$AON (+1.08%) Q4 FY24 ▫️ Summary

In Q4 FY24, Aon (NYSE: AON) reported strong revenue growth of 23% YoY to $4.15B, driven by 6% organic revenue growth and contributions from its NFP acquisition. Despite foreign exchange headwinds, the company expanded operating margins, delivered double-digit EPS growth, and generated $1.15B in free cash flow.

📊 Income Statement Highlights (vs. Q4 FY23)

▫️ Total Revenue: $4.15B vs. $3.38B (+23%)

▫️ Organic Revenue Growth: 6%

▫️ Net Income: $716M vs. $498M (+44%)

▫️ Adjusted Net Income: $965M vs. $785M (+23%)

▫️ Diluted EPS: $3.28 vs. $2.47 (+33%)

▫️ Adjusted EPS: $4.42 vs. $3.89 (+14%)

▫️ Operating Income: $1.09B vs. $779M (+40%)

▫️ Operating Margin: 26.3% vs. 23.1% (+320 bps)

▫️ Adjusted Operating Margin: 33.3% vs. 33.8% (-50 bps)

▫️ Free Cash Flow: $1.15B vs. $1.21B (-6%)

▫️ Cash from Operations: $1.20B vs. $1.26B (-5%)

Segment Performance:

🔹 Risk Capital (Commercial Risk & Reinsurance Solutions)

▫️Revenue: $2.54B (+13%)

▫️Operating Income: $763M (+38%)

▫️Operating Margin: 30.1% (+540 bps)

🔹 Human Capital (Health & Wealth Solutions)

▫️Revenue: $1.61B (+41%)

▫️Operating Income: $464M (+63%)

▫️Operating Margin: 28.8% (+1,000 bps)

🔹 Expense Breakdown:

▫️Compensation & Benefits: $2.12B (+27%)

▫️IT & Premises Costs: $226M (+8%)

▫️Amortization & Impairment: $185M (+874%)

▫️Other General Expenses: $409M (-21%)

💼 Balance Sheet Highlights (vs. FY23)

▫️ Total Assets: $48.97B vs. $33.96B (+44%)

▫️ Total Liabilities: $42.54B vs. $34.70B (+23%)

▫️ Cash & Equivalents: $1.08B vs. $778M (+39%)

▫️ Receivables (Net): $3.80B vs. $3.25B (+17%)

▫️ Goodwill: $15.32B vs. $8.41B (+82%)

▫️ Intangible Assets (Net): $6.62B vs. $234M

▫️ Long-term Debt: $16.27B vs. $9.99B (+63%)

▫️ Total Equity: $6.31B vs. ($742M) (Deficit → Positive)