Income Statement Aon plc

Equities

AON

IE00BLP1HW54

Multiline Insurance & Brokers

Market Closed - Nyse Other stock markets 04:00:02 2025-01-13 pm EST			5-day change	1st Jan Change
354.68 ^USD	+1.48%		+1.78%	-1.25%

11:56am	Wells Fargo Upgrades Aon to Overweight From Equalweight, Adjusts PT to $410 From $377	MT
Jan. 10	Keefe Bruyette & Woods Adjusts Price Target on Aon to $411 From $415, Keeps Outperform Rating	MT

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Published financial data: AON PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	11.01B	11.07B	12.19B	12.48B	13.38B
Total Revenues	11.01B	11.07B	12.19B	12.48B	13.38B
Cost of Goods Sold, Total	5.84B	5.89B	6.72B	6.66B	7B
Gross Profit	5.17B	5.17B	5.48B	5.82B	6.38B
Selling General & Admin Expenses, Total	1.98B	1.84B	3.04B	2.01B	2.08B
Depreciation & Amortization - (IS)	158M	167M	179M	151M	167M
Amortization of Goodwill and Intangible Assets - (IS)	392M	246M	147M	113M	89M
Other Operating Expenses, Total	2.53B	2.26B	3.36B	2.28B	2.34B
Operating Income	2.64B	2.92B	2.11B	3.55B	4.04B
Interest Expense, Total	-307M	-334M	-322M	-406M	-484M
Interest And Investment Income	8M	6M	11M	18M	31M
Net Interest Expenses	-299M	-328M	-311M	-388M	-453M
Income (Loss) On Equity Invest.	4M	4M	8M	10M	5M
Currency Exchange Gains (Loss)	-9M	-11M	2M	-3M	-62M
Other Non Operating Income (Expenses)	-16M	-12M	-21M	-7M	-12M
EBT, Excl. Unusual Items	2.32B	2.57B	1.79B	3.16B	3.51B
Restructuring Charges	-451M	-	-	-	-135M
Merger & Related Restructuring Charges	-1M	-123M	-	-	-17M
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	13M	25M	142M	54M	4M
Asset Writedown	-	-	-	-	-
Legal Settlements	-13M	-	-	-58M	-197M
Other Unusual Items	-	-7M	-	-	-
EBT, Incl. Unusual Items	1.87B	2.46B	1.93B	3.16B	3.17B
Income Tax Expense	297M	448M	623M	510M	541M
Earnings From Continuing Operations	1.57B	2.02B	1.31B	2.65B	2.63B
Earnings Of Discontinued Operations	-1M	1M	-	-	-
Net Income to Company	1.57B	2.02B	1.31B	2.65B	2.63B
Minority Interest	-41M	-49M	-53M	-57M	-64M
Net Income - (IS)	1.53B	1.97B	1.26B	2.59B	2.56B
Preferred Dividend and Other Adjustments	-	-	-	-	-
Net Income to Common Incl Extra Items	1.53B	1.97B	1.26B	2.59B	2.56B
Net Income to Common Excl. Extra Items	1.53B	1.97B	1.26B	2.59B	2.56B
Per Share Items
Net EPS - Basic	6.42	8.49	5.59	12.23	12.6
Basic EPS - Continuing Operations	6.42	8.49	5.59	12.23	12.6
Basic Weighted Average Shares Outstanding	239M	232M	225M	212M	204M
Net EPS - Diluted	6.37	8.45	5.55	12.14	12.51
Diluted EPS - Continuing Operations	6.37	8.45	5.55	12.14	12.51
Diluted Weighted Average Shares Outstanding	241M	233M	226M	213M	205M
Normalized Basic EPS	5.91	6.72	4.74	9.06	10.48
Normalized Diluted EPS	5.86	6.68	4.71	9	10.4
Dividend Per Share	1.72	1.78	1.99	2.19	2.4
Payout Ratio	26.76	20.92	35.62	17.88	19.07
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	3.19B	3.33B	2.44B	3.81B	4.29B
EBITA	3.04B	3.16B	2.26B	3.66B	4.12B
EBIT	2.64B	2.92B	2.11B	3.55B	4.04B
EBITDAR	3.47B	3.59B	2.73B	4.07B	4.57B
Total Revenues (As Reported)	-	-	-	-	-
Effective Tax Rate - (Ratio)	15.87	18.17	32.26	16.16	17.07
Current Domestic Taxes	-	2M	2M	2M	4M
Current Foreign Taxes	-	437M	610M	760M	910M
Total Current Taxes	333M	439M	612M	762M	914M
Deferred Domestic Taxes	-	-1M	-1M	-	-
Deferred Foreign Taxes	-	10M	12M	-252M	-373M
Total Deferred Taxes	-36M	9M	11M	-252M	-373M
Normalized Net Income	1.41B	1.56B	1.07B	1.92B	2.13B
Interest on Long-Term Debt	2M	3M	1M	1M	-
Non-Cash Pension Expense	-21M	-20M	-33M	175M	85M
Supplemental Operating Expense Items
General and Administrative Expenses	1.67B	1.55B	2.71B	1.72B	1.79B
Net Rental Expense, Total	274M	259M	296M	260M	281M
Imputed Operating Lease Interest Expense	89.83M	79.12M	78.82M	76.42M	91.78M
Imputed Operating Lease Depreciation	184M	180M	217M	184M	189M
Stock-Based Comp., COGS (Total)	317M	312M	449M	397M	438M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	317M	312M	449M	397M	438M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	736M	842M	497M	648M	738M
Short Term Investments	82.5M	248M	179M	380M	289M
Total Cash And Short Term Investments	818M	1.09B	676M	1.03B	1.03B
Accounts Receivable, Total	3.11B	3.07B	3.09B	3.04B	3.25B
Other Receivables	88M	95M	53M	74M	35M
Total Receivables	3.2B	3.16B	3.15B	3.11B	3.29B
Prepaid Expenses	97M	111M	137M	109M	100M
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	54.5M	41.8M	47.2M	42.5M	39.6M
Other Current Assets, Total	12.31B	14.28B	15.02B	16.44B	17.25B
Total Current Assets	16.48B	18.68B	19.03B	20.72B	21.7B
Gross Property Plant And Equipment	2.81B	2.87B	2.7B	2.69B	2.83B
Accumulated Depreciation	-1.16B	-1.27B	-1.32B	-1.39B	-1.5B
Net Property Plant And Equipment	1.65B	1.6B	1.38B	1.3B	1.33B
Long-term Investments	53M	74M	64M	60M	45M
Goodwill	8.16B	8.67B	8.43B	8.29B	8.41B
Other Intangibles, Total	783M	640M	492M	447M	234M
Deferred Tax Assets Long-Term	645M	724M	766M	824M	1.2B
Deferred Charges Long-Term	171M	184M	179M	185M	195M
Other Long-Term Assets, Total	1.46B	1.54B	1.57B	873M	841M
Total Assets	29.4B	32.11B	31.92B	32.7B	33.96B
Liabilities
Accounts Payable, Total	1.94B	2.02B	2.19B	2.11B	2.26B
Accrued Expenses, Total	-	-	-	-	-
Short-term Borrowings	112M	48M	665M	592M	597M
Current Portion of Long-Term Debt	600M	400M	499M	353M	607M
Current Portion of Leases	210M	234M	213M	186M	182M
Current Income Taxes Payable	93M	80M	149M	193M	291M
Unearned Revenue Current, Total	270M	296M	321M	250M	270M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	12.35B	14.36B	15.03B	16.62B	17.44B
Total Current Liabilities	15.57B	17.43B	19.07B	20.31B	21.65B
Long-Term Debt	6.63B	7.28B	8.23B	9.82B	10B
Long-Term Leases	1.02B	962M	818M	721M	651M
Unearned Revenue Non Current	62M	76M	70M	37M	33M
Pension & Other Post Retirement Benefits	1.74B	1.76B	1.38B	1.19B	1.22B
Deferred Tax Liability Non Current	199M	262M	401M	99M	115M
Other Non Current Liabilities	739M	754M	794M	959M	1.03B
Total Liabilities	25.96B	28.53B	30.76B	33.13B	34.7B
Common Stock, Total	2M	2M	2M	2M	2M
Additional Paid In Capital	6.15B	6.31B	6.62B	6.86B	6.94B
Retained Earnings	1.25B	1.04B	-1.69B	-2.77B	-3.4B
Comprehensive Income and Other	-4.03B	-3.86B	-3.87B	-4.62B	-4.37B
Total Common Equity	3.38B	3.5B	1.06B	-529M	-826M
Minority Interest	74M	88M	97M	100M	84M
Total Equity	3.45B	3.58B	1.16B	-429M	-742M
Total Liabilities And Equity	29.4B	32.11B	31.92B	32.7B	33.96B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	232M	226M	214M	205M	198M
ECS Total Common Shares Outstanding	232M	226M	215M	205M	199M
Book Value / Share	14.54	15.5	4.94	-2.58	-4.16
Tangible Book Value	-5.57B	-5.81B	-7.86B	-9.27B	-9.47B
Tangible Book Value Per Share	-24.01	-25.77	-36.62	-45.12	-47.7
Total Debt	8.57B	8.92B	10.42B	11.68B	12.03B
Net Debt	7.75B	7.84B	9.75B	10.65B	11B
Debt Equivalent of Unfunded Proj. Benefit Obligation	68M	-14M	-440M	170M	218M
Debt Equivalent Oper. Leases	2.19B	2.07B	2.37B	2.08B	2.25B
Minority Interest, Total (Incl. Fin. Div)	74M	88M	97M	100M	84M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	475M	495M	547M	536M	563M
Full Time Employees	50K	50K	50K	50K	50K
Accumulated Allowance for Doubtful Accounts (Supple)	70M	98M	90M	76M	79M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.53B	1.97B	1.26B	2.59B	2.56B
Depreciation & Amortization - CF	158M	167M	179M	151M	167M
Amortization of Goodwill and Intangible Assets - (CF)	392M	246M	147M	113M	89M
Depreciation & Amortization, Total	550M	413M	326M	264M	256M
(Gain) Loss From Sale Of Asset	-13M	-25M	-142M	-54M	-4M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	14M	-	-	-	-
Stock-Based Compensation (CF)	317M	312M	449M	397M	438M
Net Cash From Discontinued Operations	-	-1M	-	-	-
Other Operating Activities, Total	6M	58M	64M	-25M	-281M
Change In Accounts Receivable	-371M	108M	-119M	-96M	-188M
Change In Accounts Payable	-28M	186M	264M	-22M	13M
Change In Income Taxes	-20M	-17M	200M	216M	174M
Change in Other Net Operating Assets	-152M	-220M	-115M	-50M	463M
Cash from Operations	1.84B	2.78B	2.18B	3.22B	3.44B
Capital Expenditure	-225M	-141M	-137M	-196M	-252M
Cash Acquisitions	-39M	-368M	-14M	-162M	-35M
Divestitures	52M	30M	218M	81M	5M
Investment in Marketable and Equity Securities, Total	-17M	-200M	-18M	-172M	94M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-229M	-679M	49M	-449M	-188M
Short Term Debt Issued, Total	-	-	568M	702M	358M
Long-Term Debt Issued, Total	6.05B	4.15B	5.97B	1.97B	744M
Total Debt Issued	6.05B	4.15B	6.54B	2.67B	1.1B
Short Term Debt Repaid, Total	-	-	-	-65M	-27M
Long-Term Debt Repaid, Total	-4.94B	-3.88B	-4.22B	-500M	-350M
Total Debt Repaid	-4.94B	-3.88B	-4.22B	-565M	-377M
Issuance of Common Stock	-	-	-	58M	72M
Repurchase of Common Stock	-1.96B	-1.76B	-3.54B	-3.42B	-2.94B
Common Dividends Paid	-410M	-412M	-447M	-463M	-489M
Common & Preferred Stock Dividends Paid	-410M	-412M	-447M	-463M	-489M
Other Financing Activities, Total	-234M	-184M	-255M	-71M	-232M
Cash from Financing	-1.49B	-2.09B	-1.92B	-1.79B	-2.86B
Foreign Exchange Rate Adjustments	21M	78M	-235M	-549M	264M
Net Change in Cash	134M	94M	72M	431M	646M
Supplemental Items
Cash Interest Paid	289M	326M	328M	351M	446M
Cash Income Tax Paid (Refund)	353M	455M	412M	546M	740M
Levered Free Cash Flow	1.68B	2.36B	1.94B	2.57B	2.77B
Unlevered Free Cash Flow	1.87B	2.57B	2.14B	2.82B	3.07B
Change In Net Working Capital	419M	-166M	-183M	-139M	-109M
Net Debt Issued / Repaid	1.11B	271M	2.32B	2.1B	725M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.92	5.93	4.12	6.86	7.57
Return on Total Capital	14.59	14.87	10.95	19.43	22.38
Return On Equity %	41.05	57.37	55.18	725.93	-448.85
Return on Common Equity	40.74	57.29	55.09	973.31	-378.45
Margin Analysis
Gross Profit Margin %	46.97	46.76	44.91	46.66	47.67
SG&A Margin	17.98	16.66	24.92	16.12	15.58
EBITDA Margin %	28.99	30.09	19.99	30.55	32.09
EBITA Margin %	27.56	28.58	18.52	29.34	30.84
EBIT Margin %	24	26.36	17.31	28.43	30.17
Income From Continuing Operations Margin %	14.29	18.23	10.73	21.2	19.65
Net Income Margin %	13.91	17.79	10.29	20.75	19.17
Net Avail. For Common Margin %	13.92	17.78	10.29	20.75	19.17
Normalized Net Income Margin	12.81	14.07	8.74	15.37	15.94
Levered Free Cash Flow Margin	15.28	21.37	15.9	20.58	20.72
Unlevered Free Cash Flow Margin	17.02	23.25	17.55	22.61	22.98
Asset Turnover
Asset Turnover	0.39	0.36	0.38	0.39	0.4
Fixed Assets Turnover	9.84	6.81	8.19	9.32	10.34
Receivables Turnover (Average Receivables)	3.75	3.58	3.96	4.07	4.25
Short Term Liquidity
Current Ratio	1.06	1.07	1	1.02	1
Quick Ratio	0.26	0.24	0.2	0.2	0.2
Operating Cash Flow to Current Liabilities	0.12	0.16	0.11	0.16	0.16
Days Sales Outstanding (Average Receivables)	97.31	102.23	92.26	89.63	85.81
Average Days Payable Outstanding	121.31	122.84	114.33	118.07	114.09
Long Term Solvency
Total Debt/Equity	248.45	249.09	900.09	-2.72K	-1.62K
Total Debt / Total Capital	71.3	71.35	90	103.81	106.57
LT Debt/Equity	221.72	230.06	781.17	-2.46K	-1.43K
Long-Term Debt / Total Capital	63.63	65.9	78.11	93.76	94.3
Total Liabilities / Total Assets	88.27	88.84	96.37	101.31	102.18
EBIT / Interest Expense	8.61	8.73	6.56	8.74	8.34