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Side-by-side financial comparison of Aon plc (AON) and Hagerty, Inc. (HGTY). Click either name above to swap in a different company.
Aon plc is the larger business by last-quarter revenue ($4.3B vs $150.8M, roughly 28.5× Hagerty, Inc.). Aon plc runs the higher net margin — 39.4% vs 18.9%, a 20.4% gap on every dollar of revenue. On growth, Hagerty, Inc. posted the faster year-over-year revenue change (30.7% vs 3.7%). Aon plc produced more free cash flow last quarter ($1.3B vs $23.1M). Over the past eight quarters, Hagerty, Inc.'s revenue compounded faster (12.1% 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.
Hagerty, Inc. is an American automotive lifestyle and membership company, as well as the world's largest provider of specialty insurance for classic vehicles. Hagerty is based in Traverse City, Michigan and also operates in Canada, Germany and the United Kingdom.
AON vs HGTY — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $4.3B | $150.8M |
| Net Profit | $1.7B | $28.6M |
| Gross Margin | — | — |
| Operating Margin | 28.1% | 26.3% |
| Net Margin | 39.4% | 18.9% |
| Revenue YoY | 3.7% | 30.7% |
| Net Profit YoY | 136.5% | 238.4% |
| EPS (diluted) | $7.82 | — |
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.
| Q4 25 | $4.3B | $150.8M | ||
| Q3 25 | $4.0B | $190.0M | ||
| Q2 25 | $4.2B | $188.5M | ||
| Q1 25 | $4.7B | $148.4M | ||
| Q4 24 | $4.1B | $115.4M | ||
| Q3 24 | $3.7B | $157.7M | ||
| Q2 24 | $3.8B | $155.6M | ||
| Q1 24 | $4.1B | $120.1M |
| Q4 25 | $1.7B | $28.6M | ||
| Q3 25 | $458.0M | $46.2M | ||
| Q2 25 | $579.0M | $47.2M | ||
| Q1 25 | $965.0M | $27.3M | ||
| Q4 24 | $716.0M | $8.4M | ||
| Q3 24 | $343.0M | $19.0M | ||
| Q2 24 | $524.0M | $42.7M | ||
| Q1 24 | $1.1B | $8.2M |
| Q4 25 | 28.1% | 26.3% | ||
| Q3 25 | 20.4% | 18.1% | ||
| Q2 25 | 20.7% | 25.3% | ||
| Q1 25 | 30.9% | 17.3% | ||
| Q4 24 | 26.3% | 5.2% | ||
| Q3 24 | 16.7% | 6.4% | ||
| Q2 24 | 17.4% | 24.5% | ||
| Q1 24 | 36.0% | 10.2% |
| Q4 25 | 39.4% | 18.9% | ||
| Q3 25 | 11.5% | 24.3% | ||
| Q2 25 | 13.9% | 25.0% | ||
| Q1 25 | 20.4% | 18.4% | ||
| Q4 24 | 17.3% | 7.3% | ||
| Q3 24 | 9.2% | 12.1% | ||
| Q2 24 | 13.9% | 27.4% | ||
| Q1 24 | 26.3% | 6.8% |
| Q4 25 | $7.82 | — | ||
| Q3 25 | $2.11 | — | ||
| Q2 25 | $2.66 | — | ||
| Q1 25 | $4.43 | — | ||
| Q4 24 | $3.11 | — | ||
| Q3 24 | $1.57 | — | ||
| Q2 24 | $2.46 | — | ||
| Q1 24 | $5.35 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.8B | $160.2M |
| Total DebtLower is stronger | $15.2B | $177.9M |
| Stockholders' EquityBook value | $9.4B | $221.3M |
| Total Assets | $50.8B | $2.1B |
| Debt / EquityLower = less leverage | 1.63× | 0.80× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.8B | $160.2M | ||
| Q3 25 | $1.3B | $290.5M | ||
| Q2 25 | $1.4B | $259.6M | ||
| Q1 25 | $1.3B | $232.7M | ||
| Q4 24 | $1.3B | $178.7M | ||
| Q3 24 | $1.3B | $208.9M | ||
| Q2 24 | $1.2B | $186.4M | ||
| Q1 24 | $6.4B | $131.2M |
| Q4 25 | $15.2B | $177.9M | ||
| Q3 25 | — | $104.4M | ||
| Q2 25 | — | $153.4M | ||
| Q1 25 | — | $132.6M | ||
| Q4 24 | $17.0B | $105.0M | ||
| Q3 24 | — | $122.9M | ||
| Q2 24 | — | $98.0M | ||
| Q1 24 | — | $91.5M |
| Q4 25 | $9.4B | $221.3M | ||
| Q3 25 | $7.9B | $211.7M | ||
| Q2 25 | $7.8B | $172.3M | ||
| Q1 25 | $7.0B | $162.9M | ||
| Q4 24 | $6.1B | $150.3M | ||
| Q3 24 | $6.2B | $148.3M | ||
| Q2 24 | $5.9B | $94.4M | ||
| Q1 24 | $-133.0M | $93.5M |
| Q4 25 | $50.8B | $2.1B | ||
| Q3 25 | $51.6B | $2.2B | ||
| Q2 25 | $54.0B | $2.0B | ||
| Q1 25 | $50.3B | $1.8B | ||
| Q4 24 | $49.0B | $1.7B | ||
| Q3 24 | $49.9B | $1.8B | ||
| Q2 24 | $51.5B | $1.7B | ||
| Q1 24 | $40.8B | $1.6B |
| Q4 25 | 1.63× | 0.80× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.89× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | 2.78× | 0.70× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 0.98× |
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 | $1.4B | $29.1M |
| Free Cash FlowOCF − Capex | $1.3B | $23.1M |
| FCF MarginFCF / Revenue | 30.8% | 15.3% |
| Capex IntensityCapex / Revenue | 1.7% | 4.0% |
| Cash ConversionOCF / Net Profit | 0.83× | 1.02× |
| TTM Free Cash FlowTrailing 4 quarters | $3.2B | $194.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | $29.1M | ||
| Q3 25 | $1.1B | $92.2M | ||
| Q2 25 | $796.0M | $53.9M | ||
| Q1 25 | $140.0M | $43.8M | ||
| Q4 24 | $1.2B | $-12.6M | ||
| Q3 24 | $1.0B | $67.4M | ||
| Q2 24 | $513.0M | $64.0M | ||
| Q1 24 | $309.0M | $58.2M |
| Q4 25 | $1.3B | $23.1M | ||
| Q3 25 | $1.1B | $85.2M | ||
| Q2 25 | $732.0M | $47.7M | ||
| Q1 25 | $84.0M | $38.4M | ||
| Q4 24 | $1.1B | $-16.7M | ||
| Q3 24 | $951.0M | $62.0M | ||
| Q2 24 | $460.0M | $56.6M | ||
| Q1 24 | $261.0M | $53.7M |
| Q4 25 | 30.8% | 15.3% | ||
| Q3 25 | 27.0% | 44.9% | ||
| Q2 25 | 17.6% | 25.3% | ||
| Q1 25 | 1.8% | 25.9% | ||
| Q4 24 | 27.6% | -14.5% | ||
| Q3 24 | 25.6% | 39.3% | ||
| Q2 24 | 12.2% | 36.4% | ||
| Q1 24 | 6.4% | 44.7% |
| Q4 25 | 1.7% | 4.0% | ||
| Q3 25 | 1.7% | 3.7% | ||
| Q2 25 | 1.5% | 3.3% | ||
| Q1 25 | 1.2% | 3.6% | ||
| Q4 24 | 1.3% | 3.5% | ||
| Q3 24 | 1.7% | 3.4% | ||
| Q2 24 | 1.4% | 4.8% | ||
| Q1 24 | 1.2% | 3.8% |
| Q4 25 | 0.83× | 1.02× | ||
| Q3 25 | 2.51× | 2.00× | ||
| Q2 25 | 1.37× | 1.14× | ||
| Q1 25 | 0.15× | 1.61× | ||
| Q4 24 | 1.68× | -1.50× | ||
| Q3 24 | 2.95× | 3.55× | ||
| Q2 24 | 0.98× | 1.50× | ||
| Q1 24 | 0.29× | 7.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AON
| Commercial Risk Solutions | $2.3B | 54% |
| Health Solutions | $1.1B | 26% |
| Wealth Solutions | $490.0M | 11% |
| Reinsurance Solutions | $379.0M | 9% |
HGTY
Segment breakdown not available.
