Aon PLC

Latest Results (30.08.2026):

Aon PLC (Aon plc) — Second quarter 2026: Aon reported a solid quarter with total revenue of $4,246 million (up 2% year-over-year) driven by 5% organic revenue growth, operating margin expansion, and stronger adjusted EPS. The company generated $483 million of free cash flow in Q2 (down vs. prior year), returned $775 million to shareholders in the quarter, and reaffirmed full‑year 2026 guidance calling for mid‑single‑digit or greater organic revenue growth, 70–80 bps of adjusted operating margin expansion, strong adjusted EPS growth and double‑digit free cash flow growth.

Revenue and Organic Growth

Total revenue was $4.246B (+2% YoY) with organic revenue growth of 5%. Risk Capital revenue rose 5% to $3.006B while Human Capital revenue declined 4% to $1.244B (impacted by divestitures). Reported Wealth Solutions revenue fell 18% YoY to $426M, while on an organic basis Wealth (and other lines) showed 5% organic growth.

Profitability and Margins

Operating income was $915M (+7% YoY) and operating margin expanded to 21.5% (up 80 bps). Adjusted operating income was $1,227M (+5%) with an adjusted operating margin of 28.9% (up 70 bps), reflecting scale benefits, restructuring savings and continued investment for growth.

Earnings Per Share

Diluted GAAP EPS was $2.58 (down 3% YoY) while adjusted diluted EPS rose to $3.81 (+9% YoY). Weighted average diluted shares were 213.9M (down ~2%), aided by share repurchases.

Cash Flow and Capital Returns

Q2 cash provided by operations was $556M (down 30% YoY) and free cash flow was $483M (down 34% YoY). For the six months, free cash flow was $846M (+4% YoY). The company returned $775M in Q2 — $600M in share repurchases (1.9M shares) and $175M in dividends — and has roughly $7.7B of remaining share repurchase authorization.

Segment Highlights

Risk Capital: strong across Commercial Risk Solutions (+5% organic) and Reinsurance Solutions (+5% organic), with particular strength in U.S. P&C, construction and facultative placements. Human Capital: Health Solutions saw 5% organic growth (notably international health & benefits and talent analytics); Wealth Solutions’ reported decline reflects divestitures but organic demand in retirement advisory remained robust.

Expenses, Restructuring & Other Items

Total operating expenses rose 1% to $3.331B. Compensation expense declined 4% YoY (partly from the sale of NFP Wealth and restructuring savings). IT spending increased 19% as Aon invested in technology. Accelerating Aon United program and integration costs continued to impact adjusted figures but delivered net restructuring savings (~$25M noted).

Tax, Interest and Net Income

GAAP net income attributable to Aon shareholders was $551M (down 5%). The effective tax rate was 22.0% in Q2 (vs. 15.5% prior year); adjusted effective tax rate was 20.1%. Interest expense fell versus prior year and interest income rose modestly, reflecting lower debt and higher cash balances.

Outlook and Guidance

Aon reaffirmed 2026 guidance: mid‑single‑digit (or greater) organic revenue growth, 70–80 bps of adjusted operating margin expansion, strong adjusted EPS growth, and double‑digit free cash flow growth — indicating management’s confidence in execution of Aon United and the 3x3 plan.