Aon plc Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	3,750	2,720	2,628	2,646	1,308
Depreciation & Amortization	966	686	256	264	326
Stock-Based Compensation	432	474	438	397	449
Other Adjustments	-1,475	-782	-349	-136	-131
Change in Receivables	-257	-312	-188	-96	-119
Changes in Accounts Payable	-155	393	13	-22	264
Changes in Income Taxes Payable	114	-	174	216	200
Changes in Other Operating Activities	106	-144	463	-50	-115
Operating Cash Flow	3,481	3,035	3,435	3,219	2,182
Operating Cash Flow Growth	14.70%	-11.64%	6.71%	47.52%	-21.59%
Capital Expenditures	-263	-218	-252	-196	-137
Purchases of Investments	-172	-172	-67	-107	-91
Proceeds from Sale of Investments	-1,234	363	161	-65	73
Payments for Business Acquisitions	-394	-3,506	-35	-162	-14
Proceeds from Business Divestments	2,349	700	5	81	218
Investing Cash Flow	286	-2,833	-188	-449	49
Short-Term Debt Issued	-24	-591	-27	-65	-
Net Short-Term Debt Issued (Repaid)	-24	-591	-27	-65	-
Long-Term Debt Issued	-	7,926	744	1,967	5,973
Long-Term Debt Repaid	-1,850	-4,928	-350	-500	-4,220
Net Long-Term Debt Issued (Repaid)	-1,850	2,998	394	1,467	1,753
Issuance of Common Stock	70	79	72	58	-130
Repurchase of Common Stock	-1,208	-1,202	-2,941	-3,418	-3,543
Net Common Stock Issued (Repurchased)	-1,138	-1,123	-2,869	-3,360	-3,673
Common Dividends Paid	-629	-562	-489	-463	-447
Other Financing Activities	-564	74	126	631	443
Financing Cash Flow	-4,205	796	-2,865	-1,790	-1,924
Effect of Exchange Rate Changes on Cash and Cash Equivalents	678	-387	264	-549	-235
Net Cash Flow	240	611	646	431	72
Free Cash Flow	3,218	2,817	3,183	3,023	2,045
Free Cash Flow Growth	14.24%	-11.50%	5.29%	47.82%	-22.60%
FCF Margin	18.73%	17.94%	23.80%	24.22%	16.77%
Free Cash Flow Per Share	-	13.26	15.53	14.18	9.02
Levered Free Cash Flow	2,589	5,778	3,585	4,203	3,546
Unlevered Free Cash Flow	4,191	3,730	3,793	3,288	1,954

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.