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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Aon
Aon (AON) investor relations material
Aon Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 revenue rose 3% to $4.101B, with 6% organic growth; adjusted operating margin expanded 70 bps to 27.0% and adjusted EPS grew 10% to $3.36.
New business contributed 11 points to organic growth and has contributed 9–11 points for 10 consecutive quarters.
Broad-based growth and momentum entering Q4 supported confidence in strong FY 2026 performance.
Financial highlights
Adjusted operating income rose 5% to $1.106B; GAAP operating income was $809M, down 1%.
Diluted EPS increased 6% to $2.23; adjusted diluted EPS rose 10% to $3.36.
Q3 free cash flow was $1.097B, up 2%; 9M free cash flow was $1.943B, up 3%.
9M revenue rose 4% to $13.381B, including 5% organic growth; 9M adjusted diluted EPS increased 12% to $13.66.
Outlook and guidance
Standalone FY 2026 guidance was reaffirmed, excluding USI-related cash and other transaction expenses; organic revenue growth guidance is mid-single-digit or greater.
Standalone 2026 free cash flow growth is expected to be double-digit excluding USI cash expenses; Q4 reinsurance organic growth is expected to remain strong.
Q4 interest expense is expected to be $410M; adjusted other expense is expected at $12M–$15M; FY adjusted tax rate remains 19.5%–20.5%.
USI is expected to close in Q4 2026, subject to closing conditions; debt repayment is the priority, with a 2.8x–3.0x leverage objective within ~24 months after close.
Accelerating Aon United Program costs are estimated at $1.3B cumulatively, with $450M in annualized savings projected by end-2027; $340M had been realized to date.
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Latest events from Aon
- USI acquisition and integration drive a $6.5B platform, E&S access, and AI-powered growth.AON
KBW Insurance Conference 2026 - $17B acquisition forms a leading U.S. middle-market platform with $395M in synergies.AONM&A announcement
- Q2 2026 delivered 5% organic growth, margin expansion, and robust capital returns.AONQ2 2026
- Strong 2025 growth, dividend hike, and key board and auditor votes marked the AGM.AONAGM 2026
- Organic growth, AI-driven innovation, and disciplined capital allocation fuel industry leadership.AONMorgan Stanley US Financials Conference 2026
- Q1 2026: 6% revenue growth, 14% EPS rise, robust cash flow, and reaffirmed strong outlook.AONQ1 2026
- Director elections, auditor appointments, and share issuance authorizations up for vote June 26, 2026.AONProxy filing
- Q2 2025 saw double-digit revenue growth, margin expansion, and strong free cash flow.AONQ2 2025
- Integrated strategy and innovation drive sustainable growth, margin expansion, and strong 2025 outlook.AONInvestor Day 2025
Next Aon earnings date
Q4 20265 Feb, 2027
Aon
Next Aon earnings date
Q4 20265 Feb, 2027
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Frequently asked questions
Professional Services
Aon is a British-American company headquartered in London, with the North American division working out of Chicago. It is a professional services firm providing risk management and consulting services across a wide range of different sectors, as well as data and analytics. The company operates on a global scale with roughly 50,000 employees working across over 100 countries. The name comes from the Gaelic word aon, which translates to one, and the shares of the company’s shares trade on the NYSE.
Born From a Merger
Aon was founded in Chicago in 1982 as the result of a merger between two different insurance companies. The two companies that formed what we today know as Aon, Ryan Insurance Group and Combined Insurance Company of America, did however have lineages tracing much further back than that. The company got its current name in 1987 and quickly built up a global presence through organic growth and several large acquisitions. The company also had a notable sponsor partnership with Manchester United between 2010 and 2015. Looking at a list of the competition gives us examples of similar companies such as Willis Towers Watson and Marsh & McLennan.
Services and Risk Capital
As previously mentioned, Aon provides a host of different services for its clients. These clients can be found in finance, hospitality, insurance, life sciences, logistics, and many other sectors. The company works in two primary divisions: Risk Capital and Human capital.
Within Risk Capital Aon provides, as suggested by the name, various types of risk management. This is done on a consultancy basis, helping companies as well as institutions in the public sector manage risk in various parts of their organizations and operations.
Human Capital
The Human Capital solutions provided by Aon are also incredibly diverse. The company provides services within analytics, health & benefits, workplace wellbeing, investments, and more. All of these combined services provided by Aon means that they can more or less be a one-stop shop for clients looking for consultancy services to help them address a wide array of different needs.