Total revenue in the fourth quarter increased 4% to USD 4.3 billion compared to the prior-year period, reflecting 5% organic revenue growth and a 2% favorable impact from foreign currency translation, partially offset by a 3% unfavorable impact from acquisitions, divestitures and other items. Risk Capital revenue increased USD 171 million, or 7%, to USD 2.7 billion and Human Capital revenue decreased USD 16 million, or 1%, to USD 1.6 billion.
Total operating expenses in the fourth quarter increased 1% to USD 3.1 billion compared to the prior-year period, due primarily to the increase in expense associated with 5% organic revenue growth, an unfavorable impact from foreign currency translation and higher Accelerating Aon United Program expenses, partially offset by lower expenses associated with the sale of NFP Wealth and USD 50 million of net restructuring savings realized in the quarter, as well as lower compensation expense. Risk Capital operating expenses increased USD 143 million, or 8%, to USD 1.9 billion and Human Capital operating expenses decreased USD 110 million, or 10%, to USD 1.0 billion.
The full-year 2025 cash flows provided by operations for 2025 increased USD 446 million, or 15%, to USD 3.5 billion compared to the prior-year period, due primarily to strong adjusted operating income growth and lower NFP-related transaction costs, partially offset by working capital headwinds. Free cash flow, defined as cash flow from operations less capital expenditures, increased USD 401 million, or 14%, to USD 3.2 billion in 2025 compared to the prior year, reflecting an increase in cash flows from operations, partially offset by a USD 45 million increase in capital expenditures.
Total 2025 full-year revenue increased 9% to USD 17.2 billion compared to the prior year, reflecting 6% organic revenue growth, a 2% contribution from acquisitions and a 1% favorable impact from foreign currency translation.
For 2026, the company expects mid-single-digit or greater organic revenue growth, 70 to 80 basis points of adjusted operating margin expansion, strong adjusted EPS growth and double-digit free cash flow growth.
"Our fourth-quarter and full-year results reflect the strong execution of our 3x3 Plan, accelerating our client-centric Aon United strategy", commented Greg Case, president and CEO. "In the fourth quarter, we delivered 5% organic revenue growth and 16% free cash flow growth, and we achieved all of our full-year objectives, including a second straight year of 6% organic revenue growth", the CEO said.
"Our strategic investments in data-driven insights and capabilities through Aon Business Services are enabling us to meet rising client demand in an increasingly complex environment", Case added. "We are entering 2026 with momentum and are well positioned to continue to deliver for our clients, generate sustainable growth and create long-term shareholder value", the president and CEO concluded.
The full report can be found here.
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