Research · Sep 3, 2026
[AON] Aon Thesis 2026: Organic Growth and Margin Expansion Continue Post-NFP
Aon plc FY25 (Dec 31, 2025) at $17.18B revenue (+9% reported / +6% organic). NI $3.70B; EPS $17.02 (+36%). Q4 organic +5%, Commercial Risk + Reinsurance each +6%+, Health/Wealth +2%. Adj op margin 32.4% (+90bp). NFP integration on track. FY26 guide: organic +mid-single-digit, op margin +70-80bp, double-digit FCF growth.