USI, Inc. ended 2025 with revenue of $2.972 billion, up to that level from its operations during the year, while net income came in at $60.8 million. Operating income totaled $339.3 million, but that was reduced by $319.2 million of interest expense and $7.2 million in income tax expense, leaving income before taxes at $68.0 million.
Revenue was led by net commissions and fees of $2.628 billion, with contingents and supplementals contributing $262.2 million and other income adding $82.1 million. On the cost side, compensation and employee benefits were the largest expense at $1.897 billion. The company also recorded $374.6 million of amortization of intangible assets, $288.7 million of other operating expenses, $33.8 million of depreciation, $25.1 million of stock-based compensation, $10.1 million of acquisition-related retention and buydown bonuses, and $3.9 million of earnout adjustments and accretion of discount.
USI finished the year with $7.530 billion of total assets and $6.407 billion of total liabilities, leaving stockholder’s equity at $1.123 billion. Cash and cash equivalents were $309.1 million, and fiduciary assets were $324.4 million. Accounts receivable stood at $1.126 billion, while goodwill was $3.755 billion and net identifiable intangible assets were $1.146 billion.
On the liability side, premiums payable were $1.062 billion, accrued expenses were $403.4 million, and long-term debt was $4.322 billion. Current liabilities totaled $1.645 billion, and long-term operating lease liabilities were $107.7 million. The company also carried $9.7 million of current acquisition earnout obligations and $5.4 million long-term, plus $10.2 million of current acquisition-related retention obligations and $8.6 million long-term.
Cash flow from operations was $321.1 million. That was offset by $49.5 million used in investing activities and $165.1 million used in financing activities. Financing outflows included $38.6 million of long-term debt payments, $70.0 million on the revolver, $14.9 million of acquisition earnout payments, and $99.0 million for repurchase and cancellation of Parent equity. Those were partly offset by $53.0 million from issuance of Parent equity and $4.7 million of contingent consideration on a business divestiture. Cash, cash equivalents, and restricted cash ended the period at $515.1 million, up from $408.5 million at the start of the year. Today the company's shares have moved -0.95% to a price of $304.85. For the full picture, make sure to review Aon's 8-K report.
