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Side-by-side financial comparison of Aon plc (AON) and Air Products (APD). Click either name above to swap in a different company.
Aon plc is the larger business by last-quarter revenue ($5.0B vs $3.2B, roughly 1.6× Air Products). Aon plc runs the higher net margin — 24.6% vs 22.9%, a 1.8% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (8.8% vs 6.0%). Over the past eight quarters, Aon plc's revenue compounded faster (15.7% CAGR vs 3.1%).
Aon plc is a British-American professional services firm. The company operates two divisions: Risk Capital, which provides brokerage and consulting services for risk management and insurance and reinsurance, and Human Capital, which provides services for health insurance, retirement plans, pension plans, and talent advisory.
Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas; specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, gasificati...
AON vs APD — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.0B | $3.2B |
| Net Profit | $1.2B | $724.8M |
| Gross Margin | — | 31.1% |
| Operating Margin | 34.1% | — |
| Net Margin | 24.6% | 22.9% |
| Revenue YoY | 6.0% | 8.8% |
| Net Profit YoY | 25.6% | 166.6% |
| EPS (diluted) | $5.63 | $3.19 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $5.0B | $3.2B | ||
| Q4 25 | $4.3B | $3.1B | ||
| Q3 25 | $4.0B | $3.2B | ||
| Q2 25 | $4.2B | $3.0B | ||
| Q1 25 | $4.7B | $2.9B | ||
| Q4 24 | $4.1B | $2.9B | ||
| Q3 24 | $3.7B | $3.2B | ||
| Q2 24 | $3.8B | $3.0B |
| Q1 26 | $1.2B | $724.8M | ||
| Q4 25 | $1.7B | $678.2M | ||
| Q3 25 | $458.0M | $4.9M | ||
| Q2 25 | $579.0M | $713.8M | ||
| Q1 25 | $965.0M | $-1.7B | ||
| Q4 24 | $716.0M | $617.4M | ||
| Q3 24 | $343.0M | $1.9B | ||
| Q2 24 | $524.0M | $696.6M |
| Q1 26 | — | 31.1% | ||
| Q4 25 | — | 32.1% | ||
| Q3 25 | — | 32.3% | ||
| Q2 25 | — | 32.5% | ||
| Q1 25 | — | 29.6% | ||
| Q4 24 | — | 31.2% | ||
| Q3 24 | — | 34.0% | ||
| Q2 24 | — | 32.8% |
| Q1 26 | 34.1% | — | ||
| Q4 25 | 28.1% | 23.7% | ||
| Q3 25 | 20.4% | 0.5% | ||
| Q2 25 | 20.7% | 26.2% | ||
| Q1 25 | 30.9% | -79.8% | ||
| Q4 24 | 26.3% | 22.0% | ||
| Q3 24 | 16.7% | 76.1% | ||
| Q2 24 | 17.4% | 24.7% |
| Q1 26 | 24.6% | 22.9% | ||
| Q4 25 | 39.4% | 21.9% | ||
| Q3 25 | 11.5% | 0.2% | ||
| Q2 25 | 13.9% | 23.6% | ||
| Q1 25 | 20.4% | -59.3% | ||
| Q4 24 | 17.3% | 21.1% | ||
| Q3 24 | 9.2% | 61.2% | ||
| Q2 24 | 13.9% | 23.3% |
| Q1 26 | $5.63 | $3.19 | ||
| Q4 25 | $7.82 | $3.04 | ||
| Q3 25 | $2.11 | $0.03 | ||
| Q2 25 | $2.66 | $3.20 | ||
| Q1 25 | $4.43 | $-7.77 | ||
| Q4 24 | $3.11 | $2.77 | ||
| Q3 24 | $1.57 | $8.75 | ||
| Q2 24 | $2.46 | $3.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.4M | — |
| Total DebtLower is stronger | $13.5M | $17.4M |
| Stockholders' EquityBook value | $10.0M | $18.1M |
| Total Assets | $51.4M | $41.6M |
| Debt / EquityLower = less leverage | 1.36× | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4M | — | ||
| Q4 25 | $2.8B | $1.0B | ||
| Q3 25 | $1.3B | $1.9B | ||
| Q2 25 | $1.4B | $2.3B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.3B | $2.0B | ||
| Q3 24 | $1.3B | $3.0B | ||
| Q2 24 | $1.2B | $2.4B |
| Q1 26 | $13.5M | $17.4M | ||
| Q4 25 | $15.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $17.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $10.0M | $18.1M | ||
| Q4 25 | $9.4B | $15.4B | ||
| Q3 25 | $7.9B | $15.0B | ||
| Q2 25 | $7.8B | $15.5B | ||
| Q1 25 | $7.0B | $14.7B | ||
| Q4 24 | $6.1B | $16.7B | ||
| Q3 24 | $6.2B | $17.0B | ||
| Q2 24 | $5.9B | $15.1B |
| Q1 26 | $51.4M | $41.6M | ||
| Q4 25 | $50.8B | $41.2B | ||
| Q3 25 | $51.6B | $41.1B | ||
| Q2 25 | $54.0B | $41.7B | ||
| Q1 25 | $50.3B | $38.9B | ||
| Q4 24 | $49.0B | $40.0B | ||
| Q3 24 | $49.9B | $39.6B | ||
| Q2 24 | $51.5B | $37.0B |
| Q1 26 | 1.36× | 0.96× | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.78× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | — |
| Free Cash FlowOCF − Capex | $363.0M | — |
| FCF MarginFCF / Revenue | 7.2% | — |
| Capex IntensityCapex / Revenue | 1.3% | 56.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $3.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $900.7M | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $796.0M | $855.8M | ||
| Q1 25 | $140.0M | $328.1M | ||
| Q4 24 | $1.2B | $811.7M | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $513.0M | $1.3B |
| Q1 26 | $363.0M | — | ||
| Q4 25 | $1.3B | $-350.5M | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $732.0M | $-640.0M | ||
| Q1 25 | $84.0M | $-1.6B | ||
| Q4 24 | $1.1B | $-1.3B | ||
| Q3 24 | $951.0M | — | ||
| Q2 24 | $460.0M | $-345.2M |
| Q1 26 | 7.2% | — | ||
| Q4 25 | 30.8% | -11.3% | ||
| Q3 25 | 27.0% | — | ||
| Q2 25 | 17.6% | -21.2% | ||
| Q1 25 | 1.8% | -53.6% | ||
| Q4 24 | 27.6% | -44.5% | ||
| Q3 24 | 25.6% | — | ||
| Q2 24 | 12.2% | -11.6% |
| Q1 26 | 1.3% | 56.4% | ||
| Q4 25 | 1.7% | 40.3% | ||
| Q3 25 | 1.7% | 47.9% | ||
| Q2 25 | 1.5% | 49.5% | ||
| Q1 25 | 1.2% | 64.9% | ||
| Q4 24 | 1.3% | 72.2% | ||
| Q3 24 | 1.7% | 65.1% | ||
| Q2 24 | 1.4% | 53.8% |
| Q1 26 | — | — | ||
| Q4 25 | 0.83× | 1.33× | ||
| Q3 25 | 2.51× | — | ||
| Q2 25 | 1.37× | 1.20× | ||
| Q1 25 | 0.15× | — | ||
| Q4 24 | 1.68× | 1.31× | ||
| Q3 24 | 2.95× | — | ||
| Q2 24 | 0.98× | 1.81× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AON
| Commercial Risk Solutions | $2.2B | 44% |
| Reinsurance Solutions | $1.3B | 25% |
| Health Solutions | $1.1B | 22% |
| Wealth Solutions | $420.0M | 8% |
APD
Segment breakdown not available.
