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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 3,750 $ 2,720 $ 2,628
Adjustments to reconcile net income to cash provided by operating activities:                 
Gain from sales of businesses (1,201) (337) (4)
Depreciation of fixed assets 188 183 167
Amortization and impairment of intangible assets 778 503 89
Share-based compensation expense 432 474 438
Deferred income taxes (141) (311) (373)
Other, net (133) (134) 28
Change in assets and liabilities:      
Receivables, net (257) (312) (188)
Accounts payable and accrued liabilities (155) 393 13
Accelerating Aon United Program liabilities 27 17 99
Current income taxes 114 0 174
Pension, other postretirement and postemployment liabilities (16) (18) 8
Other assets and liabilities 95 (143) 356
Cash provided by operating activities 3,481 3,035 3,435
Cash flows from investing activities      
Proceeds from investments 145 212 76
Purchases of investments (172) (172) (67)
Net sales (purchases) of short-term investments - non fiduciary (1,379) 151 85
Acquisition of businesses, net of cash and funds held on behalf of clients (394) (3,506) (35)
Sale of businesses, net of cash and funds held on behalf of clients 2,349 700 5
Capital expenditures (263) (218) (252)
Cash provided by (used for) investing activities 286 (2,833) (188)
Cash flows from financing activities      
Share repurchase (1,000) (1,000) (2,700)
Proceeds from issuance of shares 70 79 72
Cash paid for employee taxes on withholding shares (208) (202) (241)
Commercial paper issuances, net of repayments (24) (591) (27)
Issuance of debt 0 7,926 744
Repayment of debt (1,850) (4,928) (350)
Increase in fiduciary liabilities, net of fiduciary receivables (366) 280 358
Cash dividends to shareholders (629) (562) (489)
Redeemable and nonredeemable noncontrolling interests, and other financing activities (198) (206) (232)
Cash provided by (used for) financing activities (4,205) 796 (2,865)
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients 678 (387) 264
Net increase in cash and cash equivalents and funds held on behalf of clients 240 611 646
Cash, cash equivalents and funds held on behalf of clients at beginning of year 8,333 7,722 7,076
Cash, cash equivalents and funds held on behalf of clients at end of year 8,573 8,333 7,722
Reconciliation of cash and cash equivalents and funds held on behalf of clients:      
Cash and cash equivalents 1,195 1,085 778
Cash and cash equivalents and funds held on behalf of clients classified as held for sale 0 1 43
Funds held on behalf of clients 7,378 7,247 6,901
Total cash and cash equivalents and funds held on behalf of clients $ 8,573 $ 8,333 $ 7,722