v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 1,804 $ 1,576
Adjustments to reconcile net income to cash provided by operating activities:    
Gain from sales of businesses (20) 0
Depreciation of fixed assets 95 93
Amortization and impairment of intangible assets 326 400
Share-based compensation expense 204 266
Deferred income taxes (90) (242)
Other, net 1 (111)
Change in assets and liabilities:    
Receivables, net (1,180) (902)
Accounts payable and accrued liabilities (605) (738)
Accelerating Aon United Program liabilities 24 15
Current income taxes (69) (73)
Pension, other postretirement and postemployment liabilities (23) (12)
Other assets and liabilities 519 664
Cash provided by operating activities 986 936
Cash flows from investing activities    
Proceeds from investments 33 71
Purchases of investments (36) (42)
Net sales (purchases) of short-term investments - non fiduciary 1,394 (153)
Acquisition of businesses, net of cash and funds held on behalf of clients (322) (143)
Sale of businesses, net of cash and funds held on behalf of clients 21 119
Capital expenditures (140) (120)
Cash provided by (used for) investing activities 950 (268)
Cash flows from financing activities    
Share repurchase (1,100) (500)
Proceeds from issuance of shares 28 33
Cash paid for employee taxes on withholding shares (141) (194)
Commercial paper issuances, net of repayments 297 480
Repayment of debt (593) (300)
Increase in fiduciary liabilities, net of fiduciary receivables 710 569
Cash dividends to shareholders (337) (308)
Redeemable and nonredeemable noncontrolling interests, and other financing activities (163) (153)
Cash used for financing activities (1,299) (373)
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients (147) 696
Net increase in cash and cash equivalents and funds held on behalf of clients 490 991
Cash, cash equivalents and funds held on behalf of clients at beginning of period 8,573 8,333
Cash, cash equivalents and funds held on behalf of clients at end of period 9,063 9,324
Reconciliation of cash and cash equivalents and funds held on behalf of clients:    
Cash and cash equivalents 1,062 1,008
Cash and cash equivalents and funds held on behalf of clients classified as held for sale 0 1
Funds held on behalf of clients 8,001 8,315
Total cash and cash equivalents and funds held on behalf of clients 9,063 9,324
Supplemental disclosures:    
Interest paid 363 416
Income taxes paid, net of refunds $ 632 $ 692