Aon (AON) Q3 2026 earnings summary

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.