Aon plc
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 13, 2026
AON$336.34+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Aon plc Consolidated Statements of Cash Flows
Aon plc
Consolidated Statements of Cash Flows
| (millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income | $3,750 | $2,720 | $2,628 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Gain from sales of businesses | (1,201) | (337) | (4) |
| Depreciation of fixed assets | 188 | 183 | 167 |
| Amortization and impairment of intangible assets | 778 | 503 | 89 |
| Share-based compensation expense | 432 | 474 | 438 |
| Deferred income taxes | (141) | (311) | (373) |
| Other, net | (133) | (134) | 28 |
| Change in assets and liabilities: | |||
| Receivables, net | (257) | (312) | (188) |
| Accounts payable and accrued liabilities | (155) | 393 | 13 |
| Accelerating Aon United Program liabilities | 27 | 17 | 99 |
| Current income taxes | 114 | — | 174 |
| Pension, other postretirement and postemployment liabilities | (16) | (18) | 8 |
| Other assets and liabilities | 95 | (143) | 356 |
| Cash provided by operating activities | 3,481 | 3,035 | 3,435 |
| Cash flows from investing activities | |||
| Proceeds from investments | 145 | 212 | 76 |
| Purchases of investments | (172) | (172) | (67) |
| Net sales (purchases) of short-term investments - non fiduciary | (1,379) | 151 | 85 |
| Acquisition of businesses, net of cash and funds held on behalf of clients | (394) | (3,506) | (35) |
| Sale of businesses, net of cash and funds held on behalf of clients | 2,349 | 700 | 5 |
| Capital expenditures | (263) | (218) | (252) |
| Cash provided by (used for) investing activities | 286 | (2,833) | (188) |
| Cash flows from financing activities | |||
| Share repurchase | (1,000) | (1,000) | (2,700) |
| Proceeds from issuance of shares | 70 | 79 | 72 |
| Cash paid for employee taxes on withholding shares | (208) | (202) | (241) |
| Commercial paper issuances, net of repayments | (24) | (591) | (27) |
| Issuance of debt | — | 7,926 | 744 |
| Repayment of debt | (1,850) | (4,928) | (350) |
| Increase in fiduciary liabilities, net of fiduciary receivables | (366) | 280 | 358 |
| Cash dividends to shareholders | (629) | (562) | (489) |
| Redeemable and nonredeemable noncontrolling interests, and other financing activities | (198) | (206) | (232) |
| Cash provided by (used for) financing activities | (4,205) | 796 | (2,865) |
| Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients | 678 | (387) | 264 |
| Net increase in cash and cash equivalents and funds held on behalf of clients | 240 | 611 | 646 |
| Cash, cash equivalents and funds held on behalf of clients at beginning of year | 8,333 | 7,722 | 7,076 |
| Cash, cash equivalents and funds held on behalf of clients at end of year | $8,573 | $8,333 | $7,722 |
| Reconciliation of cash and cash equivalents and funds held on behalf of clients: | |||
| Cash and cash equivalents | $1,195 | $1,085 | $778 |
| Cash and cash equivalents and funds held on behalf of clients classified as held for sale | — | 1 | 43 |
| Funds held on behalf of clients | 7,378 | 7,247 | 6,901 |
| Total cash and cash equivalents and funds held on behalf of clients | $8,573 | $8,333 | $7,722 |
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