AONMEDIUM SIGNALOPPORTUNITY10-K

Aon delivered strong financial performance with 39% net income growth while significantly increasing shareholder returns through $2.4B in share buybacks and reducing debt by 10%.

The company's improved profitability combined with aggressive capital allocation to shareholders demonstrates strong cash generation and management confidence in the business. The 53% increase in stockholders' equity alongside debt reduction indicates a strengthening balance sheet that provides financial flexibility for growth investments.

Comparing 2026-02-13 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

Aon showed robust financial performance across all key metrics, with net income surging 39% to $3.7B driven by 13% operating income growth and supported by 15% higher operating cash flows. The company returned substantial cash to shareholders through $2.4B in buybacks (up 91%) while simultaneously reducing total debt by 10% to $15.2B, demonstrating strong cash generation capabilities. The 53% increase in stockholders' equity to $9.4B combined with debt reduction signals a significantly strengthened balance sheet that positions the company well for future growth opportunities.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+90.9%
$1.3B→$2.4B

Share repurchases increased 90.9% — management returning capital, signals confidence in intrinsic value.

Stockholders Equity
Balance Sheet
+52.8%
$6.1B→$9.4B

Equity base grew 52.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Income
P&L
+39.2%
$2.7B→$3.7B

Net income grew 39.2% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+20.6%
$218.0M→$263.0M

Capex increased 20.6% — ongoing investment in capacity or infrastructure for future growth.

Operating Cash Flow
Cash Flow
+14.7%
$3.0B→$3.5B

Operating cash flow grew 14.7% — strong conversion of earnings to cash, healthy business fundamentals.

Operating Income
P&L
+13.3%
$3.8B→$4.3B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Accounts Receivable
Balance Sheet
+10.7%
$3.8B→$4.2B

Receivables grew 10.7% — monitor days sales outstanding for collection efficiency.

Total Debt
Balance Sheet
-10.4%
$17.0B→$15.2B

Debt reduced 10.4% — deleveraging strengthens balance sheet and reduces financial risk.

Cash & Equivalents
Balance Sheet
+10.1%
$1.1B→$1.2B

Cash grew 10.1% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-18
ADDED
Number of the registrant s Class A Ordinary Shares of Aon plc, $0.01 nominal value, outstanding as of February 12, 2026: 214,254,496 .
European Union FCA Financial Conduct Authority FINRA Financial Industry Regulatory Authority GAAP U.S.
Business OVERVIEW Aon plc (which may be referred to as Aon, the Company, we, us, or our ) is a leading global professional services firm.
Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise and locally relevant solutions, our colleagues provide clients with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
With clients around the world facing growing uncertainty and volatility, we remain focused on accelerating our Aon United strategy to serve clients as one globally connected firm and driving innovation to address unmet and evolving client need.
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REMOVED
Number of the registrant s Class A Ordinary Shares of Aon plc, $0.01 nominal value, outstanding as of February 14, 2025: 216,001,106 .
Business OVERVIEW Aon plc (which may be referred to as Aon, the Company, we, us, or our ) is a leading global professional services firm providing a broad range of Risk Capital and Human Capital solutions.
Through our experience, global reach, and comprehensive analytics, we help clients meet rapidly changing, increasingly complex, and interconnected challenges related to risk and people.
We are committed to accelerating innovation to address unmet and evolving client needs so that our clients are better informed, better advised, and able to make better decisions to protect and grow their business.
Management remains focused on strengthening Aon and uniting the firm through its Aon United strategy, with capabilities delivered through Risk Capital and Human Capital and enabled by data and analytics to deliver additional insight, connectivity, and efficiency.
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