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Side-by-side financial comparison of Aon plc (AON) and MetLife (MET), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Aon plc is the larger business by last-quarter revenue ($4.3B vs $600.0M, roughly 7.2× MetLife). MetLife runs the higher net margin — 39.4% vs 134.8%, a 95.5% gap on every dollar of revenue. On growth, MetLife posted the faster year-over-year revenue change (7.9% vs 3.7%). Over the past eight quarters, Aon plc's revenue compounded faster (2.8% CAGR vs 2.0%).
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.
MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries. The firm was founded on March 24, 1868. MetLife ranked No. 43 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.
AON vs MET — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $4.3B | $600.0M |
| Net Profit | $1.7B | $809.0M |
| Gross Margin | — | — |
| Operating Margin | 28.1% | — |
| Net Margin | 39.4% | 134.8% |
| Revenue YoY | 3.7% | 7.9% |
| Net Profit YoY | 136.5% | -36.3% |
| EPS (diluted) | $7.82 | $1.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $4.3B | $600.0M | ||
| Q3 25 | $4.0B | $621.0M | ||
| Q2 25 | $4.2B | $604.0M | ||
| Q1 25 | $4.7B | $611.0M | ||
| Q4 24 | $4.1B | $556.0M | ||
| Q3 24 | $3.7B | $554.0M | ||
| Q2 24 | $3.8B | $558.0M | ||
| Q1 24 | $4.1B | $577.0M |
| Q4 25 | $1.7B | $809.0M | ||
| Q3 25 | $458.0M | $896.0M | ||
| Q2 25 | $579.0M | $729.0M | ||
| Q1 25 | $965.0M | $945.0M | ||
| Q4 24 | $716.0M | $1.3B | ||
| Q3 24 | $343.0M | $1.3B | ||
| Q2 24 | $524.0M | $946.0M | ||
| Q1 24 | $1.1B | $867.0M |
| Q4 25 | 28.1% | — | ||
| Q3 25 | 20.4% | — | ||
| Q2 25 | 20.7% | — | ||
| Q1 25 | 30.9% | — | ||
| Q4 24 | 26.3% | — | ||
| Q3 24 | 16.7% | — | ||
| Q2 24 | 17.4% | — | ||
| Q1 24 | 36.0% | — |
| Q4 25 | 39.4% | 134.8% | ||
| Q3 25 | 11.5% | 144.3% | ||
| Q2 25 | 13.9% | 120.7% | ||
| Q1 25 | 20.4% | 154.7% | ||
| Q4 24 | 17.3% | 228.6% | ||
| Q3 24 | 9.2% | 242.2% | ||
| Q2 24 | 13.9% | 169.5% | ||
| Q1 24 | 26.3% | 150.3% |
| Q4 25 | $7.82 | $1.18 | ||
| Q3 25 | $2.11 | $1.22 | ||
| Q2 25 | $2.66 | $1.03 | ||
| Q1 25 | $4.43 | $1.28 | ||
| Q4 24 | $3.11 | $1.75 | ||
| Q3 24 | $1.57 | $1.81 | ||
| Q2 24 | $2.46 | $1.28 | ||
| Q1 24 | $5.35 | $1.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.8B | $25.6B |
| Total DebtLower is stronger | $15.2B | — |
| Stockholders' EquityBook value | $9.4B | $28.4B |
| Total Assets | $50.8B | $745.2B |
| Debt / EquityLower = less leverage | 1.63× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $2.8B | $25.6B | ||
| Q3 25 | $1.3B | $26.2B | ||
| Q2 25 | $1.4B | $27.5B | ||
| Q1 25 | $1.3B | $26.9B | ||
| Q4 24 | $1.3B | $25.2B | ||
| Q3 24 | $1.3B | $26.4B | ||
| Q2 24 | $1.2B | $24.6B | ||
| Q1 24 | $6.4B | $24.7B |
| Q4 25 | $15.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $17.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $9.4B | $28.4B | ||
| Q3 25 | $7.9B | $28.9B | ||
| Q2 25 | $7.8B | $27.7B | ||
| Q1 25 | $7.0B | $27.5B | ||
| Q4 24 | $6.1B | $27.4B | ||
| Q3 24 | $6.2B | $30.9B | ||
| Q2 24 | $5.9B | $27.3B | ||
| Q1 24 | $-133.0M | $28.5B |
| Q4 25 | $50.8B | $745.2B | ||
| Q3 25 | $51.6B | $719.7B | ||
| Q2 25 | $54.0B | $702.5B | ||
| Q1 25 | $50.3B | $688.3B | ||
| Q4 24 | $49.0B | $677.5B | ||
| Q3 24 | $49.9B | $705.0B | ||
| Q2 24 | $51.5B | $675.7B | ||
| Q1 24 | $40.8B | $677.6B |
| 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. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.4B | $7.1B |
| Free Cash FlowOCF − Capex | $1.3B | — |
| FCF MarginFCF / Revenue | 30.8% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 1.7% | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 0.83× | 8.75× |
| TTM Free Cash FlowTrailing 4 quarters | $3.2B | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.4B | $7.1B | ||
| Q3 25 | $1.1B | $3.6B | ||
| Q2 25 | $796.0M | $2.2B | ||
| Q1 25 | $140.0M | $4.3B | ||
| Q4 24 | $1.2B | $4.6B | ||
| Q3 24 | $1.0B | $4.2B | ||
| Q2 24 | $513.0M | $3.5B | ||
| Q1 24 | $309.0M | $2.3B |
| 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 | — |
| 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% | — |
| 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% | — |
| Q4 25 | 0.83× | 8.75× | ||
| Q3 25 | 2.51× | 3.98× | ||
| Q2 25 | 1.37× | 3.00× | ||
| Q1 25 | 0.15× | 4.51× | ||
| Q4 24 | 1.68× | 3.63× | ||
| Q3 24 | 2.95× | 3.11× | ||
| Q2 24 | 0.98× | 3.69× | ||
| Q1 24 | 0.29× | 2.69× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
MET
| Other | $165.0M | 28% |
| Prepaidlegalplansandadministrativeonlycontracts | $158.0M | 26% |
| Vision Fee For Service Arrangements | $140.0M | 23% |
| Administrative Service | $76.0M | 13% |
| Distribution Service | $36.0M | 6% |
| Feebasedinvestmentmanagementservices | $25.0M | 4% |
