{"schemaVersion":1,"research":true,"symbol":"aon","name":"Aon plc","topic":"moat","path":"/stock/aon/moat","status":"published","version":3,"updatedAt":"2026-10-18T13:18:11.591Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Aon has a narrow moat supported by specialized advisory capabilities, multinational delivery and established client relationships. Reported retention and organic growth demonstrate current demand, including growth despite unfavorable reinsurance market conditions. Switching friction is plausible but unquantified. Pricing power is mixed: commission revenue remains exposed to insurance markets and carrier compensation, while fixed fees do not consistently protect against inflation. Exceptional durability, network effects and structural cost leadership are not established.","advantages":[{"mechanism":"intangible_assets","claim":"Specialized risk and benefits expertise, analytical tools and multinational service capabilities support differentiation. Actual organic growth and new business provide operating support beyond management's descriptions of its capabilities.","durability":"Comparable capabilities are disclosed across 2023–2025, with continued growth in 2026. Maintaining expertise and coordinated international delivery plausibly takes time, but the passages do not establish exclusive capabilities or a durable competitive lead.","risks":"Technology-enabled alternatives, direct distribution, talent competition and reputational damage could weaken differentiation. New proprietary products establish development activity, not proven additional moat.","invalidation":"Persistent organic contraction accompanied by lost mandates because competing advice, analytics or international execution are interchangeable would invalidate the differentiation thesis.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8"]},{"mechanism":"switching_costs","claim":"Customized advisory work and established client relationships plausibly create relationship and implementation friction. Reported strong retention across Commercial Risk, Reinsurance and Health supports current customer attachment, although retention alone does not prove costly switching.","durability":"Retention-supported growth continued from 2025 into 2026 across several businesses. Durability depends on service quality and trusted personnel; contractual lock-in, migration costs and quantitative renewal histories are not supplied.","risks":"Clients can change compensation arrangements or use alternative risk-transfer channels. Service failures, conflicts of interest and weaker discretionary demand can reduce relationship value.","invalidation":"Repeated deterioration in renewals or client retention, together with evidence that clients can transfer mandates readily without meaningful disruption, would invalidate meaningful switching friction.","competitors":[],"evidenceIds":["e2","e3","e4","e5","e9","e10"],"counterEvidenceIds":["e6","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — Strategy and Technology Group analytical capabilities","excerpt":"Strategy and Technology Group combines strategic advice with data-driven consulting, analytics, and modeling tools, including Capital Insights Explorer, ReMetrica, and PathWise, to help clients deploy capital efficiently and effectively."},{"id":"e2","sourceId":"filing-1","location":"Business — multinational benefits design, management and compliance","excerpt":"Consulting and brokerage also advises multinational companies on global benefits programs, including program design and management, financing optimization, and enhanced employee experience, as well as assists in navigating global regulatory and compliance requirements in over 120 countries."},{"id":"e3","sourceId":"filing-2","location":"MD&A — second-quarter 2026 Commercial Risk organic growth and retention","excerpt":"Organic revenue growth was 5% in the second quarter of 2026, reflecting growth in EMEA and North America, driven by net new business and ongoing strong retention."},{"id":"e4","sourceId":"filing-2","location":"MD&A — first-half 2026 Reinsurance organic growth and retention","excerpt":"Organic revenue growth was 4% in the first six months of 2026, reflecting growth in treaty placements, driven by net new business and strong retention, and double-digit increases in facultative placements and our Strategy and Technology Group."},{"id":"e5","sourceId":"filing-2","location":"MD&A — second-quarter 2026 Health organic growth and retention","excerpt":"Organic revenue growth was 5% in the second quarter of 2026, reflecting strong growth in core health and benefits, including particular strength internationally, driven by net new business and ongoing strong retention, as well as growth in Talent Solutions driven by strong growth in talent analytics."},{"id":"e6","sourceId":"filing-1","location":"Risk factors — alternative distribution, commissions and fixed-fee inflation exposure","excerpt":"In addition to movements in premium rates, our ability to generate premium-based commission revenue has been and could in the future be challenged by: •the growing availability of alternative methods for clients to meet their risk-protection needs, including a greater willingness on the part of corporations to “self-insure,” the use of so-called “captive” insurers, and the development of capital markets-based solutions and other alternative capital sources for traditional insurance and reinsurance needs that increase market capacity, increase competition, and put pressure on premiums; •decreases in available underwriting capacity for insurance and reinsurance; •fluctuation in the need for, or relevancy of, insurance; •the level of compensation, as a percentage of premium, that insurance carriers are willing to compensate brokers for placement activity; •the growing desire of clients to move away from variable commission rates and instead compensate brokers based upon flat fees, which can negatively impact us as fees are not consistently indexed for inflation and therefore, may not offer the same financial performance; •competition from insurers seeking to sell their products directly to consumers, including online sales, without the involvement of an insurance broker; and •the growing number of technology-enabled competitors offering new risk-transfer solutions that eliminate the traditional broker-client relationship in both insurance and reinsurance markets."},{"id":"e7","sourceId":"filing-3","location":"Compensation discussion — reported colleague retention and aggressive talent recruitment","excerpt":"Ms. Stevens’s efforts in 2025 drove alignment across the firm’s global leadership and achieved record-high colleague engagement and continued strong colleague retention amidst a competitive talent market where measures being used by competitors to recruit professional talent are increasingly aggressive."},{"id":"e8","sourceId":"filing-1","location":"Risk factors — potential client and reputational effects of security disruptions","excerpt":"We have implemented various measures to manage our risks related to system and network security and disruptions, but a security breach or a significant or extended disruption in the functioning of our information technology systems could damage our reputation, cause us to lose clients, adversely impact our operations, sales, and operating results, and require us to incur significant expense (in connection with incident response, remediation efforts, or otherwise) and divert resources to address and remediate or otherwise resolve such issues."},{"id":"e9","sourceId":"filing-3","location":"2025 business highlights — organic growth, net new business and retention","excerpt":"In 2025, we delivered strong performance, including across each of these four metrics: • Total revenue growth was 9%, and 6% organic revenue growth was driven by net new business and ongoing strong retention."},{"id":"e10","sourceId":"filing-1","location":"Risk factors — dependence on client relationships and advisory reputation","excerpt":"We depend, to a large extent, on our relationships with our clients and our reputation for high-quality advice and solutions."},{"id":"e11","sourceId":"filing-1","location":"Risk factors — potential consequences of inadequately managed conflicts","excerpt":"If these are not adequately identified and managed, this could then lead to failure or perceived failure to protect the client’s interests, with consequential regulatory and reputational risks, including litigation or enforcement actions that could adversely affect us and our operations."},{"id":"e12","sourceId":"filing-6","location":"MD&A — first-quarter 2026 Wealth growth and soft U.S. advisory demand","excerpt":"Organic revenue growth was 1% in the first quarter of 2026, reflecting growth in Retirement, driven by continued demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change, partially offset by continued soft advisory demand in the U.S."},{"id":"e13","sourceId":"filing-2","location":"MD&A — unfavorable first-half 2026 Reinsurance market impact","excerpt":"Market impact had an unfavorable impact in the first half of the year."},{"id":"e14","sourceId":"filing-2","location":"MD&A — slightly positive first-half 2026 Commercial Risk market impact","excerpt":"Market impact was slightly positive in the first half of the year."},{"id":"e15","sourceId":"filing-1","location":"Risk factors — historical and potential adverse commission effects of soft insurance markets","excerpt":"Downward fluctuations in the year-over-year insurance premiums charged by insurers to protect against the same risk, referred to in the industry as softening of the insurance market, has and could adversely affect these businesses as a significant portion of our revenue is determined as a percentage of premiums charged to our clients."},{"id":"e16","sourceId":"filing-1","location":"Revenue recognition — hourly, project and fixed-fee consulting arrangements","excerpt":"Fees paid by customers for consulting services are typically charged on an hourly, project or fixed-fee basis, and revenue for these arrangements is typically recognized based on time incurred, days elapsed, or reports delivered."},{"id":"e17","sourceId":"filing-1","location":"2025 results — adjusted margin drivers and restructuring savings","excerpt":"The increase in adjusted operating margin primarily reflects organic revenue growth of 6%, $160 million of additional net restructuring savings and a decrease in incentive compensation, partially offset by the addition of NFP, an increase in operating expenses as previously described and lower fiduciary investment income."},{"id":"e18","sourceId":"filing-1","location":"2025 results — differing segment adjusted operating margin outcomes","excerpt":"Risk Capital adjusted operating margin decreased to 34.3% in 2025 from 34.6% in 2024 and Human Capital adjusted operating margin increased to 32.2% in 2025 from 29.5% in 2024."},{"id":"e19","sourceId":"filing-2","location":"MD&A — first-half 2026 GAAP consolidated and segment operating results","excerpt":"34 REVIEW OF CONSOLIDATED RESULTS Summary of Results Our consolidated results (unaudited) are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue Total revenue $ 4,246 $ 4,155 $ 9,280 $ 8,884 Expenses Compensation and benefits 2,271 2,360 4,664 4,609 Information technology 162 136 306 272 Premises 85 85 166 167 Depreciation of fixed assets 49 47 95 93 Amortization and impairment of intangible assets 174 201 326 400 Other general expense 494 373 905 819 Accelerating Aon United Program expenses 96 94 188 204 Total operating expenses 3,331 3,296 6,650 6,564 Operating income 915 859 2,630 2,320 Interest income 5 — 17 5 Interest expense (179) (212) (358) (418) Other income (expense) (17) 56 (12) 46 Income before income taxes 724 703 2,277 1,953 Income tax expense 159 109 473 377 Net income 565 594 1,804 1,576 Less: Net income attributable to redeemable and nonredeemable noncontrolling interests 14 15 41 32 Net income attributable to Aon shareholders $ 551 $ 579 $ 1,763 $ 1,544 Diluted net income per share attributable to Aon shareholders $ 2.58 $ 2.66 $ 8.22 $ 7.10 Weighted average ordinary shares outstanding - diluted 213.9 217.3 214.6 217.6 Our segment results (unaudited) are as follows (in millions): Three Months Ended June 30, Risk Capital Human Capital Corporate/Eliminations (1) Total Consolidated 2026 2025 2026 2025 2026 2025 2026 2025 Revenue Total revenue $ 3,006 $ 2,866 $ 1,244 $ 1,291 $ (4) $ (2) $ 4,246 $ 4,155 Expenses Compensation and benefits 1,528 1,541 715 796 28 23 2,271 2,360 Information technology 106 88 51 45 5 3 162 136 Premises 56 54 28 30 1 1 85 85 Other expenses (2) 400 319 283 303 130 93 813 715 Total operating expenses 2,090 2,002 1,077 1,174 164 120 3,331 3,296 Operating income $ 916 $ 864 $ 167 $ 117 $ (168) $ (122) $ 915 $ 859 Operating margin 30.5 % 30.1 % 13.4 % 9.1 % 21.5 % 20.7 % 35 Six Months Ended June 30, Risk Capital Human Capital Corporate/Eliminations (1) Total Consolidated 2026 2025 2026 2025 2026 2025 2026 2025 Revenue Total revenue $ 6,508 $ 6,057 $ 2,783 $ 2,836 $ (11) $ (9) $ 9,280 $ 8,884 Expenses Compensation and benefits 3,160 3,002 1,474 1,570 30 37 4,664 4,609 Information technology 202 178 97 90 7 4 306 272 Premises 109 106 55 59 2 2 166 167 Other expenses (2) 739 710 547 597 228 209 1,514 1,516 Total operating expenses 4,210 3,996 2,173 2,316 267 252 6,650 6,564 Operating income $ 2,298 $ 2,061 $ 610 $ 520 $ (278) $ (261) $ 2,630 $ 2,320 Operating margin 35.3 % 34.0 % 21.9 % 18.3 % 28.3 % 26.1 % (1)Corporate expenses/eliminations include governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment."},{"id":"e20","sourceId":"filing-2","location":"MD&A — first-half 2026 free cash flow and capital expenditures","excerpt":"•Free cash flow, a non-GAAP measure defined under the caption “Review of Consolidated Results — Free Cash Flow,” was $846 million in the first six months of 2026, an increase of $30 million, or 4%, from the prior-year period, as the $50 million increase in cash flows from operations, primarily driven by strong operating income growth, which more than offset the cash tax payment related to NFP Wealth, impact of working capital and a $20 million increase in capital expenditures."},{"id":"e21","sourceId":"filing-2","location":"Shareholders' equity — actual first-half 2026 repurchases","excerpt":"The following table summarizes the Company’s share repurchase activity (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shares repurchased 1.9 0.7 3.4 1.3 Average price per share $ 320.77 $ 361.25 $ 321.61 $ 376.76 Repurchase costs recorded to Retained Earnings $ 600 $ 250 $ 1,100 $ 500 At June 30, 2026, the remaining authorized amount for share repurchases under the Repurchase Program was approximately $7.7 billion."},{"id":"e22","sourceId":"filing-2","location":"Borrowings — June 2026 debt and reduction from year-end","excerpt":"Borrowings Total debt at June 30, 2026 was $15.0 billion, a decrease of $282 million compared to December 31, 2025."},{"id":"e23","sourceId":"filing-6","location":"Acquisitions and dispositions — completed NFP Wealth sale proceeds and gain","excerpt":"Total proceeds received on closing was $2.3 billion, and a pre-tax gain of $1.2 billion was recognized within Other income (expense) on the Consolidated Statement of Income for the year ended December 31, 2025."},{"id":"e24","sourceId":"filing-1","location":"Weighted average ordinary shares — 2023–2025 share-count increase","excerpt":"Weighted Average Ordinary Shares Weighted average ordinary shares outstanding are as follows (in millions): Years Ended December 31 2025 2024 2023 Basic weighted average ordinary shares outstanding 215.9 211.4 203.5 Dilutive effect of potentially issuable shares 1.2 1.1 1.5 Diluted weighted average ordinary shares outstanding 217.1 212.5 205.0 Potentially issuable shares are not included in the computation of Diluted net income per share attributable to Aon shareholders if their inclusion would be antidilutive."},{"id":"e25","sourceId":"filing-2","location":"Weighted average ordinary shares — first-half 2026 share-count reduction","excerpt":"Weighted Average Ordinary Shares Weighted average ordinary shares outstanding are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Basic weighted average ordinary shares outstanding 213.2 216.2 213.8 216.3 Dilutive effect of potentially issuable shares 0.7 1.1 0.8 1.3 Diluted weighted average ordinary shares outstanding 213.9 217.3 214.6 217.6 22 Potentially issuable shares are not included in the computation of Diluted net income per share attributable to Aon shareholders if their inclusion would be antidilutive."},{"id":"e26","sourceId":"filing-3","location":"Compensation discussion — actual incentive pool funding framework","excerpt":"The incentive pool funding determination included both a pre-established formulaic financial component (80% weighted), based on comparison of current year adjusted operating income results against the prior year, and a non-formulaic People & Culture component (20% weighted), based on Company’s progress across four areas: wellbeing, belonging, engagement, and retention."},{"id":"e27","sourceId":"filing-3","location":"Compensation discussion — paid non-CEO incentives with restricted share component","excerpt":"Case) were paid 65% in cash and 35% in the form of time-vested restricted share units, which provides value to our executives that is tied to the long-term performance of the Company."},{"id":"e28","sourceId":"filing-3","location":"Compensation discussion — CEO annual incentive paid partly in performance units","excerpt":"Mr. Case’s annual incentive was paid 65% in the form of cash and 35% in the form of performance share units under our twenty-first LPP cycle, as a further tie to the long-term performance of the Company."},{"id":"e29","sourceId":"filing-3","location":"Compensation discussion — independent board approval of special CEO performance-unit grant","excerpt":"As a reflection of Mr. Case’s exceptional performance through his tenure at the Company, his commitment to extended employment through 2030, and to secure his continued leadership, the Compensation Committee recommended and the independent members of the Board approved a one-time grant of PSUs (the “Special PSUs”) to Mr."},{"id":"e30","sourceId":"filing-3","location":"Compensation discussion — December 2025 special grant target value","excerpt":"Case on December 31, 2025, with a target grant date value of $50 million."},{"id":"e31","sourceId":"filing-3","location":"Compensation discussion — special grant performance metrics and 2026–2030 period","excerpt":"The design of the Special PSUs provides that between 0% and 200% of the target number of units subject to the award will be eligible to be earned based on the achievement of meaningful performance related to organic revenue growth, adjusted operating margin expansion, and free cash flow performance goals over a five-year performance period commencing on January 1, 2026, and ending on December 31, 2030, generally subject to Mr."},{"id":"e32","sourceId":"filing-3","location":"Corporate governance — director independence","excerpt":"All of our directors are independent, with the exception of our Chief Executive Officer."},{"id":"e33","sourceId":"filing-3","location":"Corporate governance — independent chair since 2008","excerpt":"Independent Chair. We have had an independent chair Board leadership structure since 2008."},{"id":"e34","sourceId":"filing-3","location":"Corporate governance — annual director elections and majority voting","excerpt":"Directors are elected annually by a majority of votes cast in an uncontested election."},{"id":"e35","sourceId":"filing-3","location":"Shareholder engagement — approved committee oversight enhancements","excerpt":"What we learned Based on our shareholder engagement and other feedback from investors throughout the year, we believe we continue to be focused on the matters that are most important to our shareholders, including: · Creating and delivering value for our clients and shareholders · Strong corporate governance including effective Board composition and refreshment, Board oversight of risks, executive succession planning, broader corporate governance practices, executive compensation, and corporate sustainability matters · Robust disclosure of director experience and skills · Enhancing the context and transparency in our disclosure regarding executive compensation decisions · Transparency regarding Company strategy, including insights regarding execution of our 3x3 Plan Giving consideration to the feedback we received from investors during our 2025 and 2024 engagement meetings, our Board approved enhancements to our Board committee charters to formalize oversight responsibilities in several key areas including cybersecurity and data privacy, financial risk management, and human capital matters, including colleague engagement."},{"id":"e36","sourceId":"filing-3","location":"Proxy reconciliation — realized Vesttoo-related charge and subsequent expense reduction","excerpt":"(6) In the fourth quarter of 2023, Aon recognized a $197 million charge in connection with transactions for which capital was arranged by a third party, Vesttoo Ltd., and in the third quarter of 2025, certain legal settlement expenses and recoveries were recognized resulting in a $23 million reduction of expense within the Risk Capital segment."},{"id":"e37","sourceId":"filing-5","location":"Business — 2023 multinational benefits and regulatory capabilities","excerpt":"Consulting and brokerage also advises multinational companies on global benefits, including insurance placement across more than 120 countries and sovereignties, program design and management, financing optimization, and enhanced employee experience, as well as assists in navigating global regulatory and compliance requirements in countries in which they operate."}],"changes":["Retain the previous narrow-moat verdict; the supplied 2026 operating passages reinforce current retention and differentiated service demand without establishing exceptional durability.","Add explicit pricing, management and governance assessments using actual operating results, paid incentives and disclosed governance practices.","Distinguish inferred switching friction from demonstrated retention, and market-driven commission outcomes from Aon's own fee-setting power."],"limitations":["All substantive evidence is issuer-supplied. Capability descriptions and qualitative retention explanations are management disclosures, not independent competitive comparisons.","Competition passages disclose generic competitor categories without identifying named rivals. Willis Towers Watson appears as a terminated transaction counterparty, which does not establish current competitor coverage; competitor arrays therefore remain empty.","Retention rates, customer cohorts, switching expenditures, exclusivity, market shares and relative service pricing are absent.","Market impact combines influences on brokerage revenue and does not isolate Aon's own fee increases, commission-rate changes or price-volume mix.","Actual incentive arrangements and governance structures are supplied, but executive ownership quantities and comprehensive realized long-term pay outcomes are absent. The special CEO grant was approved in December 2025; its future performance achievement and vesting are not established.","Source dates are filing dates: February 16, 2024; February 18, 2025; February 13, April 28, May 1 and July 29, 2026. The latest supplied operating period ends June 30, 2026.","Adjusted margins, organic growth and free cash flow are non-GAAP disclosures. Savings and margin expansion support execution assessments but do not independently establish a moat or pricing power."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Specialized analytical capabilities and multinational delivery are supported by retention-led growth across several businesses. This demonstrates a current differentiated position, although exclusivity and relative superiority are unproven.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Comparable international capabilities persist across the supplied years and retention remains strong into 2026. The demonstrated outcome history is limited, and alternative distribution and technology can erode differentiation.","evidenceIds":["e37","e2","e9","e3","e6"]},{"criterion":"customer_dependency","grade":2,"rationale":"Customized multinational programs and strong reported retention support customer attachment. Switching costs are inferred; essential exclusivity, contractual lock-in and quantified transition burdens are absent.","evidenceIds":["e2","e3","e4","e5","e10"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Reinsurance grew organically despite unfavorable market effects, supporting resilience. Soft advisory demand and a realized Vesttoo-related charge show limits; generic technology and security risks remain potential rather than realized erosion.","evidenceIds":["e4","e13","e12","e36","e6","e8"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Observed revenue-related market outcomes are mixed: Commercial Risk benefited slightly while Reinsurance faced unfavorable effects, and soft markets have historically hurt commission revenue. These establish pricing exposure, but do not demonstrate discretionary increases in Aon's own fees.","evidenceIds":["e13","e14","e15"]},{"criterion":"retention","grade":3,"rationale":"Reported strong retention supports organic growth in 2025 and across Commercial Risk, Reinsurance and Health in 2026. This is qualitative operating evidence of repeat demand; no numerical retention rate or response to own-price increases is supplied.","evidenceIds":["e9","e3","e4","e5"]},{"criterion":"margin_resilience","grade":3,"rationale":"First-half 2026 GAAP operating margin increased to 28.3% from 26.1%, with improvement in both segments. The 2025 segment outcomes were mixed, and restructuring savings and lower incentive compensation contributed, so resilience cannot be attributed solely to pricing.","evidenceIds":["e19","e17","e18"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Carrier willingness constrains commission compensation and client preference for flat fees can remove inflation protection. Hourly, project and fixed-fee contracts provide multiple compensation formats, but unilateral repricing or automatic escalation rights are not established.","evidenceIds":["e6","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Completed divestiture proceeds, positive cash generation, debt reduction and a recent share-count decline support discipline. First-half 2026 repurchases exceeded that period's free cash flow, debt remained $15 billion, and 2023–2025 share counts increased despite repurchases. Acquisition returns and repurchase value creation are unproven.","evidenceIds":["e20","e21","e22","e23","e24","e25"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual incentives combine financial performance with people measures and include equity or performance units. The approved $50 million special CEO grant has a five-year performance period, but its size, discretionary elements and use of adjusted metrics warrant a mixed assessment. Future vesting and executive ownership are unverified.","evidenceIds":["e26","e27","e28","e29","e30","e31"]},{"criterion":"execution","grade":3,"rationale":"Organic growth, reported retention, realized restructuring savings, higher operating income and cash generation support strong execution. This assessment uses operating outcomes rather than CEO reputation; soft advisory demand and realized transaction-related losses temper the record.","evidenceIds":["e9","e3","e4","e17","e19","e20","e12","e36"]},{"criterion":"governance","grade":3,"rationale":"Disclosed practices include an independent chair since 2008, all directors independent except the CEO, annual majority-vote elections and approved enhancements to committee oversight. These support strong governance structures, without proving exceptional oversight effectiveness or eliminating operational failures.","evidenceIds":["e32","e33","e34","e35","e36"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"361c52518dd18891d9a223e09de1b91df4c537d90f202f527f85fe68761e90d0","updatedAt":"2026-10-18T13:18:11.591Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/315293/000162828026008116/aon-20251231.htm","publishedAt":"2026-02-13","sha256":"280c1fee7f99d069ef12f867f1f5105b86c2be0a6314292e068e85f68d824c9f","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/315293/000162828026050610/aon-20260630.htm","publishedAt":"2026-07-29","sha256":"64a27bc7f1f866b270ccf3403a0c19d4864a4fd63d9145b5512dbe37df4da6fe","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/315293/000119312526187428/aon-20260428.htm","publishedAt":"2026-04-28","sha256":"77f848fd141a0023ddebba1bc1d6805f3114afab833668a4fb643ec5b25a0d3f","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/315293/000162828025006093/aon-20241231.htm","publishedAt":"2025-02-18","sha256":"0ed869c71e042de0cde75fb25575f2553cc27aa04b99ea2d5d0af52dcfbbf4cd","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/315293/000162828024005392/aon-20231231.htm","publishedAt":"2024-02-16","sha256":"632b1fbd78b4cb1948b948139364436b525e7026a83b189e28b58905953e0e88","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/315293/000162828026029322/aon-20260331.htm","publishedAt":"2026-05-01","sha256":"bbbfb8d2d59956166ed151c03f8e8473d8d432d3325f9497ef3aedd8eb3d20fa","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:a9583154d4fab959dea6d9a3d0ff6c4b9a1b31b842212bb94c89b60805721d29","usage":{"input_tokens":84815,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4087,"reasoning_output_tokens":91}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":17.140982530960386,"roic":13.85633462815982,"fcf_margin":16.7719183137866,"sbc_revenue":3.682440744689576},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":29.40139434249539,"roic":31.297764261650034,"fcf_margin":24.224697491786202,"sbc_revenue":3.1813446590271655},"issues":{"pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":28.29694976076555,"roic":32.4763450635742,"fcf_margin":23.796351674641148,"sbc_revenue":3.2745215311004787},"issues":{"pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":24.429863676901515,"roic":18.88175489251354,"fcf_margin":17.944961141546695,"sbc_revenue":3.019492929035546},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; 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