Aon vs Willis Towers Watson
Aon reported revenue of $17.2 billion in fiscal 2025, 1.8 times Willis Towers Watson's $9.7 billion in fiscal 2025. Aon's revenue grew 9.4% in its latest year, and Willis Towers Watson's fell 2.2%. Aon had an operating margin of 25.3%, against 23.0% at Willis Towers Watson. Free cash flow was $3.2 billion at Aon and $1.5 billion at Willis Towers Watson.
Side by side
| Aon | Willis Towers Watson | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $17.2B | $9.7B |
| Revenue growth | 9.4% | −2.2% |
| Revenue growth a year, last 5 years | 9.2% | 2.4% |
| Gross margin | — | — |
| Operating margin | 25.3% | 23.0% |
| Net margin | 21.5% | 16.5% |
| Free cash flow | $3.2B | $1.5B |
| Free cash flow margin | 18.7% | 15.9% |
| Return on capital | 15.6% | 12.8% |
| Net debt to EBITDA | 2.8x | 2.5x |
| Dividends and buybacks | $1.6B | $2.0B |
| Change in diluted share count | 2.2% | −2.9% |
| Last close | $302.06 | $324.67 |
| P/E at the last close | 16.7× | 20.1× |
| Insider trades, last 12 months | bought $7.8 million, sold $7.8 million | bought $2.1 million, sold $1.2 million |
| Piotroski F-score | 4 of 8 | 7 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
AonWillis Towers Watson
Operating margin
Percent of revenue
AonWillis Towers Watson
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
AonWillis Towers Watson
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Aon and Willis Towers Watson pages.