | +1.0% | −0.25% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $4.73B | $4.16B | $4.00B | $4.30B | $5.03B | $4.25B | |
| Gross profit | $2.48B | $1.80B | $1.74B | $3.59B | $4.41B | $4.87B | |
| Operating income | $1.46B | $859.0M | $816.0M | $1.34B | $1.81B | $823.0M | |
| Net income | $965.0M | $579.0M | $458.0M | $1.69B | $1.21B | $551.0M | |
| Diluted EPS | $4.43 | $2.66 | $2.11 | $7.82 | $5.63 | $2.59 | |
| Gross margin | 52.4% | 43.2% | 43.5% | 83.5% | 87.7% | 114.6% | |
| Operating margin | 30.9% | 20.7% | 20.4% | 31.1% | 35.9% | 19.4% |
Fiscal years (4-quarter sums)FY21 $12.19B · FY22 $12.48B · FY23 $13.38B · FY24 $15.70B · FY25 $17.18B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.27B · Total debt $15.87B · Total assets $53.35B · Shareholders' equity $9.66B
Dividends
Raised for 22 straight years — most recently to $0.82 from $0.745 in May 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 3, 2026 | Aug 3 | Aug 14 | $0.82 | |
| May 1, 2026 | May 1 | May 15 | $0.82 | raised from $0.745 |
| Feb 2, 2026 | Feb 2 | Feb 13 | $0.745 | |
| Nov 3, 2025 | Nov 3 | Nov 14 | $0.745 | |
| Aug 1, 2025 | Aug 1 | Aug 15 | $0.745 | |
| May 1, 2025 | May 1 | May 15 | $0.745 | raised from $0.675 |
| Feb 3, 2025 | Feb 3 | Feb 14 | $0.675 | |
| Nov 1, 2024 | Nov 1 | Nov 15 | $0.675 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 212.13M · Float 209.97M · 99.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 15.72M | 7.41% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 13.60M | 6.41% | 13F | Aug 13, 2026 |
| JPMorgan Chase & Co | 12.17M | 5.60% | 13G | Jul 16, 2026 |
| Capital World Investors | 11.71M | 5.52% | 13F | Aug 12, 2026 |
| State Street Corp | 9.42M | 4.44% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 28, 2026 | Darren Zeidel | officer: General Counsel | −1,900 | $377.76 |
| Jul 17, 2026 | Darren Zeidel | officer: General Counsel | −1,950 | $372.05 |
| Jul 7, 2026 | Darren Zeidel | officer: General Counsel | −600 | $360.00 |
| Feb 26, 2026 | Darren Zeidel | officer: General Counsel | −4,300 | $329.72 |
| Feb 17, 2026 | Darren Zeidel | officer: General Counsel | −5,040 | $325.79 |
Peers
- Willis Towers Watson
#3 global broker; former merger target, competing across risk and HR advisory.
- Arthur J. Gallagher
Fast-growing large broker; reinsurance rival via Gallagher Re and mid-market.
- Brown & Brown
Leading US mid-market P&C and benefits broker; rival to NFP/Aon in retail.
- Ryan Specialty
Founder's post-Aon venture; leading E&S/wholesale broker in specialty lines.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Aon | $355.40 | −0.01% | $75.39B | 19.6 | 17.6 | 4.3 | +2.2% |
| Willis Towers Watson | $342.03 | −0.49% | $31.92B | 21.1 | 16.4 | 3.2 | +9.1% |
| Arthur J. Gallagher | $250.73 | −6.27% | $68.74B | 44.3 | 19.0 | 4.4 | +22.8% |
| Brown & Brown | $73.31 | 0.00% | $24.53B | 21.7 | 15.9 | 3.6 | +34.2% |
| Ryan Specialty | $43.63 | −0.52% | $5.68B | 56.4 | 19.2 | 1.8 | +7.2% |
| Median | 33.0 | 17.7 | 3.4 | +15.9% |