Jun 2026 (Q2 FY26) — Jul 29, 2026
Aon plc Q2 FY26 — Strong Organic Growth Across All Segments Driven by Aon United Strategy and AI Investments
Read the full callAon (AON) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Aon earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,246 | +2.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 21.6 | +0.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 551 | −4.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
31 of 33 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Interest expense | approximately $180 million | Mar 2026 | Interest expense came in at 179 million, 33 million lower than last year, primarily due to lower average debt balances. | Achieved |
| Adjusted EPS growth | strong | Dec 2025 | As a result, we are reaffirming our 2026 full year guidance, including mid-single-digit or greater organic revenue growth, 70 to 80 basis points of margin expansion, strong adjusted earnings growth and double-digit free cash flow growth. | On Track |
2 of Aon plc's 53 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 51 more targets are in the full ledger.
Claimed
- Achieved 5% organic revenue growth across all solution lines.
- Expanded adjusted operating margin by 70 basis points to 28.9%.
- Reported adjusted EPS of $3.81, up 9% year-over-year.
- Generated $483 million in free cash flow, with double-digit growth expected for FY26.
- Executed $1.1 billion in share repurchases in H1 FY26, exceeding the $1 billion annual objective.
Qualified
- M&A services revenue was lower year-over-year in Q2 FY26, tempering overall commercial risk growth.
- Experienced meaningful rate pressure in the reinsurance market, with 15% to 20% lower rates in treaty business.
- Fiduciary investment income decreased 12% year-over-year to $58 million due to lower interest rates.
- Navigating a competitive talent market, impacting the pace of revenue-generating headcount growth.
Price
$289.74 −0.96% · −$2.81
Performance −16.4% 1Y
1Y: $346.6 on 17 Oct 2025 → $289.74. High $381.26 (28 Jul 2026), low $269.45 (2 Oct 2026).
- Previous close
- $292.55
- 52-week range
- $269.45 – $381.26
- One year
- −15.80%
Overview
- Symbol
- AON
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
31 of 33 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Interest expense | approximately $180 million | Mar 2026 | Interest expense came in at 179 million, 33 million lower than last year, primarily due to lower average debt balances. | Achieved |
| Adjusted EPS growth | strong | Dec 2025 | As a result, we are reaffirming our 2026 full year guidance, including mid-single-digit or greater organic revenue growth, 70 to 80 basis points of margin expansion, strong adjusted earnings growth and double-digit free cash flow growth. | On Track |
Claimed
- Achieved 5% organic revenue growth across all solution lines.
- Expanded adjusted operating margin by 70 basis points to 28.9%.
- Reported adjusted EPS of $3.81, up 9% year-over-year.
- Generated $483 million in free cash flow, with double-digit growth expected for FY26.
- Executed $1.1 billion in share repurchases in H1 FY26, exceeding the $1 billion annual objective.
Qualified
- M&A services revenue was lower year-over-year in Q2 FY26, tempering overall commercial risk growth.
- Experienced meaningful rate pressure in the reinsurance market, with 15% to 20% lower rates in treaty business.
- Fiduciary investment income decreased 12% year-over-year to $58 million due to lower interest rates.
- Navigating a competitive talent market, impacting the pace of revenue-generating headcount growth.
The full ledger
Open Aon plc’s full ledger
A free account opens 5 company ledgers a month. All 53 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 1, 2026
Aon plc Q1 FY26 — Broad-based 5% organic growth with 70 bps margin expansion in final year of 3x3 Plan
Read the full callDec 2025 (Q4 FY25) — Jan 30, 2026
Aon plc Q4 FY25 — Strong Organic Growth and Margin Expansion
Read the full callEvery analysed call
Aon earnings calls (AON)
Financials
What the filings say
Net profit, year on year: −5% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,721 | 4,147 | 4,729 | 4,155 | 3,997 | 4,300 | 5,034 | 4,246 |
| Expenses | 3,098 | 3,056 | 3,268 | 3,296 | 3,181 | 3,092 | 3,319 | 3,331 |
| Operating profit | 623 | 1,091 | 1,461 | 859 | 816 | 1,208 | 1,715 | 915 |
| Operating margin | 16.7% | 26.3% | 30.9% | 20.7% | 20.4% | 28.1% | 34.1% | 21.6% |
| Interest | 213 | 206 | 206 | 212 | 206 | 191 | 179 | 179 |
| Profit before tax | 449 | 891 | 1,250 | 703 | 597 | 2,209 | 1,553 | 724 |
| Tax rate | 20.9% | 17.6% | 21.4% | 15.5% | 21.3% | 22.9% | 20.2% | 22.0% |
| Net profit | 343 | 716 | 965 | 579 | 458 | 1,693 | 1,212 | 551 |
| EPS ($ per share) | 1.58 | — | 4.46 | 2.68 | 2.12 | — | 5.66 | 2.58 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 2,093 | 1,254 | 1,042 | -1,694 | -2,772 | -3,399 | -2,309 | -245 |
| Total liabilities | 22,203 | 25,956 | 28,531 | 30,759 | 33,133 | 34,701 | 42,535 | 41,236 |
| Fixed assets | 588 | 621 | 599 | 529 | 558 | 638 | 637 | 702 |
| Investments | 172 | 138 | 308 | 292 | 452 | 369 | 219 | 1,603 |
| Total assets | 26,422 | 29,405 | 32,114 | 31,917 | 32,704 | 33,959 | 48,965 | 50,784 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,686 | 1,835 | 2,783 | 2,182 | 3,219 | 3,435 | 3,035 | 3,481 |
| Cash from investing | 31 | -229 | -679 | 49 | -449 | -188 | -2,833 | 286 |
| Cash from financing | -1,699 | -247 | -1,772 | -1,924 | -1,790 | -2,865 | 796 | -4,205 |
| Net cash flow | -100 | 1,422 | 629 | 72 | 431 | 646 | 611 | 240 |
| Capital expenditure | -240 | -225 | -141 | -137 | -196 | -252 | -218 | -263 |
| Free cash flow | 1,446 | 1,610 | 2,642 | 2,045 | 3,023 | 3,183 | 2,817 | 3,218 |
AON revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Risk Capital | — | — | 67% | 69% | 63% | 63% | 70% | 71% | +4.9% |
| Human Capital | — | — | 33% | 31% | 37% | 37% | 31% | 29% | -3.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
AON operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Employees | 60KWe want to thank our 60,000 colleagues around the world for their commitment to excellence and innovation, your extraordinary leadership and hard work is what enables us to deliver for our clients.Source: earnings call transcript | 60K+Finally, to our over 60,000 colleagues around the world, thank you.Source: earnings call transcript | 60K+And finally, and most important, to our over 60,000 colleagues around the world, thank you.Source: earnings call transcript | 60K+Finally, to our over 60,000 colleagues around the world, thank you.Source: earnings call transcript | 60KTo our 60,000 colleagues around the world, thank you.Source: earnings call transcript | 60K+Finally, to our more than 60,000 colleagues around the world.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 48% ↓ 8 pt
- Europe Middle East and Africa Other Than United Kingdom and Ireland 17% ↑ 4 pt
- GB 15% ↑ 3 pt
- Asia Pacific 10% ↓ 1 pt
- Americas Other Than United States 10%
- IE 1%
As AON cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
108 filings between Nov 5, 2025 and Sep 2, 2026.
Open market
decisions to buy or sellPurchases
$7.83M
7 purchases by 1 insider
Sales
$7.75M
11 sales by 1 insider
73% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 20
- Award — granted as compensation
- 18
- Option exercise — converted options into shares
- 37
- Tax withheld — shares kept back by the company to cover tax
Also filed: 15 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| KNIGHT LESTER B | $7.83M | — | Sep 2, 2026 |
| Zeidel Darren | — | $7.75M | Jul 28, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 2, 2026 | KNIGHT LESTER B Director | Purchase | 7,212 | $2.36M |
| Sep 2, 2026 | KNIGHT LESTER B Director | Purchase | 5,097 | $1.66M |
| Sep 2, 2026 | KNIGHT LESTER B Director | Purchase | 1,739 | $566.3K |
| Sep 2, 2026 | KNIGHT LESTER B Director | Purchase | 1,440 | $474.8K |
| Sep 2, 2026 | KNIGHT LESTER B Director | Purchase | 367 | $121.3K |
| Sep 2, 2026 | KNIGHT LESTER B Director | Purchase | 4,145 | $1.36M |
| Jul 28, 2026 | Zeidel Darren General Counsel | Sale 10b5-1 plan | 475 | $180.5K |
| Jul 28, 2026 | Zeidel Darren General Counsel | Sale 10b5-1 plan | 725 | $274.1K |
| Jul 28, 2026 | Zeidel Darren General Counsel | Sale 10b5-1 plan | 700 | $263.2K |
| Jul 17, 2026 | Zeidel Darren General Counsel | Sale 10b5-1 plan | 675 | $252.4K |
| Jul 17, 2026 | Zeidel Darren General Counsel | Sale 10b5-1 plan | 625 | $231.3K |
| Jul 17, 2026 | Zeidel Darren General Counsel | Sale 10b5-1 plan | 650 | $241.8K |
| Jul 7, 2026 | Zeidel Darren General Counsel | Sale 10b5-1 plan | 600 | $216.0K |
| Jul 1, 2026 | Reese Edmund Chief Financial Officer | Tax withheld | 2,198 | $755.2K |
| Jul 1, 2026 | Reese Edmund Chief Financial Officer | Option exercise | 3,975 | — |
| Jun 25, 2026 | Jenkins Jo Ann Director | Tax withheld | 186 | $58.8K |
| Jun 25, 2026 | STAVRIDIS JAMES G. Director | Award | 776 | — |
| Jun 25, 2026 | Jenkins Jo Ann Director | Award | 776 | — |
| Jun 25, 2026 | NOTEBAERT RICHARD C Director | Award | 776 | — |
| Jun 25, 2026 | Karaboutis Adriana Director | Award | 776 | — |
| Jun 25, 2026 | SANTONA GLORIA Director | Award | 776 | — |
| Jun 25, 2026 | Karaboutis Adriana Director | Tax withheld | 186 | $58.8K |
| Jun 25, 2026 | CAMPBELL JEFFREY C Director | Award | 776 | — |
| Jun 25, 2026 | SANTONA GLORIA Director | Tax withheld | 186 | $58.8K |
| Jun 25, 2026 | Spruell Byron Director | Tax withheld | 186 | $58.8K |
| Jun 25, 2026 | NOTEBAERT RICHARD C Director | Tax withheld | 186 | $58.8K |
| Jun 25, 2026 | Spruell Byron Director | Award | 776 | — |
| Jun 25, 2026 | STAVRIDIS JAMES G. Director | Tax withheld | 186 | $58.8K |
| Jun 25, 2026 | Alvarez Jose Antonio Director | Award | 776 | — |
| Jun 25, 2026 | Alvarez Jose Antonio Director | Tax withheld | 372 | $117.7K |
| Jun 25, 2026 | CAMPBELL JEFFREY C Director | Tax withheld | 186 | $58.8K |
| Jun 25, 2026 | Cai Jin-Yong Director | Tax withheld | 397 | $125.3K |
| Jun 25, 2026 | Cai Jin-Yong Director | Award | 776 | — |
| Jun 25, 2026 | SMITH SARAH G Director | Award | 776 | — |
| Jun 25, 2026 | FRANCIS CHERYL A Director | Tax withheld | 186 | $58.8K |
| Jun 25, 2026 | KNIGHT LESTER B Director | Award | 1,488 | — |
| Jun 25, 2026 | SMITH SARAH G Director | Tax withheld | 186 | $58.8K |
| Jun 25, 2026 | FRANCIS CHERYL A Director | Award | 776 | — |
| May 12, 2026 | NOTEBAERT RICHARD C Director | Gift | 1,438 | $0 |
| Mar 13, 2026 | Goltermann Lori CEO, Regions & North America | Option exercise | 290 | — |
| Mar 13, 2026 | Corona Anne Chief Commercial Officer | Tax withheld | 77 | $24.8K |
| Mar 13, 2026 | Marcell Andy Global CEO, Solution Lines | Tax withheld | 568 | $182.5K |
| Mar 13, 2026 | Corona Anne Chief Commercial Officer | Tax withheld | 85 | $27.5K |
| Mar 13, 2026 | Corona Anne Chief Commercial Officer | Option exercise | 193 | — |
| Mar 13, 2026 | Goltermann Lori CEO, Regions & North America | Tax withheld | 126 | $40.5K |
| Mar 13, 2026 | Corona Anne Chief Commercial Officer | Option exercise | 174 | — |
| Mar 13, 2026 | Marcell Andy Global CEO, Solution Lines | Option exercise | 1,166 | — |
| Mar 13, 2026 | Goltermann Lori CEO, Regions & North America | Tax withheld | 99 | $31.9K |
| Mar 13, 2026 | Goltermann Lori CEO, Regions & North America | Option exercise | 228 | — |
| Mar 13, 2026 | Marcell Andy Global CEO, Solution Lines | Tax withheld | 226 | $72.6K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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