DailyIQ

AON Earnings

Company • Q1 2026 earnings report

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Report date
-
Timing
-
Period
2026Q1
EPS EstimateEPS ActualRevenue EstimateRevenue Actual
- Not available yet - Not available yet
Actuals update automatically shortly after the company reports.
AON|EarningsAON

AON Financials

Full financials →
74/ 100
Moderately positive
Verdict: Bullish
Revenue growing year over year
Operating Margin
25.3%
Net Margin
21.5%
FCF Margin
18.7%
Revenue CAGR
4.9%
Current Ratio
1.11x
Debt / Equity
1.63x
Return on Equity
39.5%
Return on Assets
7.3%

Financial Statements

Line Item
Q4 '25
Q3 '25
Q2 '25
Q1 '25
Q4 '24
Q3 '24
Q2 '24
Q1 '24
Q4 '23
Q3 '23
Q2 '23
Q1 '23
Income Statement
Revenue
$4.30B 3.7%
$4.00B 7.4%
$4.16B 10.5%
$4.73B 16.2%
$4.15B 22.9%
$3.72B 26.0%
$3.76B 18.4%
$4.07B 5.1%
$3.38B
$2.95B
$3.18B
$3.87B
Operating Income
$1.21B 10.7%
$816.00M 31.0%
$859.00M 30.9%
$1.46B 0.3%
$1.09B 40.1%
$623.00M 9.8%
$656.00M 22.1%
$1.47B 0.5%
$779.00M
$691.00M
$842.00M
$1.47B
Interest Expense
$191.00M 7.3%
$206.00M 3.3%
$212.00M 5.8%
$206.00M 43.1%
$206.00M
$213.00M 79.0%
$225.00M 73.1%
$144.00M 29.7%
$119.00M
$130.00M
$111.00M
Pretax Income
$2.21B 147.9%
$597.00M 33.0%
$703.00M 0.7%
$1.25B 12.2%
$891.00M 46.3%
$449.00M 19.8%
$698.00M 6.1%
$1.42B 6.1%
$609.00M
$560.00M
$658.00M
$1.34B
Income Tax Expense
$505.00M 221.7%
$127.00M 35.1%
$109.00M 31.9%
$268.00M 19.0%
$157.00M 53.9%
$94.00M 1.1%
$160.00M 92.8%
$331.00M 25.9%
$102.00M
$93.00M
$83.00M
$263.00M
Net Income
$458.00M 33.5%
$579.00M 10.5%
$965.00M 9.9%
$343.00M 24.8%
$524.00M 6.4%
$1.07B 2.0%
$456.00M
$560.00M
$1.05B
Comprehensive Income
$1.76B 1818.5%
$386.00M 44.9%
$1.19B 164.9%
$1.25B 20.6%
$92.00M 86.9%
$700.00M 225.6%
$450.00M 41.3%
$1.04B 7.9%
$704.00M
$215.00M
$766.00M
$1.13B
EPS (Basic)
$7.85 151.6%
$2.12 34.2%
$2.68 8.5%
$4.46 17.1%
$3.12 23.8%
$1.58 29.8%
$2.47 9.9%
$5.38 5.7%
$2.52
$2.25
$2.74
$5.09
EPS (Diluted)
$7.82 151.4%
$2.11 34.4%
$2.66 8.1%
$4.43 17.2%
$3.11 24.4%
$1.57 29.6%
$2.46 9.2%
$5.35 5.5%
$2.50
$2.23
$2.71
$5.07
Weighted Avg Shares (Basic)
-432.40M 3.5%
215.70M 0.8%
216.20M 1.7%
216.40M 8.7%
-417.60M 1.8%
217.40M 7.1%
212.50M 3.8%
199.10M 3.4%
-410.20M
202.90M
204.70M
206.10M
Weighted Avg Shares (Diluted)
-434.80M 3.7%
216.70M 0.8%
217.30M 1.9%
217.90M 8.9%
-419.30M 1.5%
218.40M 6.7%
213.30M 3.4%
200.10M 3.4%
-413.00M
204.60M
206.30M
207.10M
Cash Flow
Operating Cash Flow
$1.40B 16.4%
$1.15B 13.3%
$796.00M 55.2%
$140.00M 54.7%
$1.20B 4.8%
$1.01B 2.9%
$513.00M 25.4%
$309.00M 30.2%
$1.26B
$1.04B
$688.00M
$443.00M
Capital Expenditures
$74.00M 34.5%
$69.00M 11.3%
$64.00M 20.8%
$56.00M 16.7%
$55.00M 12.2%
$62.00M 6.9%
$53.00M 23.2%
$48.00M 36.8%
$49.00M
$58.00M
$69.00M
$76.00M
Free Cash Flow
$1.32B 15.5%
$1.08B 13.5%
$732.00M 59.1%
$84.00M 67.8%
$1.15B 5.5%
$951.00M 3.5%
$460.00M 25.7%
$261.00M 28.9%
$1.21B
$985.00M
$619.00M
$367.00M
Investing Cash Flow
$648.00M 212.3%
-$94.00M 424.1%
$24.00M 99.1%
-$292.00M 94.1%
-$577.00M 140.4%
$29.00M 138.2%
$2.68B 3575.3%
-$4.96B 2520.0%
-$240.00M
-$76.00M
-$77.00M
$205.00M
Financing Cash Flow
-$3.06B 298.4%
-$768.00M 9.9%
-$24.00M 99.2%
-$349.00M 106.6%
-$769.00M 53.8%
-$699.00M 39.8%
-$3.00B 576.5%
$5.26B 1202.2%
-$1.66B
-$1.16B
-$443.00M
$404.00M
Dividends Paid
$161.00M 10.3%
$160.00M 8.8%
$161.00M 10.3%
$147.00M 19.5%
$146.00M 18.7%
$147.00M 17.6%
$146.00M 15.9%
$123.00M 7.0%
$123.00M
$125.00M
$126.00M
$115.00M
Balance Sheet
Total Assets
$50.78B 3.7%
$51.64B 3.5%
$54.01B 5.0%
$50.30B 23.4%
$48.97B 44.2%
$49.88B 50.7%
$51.45B 42.7%
$40.77B 19.0%
$33.96B
$33.11B
$36.05B
$34.25B
Current Assets
$25.77B 10.0%
$26.57B 12.3%
$27.82B 8.9%
$24.41B 14.7%
$23.43B 8.0%
$23.65B 12.0%
$25.54B 6.7%
$28.62B 29.3%
$21.70B
$21.13B
$23.95B
$22.14B
Cash & Equivalents
$1.20B 10.1%
$1.09B 0.7%
$1.01B 3.5%
$964.00M 3.1%
$1.08B 39.5%
$1.10B 36.5%
$974.00M 2.3%
$995.00M 11.1%
$778.00M
$808.00M
$952.00M
$1.12B
Accounts Receivable
$4.21B 10.7%
$4.28B 6.8%
$4.91B 10.0%
$4.62B 14.5%
$3.80B 16.9%
$4.00B 21.3%
$4.46B 18.5%
$4.04B 8.7%
$3.25B
$3.30B
$3.76B
$3.71B
Goodwill
$15.80B 3.7%
$15.70B 0.6%
$16.02B 4.9%
$15.70B 89.1%
$15.23B 81.1%
$15.61B 89.4%
$15.28B 82.8%
$8.30B 0.2%
$8.41B
$8.24B
$8.36B
$8.32B
Intangible Assets
$5.73B 15.1%
$5.83B 14.2%
$6.73B 0.9%
$6.87B 3063.6%
$6.74B 2781.6%
$6.79B 2594.0%
$6.79B 2435.1%
$217.00M 48.9%
$234.00M
$252.00M
$268.00M
$425.00M
Total Liabilities
$41.24B 3.1%
$43.44B 0.2%
$45.92B 1.4%
$43.03B 5.5%
$42.53B 22.6%
$43.33B 29.0%
$45.30B 26.2%
$40.80B 19.3%
$34.70B
$33.60B
$35.89B
$34.20B
Current Liabilities
$23.23B 1.0%
$25.10B 13.6%
$27.07B 15.2%
$23.33B 6.8%
$23.00B 6.2%
$22.10B 6.6%
$23.50B 2.4%
$21.84B 6.0%
$21.65B
$20.72B
$22.95B
$20.59B
Deferred Revenue
$259.00M 7.5%
$286.00M 8.3%
$385.00M 1.5%
$361.00M 0.3%
$280.00M 3.7%
$312.00M 10.6%
$391.00M 10.1%
$360.00M 6.8%
$270.00M
$282.00M
$355.00M
$337.00M
Long-Term Debt
$14.66B 9.9%
$15.05B 11.9%
$15.45B 12.3%
$16.28B 2.3%
$16.27B 62.7%
$17.09B 71.4%
$17.61B 76.3%
$15.92B 50.5%
$9.99B
$9.97B
$9.99B
$10.58B
Short-Term Debt
$589.00M 21.6%
$1.74B
$1.84B 45825.0%
$1.35B 122.4%
$751.00M 37.6%
$0 100.0%
$4.00M 99.7%
$606.00M 21.8%
$1.20B
$1.28B
$1.34B
$775.00M
Total Equity
$9.35B 52.8%
$7.94B 27.1%
$7.84B 33.8%
$7.00B 5366.2%
$6.12B 841.0%
$6.24B 1165.5%
$5.86B 8915.4%
-$133.00M 90.0%
-$826.00M
-$586.00M
$65.00M
-$70.00M
Retained Earnings
-$245.00M 89.4%
-$1.53B 43.1%
-$1.57B 38.9%
-$1.74B 35.6%
-$2.31B 32.1%
-$2.68B 11.3%
-$2.57B 2.8%
-$2.70B 13.1%
-$3.40B
-$3.02B
-$2.50B
-$2.39B
Treasury Stock
Shares Outstanding

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What Typically Drives Post-Earnings Stock Moves

EarningsReleasedTime →Stock PriceBeatMissPre-earnings drift

Stock prices after earnings announcements are driven by expectations vs. reality. If the market expected a company to report $3.00 EPS and it reports $3.10, the stock may rally - but if expectations were $3.20, the same $3.10 result could trigger a selloff. This is why understanding consensus estimates (the average of all analyst predictions) is crucial. Stocks don't move on absolute performance; they move on performance relative to what was already priced in.

Beyond the headline numbers, investors focus heavily on forward guidance. Guidance is management's prediction for the next quarter or full year. A company that beats current earnings but lowers future guidance will often see its stock fall, because the market values future cash flows more than past results. Conversely, a miss with raised guidance can rally the stock. This is why experienced investors listen to earnings calls and read guidance statements - not just the press release headlines.

Profit margins are another critical driver. If a company grows revenue but margins shrink, it suggests pricing pressure or rising costs. Investors prefer expanding margins, which indicate pricing power and operational efficiency. For example, a company reporting 20% revenue growth with flat margins is less impressive than 10% growth with expanding margins. The latter signals a sustainable, high-quality business model.

Finally, market positioning and sector trends matter. During a bull market, stocks often rise on mediocre earnings because investor sentiment is positive. During bear markets, even strong earnings may not prevent selloffs. Additionally, if peers in the same industry are reporting weak results, a company's strong report might be viewed as an outlier rather than a trend. Always consider the broader market context and sector health when interpreting earnings reactions.

How to Interpret This Earnings Report

Earnings reports are the financial scorecards that companies release every quarter. They contain two critical metrics: Earnings Per Share (EPS) and Revenue. EPS represents the company's profit divided by the number of outstanding shares - essentially, how much money the company made for each share of stock. Revenue is the total money the company brought in before expenses. Both metrics are compared against analyst estimates to determine if the company "beat" or "missed" expectations.

When you see "EPS Estimate" vs. "EPS Actual," you're comparing what Wall Street analysts predicted versus what the company actually delivered. A company that reports EPS of $2.50 when estimates were $2.30 has beaten earnings by $0.20 per share. This often triggers a positive stock reaction, but not always. The market cares equally about revenue growth, future guidance, and profit margins. A company can beat EPS estimates while missing revenue targets, which suggests they cut costs rather than grew sales - a less sustainable path.

Understanding year-over-year (YoY) vs. quarter-over-quarter (QoQ) comparisons is critical. YoY compares this quarter to the same quarter last year, accounting for seasonal business patterns. QoQ compares consecutive quarters and reveals short-term momentum. For example, a retailer's Q4 (holiday season) will always be stronger than Q1 - so comparing Q4 to Q1 is misleading. Always focus on YoY growth for long-term trends and QoQ for recent acceleration or deceleration.

Finally, remember that initial market reactions can be misleading. Stocks sometimes fall on earnings beats because investors were expecting an even larger beat, or because forward guidance disappointed. Conversely, stocks can rise on earnings misses if the company provided optimistic future projections or if the miss was smaller than feared. The key is to focus on fundamentals: Is revenue growing? Are profit margins expanding? Is the company gaining or losing market share? These factors matter far more than a single quarter's results.