Aon Reports Third-Quarter 2026 Results
October 28, 2026 - 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
“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.”
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.
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.
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%.
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.
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.
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.
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. 2
, 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.
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.
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%.
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.
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. 3
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.
expense increased $16 million, or 11%, compared to the prior-year period, due primarily to Aon Business Services investments in ongoing technology initiatives.
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.
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.
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. 4
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.
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.
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.
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.
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.
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.
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.
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. 5
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. 6 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.
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
(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. 8
(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. 9
Reconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow (Unaudited)
(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.
(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. 10
Reconciliation of Non-GAAP Measures - Operating Income and Operating Margin (Unaudited) (1)
(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 redunda nt 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. 11
Reconciliation of Non-GAAP Measures - Diluted Earnings Per Share (Unaudited) (1)
(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. 12
As of September 30, December 31, (millions) (Unaudited) 2026 2025 ────────────────────────────────────────────────────────────────────────────── Assets Current assets Cash and cash $ 2,017 $ 1,195 equivalents Short-term 13,299 1,603 investments Receivables, net 4,777 4,209 Fiduciary 18,890 17,889 assets(1) Other current 904 878 assets Total current 39,887 25,774 assets Goodwill 15,897 15,797 Intangible 5,487 5,727 assets, net Fixed assets, net 806 702 Operating lease right-of-use 744 677 assets Deferred tax 884 748 assets Prepaid pension 602 603 Other non-current 832 756 assets Total assets $ 65,139 $ 50,784 Liabilities, redeemable noncontrolling interests, and equity Liabilities Current liabilities Accounts payable and accrued $ 2,535 $ 2,861 liabilities Short-term debt and current 1,722 589 portion of long-term debt Fiduciary 18,890 17,889 liabilities Other current 2,023 1,887 liabilities Total current 25,170 23,226 liabilities Long-term debt 26,319 14,660 Non-current operating lease 731 641 liabilities Deferred tax 350 340 liabilities Pension, other postretirement, and 976 1,084 postemployment liabilities Other non-current 1,376 1,285 liabilities Total liabilities 54,922 41,236 Redeemable noncontrolling 20 89 interests Equity Ordinary shares - $0.01 nominal value Authorized: 500.0 shares (issued: 2 2 at September 30, 2026 - 212.2; at December 31, 2025 - 214.5) Additional 13,620 13,438 paid-in capital Retained earnings (Accumulated 384 -245 deficit) Accumulated other comprehensive -3,905 -3,843 loss Total Aon shareholders' 10,101 9,352 equity Nonredeemable noncontrolling 96 107 interests Total equity 10,197 9,459 Total liabilities, redeemable $ 65,139 $ 50,784 noncontrolling interests and equity
(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. 13
(millions) Nine Months Ended Cash flows from September 30, operating activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 2,290 $ 2,046 Adjustments to reconcile net income to cash provided by operating activities: Gain from sales of -20 -1 businesses Depreciation of fixed 144 140 assets Amortization and impairment of 501 593 intangible assets Share-based 308 372 compensation expense Deferred income taxes -217 -236 Other, net -3 -116 Change in assets and liabilities: Receivables, net -591 -342 Accounts payable and -387 -543 accrued liabilities Accelerating Aon United Program 42 -29 liabilities Current income taxes -49 -141 Pension, other postretirement and -38 -17 postemployment liabilities Other assets and 197 358 liabilities Cash provided by 2,177 2,084 operating activities Cash flows from investing activities Proceeds from 95 114 investments Purchases of -75 -139 investments Net sales (purchases) of short-term -11,699 16 investments - non fiduciary Acquisition of businesses, net of cash -327 -276 and funds held on behalf of clients Sale of businesses, net of cash and 22 112 funds held on behalf of clients Capital expenditures -234 -189 Cash used for investing -12,218 -362 activities Cash flows from financing activities Share repurchase -1,100 -750 Proceeds from issuance 53 60 of shares Cash paid for employee taxes on -155 -201 withholding shares Commercial paper issuances, net of -3 376 repayments Issuance of debt 13,404 — Repayment of debt -593 -700 Increase in fiduciary liabilities, net 1,132 706 of fiduciary receivables Cash dividends to -511 -468 shareholders Redeemable and nonredeemable noncontrolling -181 -164 interests, and other financing activities Cash provided by (used for) financing 12,046 -1,141 activities Effect of exchange rates on cash and cash equivalents and -107 606 funds held on behalf of clients Net increase in cash and cash equivalents and funds 1,898 1,187 held on behalf of clients Cash, cash equivalents and funds held on 8,573 8,333 behalf of clients at beginning of period Cash, cash equivalents and funds held on $ 10,471 $ 9,520 behalf of clients at end of period Reconciliation of cash and cash equivalents and funds held on behalf of clients: Cash and cash $ 2,017 $ 1,095 equivalents Cash and cash equivalents and funds held — 34 on behalf of clients classified as held for sale Funds held on behalf of 8,454 8,391 clients Total cash and cash equivalents and $ 10,471 $ 9,520 funds held on behalf of clients
Full text with the tables
Exhibit 99.1
News from Aon
Aon Reports Third-Quarter 2026 Results
DUBLIN -
October 28, 2026 - 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 First
Quarter Nine
2026 Months
2026
(millio…
except
percent… 2026 2025 Change 2026 2025 Change
and per
share
data)
Total $4,101 $3,997 3% $13,381 $12,881 4%
revenue
Organic
revenue 6% 5%
growth
(Non-GA…
Operati… $809 $816 (1)% $3,439 $3,136 10%
income
Adjusted
operati… $1,106 $1,051 5% $4,299 $4,038 6%
income
(Non-GA…
Operati… 19.7% 20.4% -70 bps 25.7% 24.3% 140 bps
margin
Adjusted
operati… 27.0% 26.3% 70 bps 32.1% 31.3% 80 bps
margin
(Non-GA…
Diluted $2.23 $2.11 6% $10.46 $9.21 14%
EPS
Adjusted
EPS $3.36 $3.05 10% $13.66 $12.22 12%
(Non-GA…
Cash
provided $1,191 $1,148 4% $2,177 $2,084 4%
by
operati…
Free
cash $1,097 $1,079 2% $1,943 $1,895 3%
flow
(Non-GA…
“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.
2
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.
…
… …
… L… …
… L… F… … O…
… % C… I… & R…
… … … I… I… … G…
──────────────────────────────────────────────────────────────────────────────
$ … $ … 6 % — % — % -1 % 7 %
… … 7 — … 1 7
… … 6 — — — 6
… … … — — -… 4
… … … … N… … …
$ … $ … 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.
3
THIRD-QUARTER 2026 EXPENSE REVIEW
Three
Months
Ended
Septem…
(milli… 30, %
Expens… 2026 2025 $ Change Change
──────────────────────────────────────────────────────────────────────────────
Compen…
and $ 2,275 $ 2,259 $ 16 1 %
benefi…
Inform… 156 140 16 11
techno…
Premis… 83 85 -2 -2
Deprec…
of 49 47 2 4
fixed
assets
Amorti…
and
impair… 175 193 -18 -9
of
intang…
assets
Other
general 461 425 36 8
expense
Accele…
Aon
United 93 32 61 191
Program
expens…
Total
operat… $ 3,292 $ 3,181 $ 111 3 %
expens…
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.
4
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
Septemb…
(millio… 30, 2026 2025 % Change
──────────────────────────────────────────────────────────────────────────────
Revenue $ 4,101 $ 3,997 3 %
Expens… 3,292 3,181 3 %
Operat… $ 809 $ 816 -1 %
income
Operat… 19.7 % 20.4 % (70) bps
margin
Adjust…
operat… $ 1,106 $ 1,051 5 %
income
Adjust…
operat… 27.0 % 26.3 % 70 bps
margin
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.
5
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.
6
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
7
Aon plc
Condensed Consolidated Statements of Income (Unaudited)
(… Th… Ni…
e… Mo… Mo…
p… En… En…
s… Se… Se…
d… 30, % 30, %
R… 20… 20… Ch… 20… 20… Ch…
──────────────────────────────────────────────────────────────────────────────
T… $ 4,… $ 3,… 3 % $ 1… $ 1… 4 %
r…
E…
C…
a… 2,… 2,… 1 % 6… 6… 1 %
b…
I… 156 140 11 % 4… 4… 12 %
t…
P… 83 85 -2 % 2… 2… -1 %
D…
of 49 47 4 % 1… 1… 3 %
f…
a…
A…
a…
i… 175 193 -9 % 5… 5… -… %
of
i…
a…
O…
g… 461 425 8 % 1… 1… 10 %
e…
A…
A…
U… 93 32 1… % 2… 2… 19 %
P…
e…
T…
o… 3,… 3,… 3 % 9… 9… 2 %
e…
O… 809 816 -1 % 3… 3… 10 %
i…
I… 24 — 1… % 41 5 7… %
i…
I… -2… -2… — % -… -… -… %
e…
O…
i… -15 -13 15 % -… 33 -… %
(…
I…
b… 612 597 3 % 2… 2… 13 %
i…
t…
I…
t… 126 127 -1 % 5… 5… 19 %
e…
N… 486 470 3 % 2… 2… 12 %
i…
L…
N…
i…
a…
to 10 12 -… % 51 44 16 %
r…
a…
n…
n…
i…
N…
i…
a… $ 476 $ 458 4 % $ 2… $ 2… 12 %
to
A…
s…
B…
n…
i…
p…
s… $ 2.… $ 2.… 6 % $ 1… $ 9… 13 %
a…
to
A…
s…
D…
n…
i…
p…
s… $ 2.… $ 2.… 6 % $ 1… $ 9… 14 %
a…
to
A…
s…
W…
a…
o…
s… 21… 21… -2 % 2… 2… -1 %
o…
-
b…
W…
a…
o…
s… 21… 21… -2 % 2… 2… -1 %
o…
-
d…
(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.
8
Aon plc
Segment Results (Unaudited)
…
…
…
…
…
… … …
… … … …
… … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ $ $ …
… … … … …
… … … … …
… … … … …
… … … … …
… … … … …
$ … $ … $ … $ … $ $ $ …
… % … % … % … % …
…
…
…
…
…
… … …
… … … …
… … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ $ $ …
… … … … …
… … … … …
… … … … …
… … … … …
… … … … …
$ … $ … $ … $ … $ $ $ …
… % … % … % … % …
(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.
9
Aon plc
Reconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow
(Unaudited)
Organic Revenue Growth (Unaudited)
…
… …
… L… …
… L… F… … O…
… % C… I… & R…
… … … I… I… … G…
──────────────────────────────────────────────────────────────────────────────
$ … $ … 6 % — % — % -1 % 7 %
… … 7 — … 1 7
… … 6 — — — 6
… … … — — -… 4
… … … … N… … …
$ … $ … 3 % — % — % -3 % 6 %
…
… L…
… L… A…
… L… F… D… …
… % C… I… & …
… … … I… I… O… …
──────────────────────────────────────────────────────────────────────────────
$ … $ … 7 % 2 % — % … % 6 %
… … 6 2 — … 5
… … 7 2 — — 5
… … … 1 — … 3
… … … … … N… N…
$ … $ … 4 % 2 % — % … % 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
(millions) September 30, 2026 2025 % Change
──────────────────────────────────────────────────────────────────────────────
Cash Provided
by Operating $ 1,191 $ 1,148 4 %
Activities
Capital -94 -69 36 %
Expenditures
Free Cash $ 1,097 $ 1,079 2 %
Flow(1)
Nine Months
Ended
(millions) September 30, 2026 2025 % Change
──────────────────────────────────────────────────────────────────────────────
Cash
Provided by $ 2,177 $ 2,084 4 %
Operating
Activities
Capital -234 -189 24 %
Expenditures
Free Cash $ 1,943 $ 1,895 3 %
Flow(1)
(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.
10
Aon plc
Reconciliation of Non-GAAP Measures - Operating Income and Operating Margin
(Unaudited) (1)
… … %
… … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ $ $ … 3
$ … $ $ $ … …
… …
… …
… …
— …
2 …
$ … $ $ $ … 5
% … % …
% … % …
──────────────────────────────────────────────────────────────────────────────
… …
… $ … … … $ 4
… $ … … … $ …
… — — …
… — — 8
6 … … …
— — — —
… … … …
… $ … … … $ 6
… % … %
… % … %
(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
redunda nt 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.
11
Aon plc
Reconciliation of Non-GAAP Measures - Diluted Earnings Per Share (Unaudited) (1)
…
… …
… …
… …
… …
… … …
──────────────────────────────────────────────────────────────────────────────
$ … $ % $ $ …
… % 6
… % …
… % …
… % …
— % …
— % …
$ … $ % $ $ …
… % …
… % …
… % …
… % …
$ … $ % $ $ …
$ … $ % $ $ …
… % …
… % % % %
… % % % %
(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.
12
Aon plc
Condensed Consolidated Statements of Financial Position
As of September 30, December 31,
(millions) (Unaudited) 2026 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Current assets
Cash and cash $ 2,017 $ 1,195
equivalents
Short-term 13,299 1,603
investments
Receivables, net 4,777 4,209
Fiduciary 18,890 17,889
assets(1)
Other current 904 878
assets
Total current 39,887 25,774
assets
Goodwill 15,897 15,797
Intangible 5,487 5,727
assets, net
Fixed assets, net 806 702
Operating lease
right-of-use 744 677
assets
Deferred tax 884 748
assets
Prepaid pension 602 603
Other non-current 832 756
assets
Total assets $ 65,139 $ 50,784
Liabilities,
redeemable
noncontrolling
interests, and
equity
Liabilities
Current
liabilities
Accounts payable
and accrued $ 2,535 $ 2,861
liabilities
Short-term debt
and current 1,722 589
portion of
long-term debt
Fiduciary 18,890 17,889
liabilities
Other current 2,023 1,887
liabilities
Total current 25,170 23,226
liabilities
Long-term debt 26,319 14,660
Non-current
operating lease 731 641
liabilities
Deferred tax 350 340
liabilities
Pension, other
postretirement,
and 976 1,084
postemployment
liabilities
Other non-current 1,376 1,285
liabilities
Total liabilities 54,922 41,236
Redeemable
noncontrolling 20 89
interests
Equity
Ordinary shares -
$0.01 nominal
value
Authorized: 500.0
shares (issued: 2 2
at September 30,
2026 - 212.2; at
December 31, 2025
- 214.5)
Additional 13,620 13,438
paid-in capital
Retained earnings
(Accumulated 384 -245
deficit)
Accumulated other
comprehensive -3,905 -3,843
loss
Total Aon
shareholders' 10,101 9,352
equity
Nonredeemable
noncontrolling 96 107
interests
Total equity 10,197 9,459
Total
liabilities,
redeemable $ 65,139 $ 50,784
noncontrolling
interests and
equity
(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.
13
Aon plc
Condensed Consolidated Statements of Cash Flows (Unaudited)
(millions) Nine Months Ended
Cash flows from September 30,
operating activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 2,290 $ 2,046
Adjustments to
reconcile net income to
cash provided by
operating activities:
Gain from sales of -20 -1
businesses
Depreciation of fixed 144 140
assets
Amortization and
impairment of 501 593
intangible assets
Share-based 308 372
compensation expense
Deferred income taxes -217 -236
Other, net -3 -116
Change in assets and
liabilities:
Receivables, net -591 -342
Accounts payable and -387 -543
accrued liabilities
Accelerating Aon United
Program 42 -29
liabilities
Current income taxes -49 -141
Pension, other
postretirement and -38 -17
postemployment
liabilities
Other assets and 197 358
liabilities
Cash provided by 2,177 2,084
operating activities
Cash flows from
investing activities
Proceeds from 95 114
investments
Purchases of -75 -139
investments
Net sales (purchases)
of short-term -11,699 16
investments - non
fiduciary
Acquisition of
businesses, net of cash -327 -276
and funds held on
behalf of clients
Sale of businesses, net
of cash and 22 112
funds held on behalf of
clients
Capital expenditures -234 -189
Cash used for investing -12,218 -362
activities
Cash flows from
financing activities
Share repurchase -1,100 -750
Proceeds from issuance 53 60
of shares
Cash paid for employee
taxes on -155 -201
withholding shares
Commercial paper
issuances, net of -3 376
repayments
Issuance of debt 13,404 —
Repayment of debt -593 -700
Increase in fiduciary
liabilities, net 1,132 706
of fiduciary
receivables
Cash dividends to -511 -468
shareholders
Redeemable and
nonredeemable
noncontrolling -181 -164
interests, and other
financing activities
Cash provided by (used
for) financing 12,046 -1,141
activities
Effect of exchange
rates on cash and
cash equivalents and -107 606
funds held on
behalf of clients
Net increase in cash
and cash
equivalents and funds 1,898 1,187
held on behalf of
clients
Cash, cash equivalents
and funds held on 8,573 8,333
behalf of clients at
beginning of period
Cash, cash equivalents
and funds held on $ 10,471 $ 9,520
behalf of clients at
end of period
Reconciliation of cash
and cash
equivalents and funds
held on behalf of
clients:
Cash and cash $ 2,017 $ 1,095
equivalents
Cash and cash
equivalents and funds
held — 34
on behalf of clients
classified as held
for sale
Funds held on behalf of 8,454 8,391
clients
Total cash and cash
equivalents and $ 10,471 $ 9,520
funds held on behalf of
clients
14