AON
Aon plcIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $12.19B | $12.48B | $13.38B | $15.7B | $17.18B | $18.04B | $19.22B | $20.38B | $20.72B |
| Cost of revenue | $6.74B | $6.48B | $6.9B | $8.28B | $8.99B | $9.6B | $10.15B | $10.51B | $10.85B |
| Gross profit | $5.46B | $6B | $6.47B | $7.42B | $8.2B | $8.54B | $9.04B | $9.67B | $10.04B |
| Gross margin | +44.74% | +48.10% | +48.40% | +47.24% | +47.70% | +47.34% | +47.02% | +47.47% | +48.49% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.54B | $1.74B | $1.86B | $2.01B | $1.56B | $2.21B | $2.31B | $2.47B | $2.54B |
| Total operating expenses | $3.37B | $2.33B | $2.69B | $3.58B | $3.85B | $3.86B | $4.12B | $4.39B | $4.51B |
| Operating income | $2.09B | $3.67B | $3.79B | $3.84B | $4.34B | $4.63B | $5.06B | $5.28B | $5.47B |
| Operating margin | +17.14% | +29.40% | +28.30% | +24.43% | +25.28% | +25.65% | +26.34% | +25.93% | +26.41% |
| EBITDA | $2.58B | $3.83B | $3.91B | $4.94B | $5.35B | $5.5B | $5.91B | $6.37B | $6.51B |
| EBIT | $2.25B | $3.56B | $3.65B | $4.25B | $4.38B | $4.68B | $5.21B | $5.45B | $5.48B |
| Below the line | |||||||||
| Interest expense | $322M | $406M | $484M | $788M | $815M | $797.65M | $878.27M | $892.8M | $916.25M |
| Interest income | $11M | $18M | $31M | $67M | $19M | $47.61M | $50.45M | $51.17M | $54.56M |
| Other income / expense | -$159M | -$513M | -$616M | -$373M | $415M | — | — | — | — |
| Pre-tax income | $1.93B | $3.16B | $3.17B | $3.46B | $4.76B | $4.49B | $4.6B | $5.02B | $4.98B |
| Income tax expense | $623M | $510M | $541M | $742M | $1.01B | $903.96M | $922.83M | $1.01B | $1.03B |
| Earnings | |||||||||
| Net income | $1.26B | $2.59B | $2.56B | $2.65B | $3.7B | $3.39B | $3.63B | $3.84B | $3.9B |
| Net income · continuing ops | $1.31B | $2.65B | $2.63B | $2.72B | $3.75B | $3.63B | $3.88B | $3.96B | $3.99B |
| Net margin | +10.29% | +20.75% | +19.17% | +16.91% | +21.51% | +18.79% | +18.86% | +18.84% | +18.81% |
| EPS · basic | $5.59 | $12.23 | $12.60 | $12.55 | $17.13 | $19.55 | $21.46 | $24.06 | $25.11 |
| EPS · diluted | $5.55 | $12.14 | $12.51 | $12.49 | $17.02 | $19.15 | $21.41 | $23.82 | $24.80 |
| EPS · low estimate | — | — | — | — | — | $18.91 | $20.85 | $22.70 | $24.37 |
| EPS · high estimate | — | — | — | — | — | $19.38 | $22.10 | $24.66 | $25.28 |
| Shares · basic | 224.7M | 211.7M | 203.5M | 211.4M | 215.1M | 214.29M | 214.65M | 214.58M | 216.35M |
| Shares · diluted | 226.1M | 213.2M | 205M | 212.5M | 216.5M | 217.61M | 214.6M | 217.42M | 215.83M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 13 | 9 | 4 |
| Analysts (EPS) | — | — | — | — | — | 14 | 13 | 4 | 2 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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