Aon Reports Third-Quarter 2026 Results
Aon reported Q3 2026 revenue of $4.1 billion, up 3% year-over-year, with 6% organic revenue growth and GAAP diluted EPS of $2.23 (up 6%). Adjusted EPS grew 10% to $3.36 and adjusted operating margin expanded 70 bps to 27.0%, with Commercial Risk and Reinsurance each posting 7% organic growth and strong retention across solution lines. Aon reaffirmed the USI Acquisition is expected to close in Q4 2026, with proceeds from ~$13.4 billion of debt issuance already raised and a stated path to deleverage to its 2.8x-3.0x objective in roughly 24 months.
Key figures
- Eps
- 2.23
- Revenue
- $4.1 billion
- Guidance
- Expects USI Acquisition to close in Q4 2026; deleveraging to 2.8x-3.0x objective in approximately 24 months; full-year 2026 favorable FX impact on adjusted EPS of approximately $0.42 per share
- Revenue Yoy
- 3%
- Net income
- $476 million
- Adjusted eps
- $3.36
- Adjusted eps yoy
- 10%
- Operating income
- $809 million
- Q3 free cash flow
- $1,097 million
- Effective tax rate
- 20.6%
- Q3 share repurchases
- 0
- Restructuring savings
- $20 million
- Usi transaction costs
- $25 million
- Organic revenue growth
- 6%
- Adjusted operating income
- $1,106 million
- Adjusted operating margin
- 27.0%
- Nine month free cash flow
- $1.9 billion
- Remaining buyback authorization
- $7.7 billion
AI analysis
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