Aon plc (AON) Cash Flow Statement
Where AON’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.48B +14.7% vs 2024
- Capital expenditures
- $263.0M 1.5% of revenue
- Free cash flow
- $3.22B 18.7% margin
- Returned to shareholders
- $1.63B 51% of free cash flow
- Change in cash
- $240.0M cash at year-end $8.57B
Cash from operations
$3.48B
Capital expenditures
−$263.0M
Investments (net)
−$1.41B
Acquisitions & other
+$1.96B
Dividends
−$629.0M
Share buybacks (net)
−$1.00B
Net borrowing (repayment)
−$1.87B
Shares issued
+$70.0M
Other financing
−$772.0M
Currency & other
+$678.0M
Change in cash
$240.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AON operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AON cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.33B2016 | $3.48B2025 | +4.6%/yr | |
| Capital expenditures | $222.0M2016 | $263.0M2025 | +1.9%/yr | |
| Free cash flow | $2.10B2016 | $3.22B2025 | +4.8%/yr | |
| Free cash flow margin | 22.4%2016 | 18.7%2025 | −3.6 pts | |
| Operating cash flow / net income | 1.632016 | 0.942025 | −0.68 | |
| Stock-based compensation | $331.0M2016 | $432.0M2025 | +3.0%/yr | |
| Dividends paid | $345.0M2016 | $629.0M2025 | +6.9%/yr | |
| Share buybacks (net) | $1.26B2016 | $1.00B2025 | −2.5%/yr | |
| Capex / revenue | 2.4%2016 | 1.5%2025 | −0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AON cash flow by activity
OperatingInvestingFinancingChange in cash
AON net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AON cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.69B | $2.72B | $2.56B | $2.65B | $1.31B | $2.02B | $1.57B | $1.17B | $1.26B | $1.43B |
| Depreciation & amortization | $966.0M | $686.0M | $256.0M | $264.0M | $326.0M | $413.0M | $564.0M | $769.0M | $891.0M | $319.0M |
| Stock-based compensation | $432.0M | $474.0M | $438.0M | $397.0M | $449.0M | $312.0M | $317.0M | $338.0M | $319.0M | $331.0M |
| Change in working capital | −$192.0M | −$63.0M | $462.0M | $48.0M | $230.0M | $57.0M | −$571.0M | −$302.0M | −$984.0M | $119.0M |
| Other non-cash items | −$1.42B | −$782.0M | −$285.0M | −$136.0M | −$131.0M | −$17.0M | −$48.0M | −$293.0M | −$755.0M | $127.0M |
| Cash from operating activities | $3.48B | $3.04B | $3.44B | $3.22B | $2.18B | $2.78B | $1.83B | $1.69B | $734.0M | $2.33B |
| Investing activities | ||||||||||
| Capital expenditures | −$263.0M | −$218.0M | −$252.0M | −$196.0M | −$137.0M | −$141.0M | −$225.0M | −$240.0M | −$183.0M | −$222.0M |
| Investments (net) | −$1.41B | −$2.83B | −$188.0M | −$449.0M | −$18.0M | −$33.0M | −$52.0M | −$9.0M | $4.0M | −$21.0M |
| Acquisitions & other investing | $1.96B | $218.0M | $252.0M | $196.0M | $204.0M | −$505.0M | $48.0M | $280.0M | $2.97B | −$711.0M |
| Cash from investing activities | $286.0M | −$2.83B | −$188.0M | −$449.0M | $49.0M | −$679.0M | −$229.0M | $31.0M | $2.79B | −$954.0M |
| Financing activities | ||||||||||
| Dividends paid | −$629.0M | −$562.0M | −$489.0M | −$463.0M | −$447.0M | −$412.0M | −$410.0M | −$382.0M | −$364.0M | −$345.0M |
| Share repurchases & issuance (net) | −$1.00B | −$1.00B | −$2.70B | −$3.20B | −$3.54B | −$1.76B | −$1.96B | −$1.47B | −$2.40B | −$1.26B |
| Net borrowing (repayment) | −$1.87B | $2.41B | $367.0M | $1.40B | $2.32B | $271.0M | $6.05B | $337.0M | −$345.0M | $522.0M |
| Shares issued | $70.0M | $79.0M | $72.0M | $58.0M | $55.0M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$772.0M | −$128.0M | −$115.0M | $416.0M | −$310.0M | −$184.0M | −$5.17B | −$184.0M | −$157.0M | −$206.0M |
| Cash from financing activities | −$4.21B | $796.0M | −$2.87B | −$1.79B | −$1.92B | −$2.09B | −$1.49B | −$1.70B | −$3.27B | −$1.29B |
| Summary | ||||||||||
| Net change in cash | $240.0M | $611.0M | $646.0M | $431.0M | $72.0M | $94.0M | $134.0M | −$100.0M | $325.0M | $47.0M |
| Cash at end of period | $8.57B | $8.33B | $7.72B | $7.08B | $6.64B | $884.0M | $790.0M | $656.0M | $756.0M | $431.0M |
| Free cash flow | $3.22B | $2.82B | $3.18B | $3.02B | $2.04B | $2.64B | $1.61B | $1.45B | $551.0M | $2.10B |
| Free cash flow margin | 18.7% | 17.9% | 23.8% | 24.2% | 16.8% | 23.9% | 14.6% | 13.4% | 5.5% | 22.4% |
| Capex / revenue | 1.5% | 1.4% | 1.9% | 1.6% | 1.1% | 1.3% | 2.0% | 2.2% | 1.8% | 2.4% |
| Operating cash flow / net income | 0.94 | 1.12 | 1.34 | 1.22 | 1.67 | 1.38 | 1.17 | 1.44 | 0.58 | 1.63 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $565.0M | $1.24B | $1.69B | $470.0M | $594.0M | $982.0M | $734.0M | $355.0M | $524.0M | $1.07B | $498.0M | $467.0M |
| Depreciation & amortization | $223.0M | $198.0M | $233.0M | $240.0M | $248.0M | $245.0M | $232.0M | $221.0M | $173.0M | $60.0M | $67.0M | $62.0M |
| Stock-based compensation | $122.0M | $82.0M | $60.0M | $106.0M | $119.0M | $147.0M | $113.0M | $114.0M | $117.0M | $130.0M | $117.0M | $95.0M |
| Change in working capital | $438.0M | −$1.02B | $522.0M | $332.0M | $54.0M | −$1.10B | $298.0M | $437.0M | $18.0M | −$816.0M | $715.0M | $483.0M |
| Other non-cash items | −$792.0M | −$68.0M | −$1.11B | $0 | −$219.0M | −$134.0M | −$177.0M | −$114.0M | −$319.0M | −$136.0M | −$136.0M | −$64.0M |
| Cash from operating activities | $556.0M | $430.0M | $1.40B | $1.15B | $796.0M | $140.0M | $1.20B | $1.01B | $513.0M | $309.0M | $1.26B | $1.04B |
| Investing activities | ||||||||||||
| Capital expenditures | −$73.0M | −$67.0M | −$74.0M | −$69.0M | −$64.0M | −$56.0M | −$55.0M | −$62.0M | −$53.0M | −$48.0M | −$49.0M | −$58.0M |
| Investments (net) | $30.0M | $1.36B | −$1.40B | −$94.0M | $24.0M | −$292.0M | −$577.0M | $29.0M | $2.68B | −$4.96B | −$240.0M | −$76.0M |
| Acquisitions & other investing | −$6.0M | −$295.0M | $2.12B | $69.0M | $64.0M | $56.0M | $55.0M | $62.0M | $53.0M | $48.0M | $49.0M | $186.0M |
| Cash from investing activities | −$49.0M | $999.0M | $648.0M | −$94.0M | $24.0M | −$292.0M | −$577.0M | $29.0M | $2.68B | −$4.96B | −$240.0M | $52.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$175.0M | −$162.0M | −$161.0M | −$160.0M | −$161.0M | −$147.0M | −$146.0M | −$147.0M | −$146.0M | −$123.0M | −$123.0M | −$125.0M |
| Share repurchases & issuance (net) | −$600.0M | −$500.0M | −$250.0M | −$250.0M | −$250.0M | −$250.0M | −$200.0M | −$300.0M | −$250.0M | −$250.0M | −$750.0M | −$850.0M |
| Net borrowing (repayment) | $297.0M | −$593.0M | −$1.55B | −$504.0M | −$414.0M | $594.0M | −$50.0M | −$550.0M | — | — | — | −$186.0M |
| Shares issued | $3.0M | $25.0M | $10.0M | $27.0M | $3.0M | $30.0M | $18.0M | $34.0M | $2.0M | $25.0M | $9.0M | $30.0M |
| Other financing | −$383.0M | $789.0M | −$1.11B | $119.0M | $798.0M | −$576.0M | −$391.0M | $264.0M | −$2.60B | $5.61B | −$800.0M | −$31.0M |
| Cash from financing activities | −$858.0M | −$441.0M | −$3.06B | −$768.0M | −$24.0M | −$349.0M | −$769.0M | −$699.0M | −$3.00B | $5.26B | −$1.66B | −$1.16B |
| Summary | ||||||||||||
| Net change in cash | −$401.0M | $891.0M | $100.0M | $196.0M | $1.30B | −$305.0M | −$710.0M | $722.0M | $136.0M | $463.0M | −$322.0M | −$455.0M |
| Cash at end of period | $9.06B | $9.46B | $1.20B | $9.52B | $9.32B | $8.03B | $8.33B | $9.04B | $8.32B | $8.19B | $7.72B | $8.04B |
| Free cash flow | $483.0M | $363.0M | $1.32B | $1.08B | $732.0M | $84.0M | $1.15B | $951.0M | $460.0M | $261.0M | $1.21B | $985.0M |
| Free cash flow margin | 11.4% | 7.2% | 30.8% | 27.0% | 17.6% | 1.8% | 27.6% | 25.6% | 12.2% | 6.4% | 35.9% | 33.4% |
| Capex / revenue | 1.7% | 1.3% | 1.7% | 1.7% | 1.5% | 1.2% | 1.3% | 1.7% | 1.4% | 1.2% | 1.5% | 2.0% |
| Operating cash flow / net income | 0.98 | 0.35 | 0.83 | 2.44 | 1.34 | 0.14 | 1.63 | 2.85 | 0.98 | 0.29 | 2.53 | 2.23 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AON cash generation
In fiscal 2025 (ended December 31, 2025), Aon generated $3.5 billion of cash from operations (up 14.7%) and spent $263.0 million on capital expenditures, leaving free cash flow of $3.2 billion, 18.7% of revenue. It returned $1.6 billion to shareholders through dividends ($629.0 million) and net share buybacks ($1.0 billion). Cash and equivalents rose by $240.0 million over the year.
Related: AON income statement, AON balance sheet, AON dividend history. See the AON stock overview for the latest quote and news.
AON cash flow FAQ
What is Aon's free cash flow?
Aon's free cash flow was $3.2 billion in fiscal 2025: $3.5 billion of operating cash flow minus $263.0 million of capital expenditures It was $2.8 billion a year earlier..
How much cash does Aon generate from operations?
Aon generated $3.5 billion of cash from operating activities in fiscal 2025, 0.94 times its net income of $3.7 billion.
How much does Aon spend on capital expenditures?
Aon spent $263.0 million on capital expenditures in fiscal 2025, 1.5% of revenue, compared with $218.0 million the year before.
How much stock does Aon buy back?
Aon spent $1.0 billion on net share repurchases in fiscal 2025.
How much does Aon pay in dividends?
Aon paid $629.0 million in dividends in fiscal 2025, 19.5% of free cash flow.