Aon plc Class A Ordinary Shares (Ireland)

Aon generated 3.218 billion dollars of free cash flow in 2025 and paid down 1.9 billion dollars of debt, meeting its leverage objective and ending the year near 2.9x on management’s framework. Ratings at April 25, 2025 were A- at S&P, Baa2 at Moody’s and BBB+ at Fitch, all investment‑grade.

Liquidity includes 2 billion dollars of committed credit facilities and commercial paper capacity. Offsetting factors include moderate leverage after NFP, sizeable intangible amortization, and regulatory or E&O exposures. Overall, robust FCF and investment‑grade access provide resilience across cycles.