For the year ending 2025-12-31, AON had $240M increase in cash & cash equivalents over the period. $3,218M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 3,750 | 2,720 | 2,628 | 2,646 |
| Gain from sales of businesses | 1,201 | 337 | 4 | 54 |
| Depreciation of fixed assets | 188 | 183 | 167 | 151 |
| Amortization and impairment of intangible assets | 778 | 503 | 89 | 113 |
| Share-based compensation expense | 432 | 474 | 438 | 397 |
| Deferred income taxes | -141 | -311 | -373 | -252 |
| Other, net | 133 | 134 | -28 | -170 |
| Receivables, net | 257 | 312 | 188 | 96 |
| Accounts payable and accrued liabilities | -155 | 393 | 13 | -22 |
| Accelerating aon united program liabilities | 27 | 17 | 99 | - |
| Current income taxes | 114 | 0 | 174 | 216 |
| Pension, other postretirement and postemployment liabilities | -16 | -18 | 8 | -53 |
| Other assets and liabilities | -95 | 143 | -356 | -3 |
| Cash provided by operating activities | 3,481 | 3,035 | 3,435 | 3,219 |
| Proceeds from investments | 145 | 212 | 76 | 110 |
| Purchases of investments | 172 | 172 | 67 | 107 |
| Net sales (purchases) of short-term investments- non fiduciary | 1,379 | -151 | -85 | 175 |
| Acquisition of businesses, net of cash and funds held on behalf of clients | 394 | 3,506 | 35 | 162 |
| Sale of businesses, net of cash and funds held on behalf of clients | 2,349 | 700 | 5 | 81 |
| Capital expenditures | 263 | 218 | 252 | 196 |
| Cash provided by (used for) investing activities | 286 | -2,833 | -188 | -449 |
| Share repurchase | 1,000 | 1,000 | 2,700 | 3,203 |
| Proceeds from issuance of shares | 70 | 79 | 72 | 58 |
| Cash paid for employee taxes on withholding shares | 208 | 202 | 241 | 215 |
| Commercial paper issuances, net of repayments | -24 | -591 | -27 | -65 |
| Issuance of debt | 0 | 7,926 | 744 | 1,967 |
| Repayment of debt | 1,850 | 4,928 | 350 | 500 |
| Increase in fiduciary liabilities, net of fiduciary receivables | -366 | 280 | 358 | 702 |
| Cash dividends to shareholders | 629 | 562 | 489 | 463 |
| Noncontrolling interests and other financing activities | - | - | 232 | 71 |
| Redeemable and nonredeemable noncontrolling interests, and other financing activities | -198 | -206 | - | - |
| Cash provided by (used for) financing activities | -4,205 | 796 | -2,865 | -1,790 |
| Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients | 678 | -387 | 264 | -549 |
| Net increase in cash and cash equivalents and funds held on behalf of clients | 240 | 611 | 646 | 431 |
| Cash and cash equivalents at beginning of period | 8,333 | 7,722 | 7,076 | 6,645 |
| Cash and cash equivalents at end of period | 8,573 | 8,333 | 7,722 | 7,076 |
Aon plc (AON)
Aon plc (AON)