Aon plc (AON) Balance Sheet
AON balance sheet, 2025
December 31, 2025 · U.S. dollars$50.78B assets = $41.24B liabilities + $9.55B equity
Both columns are drawn to the same scale: what AON owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AON financial health
Debt / equity1.73
High leverage · $1.73 of debt for each $1 of equity
Cash / debt16.9%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles42.4%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal 2025.
AON balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $26.61B2016 | $50.78B2025 | +7.4%/yr | |
| Total liabilities | $21.08B2016 | $41.24B2025 | +7.7%/yr | |
| Shareholders’ equity | $5.53B2016 | $9.55B2025 | +6.3%/yr | |
| Cash & short-term investments | $716.0M2016 | $2.80B2025 | +16.4%/yr | |
| Total debt | $6.34B2016 | $16.53B2025 | +11.2%/yr | |
| Net cash (debt) | −$5.62B2016 | −$13.73B2025 | −$8.1B | |
| Working capital | $651.0M2016 | $2.55B2025 | +$1.9B | |
| Book value per share | $20.472016 | $44.102025 | +8.9%/yr | |
| Debt / equity | 1.152016 | 1.732025 | +0.59 | |
| Shares outstanding | 270.3M2016 | 216.5M2025 | −2.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AON assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
AON liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
AON debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AON balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $2.80B | $11.62B | $1.15B | $1.14B | $836.0M | $1.19B | $928.0M | $828.0M | $1.28B | $716.0M |
| Cash & equivalents | $1.20B | $1.08B | $778.0M | $690.0M | $544.0M | $884.0M | $790.0M | $656.0M | $756.0M | $431.0M |
| Short-term investments | $1.60B | $10.54B | $369.0M | $452.0M | $292.0M | $308.0M | $138.0M | $172.0M | $529.0M | $290.0M |
| Receivables | $4.21B | $11.09B | $3.29B | $3.11B | $3.15B | $3.17B | $3.20B | $2.88B | $2.62B | $2.21B |
| Inventory | $0 | −$135.0M | $0 | $15.90B | $14.39B | $13.79B | $11.83B | $10.17B | $9.62B | $9.48B |
| Other current assets | $18.77B | $851.0M | $17.27B | $572.0M | $663.0M | $529.0M | $514.0M | $493.0M | $147.0M | $739.0M |
| Total current assets | $25.77B | $23.43B | $21.70B | $20.72B | $19.03B | $18.68B | $16.48B | $14.37B | $13.68B | $13.15B |
| Property, plant & equipment (net) | $1.38B | $1.36B | $1.31B | $1.26B | $1.31B | $1.60B | $1.55B | $588.0M | $564.0M | $765.0M |
| Goodwill & intangible assets | $21.52B | $21.98B | $8.65B | $8.74B | $8.93B | $9.31B | $8.95B | $9.32B | $10.09B | $10.97B |
| Long-term investments | $192.0M | $90.0M | $45.0M | $60.0M | $64.0M | $74.0M | $53.0M | $54.0M | $57.0M | $119.0M |
| Other non-current assets | $1.92B | $2.11B | $2.25B | $1.93B | $2.59B | $2.45B | $2.38B | $2.09B | $1.70B | $1.61B |
| Total assets | $50.78B | $48.97B | $33.96B | $32.70B | $31.93B | $32.11B | $29.41B | $26.42B | $26.09B | $26.61B |
| Liabilities | ||||||||||
| Accounts payable | $2.86B | $2.90B | $2.26B | $2.11B | $2.19B | $2.02B | $1.94B | $1.94B | $1.96B | $1.60B |
| Short-term debt | $770.0M | $942.0M | $1.39B | $1.13B | $1.38B | $682.0M | $922.0M | $251.0M | $299.0M | $336.0M |
| Deferred revenue | — | $280.0M | $270.0M | $250.0M | $321.0M | $296.0M | $270.0M | $251.0M | $311.0M | $393.0M |
| Total current liabilities | $23.23B | $23.00B | $21.65B | $20.31B | $19.07B | $17.42B | $15.57B | $13.30B | $12.76B | $12.49B |
| Long-term debt | $15.30B | $16.27B | $10.01B | $9.82B | $8.23B | $7.28B | $6.63B | $5.99B | $5.67B | $5.87B |
| Lease obligations | $822.0M | $876.0M | $833.0M | $693.0M | $772.0M | $897.0M | $1.23B | $169.0M | $153.0M | $169.0M |
| Other long-term liabilities | $2.71B | $3.27B | $3.04B | $3.00B | $3.47B | $3.82B | $3.76B | $2.91B | $3.02B | $2.72B |
| Total liabilities | $41.24B | $42.53B | $34.70B | $33.13B | $30.77B | $28.52B | $25.96B | $22.20B | $21.44B | $21.08B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $5.78B | $5.58B |
| Retained earnings (deficit) | −$245.0M | −$2.31B | −$3.40B | −$2.77B | −$1.69B | $1.04B | $1.25B | $2.09B | $2.30B | $3.81B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$3.84B | −$4.75B | −$4.37B | −$4.62B | −$3.87B | −$3.86B | −$4.03B | −$3.91B | −$3.50B | −$3.91B |
| Minority interest | $196.0M | $309.0M | $84.0M | $100.0M | $97.0M | $88.0M | $74.0M | $68.0M | $65.0M | $57.0M |
| Total shareholders' equity | $9.55B | $6.43B | −$742.0M | −$429.0M | $1.16B | $3.58B | $3.45B | $4.22B | $4.65B | $5.53B |
| Key figures | ||||||||||
| Total debt | $16.53B | $17.89B | $12.03B | $11.68B | $10.42B | $8.93B | $8.57B | $6.41B | $6.12B | $6.34B |
| Net cash (debt) | −$13.73B | −$6.27B | −$10.88B | −$10.54B | −$9.59B | −$7.73B | −$7.64B | −$5.58B | −$4.83B | −$5.62B |
| Working capital | $2.55B | $437.0M | $53.0M | $417.0M | −$41.0M | $1.25B | $905.0M | $1.08B | $922.0M | $651.0M |
| Tangible book value | −$11.98B | −$15.55B | −$9.39B | −$9.17B | −$7.77B | −$5.72B | −$5.50B | −$5.10B | −$5.44B | −$5.44B |
| Book value per share | $44.10 | $30.26 | −$3.62 | −$2.01 | $5.12 | $15.37 | $14.33 | $17.08 | $17.83 | $20.47 |
| Shares outstanding | 216.5M | 212.5M | 205.0M | 213.2M | 226.1M | 233.1M | 240.6M | 247.0M | 260.7M | 270.3M |
| Current ratio | 1.11 | 1.02 | 1.00 | 1.02 | 1.00 | 1.07 | 1.06 | 1.08 | 1.07 | 1.05 |
| Quick ratio | 0.30 | 0.99 | 0.20 | 0.21 | 0.21 | 0.25 | 0.27 | 0.28 | 0.31 | 0.23 |
| Debt / equity | 1.73 | 2.78 | — | — | 9.00 | 2.49 | 2.48 | 1.52 | 1.32 | 1.15 |
| Equity / assets | 18.8% | 13.1% | −2.2% | −1.3% | 3.6% | 11.2% | 11.7% | 16.0% | 17.8% | 20.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.27B | $1.42B | $2.80B | $1.30B | $9.70B | $8.39B | $11.62B | $1.30B | $1.16B | $6.41B | $1.15B | $8.21B |
| Cash & equivalents | $1.06B | $1.18B | $1.20B | $1.09B | $1.01B | $964.0M | $1.08B | $1.10B | $974.0M | $995.0M | $778.0M | $808.0M |
| Short-term investments | $205.0M | $238.0M | $1.60B | $207.0M | $8.69B | $7.43B | $10.54B | $196.0M | $182.0M | $5.41B | $369.0M | $7.41B |
| Receivables | $18.18B | $15.77B | $14.82B | $15.04B | $17.36B | $15.38B | $11.09B | $13.74B | $16.05B | $4.05B | $3.29B | $12.07B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | −$135.0M | $172.0M | $0 | $0 | $0 | $15.96B |
| Other current assets | $8.67B | $8.98B | $8.15B | $10.23B | $765.0M | $637.0M | $851.0M | $8.45B | $8.34B | $18.16B | $17.27B | $0 |
| Total current assets | $28.11B | $26.16B | $25.77B | $26.57B | $27.82B | $24.41B | $23.43B | $23.65B | $25.54B | $28.62B | $21.70B | $21.12B |
| Property, plant & equipment (net) | $1.51B | $1.39B | $1.38B | $1.36B | $1.40B | $1.37B | $1.35B | $1.40B | $1.38B | $1.24B | $1.31B | $1.30B |
| Goodwill & intangible assets | $21.54B | $21.75B | $21.52B | $21.53B | $22.76B | $22.56B | $21.98B | $22.40B | $22.07B | $8.52B | $8.65B | $8.50B |
| Long-term investments | $191.0M | $198.0M | $192.0M | $163.0M | $101.0M | $97.0M | $90.0M | $87.0M | $83.0M | $80.0M | $45.0M | $45.0M |
| Other non-current assets | $1.99B | $1.93B | $1.92B | $2.01B | $1.93B | $1.86B | $2.12B | $2.34B | $2.38B | $2.31B | $2.25B | $2.15B |
| Total assets | $53.35B | $51.43B | $50.78B | $51.64B | $54.01B | $50.30B | $48.97B | $49.88B | $51.45B | $40.77B | $33.96B | $33.11B |
| Liabilities | ||||||||||||
| Accounts payable | $2.27B | $2.21B | $2.86B | $2.40B | $2.29B | $2.09B | $2.90B | $2.59B | $2.32B | $1.93B | $2.26B | $1.75B |
| Short-term debt | $2.20B | $1.30B | $589.0M | $1.92B | $2.02B | $1.54B | $942.0M | $199.0M | $207.0M | $785.0M | $1.39B | $1.46B |
| Deferred revenue | $353.0M | $348.0M | — | $361.0M | $385.0M | $361.0M | $280.0M | $312.0M | $391.0M | $360.0M | $270.0M | $282.0M |
| Total current liabilities | $27.23B | $24.54B | $23.23B | $25.10B | $27.07B | $23.33B | $23.00B | $22.10B | $23.50B | $21.84B | $21.65B | $20.72B |
| Long-term debt | $12.95B | $13.54B | $14.66B | $15.05B | $15.45B | $16.28B | $16.27B | $17.09B | $17.61B | $15.92B | $9.99B | $9.97B |
| Lease obligations | $907.0M | $811.0M | $822.0M | $828.0M | $890.0M | $878.0M | $876.0M | $911.0M | $905.0M | $795.0M | $833.0M | $640.0M |
| Other long-term liabilities | $3.46B | $3.37B | $3.35B | $3.28B | $3.40B | $3.41B | $3.27B | $4.14B | $4.19B | $3.04B | $3.06B | $2.91B |
| Total liabilities | $43.64B | $41.47B | $41.24B | $43.54B | $45.92B | $43.03B | $42.53B | $43.33B | $45.30B | $40.80B | $34.70B | $33.60B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M |
| Retained earnings (deficit) | $82.0M | $307.0M | −$245.0M | −$1.53B | −$1.57B | −$1.74B | −$2.31B | −$2.68B | −$2.57B | −$2.70B | −$3.40B | −$3.02B |
| Accumulated other comprehensive income | −$3.99B | −$3.93B | −$3.84B | −$3.92B | −$3.84B | −$4.46B | −$4.75B | −$4.12B | −$4.48B | −$4.40B | −$4.37B | −$4.58B |
| Minority interest | $112.0M | $146.0M | $196.0M | $260.0M | $246.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $9.66B | $9.83B | $9.35B | $7.94B | $7.84B | $7.00B | $6.12B | $6.24B | $5.86B | −$133.0M | −$826.0M | −$586.0M |
| Key figures | ||||||||||||
| Total debt | $15.87B | $15.47B | $16.53B | $17.63B | $18.18B | $18.51B | $17.89B | $18.00B | $18.52B | $17.32B | $12.03B | $12.09B |
| Net cash (debt) | −$14.61B | −$14.06B | −$13.73B | −$16.32B | −$8.48B | −$10.12B | −$6.27B | −$16.70B | −$17.36B | −$10.91B | −$10.88B | −$3.87B |
| Working capital | $888.0M | $1.63B | $2.55B | $1.47B | $748.0M | $1.08B | $437.0M | $1.55B | $2.04B | $6.79B | $53.0M | $403.0M |
| Tangible book value | −$11.88B | −$11.92B | −$12.17B | −$13.59B | −$14.91B | −$15.56B | −$15.86B | −$16.16B | −$16.21B | −$8.65B | −$9.47B | −$9.08B |
| Book value per share | $45.02 | $45.65 | $43.20 | $36.64 | $36.09 | $32.14 | $28.04 | $28.59 | $27.47 | −$0.66 | −$4.09 | −$2.86 |
| Shares outstanding | 214.6M | 215.4M | 216.5M | 216.7M | 217.3M | 217.9M | 218.3M | 218.4M | 213.3M | 200.1M | 202.0M | 204.6M |
| Current ratio | 1.03 | 1.07 | 1.11 | 1.06 | 1.03 | 1.05 | 1.02 | 1.07 | 1.09 | 1.31 | 1.00 | 1.02 |
| Quick ratio | 0.71 | 0.70 | 0.76 | 0.65 | 1.00 | 1.02 | 0.99 | 0.68 | 0.73 | 0.48 | 0.20 | 0.98 |
| Debt / equity | 1.64 | 1.57 | 1.77 | 2.22 | 2.32 | 2.64 | 2.92 | 2.88 | 3.16 | — | — | — |
| Equity / assets | 18.1% | 19.1% | 18.4% | 15.4% | 14.5% | 13.9% | 12.5% | 12.5% | 11.4% | −0.3% | −2.4% | −1.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
AON financial position
At the end of fiscal 2025 (December 31, 2025), Aon had total assets of $50.8 billion (up 3.7% from a year earlier), total liabilities of $41.2 billion and shareholders' equity of $9.5 billion. It held $2.8 billion in cash and short-term investments against $16.5 billion of debt, net debt of $13.7 billion. Its current ratio was 1.11. In the latest quarter (ended June 30, 2026) total assets were $53.3 billion and equity $9.7 billion.
Related: AON income statement, AON cash flow statement, AON key metrics. See the AON stock overview for the latest quote and news.
AON balance sheet FAQ
What are Aon's total assets?
Aon reported total assets of $50.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $49.0 billion a year earlier.
How much debt does Aon have?
Aon had $16.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.73.
How much cash does Aon have?
Aon held $2.8 billion in cash and short-term investments at the end of fiscal 2025; with $16.5 billion of debt that is net debt of $13.7 billion.
What is Aon's book value?
Aon's shareholders' equity (book value) was $9.5 billion at the end of fiscal 2025, or $44.10 per share.
What is Aon's current ratio?
Aon had current assets of $25.8 billion and current liabilities of $23.2 billion, a current ratio of 1.11 (it can cover its short-term obligations).
How much goodwill does Aon have?
Aon carried $21.5 billion of goodwill and intangible assets, 42.4% of total assets, at the end of fiscal 2025.