Aon Reports Third-Quarter 2026 Results

Divestitures partly offset organic growth, while restructuring expenses increased and Aon prepared to prioritize debt repayment.

Rhea-AI Summary

Aon (NYSE: AON) reported third-quarter 2026 revenue of $4.101 billion, with earnings per share rising despite lower operating income. Revenue increased 3% year over year, while organic revenue grew 6%. Diluted earnings per share rose 6% to $2.23. Operating income fell 1% to $809 million, and operating margin narrowed 70 basis points to 19.7%. Adjusted earnings per share, a non-GAAP measure, increased 10% to $3.36.

Organic revenue grew 7% in Commercial Risk and Reinsurance, 6% in Health and 4% in Wealth. First-nine-month operating cash flow rose 4% to $2.177 billion, while free cash flow increased 3% to $1.943 billion. Aon expects the USI acquisition to close in the fourth quarter of 2026 and plans to prioritize debt repayment, targeting leverage of 2.8x–3.0x in approximately 24 months. Quarterly restructuring expenses increased to $93 million from $32 million.

29 points · 0 major

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0 major · 15 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue increased 3% to $4.101 billion year over year; organic revenue grew 6%.
• Moderate pointThird-quarter diluted earnings per share rose 6% to $2.23 year over year.
• Moderate pointThird-quarter net income attributable to shareholders increased 4% to $476 million year over year.
• Moderate pointThird-quarter adjusted operating income rose 5% to $1.106 billion year over year.
• Moderate pointThird-quarter adjusted earnings per share increased 10% to $3.36 year over year.
• Moderate pointThird-quarter adjusted net income attributable to shareholders rose 8% to $715 million year over year.
• Moderate pointCommercial Risk quarterly revenue increased 6% to $2.110 billion; organic growth was 7%.
• Moderate pointReinsurance quarterly revenue increased 7% to $572 million; organic growth was 7%.
• Moderate pointHealth quarterly revenue increased 6% to $992 million; organic growth was 6%.
• Moderate pointQuarterly operating cash flow increased 4% to $1.191 billion year over year.
• Moderate pointQuarterly free cash flow increased 2% to $1.097 billion year over year.
• Moderate pointFirst-nine-month revenue increased 4% to $13.381 billion; organic revenue grew 5%.
• Moderate pointFirst-nine-month operating income increased 10% to $3.439 billion year over year.
• Moderate pointFirst-nine-month adjusted operating income rose 6% to $4.299 billion year over year.
• Moderate pointFirst-nine-month diluted earnings per share rose 14% to $10.46 year over year.
• Moderate pointFirst-nine-month adjusted earnings per share rose 12% to $13.66 year over year.
• Moderate pointFirst-nine-month operating cash flow increased 4% to $2.177 billion year over year.
• Moderate pointFirst-nine-month free cash flow increased 3% to $1.943 billion year over year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Aon plans to prioritize debt repayment, targeting 2.8x–3.0x leverage in approximately 24 months.

10 minor points

• Minor pointThird-quarter adjusted operating margin expanded 70 basis points to 27.0% year over year.
• Minor pointQuarterly net restructuring savings reached $20 million.
• Minor pointQuarterly premises expense decreased 2% to $83 million year over year.
• Minor pointQuarterly amortization and intangible-asset impairment expense decreased 9% to $175 million year over year.
• Minor pointQuarterly effective tax rate fell to 20.6% from 21.3% a year earlier.
• Minor pointQuarterly weighted average diluted shares decreased to 213.0 million from 216.7 million a year earlier.
• Minor pointQuarterly interest income increased $24 million year over year, primarily reflecting higher cash balances from debt proceeds.
• Minor pointFirst-nine-month operating margin expanded 140 basis points to 25.7% year over year.
• Minor pointFirst-nine-month adjusted operating margin expanded 80 basis points to 32.1% year over year.
• Minor point. Forward-looking: it has not happened yet and may not happen.Aon expects approximately $0.42 per share favorable full-year 2026 adjusted-EPS currency impact if exchange rates remain stable.

Negative

• Moderate pointThird-quarter operating income declined 1% to $809 million year over year.
• Moderate pointWealth quarterly revenue fell 21% to $429 million, despite 4% organic growth.
• Moderate pointUSI acquisition remains pending; Aon expects closing in the fourth quarter of 2026.
• Minor pointThird-quarter operating margin contracted 70 basis points to 19.7% year over year.
• Minor pointDivestitures primarily drove a 3% unfavorable impact on quarterly revenue growth.

10 minor points

• Minor pointQuarterly restructuring expenses increased 191% to $93 million year over year, primarily for workforce optimization.
• Minor pointQuarterly compensation and benefits expense increased 1% to $2.275 billion year over year.
• Minor pointQuarterly information technology expense increased 11% to $156 million year over year.
• Minor pointQuarterly depreciation expense increased 4% to $49 million year over year.
• Minor pointQuarterly other general expense increased 8% to $461 million year over year, including USI-related transaction costs.
• Minor pointQuarterly adjusted effective tax rate increased to 20.2% from 19.2% a year earlier.
• Minor pointQuarterly other expense and adjusted other expense were each $15 million versus $13 million a year earlier.
• Minor pointFirst-nine-month capital expenditures increased $45 million year over year.
• Minor pointReinsurance experienced an unfavorable net market impact during the quarter.
• Minor pointDebt issued near quarter-end to fund USI added interest expense; total quarterly interest expense remained flat year over year.

News Explained

Weighted-average diluted shares were 213.0 million versus 216.7 million a year earlier; Aon made no share repurchases in the quarter, and about $7.7 billion of authorization remained at September 30, 2026—authorization, not completed purchases.

Key Figures

Total revenue: $4,101 million, up 3% Organic revenue growth: 6% Adjusted diluted EPS: $3.36, up 10% +5 more

Total revenue

$4,101 million, up 3%

Third quarter 2026 versus prior-year period

Organic revenue growth

6%

Third quarter 2026

Adjusted diluted EPS

$3.36, up 10%

Third quarter 2026 versus prior-year period

Operating income

$809 million, down 1%

Third quarter 2026 versus prior-year period

Adjusted operating income

$1,106 million, up 5%

Third quarter 2026 versus prior-year period

Adjusted operating margin

27.0%, up 70 basis points

Third quarter 2026 versus prior-year period

Free cash flow

$1,097 million, up 2%

Third quarter 2026 versus prior-year period

Deleveraging objective

2.8x–3.0x

Company objective; path stated as approximately 24 months

Key Terms

non-gaap, foreign currency translation, p&c

3 terms

non-gaap financial

"organic revenue growth, which is a non-GAAP measure"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

foreign currency translation financial

"results were translated at current-period foreign exchange rates"

Foreign currency translation is the process of converting financial statements prepared in one currency into another currency so they can be combined or compared. Investors care because exchange rate swings can change reported revenue, profit and asset values even when a company’s underlying business hasn’t changed — like converting vacation spending back to your home money and seeing the total rise or fall depending on the day’s exchange rate.

p&c technical

"strong growth in M&A services and U.S. core P&C"

P&C stands for property and casualty insurance, the sector that protects physical assets (homes, cars, buildings) and pays for legal or repair costs when people or property are harmed. Investors watch P&C businesses because they generate steady premium income but face sudden, often large claims after accidents or disasters, so profitability can swing sharply—think of premiums as a safety net that can stretch or tear under big losses.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DUBLIN, Oct. 28, 2026 /PRNewswire/ -- Aon plc (NYSE: AON) today reported results for the three months ended September 30, 2026.

• Aon delivered another quarter of strong performance, including 3% total revenue growth, 6% organic revenue growth and EPS growth. Our results showcased broad-based strength across solution lines, with organic revenue growth of 7% in Commercial Risk, 7% in Reinsurance, 6% in Health and 4% in Wealth
• Our disciplined capital allocation framework is supported by strong free cash flow generation. We expect the USI Acquisition to close in the fourth quarter of 2026, and will prioritize debt repayment with a path towards deleveraging to our 2.8x-3.0x objective in approximately 24 months
• We enter the fourth quarter with significant momentum, reinforcing our confidence in our ability to deliver strong financial performance for full-year 2026

	Third Quarter 2026						First Nine Months 2026
(millions, except percentages and per share data)	2026		2025		Change		2026		2025		Change
Total revenue	$4,101		$3,997		3 %		$13,381		$12,881		4 %
Organic revenue growth (Non-GAAP)					6 %						5 %
Operating income	$809		$816		(1) %		$3,439		$3,136		10 %
Adjusted operating income (Non-GAAP)	$1,106		$1,051		5 %		$4,299		$4,038		6 %
Operating margin	19.7 %		20.4 %		-70 bps		25.7 %		24.3 %		140 bps
Adjusted operating margin (Non-GAAP)	27.0 %		26.3 %		70 bps		32.1 %		31.3 %		80 bps
Diluted EPS	$2.23		$2.11		6 %		$10.46		$9.21		14 %
Adjusted EPS (Non-GAAP)	$3.36		$3.05		10 %		$13.66		$12.22		12 %
Cash provided by operations	$1,191		$1,148		4 %		$2,177		$2,084		4 %
Free cash flow (Non-GAAP)	$1,097		$1,079		2 %		$1,943		$1,895		3 %

"Our Aon United strategy continues to advance and differentiate our platform for clients," said Greg Case, president and CEO. "As we progress through the final year of our 3x3 Plan, our investments in AI-enabled analytics, innovative capabilities and capital solutions, and leading experts are helping clients address their risks, build resilience and drive better outcomes. At the same time, we are strengthening our context advantage and expanding our ability to serve clients across a broader market through the announced acquisition of USI, while creating new opportunities through greater access to both traditional and alternative sources of capital."

Case added: "The impact of this strategy is further demonstrated by our strong third-quarter results with 6% organic revenue growth, 70 basis points of adjusted margin expansion and 10% adjusted EPS growth. We enter the fourth quarter with significant momentum, reinforcing confidence in our ongoing ability to deliver sustained, differentiated performance."

Net income attributable to Aon shareholders in the third quarter increased 6%, to $2.23 per share on a diluted basis, compared to $2.11 per share on a diluted basis, in the prior-year period. Adjusted net income per share attributable to Aon shareholders increased 10% to $3.36 on a diluted basis, including a $0.02 favorable impact if prior-year period results were translated at current-period foreign exchange rates ("foreign currency translation"), compared to $3.05 in the prior-year period. Certain items that impacted third-quarter results and comparisons with the prior-year period are detailed in "Reconciliation of Non-GAAP Measures - Operating Income and Operating Margin (Unaudited)" and "Reconciliation of Non-GAAP Measures - Diluted Earnings Per Share (Unaudited)" beginning on page 11 of this press release.

THIRD-QUARTER 2026 FINANCIAL SUMMARY

Total revenue in the third quarter increased 3% to $4.1 billion compared to the prior-year period, reflecting 6% organic revenue growth, partially offset by a 3% unfavorable impact primarily from divestitures. Risk Capital revenue increased $157 million, or 6%, to $2.7 billion and Human Capital revenue decreased $54 million, or 4%, to $1.4 billion.

Total operating expenses in the third quarter increased 3% to $3.3 billion compared to the prior-year period due primarily to an increase in expense associated with 6% organic revenue growth, investments in long-term growth, and an increase in Accelerating Aon United Program expenses, partially offset by lower expenses associated with the sale of the NFP Wealth business and $20 million of net restructuring savings. Risk Capital operating expenses increased $134 million, or 7%, and Human Capital operating expenses decreased $68 million, or 6%.

Foreign currency translation had a $0.02 favorable impact on both diluted EPS and adjusted EPS in the third quarter. If currency were to remain stable at today's rates, the Company would expect a de minimis impact on adjusted EPS in the fourth quarter of 2026 and a favorable impact on adjusted EPS of approximately $0.42 per share for the full year 2026.

Effective tax rate was 20.6% in the third quarter compared to 21.3% in the prior-year period. After adjusting to exclude the applicable tax impact associated with certain non-GAAP adjustments, the adjusted effective tax rate for the third quarter of 2026 was 20.2% compared to 19.2% in the prior-year period. The primary drivers of the change in the effective tax rate were changes to the geographical distribution of income and a greater net unfavorable impact from discrete items. The primary drivers of the change in the adjusted effective tax rate were changes to the geographical distribution of income and a net unfavorable impact from discrete items.

Weighted average diluted shares outstanding decreased to 213.0 million in the third quarter compared to 216.7 million in the prior-year period. The Company did not repurchase any shares in the third quarter. As of September 30, 2026, the Company had approximately $7.7 billion of remaining authorization under its share repurchase program.

YEAR-TO-DATE 2026 CASH FLOW SUMMARY

Cash flows provided by operations for the first nine months of 2026 increased $93 million, or 4%, to $2.2 billion compared to the prior-year period, as strong adjusted operating income growth offset the impact of working capital and USI-related transaction costs.

Free cash flow, defined as cash flow from operations less capital expenditures, increased 3%, to $1.9 billion for the first nine months of 2026 compared to the prior-year period, reflecting an increase in cash flows provided by operations, partially offset by a $45 million increase in capital expenditures.

THIRD-QUARTER 2026 REVENUE REVIEW

The third-quarter revenue reviews provided below include supplemental information related to organic revenue growth, which is a non-GAAP measure that is described in detail in "Reconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow" on page 10 of this press release.

		Three Months Ended September 30,
(millions)		2026		2025		% Change		Less: Currency Impact		Less: Fiduciary Investment  Income		Less: Acquisitions, Divestitures  & Other		Organic Revenue Growth
Risk Capital Revenue:
Commercial Risk Solutions		$         2,110		$         1,988		6 %		— %		— %		(1) %		7 %
Reinsurance Solutions		572		537		7		—		(1)		1		7
Human Capital Revenue:
Health Solutions		992		935		6		—		—		—		6
Wealth Solutions		429		540		(21)		—		—		(25)		4
Eliminations		(2)		(3)		N/A		N/A		N/A		N/A		N/A
Total revenue		$         4,101		$         3,997		3 %		— %		— %		(3) %		6 %

Total revenue increased $104 million, or 3%, compared to the prior-year period, reflecting 6% organic revenue growth, driven by net new business and ongoing strong retention, partially offset by a 3% unfavorable impact primarily from divestitures largely due to the sales of the NFP Wealth business and Stroz Friedberg. Risk Capital revenue increased $157 million, or 6%, and Human Capital revenue decreased $54 million, or 4%.

Risk Capital

Commercial Risk Solutions Organic revenue growth of 7% reflects strong growth in North America and EMEA, driven by net new business and ongoing strong retention. Net market impact was slightly positive. Within North America, performance was highlighted by strong growth in M&A services and U.S. core P&C, and growth in construction.

Reinsurance Solutions Organic revenue growth of 7% reflects strong growth in treaty placements, driven by net new business and strong retention, and a favorable impact from the reversal of the constraint applied against prior period revenue. Net market impact was unfavorable in the quarter.

Human Capital

Health Solutions Organic revenue growth of 6% reflects strong growth in core health and benefits, including particular strength internationally, driven by net new business and ongoing strong retention, as well as growth in Talent Solutions driven by talent analytics. Net market impact was modestly positive.

Wealth Solutions Organic revenue growth of 4% reflects strong growth in Retirement, driven by continued demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change.

THIRD-QUARTER 2026 EXPENSE REVIEW

		Three Months Ended September 30,
(millions)		2026		2025		$ Change		% Change
Expenses
Compensation and benefits		$        2,275		$        2,259		$         16		1 %
Information technology		156		140		16		11
Premises		83		85		(2)		(2)
Depreciation of fixed assets		49		47		2		4
Amortization and impairment of intangible assets		175		193		(18)		(9)
Other general expense		461		425		36		8
Accelerating Aon United Program expenses		93		32		61		191
Total operating expenses		$        3,292		$        3,181		$        111		3 %

Compensation and benefits expense increased $16 million, or 1%, compared to the prior-year period, due primarily to higher expenses associated with 6% organic revenue growth and investments in long-term growth, partially offset by lower expenses from the sale of the NFP Wealth business and savings from Accelerating Aon United restructuring actions.

Information technology expense increased $16 million, or 11%, compared to the prior-year period, due primarily to Aon Business Services investments in ongoing technology initiatives.

Premises expense decreased $2 million, or 2%, compared to the prior-year period, as we continued to optimize our real estate footprint and recognize savings from Accelerating Aon United restructuring actions.

Depreciation of fixed assets increased $2 million, or 4%, compared to the prior-year period.

Amortization and impairment of intangible assets decreased $18 million, or 9%, compared to the prior-year period, due primarily to the decrease in intangible assets associated with the sale of the NFP Wealth business.

Other general expense increased $36 million, or 8%, compared to the prior-year period, due primarily to a recovery in the prior-year period associated with a legal settlement as well as USI-related transaction costs.

Accelerating Aon United Restructuring Program expense increased $61 million, or 191%, compared to the prior-year period, due primarily to costs related to workforce optimization.

THIRD-QUARTER 2026 INCOME SUMMARY

Certain noteworthy items impacted adjusted operating income and adjusted operating margin in the third quarters of 2026 and 2025, which are also described in detail in "Reconciliation of Non-GAAP Measures - Operating Income and Operating Margin (Unaudited)" and "Reconciliation of Non-GAAP Measures - Diluted Earnings Per Share (Unaudited)" on page 11 of this press release.

		Three Months Ended September 30,
(millions)		2026		2025		% Change
Revenue		$     4,101		$     3,997		3 %
Expenses		3,292		3,181		3 %
Operating income		$        809		$        816		(1) %
Operating margin		19.7 %		20.4 %		(70) bps
Adjusted operating income		$     1,106		$     1,051		5 %
Adjusted operating margin		27.0 %		26.3 %		70 bps

Operating income decreased $7 million, or 1%, and operating margin decreased 70 basis points to 19.7%, each compared to the prior-year period. Adjusted operating income increased $55 million, or 5%, and adjusted operating margin increased 70 basis points to 27.0%, each compared to the prior-year period. The increase in adjusted operating income reflects organic revenue growth, scale improvements in ABS and net restructuring savings, partially offset by investments for growth.

Interest income increased $24 million compared to the prior-year period, primarily reflecting higher cash balances as a result of the net proceeds raised from debt issuance. Interest expense was flat compared to the prior-year period. Lower average debt balances during much of the quarter were offset by interest expense associated with debt issued near the end of the quarter to fund the USI Acquisition.

Other expense and adjusted other expense were $15 million compared to $13 million in the prior-year period, primarily due to the unfavorable impact of exchange rates on the remeasurement of assets and liabilities in non-functional currencies.

Net income attributable to Aon shareholders increased 4% to $476 million compared to $458 million in the prior-year period. Adjusted net income attributable to Aon shareholders increased 8% to $715 million compared to $660 million in the prior-year period.

Conference Call, Presentation Slides, and Webcast Details

The Company will host a conference call on Wednesday, October 28, 2026 at 8:30 a.m., eastern time. Interested parties can listen to the conference call via a live audio webcast and view the presentation slides at ir.aon.com.

About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.

Follow Aon on LinkedIn, X, Facebook, and Instagram. Stay up-to-date by visiting the Aon Newsroom and signing up for News Alerts.

Safe Harbor Statement
This communication contains certain statements related to future results, or states Aon's intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. These forward-looking statements include information about possible or assumed future results of Aon's operations. All statements, other than statements of historical facts, that address activities, events or developments that Aon expects or anticipates may occur in the future, including such things as our outlook, market and industry conditions, including competitive and pricing trends, the development and performance of our services and products, our cost structure and the outcome of cost-saving or restructuring initiatives, including the impacts of the Accelerating Aon United Program, the pending USI Acquisition, actual or anticipated legal settlement expenses, future capital expenditures, growth in commissions and fees, changes to the composition or level of our revenues, cash flow and liquidity, expected tax rates, expected foreign currency translation impacts, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, plans, references to future successes, and expectations with respect to the benefits of the acquisition of USI are forward-looking statements. Also, when Aon uses words such as "anticipate", "believe", "continue", "confidence", "could", "estimate", "expect", "forecast", "intend", "looking forward", "may", "might", "plan", "potential", "opportunity", "commit", "probably", "project", "positioned", "should", "will", "would" or similar expressions, it is making forward-looking statements.

The following factors, among others, could cause actual results to differ from those set forth in or anticipated by the forward-looking statements: changes in the competitive environment, due to macroeconomic conditions or otherwise, or damage to Aon's reputation; fluctuations in currency exchange, interest, or inflation rates that could impact our financial condition or results; changes in global equity and fixed income markets that could affect the return on invested assets; changes in the funded status of Aon's various defined benefit pension plans and the impact of any increased pension funding resulting from those changes; the level of Aon's debt and the terms thereof reducing Aon's flexibility or increasing borrowing costs; rating agency actions that could limit Aon's access to capital and our competitive position; Aon's global tax rate being subject to a variety of different factors, including the application of the OECD's Pillar Two tax regime by Ireland, the U.K., Singapore, and many E.U. member states, among others, or other pending proposals in those and other countries, which could create volatility in that tax rate; changes in Aon's accounting estimates or assumptions on Aon's financial statements; limits on Aon's subsidiaries' ability to pay dividends or otherwise make payments to Aon; the impact of legal proceedings and other contingencies, including those arising from or related to acquisition or disposition transactions, errors and omissions and other claims against Aon (including proceedings and contingencies relating to transactions for which capital was arranged by Vesttoo Ltd. or related to actions we may take in being responsible for making decisions on behalf of clients in our investment business or in other advisory services that we currently provide, or may provide in the future); the impact of, and potential challenges in complying with, laws and regulations in the jurisdictions in which Aon operates, particularly given the global nature of Aon's operations and the possibility of differing or conflicting laws and regulations, or the application or interpretation thereof, across jurisdictions in which Aon does business, including but not limited to in the areas of cybersecurity, data privacy and artificial intelligence; the impact of any regulatory investigations brought in Ireland, the U.K., the U.S. and other countries; failure to protect intellectual property rights or allegations that Aon infringes on the intellectual property rights of others; general economic and political conditions in different countries in which Aon does business around the world; the failure to retain, attract and develop experienced and qualified personnel; international risks associated with our global operations, including geopolitical conflicts, tariffs, sanctions, or changes in trade policies; the effects of natural or human-caused disasters, including the effects of health pandemics and the impacts of climate related events; any system or network disruption or breach resulting in operational interruption or improper disclosure of confidential, personal, or proprietary data, and resulting liabilities or damage to our reputation; Aon's ability to develop, implement, update and enhance new technology; the actions taken by third parties that perform aspects of Aon's business operations and client services; Aon's ability to continue, and the costs and risks associated with, growing, developing and integrating acquired business, and entering into new lines of business or products; Aon's ability to secure regulatory approval and complete transactions, and the costs and risks associated with the failure to consummate proposed transactions; changes in commercial property and casualty markets, commercial premium rates or methods of compensation; Aon's ability to develop and implement innovative growth strategies and initiatives intended to yield cost savings (including the Accelerating Aon United Program), and the ability to achieve such growth or cost savings; the effects of Irish law on Aon's operating flexibility and the enforcement of judgments against Aon; adverse effects on the market price of Aon's securities and/or operating results for any reason, including, without limitation, because of a failure to realize the expected benefits of the pending acquisition of USI (including anticipated revenue and growth synergies) in the expected timeframe, or at all; significant transaction and integration costs or difficulties in connection with the pending acquisition of USI or unknown or inestimable liabilities; and the potential impact of the consummation of the pending USI Acquisition on relationships, including with suppliers, customers, employees and regulators.

Any or all of Aon's forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon's performance. The factors identified above are not exhaustive. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for prior periods are not necessarily indicative of results that may be expected for any future period. Further information concerning Aon and its businesses, including factors that could materially affect Aon's financial results, is contained in Aon's filings with the SEC. See Aon's Annual Report on Form 10-K for the year ended December 31, 2025 for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise.

Explanation of Non-GAAP Measures
This communication includes supplemental information not calculated in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), including organic revenue growth, free cash flow, adjusted operating income, adjusted operating margin, adjusted net income, adjusted net income attributable to Aon shareholders, adjusted diluted net income per share ("EPS"), adjusted effective tax rate, adjusted other income (expense), adjusted income tax expense, leverage ratio, and adjusted income before income taxes that exclude the effects of intangible asset amortization and impairment, Accelerating Aon United Program expenses, contingent consideration, NFP integration costs, USI transaction costs, certain pension settlements, capital expenditures, and certain other noteworthy items that affected results for the comparable periods. Organic revenue growth includes the impact of intercompany activity and excludes foreign exchange rate changes, acquisitions (provided that organic revenue growth includes organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior-year period), divestitures (including held for sale disposal groups, if any, which are adjusted from organic revenue growth upon classification as held-for-sale), transfers between revenue lines, fiduciary investment income, and gains or losses on derivatives accounted for as hedges. Currency impact represents the effect on prior-year period results if they were translated at current-period foreign exchange rates. Reconciliations to the closest U.S. GAAP measure for each non-GAAP measure presented in this communication are provided in the attached appendices. Supplemental organic revenue growth information and additional measures that exclude the effects of certain items noted above do not affect net income or any other U.S. GAAP reported amounts. Free cash flow is cash flows from operating activity less capital expenditures. The adjusted effective tax rate excludes the applicable tax impact associated with adjustments previously described, generally at the estimated annual effective tax rate or jurisdictional rate, where appropriate. Beginning in the third quarter of 2024, the adjusted effective tax rate also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company's terminated proposed combination with Willis Towers Watson. Leverage ratio is calculated by dividing total debt by trailing 12-month EBITDA. EBITDA is net income minus the impact of interest, taxes, depreciation and amortization, and the non-recurring gain from the sale of the substantial majority of NFP's Wealth business. Management believes that these measures are important to make meaningful period-to-period comparisons and that this supplemental information is helpful to investors. Management also uses certain of these measures to assess operating performance and performance for compensation. Non-GAAP measures should be viewed in addition to, not in lieu of, Aon's Consolidated Financial Statements. Industry peers provide similar supplemental information regarding their performance, although they may not make identical adjustments. Aon does not provide a reconciliation of forward-looking non-GAAP measures, such as adjusted operating margin, adjusted other income (expense) and adjusted effective tax rate, and leverage ratio where Aon believes such a reconciliation would imply a degree of precision and certainty that could be misleading and is unable to reasonably predict certain items contained in the corresponding GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of Aon's control, or cannot be reasonably predicted. For these reasons, Aon is also unable to address the probable significance of the unavailable information.

Investor Contact:		Media Contact:
Hallie Miller		Will Dunn
investor.relations@aon.com		Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114
		International: +1 312 381 3024
		mediainquiries@aon.com

 

Aon plc Condensed Consolidated Statements of Income (Unaudited)
		Three Months Ended September 30,						Nine Months Ended September 30,
(millions, except per share data)		2026		2025		% Change		2026		2025		% Change
Revenue
Total revenue		$  4,101		$  3,997		3 %		$ 13,381		$ 12,881		4 %
Expenses
Compensation and benefits		2,275		2,259		1 %		6,939		6,868		1 %
Information technology		156		140		11 %		462		412		12 %
Premises		83		85		(2) %		249		252		(1) %
Depreciation of fixed assets		49		47		4 %		144		140		3 %
Amortization and impairment of intangible assets		175		193		(9) %		501		593		(16) %
Other general expense		461		425		8 %		1,366		1,244		10 %
Accelerating Aon United Program expenses		93		32		191 %		281		236		19 %
Total operating expenses		3,292		3,181		3 %		9,942		9,745		2 %
Operating income		809		816		(1) %		3,439		3,136		10 %
Interest income		24		—		100 %		41		5		720 %
Interest expense		(206)		(206)		— %		(564)		(624)		(10) %
Other income (expense)		(15)		(13)		15 %		(27)		33		(182) %
Income before income taxes		612		597		3 %		2,889		2,550		13 %
Income tax expense (1)		126		127		(1) %		599		504		19 %
Net income		486		470		3 %		2,290		2,046		12 %
Less: Net income attributable to redeemable and nonredeemable noncontrolling interests		10		12		(17) %		51		44		16 %
Net income attributable to Aon shareholders		$    476		$    458		4 %		$  2,239		$  2,002		12 %
Basic net income per share attributable to Aon shareholders		$   2.24		$   2.12		6 %		$  10.50		$   9.26		13 %
Diluted net income per share attributable to Aon shareholders		$   2.23		$   2.11		6 %		$  10.46		$   9.21		14 %
Weighted average ordinary shares outstanding - basic		212.3		215.7		(2) %		213.3		216.1		(1) %
Weighted average ordinary shares outstanding - diluted		213.0		216.7		(2) %		214.1		217.3		(1) %

(1)	The effective tax rate was 20.6% and 21.3% for the three months ended September 30, 2026 and 2025, respectively, and 20.7% and 19.8% for the nine months ended September 30, 2026 and 2025, respectively.

 

Aon plc Segment Results (Unaudited)
	Three Months Ended September 30,
	Risk Capital				Human Capital				Corporate/Eliminations (1)				Total Consolidated
(millions, except percentages)	2026		2025		2026		2025		2026		2025		2026		2025
Revenue
Total revenue	$         2,682		$         2,525		$         1,421		$         1,475		$     (2)		$     (3)		$         4,101		$         3,997
Expenses
Compensation and benefits	1,526		1,455		727		776		22		28		2,275		2,259
Information technology	103		94		52		44		1		2		156		140
Premises	54		56		28		28		1		1		83		85
Other expenses (2)	391		335		268		295		119		67		778		697
Total operating expenses	2,074		1,940		1,075		1,143		143		98		3,292		3,181
Operating income	$ 608		$ 585		$ 346		$ 332		$  (145)		$  (101)		$ 809		$ 816
Operating margin	22.7 %		23.2 %		24.3 %		22.5 %						19.7 %		20.4 %
	Nine Months Ended September 30,
	Risk Capital				Human Capital				Corporate/Eliminations (1)				Total Consolidated
(millions, except percentages)	2026		2025		2026		2025		2026		2025		2026		2025
Revenue
Total revenue	$         9,190		$         8,582		$         4,204		$         4,311		$    (13)		$    (12)		$           13,381		$           12,881
Expenses
Compensation and benefits	4,686		4,457		2,201		2,346		52		65		6,939		6,868
Information technology	305		272		149		134		8		6		462		412
Premises	163		162		83		87		3		3		249		252
Other expenses (2)	1,130		1,045		815		892		347		276		2,292		2,213
Total operating expenses	6,284		5,936		3,248		3,459		410		350		9,942		9,745
Operating income	$         2,906		$         2,646		$ 956		$ 852		$  (423)		$  (362)		$         3,439		$         3,136
Operating margin	31.6 %		30.8 %		22.7 %		19.8 %						25.7 %		24.3 %

(1) Corporate expenses/eliminations include governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment.

(2) Includes expenses related to depreciation of fixed assets, amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and other general expenses.

 

Aon plc Reconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow (Unaudited)
Organic Revenue Growth (Unaudited)
		Three Months Ended September 30,
(millions, except percentages)		2026		2025		% Change		Less: Currency Impact (1)		Less: Fiduciary Investment Income (2)		Less: Acquisitions, Divestitures  & Other		Organic Revenue Growth (3)
Risk Capital Revenue:
Commercial Risk Solutions		$         2,110		$        1,988		6 %		— %		— %		(1) %		7 %
Reinsurance Solutions (4)		572		537		7		—		(1)		1		7
Human Capital Revenue:
Health Solutions		992		935		6		—		—		—		6
Wealth Solutions		429		540		(21)		—		—		(25)		4
Eliminations		(2)		(3)		N/A		N/A		N/A		N/A		N/A
Total revenue		$         4,101		$        3,997		3 %		— %		— %		(3) %		6 %
		Nine Months Ended September 30,
(millions, except percentages)		2026		2025		% Change		Less: Currency Impact (1)		Less: Fiduciary Investment Income (2)		Less: Acquisitions, Divestitures & Other		Organic Revenue Growth (3)
Risk Capital Revenue:
Commercial Risk Solutions		$         6,628		$        6,168		7 %		2 %		— %		(1) %		6 %
Reinsurance Solutions (4)		2,562		2,414		6		2		—		(1)		5
Human Capital Revenue:
Health Solutions		2,929		2,733		7		2		—		—		5
Wealth Solutions		1,275		1,578		(19)		1		—		(23)		3
Eliminations		(13)		(12)		N/A		N/A		N/A		N/A		N/A
Total revenue		$        13,381		$       12,881		4 %		2 %		— %		(3) %		5 %

(1)	Currency impact represents the effect on prior-year period results if they were translated at current-period foreign exchange rates.
(2)	Fiduciary investment income for the three months ended September 30, 2026 and 2025 was $69 million and $75 million, respectively. Fiduciary investment income for the nine months ended September 30, 2026 and 2025 was $182 million and $208 million, respectively.
(3)	Organic revenue growth includes the impact of certain intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions (provided that organic revenue growth includes organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior-year period), divestitures (including held for sale disposal groups, which are adjusted from organic revenue growth upon classification as held for sale, if any), transfers between revenue lines, and gains or losses on derivatives accounted for as hedges.
(4)	Reinsurance Solutions revenue for the three and nine months ended September 30, 2026 includes $24 million of revenue resulting from the reversal of previously constrained revenue.

 

Free Cash Flow (Unaudited)
		Three Months Ended September 30,
(millions)		2026		2025		% Change
Cash Provided by Operating Activities		$         1,191		$         1,148		4 %
Capital Expenditures		(94)		(69)		36 %
Free Cash Flow (1)		$         1,097		$         1,079		2 %
		Nine Months Ended September 30,
(millions)		2026		2025		% Change
Cash Provided by Operating Activities		$         2,177		$         2,084		4 %
Capital Expenditures		(234)		(189)		24 %
Free Cash Flow (1)		$         1,943		$         1,895		3 %

(1)	Free cash flow is defined as cash flows from operations less capital expenditures. This non-GAAP measure does not imply or represent a precise calculation of residual cash flow available for discretionary expenditures.

 

Aon plc Reconciliation of Non-GAAP Measures - Operating Income and Operating Margin (Unaudited) (1)
	Three Months Ended September 30,
	Risk Capital				Human Capital				Corporate/Eliminations (2)				Total Consolidated
(millions, except percentages)	2026		2025		2026		2025		2026		2025		2026		2025		% Change
Revenue	$        2,682		$        2,525		$        1,421		$        1,475		$   (2)		$   (3)		$        4,101		$        3,997		3 %
Operating income	$      608		$      585		$      346		$      332		$ (145)		$ (101)		$      809		$      816		(1) %
Amortization and impairment of intangible assets	90		89		85		104		—		—		175		193
Change in the fair value of contingent consideration	(3)		10		7		13		—		—		4		23
Accelerating Aon United Program expenses (3)	18		(3)		2		(1)		73		36		93		32
Legal settlements (4)	—		(23)		—		—		—		—		—		(23)
Transaction and integration costs (5) (6)	—		3		—		2		25		5		25		10
Adjusted operating income	$      713		$      661		$      440		$      450		$  (47)		$  (60)		$        1,106		$        1,051		5 %
Operating margin	22.7 %		23.2 %		24.3 %		22.5 %						19.7 %		20.4 %		(70) bps
Adjusted operating margin	26.6 %		26.2 %		31.0 %		30.5 %						27.0 %		26.3 %		70 bps
	Nine Months Ended September 30, 2026
	Risk Capital				Human Capital				Corporate/Eliminations (2)				Total Consolidated
(millions, except percentages)	2026		2025		2026		2025		2026		2025		2026		2025		% Change
Revenue	$        9,190		$        8,582		$        4,204		$        4,311		$  (13)		$  (12)		$         13,381		$         12,881		4 %
Operating income	$        2,906		$        2,646		$      956		$      852		$ (423)		$ (362)		$        3,439		$        3,136		10 %
Amortization and impairment of intangible assets	251		259		250		334		—		—		501		593
Change in the fair value of contingent consideration	(5)		7		13		23		—		—		8		30
Accelerating Aon United Program expenses (3)	51		48		6		9		224		179		281		236
Legal settlements (4)	—		(23)		—		—		—		—		—		(23)
Transaction and integration costs (5) (6)	8		17		12		23		50		26		70		66
Adjusted operating income	$        3,211		$        2,954		$        1,237		$        1,241		$ (149)		$ (157)		$        4,299		$        4,038		6 %
Operating margin	31.6 %		30.8 %		22.7 %		19.8 %						25.7 %		24.3 %		140 bps
Adjusted operating margin	34.9 %		34.4 %		29.4 %		28.8 %						32.1 %		31.3 %		80 bps

(1)	Certain noteworthy items impacting operating income in the three and nine months ended September 30, 2026 and 2025 are described in this reconciliation. The items shown with the caption "adjusted" are non-GAAP measures.
(2)	Corporate expenses/eliminations include governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment.
(3)	Total Accelerating Aon United Program expenses include technology-related costs to facilitate streamlining and simplifying operations, headcount reduction costs, and costs associated with asset impairments, including real estate consolidation.
(4)	In the fourth quarter of 2023, Aon recognized a $197 million charge in connection with transactions for which capital was arranged by a third party, Vesttoo Ltd., and in the third quarter of 2025, certain legal settlement expenses and recoveries were recognized resulting in a $23 million reduction of expense within the Risk Capital segment.
(5)	The NFP transaction resulted in certain integration costs associated with colleague severance, retention bonus awards, termination of redundant third-party agreements, costs associated with legal entity rationalization, and professional or consulting fees related to alignment of management processes and controls, as well as costs associated with the assessment of NFP information technology environment and security protocols. Integration costs related to the NFP acquisition were substantially completed at June 30, 2026.
(6)	In the third quarter of 2026, the Company entered into a definitive agreement to acquire USI. As part of the acquisition, Aon incurred $25 million of transaction costs in the three months ended September 30, 2026. Transaction costs include advisory, legal, tax, and other professional or consulting fees required to complete the acquisition. The USI Acquisition also will result in certain integration costs associated with colleague severance, termination of redundant third-party agreements, cash retention awards, and professional or consulting fees related to alignment of management processes and controls, as well as costs associated with the assessment of USI information technology environment and security protocols.

 

Aon plc Reconciliation of Non-GAAP Measures - Diluted Earnings Per Share (Unaudited) (1)
(millions, except percentages)	Three Months Ended September 30,							Nine Months Ended September 30,
		2026		2025		% Change		2026		2025		% Change
Operating income		$   809		$   816		(1) %		$ 3,439		$ 3,136		10 %
Adjusted operating income (2)		1,106		1,051		5 %		4,299		4,038		6 %
Interest income		24		—		100 %		41		5		720 %
Interest expense		(206)		(206)		— %		(564)		(624)		(10) %
Other income (expense) (3)		(15)		(13)		15 %		(27)		33		(182) %
Less: Certain deferred consideration (4)		—		—		— %		—		108		(100) %
Less: Gains from disposition of certain business (5)		—		—		— %		20		—		100 %
Adjusted other income (expense)		$   (15)		$   (13)		15 %		$   (47)		$   (75)		(37) %
Adjusted income before income taxes		909		832		9 %		3,729		3,344		12 %
Adjusted income tax expense (6)		184		160		15 %		754		645		17 %
Adjusted net income		725		672		8 %		2,975		2,699		10 %
Less: Net income attributable to redeemable and nonredeemable noncontrolling interests		10		12		(17) %		51		44		16 %
Adjusted net income attributable to Aon shareholders		$   715		$   660		8 %		$ 2,924		$ 2,655		10 %
Adjusted diluted net income per share attributable to Aon shareholders		$  3.36		$  3.05		10 %		$ 13.66		$ 12.22		12 %
Weighted average ordinary shares outstanding - diluted		213.0		216.7		(2) %		214.1		217.3		(1) %
Effective tax rates (6)
U.S. GAAP		20.6 %		21.3 %				20.7 %		19.8 %
Non-GAAP		20.2 %		19.2 %				20.2 %		19.3 %

(1)	Certain noteworthy items impacting operating income in the three and nine months ended September 30, 2026 and 2025 are described in this schedule. The items shown with the caption "adjusted" are non-GAAP financial measures.
(2)	Refer to the previous page for a reconciliation of Operating income and Adjusted operating income.
(3)	Other Income (expense) includes $14 million and $21 million of net periodic pension expense for the three months ended September 30, 2026 and 2025, respectively. Other Income (expense) includes $44 million and $65 million of net periodic pension expense for the nine months ended September 30, 2026 and 2025, respectively.
(4)	During the nine months ended September 30, 2025, a gain of  $108 million was recognized. The gain related to deferred consideration from the affiliates of The Blackstone Group L.P. and the other designated purchasers related to a divestiture completed in a prior year period and was excluded from Adjusted other income (expense).
(5)	During the nine months ended September 30, 2026, Aon recognized a $20 million gain related to the prior-year sale of a significant majority of NFP's Wealth business, all of which was recognized in the first quarter of 2026.
(6)	Adjusted items are generally taxed at the estimated annual effective tax rate, except for the applicable tax impact associated with Accelerating Aon United Program expenses, deferred consideration from a prior year sale of business, certain integration costs related to the acquisition of NFP, additional gain from the disposal of the NFP Wealth business, changes in the fair value of contingent consideration, certain legal settlements, and certain transaction costs related to the definitive agreement to acquire USI, which are adjusted at the related jurisdictional rate. The tax adjustment also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company's terminated proposed combination with Willis Towers Watson.

 

Aon plc Condensed Consolidated Statements of Financial Position
		As of
		(Unaudited)
(millions)		September 30, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents		$          2,017		$          1,195
Short-term investments		13,299		1,603
Receivables, net		4,777		4,209
Fiduciary assets (1)		18,890		17,889
Other current assets		904		878
Total current assets		39,887		25,774
Goodwill		15,897		15,797
Intangible assets, net		5,487		5,727
Fixed assets, net		806		702
Operating lease right-of-use assets		744		677
Deferred tax assets		884		748
Prepaid pension		602		603
Other non-current assets		832		756
Total assets		$        65,139		$        50,784
Liabilities, redeemable noncontrolling interests, and equity
Liabilities
Current liabilities
Accounts payable and accrued liabilities		$          2,535		$          2,861
Short-term debt and current portion of long-term debt		1,722		589
Fiduciary liabilities		18,890		17,889
Other current liabilities		2,023		1,887
Total current liabilities		25,170		23,226
Long-term debt		26,319		14,660
Non-current operating lease liabilities		731		641
Deferred tax liabilities		350		340
Pension, other postretirement, and postemployment liabilities		976		1,084
Other non-current liabilities		1,376		1,285
Total liabilities		54,922		41,236
Redeemable noncontrolling interests		20		89
Equity
Ordinary shares - $0.01 nominal value      Authorized: 500.0 shares (issued: at September 30, 2026 - 212.2; at December 31, 2025 - 214.5)		2		2
Additional paid-in capital		13,620		13,438
Retained earnings (Accumulated deficit)		384		(245)
Accumulated other comprehensive loss		(3,905)		(3,843)
Total Aon shareholders' equity		10,101		9,352
Nonredeemable noncontrolling interests		96		107
Total equity		10,197		9,459
Total liabilities, redeemable noncontrolling interests and equity		$        65,139		$        50,784

(1)	Includes cash and short-term investments of $8.5 billion and $7.4 billion as of September 30, 2026 and December 31, 2025, respectively.

 

Aon plc Condensed Consolidated Statements of Cash Flows (Unaudited)
		Nine Months Ended September 30,
(millions)		2026		2025
Cash flows from operating activities
Net income		$        2,290		$        2,046
Adjustments to reconcile net income to cash provided by operating activities:
Gain from sales of businesses		(20)		(1)
Depreciation of fixed assets		144		140
Amortization and impairment of intangible assets		501		593
Share-based compensation expense		308		372
Deferred income taxes		(217)		(236)
Other, net		(3)		(116)
Change in assets and liabilities:
Receivables, net		(591)		(342)
Accounts payable and accrued liabilities		(387)		(543)
Accelerating Aon United Program liabilities		42		(29)
Current income taxes		(49)		(141)
Pension, other postretirement and postemployment liabilities		(38)		(17)
Other assets and liabilities		197		358
Cash provided by operating activities		2,177		2,084
Cash flows from investing activities
Proceeds from investments		95		114
Purchases of investments		(75)		(139)
Net sales (purchases) of short-term investments - non fiduciary		(11,699)		16
Acquisition of businesses, net of cash and funds held on behalf of clients		(327)		(276)
Sale of businesses, net of cash and funds held on behalf of clients		22		112
Capital expenditures		(234)		(189)
Cash used for investing activities		(12,218)		(362)
Cash flows from financing activities
Share repurchase		(1,100)		(750)
Proceeds from issuance of shares		53		60
Cash paid for employee taxes on withholding shares		(155)		(201)
Commercial paper issuances, net of repayments		(3)		376
Issuance of debt		13,404		—
Repayment of debt		(593)		(700)
Increase in fiduciary liabilities, net of fiduciary receivables		1,132		706
Cash dividends to shareholders		(511)		(468)
Redeemable and nonredeemable noncontrolling interests, and other financing activities		(181)		(164)
Cash provided by (used for) financing activities		12,046		(1,141)
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients		(107)		606
Net increase in cash and cash equivalents and funds held on behalf of clients		1,898		1,187
Cash, cash equivalents and funds held on behalf of clients at beginning of period		8,573		8,333
Cash, cash equivalents and funds held on behalf of clients at end of period		$       10,471		$        9,520
Reconciliation of cash and cash equivalents and funds held on behalf of clients:
Cash and cash equivalents		$        2,017		$        1,095
Cash and cash equivalents and funds held on behalf of clients classified as held for sale		—		34
Funds held on behalf of clients		8,454		8,391
Total cash and cash equivalents and funds held on behalf of clients		$       10,471		$        9,520

 

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SOURCE Aon Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Aon's third-quarter 2026 revenue and earnings per share?

Aon's third-quarter revenue increased 3% to $4.101 billion, and diluted earnings per share rose 6% to $2.23 year over year. Organic revenue growth was 6%. Adjusted earnings per share, a non-GAAP measure, increased 10% to $3.36.

When does Aon expect to close the USI acquisition?

Aon expects the USI acquisition to close in the fourth quarter of 2026. The company plans to prioritize debt repayment, with a path toward its 2.8x–3.0x leverage objective in approximately 24 months.

Did Aon repurchase shares in the third quarter of 2026?

Aon did not repurchase any shares in the third quarter of 2026. As of September 30, 2026, approximately $7.7 billion remained authorized under its share repurchase program.