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AON · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Steady engine, noisy edges — organic revenue +5% across all four lines but reported revenue only +2% ($4,246M) after the NFP Wealth divestiture; operating income +7% to $915M, yet GAAP EPS fell 3% because last year's base held a one-off $56M gain; adjusted EPS +9%. A month later Aon signed the $17B USI acquisition.
Net Income to Aon
$551M
down 5% y/y
Total Revenue
$4,246M
up 2% y/y
Operating Income
$915M
up 7% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Commercial Risk Solutions | $2,295 · +5% |
| Health Solutions | $818 · +6% |
| Reinsurance Solutions | $711 · +3% |
| Wealth Solutions | $426 · −18% · NFP Wealth sold |
| Total Revenue | $4,246 · +2% · organic +5% |
| Compensation & Benefits | $2,271 · −4% |
| Other General Expense | $494 · +32% |
| Intangible Amortization | $174 · −13% |
| Information Technology | $162 · +19% |
| Premises & Depreciation | $134 |
| Restructuring (AAU) | $96 · +2% |
| Operating Income | $915 · +7% · 21.5% margin |
| Interest Income ≈ | $25 |
| Interest Expense ≈ | $150 |
| Other Expense | $17 · prior year: +$56M one-off |
| Pretax Income ≈ | $773 |
| Taxes & NCI ≈ | $222 |
| Net Income to Aon | $551 · −5% · EPS $2.58 · adj. $3.81 (+9%) |
Verdict: steady engine, noisy edges — organic revenue +5% across all four lines but reported revenue only +2% ($4,246M) after the NFP Wealth divestiture; operating income +7% to $915M, yet GAAP EPS fell 3% because last year's base held a one-off $56M gain; adjusted EPS +9%. A month later Aon signed the $17B USI acquisition.
Buybacks $600M in the quarter (FY objective ≥$1B already exceeded), dividends $175M. Guidance reaffirmed. On Aug 31, 2026 Aon announced the $17.0B USI acquisition.
Source and notation
≈ marks estimated below-operating lines (release gives changes, not all levels). Source: Aon press release 8-K EX-99.1 (SEC EDGAR).
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<figure> <a href="https://whoreportstoday.com/t/aon/q2-2026"><img src="https://whoreportstoday.com/t/aon/q2-2026/sankey.png" alt="AON Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/aon/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/aon/q2-2026">AON Q2 2026 earnings chart (Who Reports Today)</a>
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- Wealth Solutions revenue −18% is not weakness: the NFP Wealth business was sold (−24 points divestiture impact); organic growth there is +5% like everywhere else.
- Compensation fell 4% ($2,271M) on the divestiture and Accelerating Aon United restructuring savings — while 'other general expense' jumped 32% ($494M), absorbing legal/E&O and growth investments.
- GAAP EPS −3% vs adjusted +9%: last year's quarter held a $56M one-off deferred-consideration gain, and this quarter carries $96M of restructuring — the spread is base noise, not operations.
- $174M of intangible amortization per quarter still flows from the 2024 NFP acquisition — and the just-announced $17B USI deal will add a new layer of debt, integration costs and amortization from 2027.
- Interest expense fell ~$33M year over year on debt paydown — a window of balance-sheet rest before USI re-leverages it.
What distorts the picture in this report and what to watch beyond the headlines.
AON — AON is a global professional services firm that offers risk mitigation, insurance, and human resources consulting.
Headquartered in London, it operates worldwide, serving clients in corporate risk, retirement, and health solutions.
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