Aon Plc · NYSE:AON
Aon — Q3 2026 Earnings Presentation
18 slides from Aon's earnings presentation, Oct 28, 2026
Slide 1: Earnings Conference Call Third Quarter 2026
Earnings Conference Call Third Quarter 2026 October 28, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This communication contains certain statements related to future results, or states Aon’s intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1
Slide 3: Explanation of Non-GAAP Measures
Explanation of Non-GAAP Measures This communication includes supplemental information not calculated in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), including organic revenue growth, free cash flow, adjusted operating income, adjusted operating margin,
Slide 4: Q3'26 Highlights and Key Messages
Q3’26 Highlights and Key Messages Organic Revenue Growth Adj. Op. Margin Expansion Adj. EPS Growth Free Cash Flow Growth 6% 70bps 10% 2% Aon United Aon United brings together Risk Capital and Human Capital to deliver differentiated client solutions. Strategy and Investments in ABS and AI-enabled dat
Slide 5: Summary Financial Results
Summary Financial Results ($ in millions) Q3’26 Q3’25 Inc./(Dec.) Total revenue $4,101 $3,997 3% Organic revenue growth (Non-GAAP) 6% 7% Operating income $809 $816 (1%) Adjusted operating income (Non-GAAP) $1,106 $1,051 5% Adjusted operating margin (Non-GAAP) 27.0% 26.3% 70bps Diluted earnings per s
Slide 6: Organic Revenue
Organic Revenue Q3’26 Q3’25 Risk Capital: +7% +7% Commercial Risk Solutions +7% +7% Reinsurance Solutions +7% +8% Human Capital: +5% +6% Health Solutions +6% +6% Wealth Solutions +4% +5% Total Aon +6% +7% Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure
Slide 7: Organic Revenue Growth
Organic Revenue Growth Guidance: Mid-Single-Digit or Greater (5pts) ~0pts 6% 11pts Q3’25 New Retention / Net Market Q3’26 Baseline Business (Client Losses) Impact Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. F
Slide 8: Adjusted Operating Income and Margin
Adjusted Operating Income and Margin Adjusted Operating Income Adjusted Operating Margin ($ in millions) 5% $1,106 70bps 27.0% $1,051 26.3% Q3’25 Q3’26 Q3’25 Q3’26 Adjusted operating income and adjusted operating margin are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measu
Slide 9: Non-Operating Financials
Non-Operating Financials ($ in millions) Q3’26 Q3’25 Interest Income $24 $— Interest Expense ($206) ($206) Adjusted Other Income (Expense)(1) ($15) ($13) Adjusted Effective Tax Rate(1) 20.2% 19.2% Noncontrolling Interest ($10) ($12) Actual Common Shares Outstanding(2) 212.2 215.2 (1) Adjusted other
Slide 10: Free Cash Flow and Capital Return
Free Cash Flow and Capital Return Free Cash Flow Capital Return ($ in millions) ($ in millions) Dividend Share Repurchase 2% $1,097 $1,079 $411 $161 $174 $250 $174 Q3’25 Q3’26 Q3’25 Q2'25 Q3’26 Q2'26 YTD $1,895 $1,943 3% Free cash flow is a non-GAAP measure that is reconciled to its corresponding U.
Slide 11: Appendices
Appendices Reconciliation of Non-GAAP Measures
Slide 12: Appendix A: Organic Revenue Growth
Appendix A: Organic Revenue Growth Aon Organic Revenue Reconciliation Q3'26 Q3’25 ($ millions, except percentages) Total Revenue Current period revenue 4,101 3,997 Prior year period revenue 3,997 3,721 % change 3% 7% Less: Currency Impact (1) —% 1% Less: Fiduciary Investment Income (2) —% —% Less: A
Slide 13: Appendix A: Organic Revenue Growth – By Solution Line
Appendix A: Organic Revenue Growth – By Solution Line ($ millions, except percentages) Q3’26 Q3’25 Commercial Risk Current period revenue 2,110 1,988 Prior year period revenue 1,988 1,852 % change 6% 7% Less: Currency Impact (1) —% 1% Less: Fiduciary Investment Income (2) —% —% Less: Acquisitions, D
Slide 14: Appendix B: Operating Income
Appendix B: Operating Income Three Months Ended September 30, ($ millions, except percentages) 2026 2025 Revenue $4,101 $3,997 Operating income $809 $816 Amortization and impairment of intangible assets 175 193 Change in the fair value of contingent consideration 4 23 Accelerating Aon United Program
Slide 15: Appendix B: Operating Income, Operating Margin and Diluted EPS
Appendix B: Operating Income, Operating Margin and Diluted EPS (1) Three Months Ended September 30, Operating income $809 $816 Adjusted operating income(2) $1,106 $1,051 Interest income 24 — Interest expense (206) (206) Other income (expense)(3) (15) (13) Adjusted other income (expense) (15) (13) Ad
Slide 16: Appendix C: Free Cash Flow
Appendix C: Free Cash Flow Three Months Ended September 30, ($ millions) 2026 2025 % Change Cash Provided by Operating Activities $1,191 $1,148 4% Capital Expenditures (94) (69) 36% Free Cash Flow (1) $1,097 $1,079 2% Nine Months Ended September 30, ($ millions) 2026 2025 % Change Cash Provided by O
Slide 17: Appendix D: Accelerating Aon United Program
Appendix D: Accelerating Aon United Program Financial Impact of Program Cumulative Annual Expected Savings ($ in millions) ($ in millions) $20 Total Savings $450 $340 $370 Total Cash $91 Restructuring Charges $1,039 $75 Cash Outflow $842 2026 2027 Q3'26 Total Since Inception 17
Slide 18: Investor Relations
Investor Relations Hallie Miller Stephanie Ma Will Tang [email protected]