10-QPeriod: Q1 FY2026

Aon plc Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 1, 2026For Securities:AON

Summary

Aon plc reported strong financial results for the first quarter of 2026, with total revenue increasing by 6% to $5,034 million, driven by a 5% organic revenue growth and a 4% favorable foreign currency impact. Net income attributable to Aon shareholders surged by 26% to $1,212 million, and diluted earnings per share rose to $5.63 from $4.43 in the prior year period. The company's Risk Capital segment showed robust performance, with revenue up 10% and operating margin expanding to 39.5%. The Human Capital segment experienced a slight revenue decrease of less than 1%, but its operating margin improved to 28.8%. Significant improvements were noted in operating income, which increased by 26%, and cash flows from operating activities, which more than tripled to $430 million, primarily due to strong operating income growth and lower cash taxes.

Financial Highlights

48 data points
Beta

Revenue

$5.03B

Net Income

$1.24B

24.6% Net Margin

EPS (Diluted)

$5.63

Total Assets

$51.43B

Cash & Equivalents

$1.18B

Free Cash Flow

$363.00M

Financial Statements
Beta
Revenue$5.03B
Operating Expenses$3.32B
Operating Income$1.72B
Net Income$1.24B
EPS (Basic)$5.66
EPS (Diluted)$5.63
Shares Outstanding (Basic)214.30M
Shares Outstanding (Diluted)215.40M

Key Highlights

  • 1Total revenue increased 6% to $5,034 million, driven by 5% organic growth.
  • 2Net income attributable to Aon shareholders rose 26% to $1,212 million.
  • 3Diluted earnings per share increased to $5.63 from $4.43 in the prior year.
  • 4Risk Capital revenue grew 10% and operating margin improved to 39.5%.
  • 5Human Capital operating margin increased to 28.8%, despite a slight revenue decline.
  • 6Cash flow from operating activities increased by 207% to $430 million.
  • 7The company repurchased $500 million of its shares in the quarter.

Frequently Asked Questions

Revenue growth was primarily driven by a 5% organic revenue increase across the company, supplemented by a 4% favorable impact from foreign currency translation. The Risk Capital segment, in particular, saw strong performance in Commercial Risk Solutions and Reinsurance Solutions.

Accelerating Aon United Program expenses decreased by 16% to $92 million in the first quarter of 2026 compared to the prior year. The program contributed to $25 million in net restructuring savings realized in the quarter, with cumulative annualized expense savings of $295 million achieved since its inception.

Aon believes its balance sheet and strong cash flow provide adequate liquidity. Primary sources of liquidity include operating cash flows, available cash reserves, and divestiture proceeds. Uses of liquidity include operating expenses, investments, acquisitions, share repurchases, and dividends. The company anticipates sufficient cash flow from operations and available credit facilities to meet its liquidity needs.