10-QPeriod: Q2 FY2026

Aon plc Quarterly Report for Q2 Ended Jun 30, 2026

Filed July 29, 2026For Securities:AON

Summary

Aon plc's second quarter 2026 results show a 2% increase in total revenue to $4.25 billion, driven by 5% organic revenue growth, partially offset by divestitures and foreign currency impacts. The Risk Capital segment continued its strong performance with a 5% revenue increase, while the Human Capital segment saw a 4% revenue decrease, primarily due to the prior year sale of the NFP Wealth business. Net income attributable to Aon shareholders decreased by 5% to $551 million, resulting in diluted EPS of $2.58, down from $2.66 in the prior year. However, on a year-to-date basis, net income increased by 14% and diluted EPS grew to $8.22 from $7.10, indicating a strong recovery and growth trajectory in the first half of the year. The company maintained its strong financial position, with operating income up 7% year-over-year, and demonstrated continued commitment to returning capital to shareholders through robust share repurchases and dividends. The company also highlighted the progress of its 'Accelerating Aon United Program,' which is on track to deliver significant annualized expense savings. Liquidity remains strong, supported by consistent operating cash flows and available credit facilities. Management remains focused on strategic initiatives aimed at driving long-term growth, enhancing client value, and improving operational efficiency.

Key Highlights

  • 1Total revenue increased by 2% to $4.25 billion, with organic revenue growth of 5%.
  • 2Risk Capital segment revenue grew by 5% to $3.01 billion, demonstrating resilience and growth.
  • 3Human Capital segment revenue declined by 4% to $1.24 billion, impacted by prior divestitures.
  • 4Net income attributable to Aon shareholders decreased by 5% to $551 million, with diluted EPS at $2.58.
  • 5Year-to-date net income increased by 14% to $1.8 billion, with diluted EPS at $8.22.
  • 6Operating income increased by 7% to $915 million, reflecting effective cost management and revenue growth.
  • 7The company continued its significant share repurchase program, authorizing an additional $7.5 billion in June 2026.

Frequently Asked Questions

The primary driver of the revenue increase was 5% organic revenue growth, which reflects net new business and strong client retention across the company's segments. This growth was partially offset by unfavorable impacts from divestitures, notably the sale of the NFP Wealth business, and foreign currency translation.

The Risk Capital segment showed strong performance with a 5% revenue increase, driven by growth in Commercial Risk Solutions and Reinsurance Solutions. In contrast, the Human Capital segment experienced a 4% revenue decrease, largely due to the prior year's divestiture of the NFP Wealth business, although underlying organic growth in Health Solutions remained positive.

The 'Accelerating Aon United Program' is progressing as expected, aiming to streamline operations, optimize the leadership structure, and reduce real estate footprint. The company anticipates significant annualized expense savings from this program and has already realized substantial savings, with further benefits expected as the program nears completion.

Aon plc maintains a strong liquidity position, supported by consistent operating cash flows, available credit facilities, and cash reserves. The company has also seen a decrease in total debt. Management expects sufficient cash flow from operations to service debt, fund capital expenditures, and continue dividend payments, with flexibility provided by credit facilities and capital markets access.