Aon plc (NYSE:AON) filed its third-quarter 2026 earnings press release on October 28, 2026, reporting results for the three months ended September 30, 2026, including total revenue of $4.1 billion and adjusted diluted EPS of $3.36.

Key Highlights

  • Total revenue: $4,101 million in Q3 2026, a 3% increase compared to the prior-year period.
  • Organic revenue growth: 6% for the quarter, with Commercial Risk at 7%, Reinsurance at 7%, Health at 6%, and Wealth at 4%.
  • Diluted EPS: $2.23 in Q3 2026, up 6% from $2.11 in the prior-year period.
  • Adjusted EPS (Non-GAAP): $3.36 on a diluted basis, a 10% increase from $3.05 in the prior-year period.
  • Adjusted operating margin (Non-GAAP): 27.0%, an expansion of 70 basis points compared to the prior-year period.
  • Free cash flow (Non-GAAP): $1,943 million for the first nine months of 2026, up 3% year over year.
  • Share repurchase authorization remaining: Approximately $7.7 billion as of September 30, 2026; no shares were repurchased in Q3 2026.

Aon's Q3 2026 Revenue and Margin Results in Detail

According to the filing, Aon reported total revenue of $4,101 million in the third quarter of 2026, a 3% increase from $3,997 million in the prior-year period. The company disclosed that the 3% reported growth reflected 6% organic revenue growth, partially offset by a 3% unfavorable impact primarily from divestitures, including the sales of the NFP Wealth business and Stroz Friedberg. Risk Capital revenue increased $157 million, or 6%, to $2.7 billion, while Human Capital revenue decreased $54 million, or 4%, to $1.4 billion.

The filing reported that operating income decreased 1% to $809 million, while adjusted operating income (Non-GAAP) increased 5% to $1,106 million. The GAAP operating margin was 19.7%, a decrease of 70 basis points, while the adjusted operating margin (Non-GAAP) was 27.0%, an expansion of 70 basis points. Total operating expenses increased 3% to $3,292 million, driven in part by a $61 million increase in Accelerating Aon United Program expenses, which rose from $32 million to $93 million year over year. Weighted average diluted shares outstanding decreased to 213.0 million from 216.7 million in the prior-year period.

For the first nine months of 2026, Aon disclosed total revenue of $13,381 million, a 4% increase, and adjusted EPS (Non-GAAP) of $13.66, up 12% from $12.22 in the comparable prior-year period. Cash provided by operations for the nine-month period was $2,177 million, up 4%. The company also disclosed that it expects the USI Acquisition to close in the fourth quarter of 2026, and stated it will prioritize debt repayment with a path toward deleveraging to a 2.8x-3.0x objective in approximately 24 months, according to the filing.

What Was Disclosed

Aon disclosed Q3 2026 financial results including total revenue of $4,101 million, 6% organic revenue growth, adjusted diluted EPS of $3.36, and free cash flow of $1,943 million for the first nine months of 2026. The company also provided an update on the pending USI Acquisition.