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Side-by-side financial comparison of Aon plc (AON) and Equitable Holdings, Inc. (EQH). Click either name above to swap in a different company.

Aon plc is the larger business by last-quarter revenue ($4.3B vs $3.3B, roughly 1.3× Equitable Holdings, Inc.). Aon plc runs the higher net margin — 39.4% vs 6.6%, a 32.8% gap on every dollar of revenue. On growth, Aon plc posted the faster year-over-year revenue change (3.7% vs -9.5%). Over the past eight quarters, Equitable Holdings, Inc.'s revenue compounded faster (21.2% CAGR vs 2.8%).

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.

Equitable Holdings, Inc. is an American financial services and insurance company that was founded in 1859 by Henry Baldwin Hyde.

AON vs EQH — Head-to-Head

Bigger by revenue
AON
AON
1.3× larger
AON
$4.3B
$3.3B
EQH
Growing faster (revenue YoY)
AON
AON
+13.2% gap
AON
3.7%
-9.5%
EQH
Higher net margin
AON
AON
32.8% more per $
AON
39.4%
6.6%
EQH
Faster 2-yr revenue CAGR
EQH
EQH
Annualised
EQH
21.2%
2.8%
AON

Income Statement — Q4 2025 vs Q4 2025

Metric
AON
AON
EQH
EQH
Revenue
$4.3B
$3.3B
Net Profit
$1.7B
$215.0M
Gross Margin
Operating Margin
28.1%
10.5%
Net Margin
39.4%
6.6%
Revenue YoY
3.7%
-9.5%
Net Profit YoY
136.5%
-76.1%
EPS (diluted)
$7.82
$0.69

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.

Revenue
AON
AON
EQH
EQH
Q4 25
$4.3B
$3.3B
Q3 25
$4.0B
$1.4B
Q2 25
$4.2B
$2.4B
Q1 25
$4.7B
$4.6B
Q4 24
$4.1B
$3.6B
Q3 24
$3.7B
$3.1B
Q2 24
$3.8B
$3.5B
Q1 24
$4.1B
$2.2B
Net Profit
AON
AON
EQH
EQH
Q4 25
$1.7B
$215.0M
Q3 25
$458.0M
$-1.3B
Q2 25
$579.0M
$-349.0M
Q1 25
$965.0M
$63.0M
Q4 24
$716.0M
$899.0M
Q3 24
$343.0M
$-134.0M
Q2 24
$524.0M
$428.0M
Q1 24
$1.1B
$114.0M
Operating Margin
AON
AON
EQH
EQH
Q4 25
28.1%
10.5%
Q3 25
20.4%
-93.0%
Q2 25
20.7%
-15.4%
Q1 25
30.9%
3.8%
Q4 24
26.3%
33.1%
Q3 24
16.7%
-0.5%
Q2 24
17.4%
19.4%
Q1 24
36.0%
11.1%
Net Margin
AON
AON
EQH
EQH
Q4 25
39.4%
6.6%
Q3 25
11.5%
-90.3%
Q2 25
13.9%
-14.8%
Q1 25
20.4%
1.4%
Q4 24
17.3%
24.8%
Q3 24
9.2%
-4.4%
Q2 24
13.9%
12.2%
Q1 24
26.3%
5.1%
EPS (diluted)
AON
AON
EQH
EQH
Q4 25
$7.82
$0.69
Q3 25
$2.11
$-4.47
Q2 25
$2.66
$-1.21
Q1 25
$4.43
$0.16
Q4 24
$3.11
$2.72
Q3 24
$1.57
$-0.47
Q2 24
$2.46
$1.23
Q1 24
$5.35
$0.30

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
AON
AON
EQH
EQH
Cash + ST InvestmentsLiquidity on hand
$2.8B
$12.5B
Total DebtLower is stronger
$15.2B
Stockholders' EquityBook value
$9.4B
$-74.0M
Total Assets
$50.8B
$318.0B
Debt / EquityLower = less leverage
1.63×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
AON
AON
EQH
EQH
Q4 25
$2.8B
$12.5B
Q3 25
$1.3B
$13.6B
Q2 25
$1.4B
$15.0B
Q1 25
$1.3B
$8.2B
Q4 24
$1.3B
$7.0B
Q3 24
$1.3B
$9.6B
Q2 24
$1.2B
$9.7B
Q1 24
$6.4B
$10.4B
Total Debt
AON
AON
EQH
EQH
Q4 25
$15.2B
Q3 25
Q2 25
Q1 25
Q4 24
$17.0B
Q3 24
Q2 24
Q1 24
Stockholders' Equity
AON
AON
EQH
EQH
Q4 25
$9.4B
$-74.0M
Q3 25
$7.9B
$148.0M
Q2 25
$7.8B
$1.1B
Q1 25
$7.0B
$2.4B
Q4 24
$6.1B
$1.6B
Q3 24
$6.2B
$3.2B
Q2 24
$5.9B
$1.6B
Q1 24
$-133.0M
$2.0B
Total Assets
AON
AON
EQH
EQH
Q4 25
$50.8B
$318.0B
Q3 25
$51.6B
$314.4B
Q2 25
$54.0B
$303.1B
Q1 25
$50.3B
$287.4B
Q4 24
$49.0B
$295.9B
Q3 24
$49.9B
$299.0B
Q2 24
$51.5B
$287.8B
Q1 24
$40.8B
$285.6B
Debt / Equity
AON
AON
EQH
EQH
Q4 25
1.63×
Q3 25
Q2 25
Q1 25
Q4 24
2.78×
Q3 24
Q2 24
Q1 24

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
AON
AON
EQH
EQH
Operating Cash FlowLast quarter
$1.4B
$-154.0M
Free Cash FlowOCF − Capex
$1.3B
FCF MarginFCF / Revenue
30.8%
Capex IntensityCapex / Revenue
1.7%
Cash ConversionOCF / Net Profit
0.83×
-0.72×
TTM Free Cash FlowTrailing 4 quarters
$3.2B

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
AON
AON
EQH
EQH
Q4 25
$1.4B
$-154.0M
Q3 25
$1.1B
$369.0M
Q2 25
$796.0M
$341.0M
Q1 25
$140.0M
$158.0M
Q4 24
$1.2B
$400.0M
Q3 24
$1.0B
$683.0M
Q2 24
$513.0M
$892.0M
Q1 24
$309.0M
$31.0M
Free Cash Flow
AON
AON
EQH
EQH
Q4 25
$1.3B
Q3 25
$1.1B
Q2 25
$732.0M
Q1 25
$84.0M
Q4 24
$1.1B
Q3 24
$951.0M
Q2 24
$460.0M
Q1 24
$261.0M
FCF Margin
AON
AON
EQH
EQH
Q4 25
30.8%
Q3 25
27.0%
Q2 25
17.6%
Q1 25
1.8%
Q4 24
27.6%
Q3 24
25.6%
Q2 24
12.2%
Q1 24
6.4%
Capex Intensity
AON
AON
EQH
EQH
Q4 25
1.7%
Q3 25
1.7%
Q2 25
1.5%
Q1 25
1.2%
Q4 24
1.3%
Q3 24
1.7%
Q2 24
1.4%
Q1 24
1.2%
Cash Conversion
AON
AON
EQH
EQH
Q4 25
0.83×
-0.72×
Q3 25
2.51×
Q2 25
1.37×
Q1 25
0.15×
2.51×
Q4 24
1.68×
0.44×
Q3 24
2.95×
Q2 24
0.98×
2.08×
Q1 24
0.29×
0.27×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

Revenue Breakdown by Segment

AON
AON

Commercial Risk Solutions$2.3B54%
Health Solutions$1.1B26%
Wealth Solutions$490.0M11%
Reinsurance Solutions$379.0M9%

EQH
EQH

Other$1.5B46%
Asset Management$1.2B37%
Wealth Management$545.0M17%

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