AON
Market read
The latest filing is mixed. 0 of 14 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
Invalidation: The isolated read changes if AON's group or a disclosed connection begins moving with it.
Research brief
The latest filing is mixed. 0 of 14 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
Company research
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
“Free cash flow, a non-GAAP measure defined under the caption “Review of Consolidated Results — Free Cash Flow,” was $3.2 billion in 2025, an increase of $401 million, or 14%, from $2.8 billion in 2024, reflecting an increase in cash flows from operations, par…”10-K · Feb 13, 2026 ↗
“GAAP Adjustments Non-GAAP Adjusted Operating income $ 859 $ 312 $ 1,171 Interest income — — — Interest expense (212) — (212) Other income (expense) (2) 56 (88) (32) Income before income taxes 703 224 927 Income tax expense (1) 109 44 153 Net income 594 180 77…”10-Q · Jul 29, 2026 ↗
“Organic revenue growth reflected strength in Retirement, driven by continued demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change.”10-Q · Jul 29, 2026 ↗
“For the remainder of 2026, we expect to contribute approximately $41 million in cash to our pension plans, including contributions to non-U.S.”10-Q · Jul 29, 2026 ↗
Valuation discipline
Price/sales 3.8× · EV/sales 4.6×. Comparisons use only industry-matched filing peers.
Scenarios are withheld for Financial Services until sector-specific earnings and capital metrics are available; generic revenue/P/S scaffolds would be misleading.
Price action
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
Jodie has not returned a relevant primary source or news item for AON. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
10-Q filed 2026-05-01 against the comparable filing from 2025-04-25.
“The increase was due to gains related to the sale of businesses and a decrease in non-cash pension expense.”
“Operating expenses increased $51 million, or 2%, compared to the prior-year period, due primarily to the increase in expense associated with 5% organic revenue growth and investments in long-term growth, as well as the unfavorable impact of foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business and $25 million of net restructuring savings. ◦ Risk Capital operating expenses increased $126 million, or 6%, compared to the prior-year period; and ◦ Human Capital operating expenses decreased $46 million, or 4%, compared to the prior-year period.”
“The increase in adjusted operating margin reflects organic revenue growth, net restructuring savings and tailwinds from currency movements, partially offset by increased expenses associated with 5% organic revenue growth and lower fiduciary investment income. ◦ Risk Capital adjusted operating margin increased to 42.0% in the first quarter of 2026 compared to 41.3% in the prior-year period. ◦ Human Capital adjusted operating margin decreased to 34.4% in the first quarter of 2026 compared to 35.3% in the prior-year period.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
“We compete with numerous other global insurance brokers and consulting companies, including, among others, Marsh McLennan, Willis Towers Watson, Arthur J Gallagher & Company, and Lockton Companies, Inc., as well as numerous other global, regional, and local f…”
“Disposal Definitive Agreement and Subsequent Event On September 3, 2025, Aon signed a definitive agreement to sell a significant majority of NFP’s wealth business including Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth and related platforms…”
“We compete with numerous other global insurance brokers and consulting companies, including, among others, Marsh McLennan, Willis Towers Watson, Arthur J Gallagher & Company, and Lockton Companies, Inc., as well as numerous other global, regional, and local f…”
Filing peers
Companies whose filings use similar operating language.
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What is moving around it
AON is currently a Early Follower in the organic co-movement group Defensive Services. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
No durable theme membership has been observed for this name yet.