Aon has reported a robust financial performance for the second quarter of 2025, posting total revenue of $4.2 billion—an 11% increase compared to the same period last year. This growth was driven by 6% organic revenue expansion, the positive impact of the NFP acquisition, and a 1% boost from foreign currency translation.
Segment Performance
The Risk Capital segment generated $2.9 billion in revenue, reflecting an increase of $216 million or 8% year-over-year. Meanwhile, the Human Capital segment saw a 15% rise in revenue, up $166 million to reach $1.3 billion.
Operating expenses for the quarter rose 6% year-over-year to $3.3 billion. The increase was attributed to continued investment in NFP operations, higher amortization of intangible assets related to the acquisition, and increased spending on initiatives supporting organic growth and long-term strategic investments.
These increases were partially offset by a reduction in transaction-related costs, savings from the Accelerating Aon United program, and $35 million in net restructuring efficiencies. Risk Capital operating expenses rose by $136 million (7%) to $2.0 billion, while Human Capital operating expenses increased by $139 million (13%) to $1.2 billion.
NFP Acquisition Driving Strategic Value
Aon completed its acquisition of NFP in April 2024, positioning the business as an “independent and connected” platform within its broader organization. With approximately 7,700 professionals, NFP is helping expand Aon’s footprint in the U.S. middle-market space, particularly in health and benefits, wealth management, and property and casualty (P&C) distribution.
The company previously estimated that the transaction would yield more than $2.8 billion in value, net of approximately $400 million in transaction and integration-related costs. These benefits are expected to stem from improved client access, a broader range of product offerings, and enhanced data and analytics capabilities.
Share Activity, Cash Flow, and Forward Outlook
Diluted weighted average shares outstanding stood at 217.3 million, up from 213.3 million in the previous year. During the quarter, Aon repurchased 0.7 million Class A ordinary shares at a cost of approximately $250 million. As of June 30, 2025, the company retained $1.8 billion under its existing share repurchase authorization.
For the first half of 2025, Aon generated $936 million in cash flow from operations, representing a 14% increase or $114 million over the prior year. This improvement was driven by higher adjusted operating income and better days sales outstanding, partially offset by increases in incentive compensation, interest, and restructuring payments.
Free cash flow for the period rose 13% to $816 million, primarily reflecting the stronger operational cash performance, tempered by a $19 million increase in capital expenditures.
Strategic Investments and Long-Term Vision
As part of its broader investment strategy, Aon has committed around $1 billion to its Aon Business Services initiative. This program aims to enhance core infrastructure, strengthen technology and analytics capabilities, and support scalable, efficient service delivery across global operations.
The investment is closely aligned with the company’s 3×3 operating model—a three-year strategic framework designed to drive operational efficiency, support consistent client experiences, and position Aon for sustainable growth in a dynamic market landscape.
