The reaffirmed guidance and 5% organic growth confirm steady execution, but the GAAP EPS decline and 34% FCF drop in the quarter may create near-term noise. Watch the Q3 cash flow trajectory and any commentary on M&A deployment given the $7.7B remaining buyback authorization and strong balance sheet.
Price Chart
Executive Summary
Aon reported Q2 2026 results with total revenue of $4.246B (+2% YoY), 5% organic revenue growth, and adjusted EPS of $3.81 (+9% YoY), slightly above the $3.77 consensus. GAAP diluted EPS declined 3% to $2.58 due to the absence of prior-year gains from deferred consideration. The company reaffirmed 2026 guidance for mid-single-digit or greater organic revenue growth, 70-80 bps of adjusted operating margin expansion, strong adjusted EPS growth, and double-digit free cash flow growth. The quarter was characterized by solid organic growth across all segments, margin expansion, and aggressive capital return ($600M in buybacks, $175M in dividends), but GAAP net income declined and operating cash flow fell 30% in the quarter.
Key Financial Metrics
Key Facts
- Total revenue $4.246B, +2% YoY (5% organic growth, +1% FX, -4% divestitures)
- Adjusted EPS $3.81, +9% YoY, vs consensus $3.77 (beat by ~1%)
- GAAP diluted EPS $2.58, -3% YoY, impacted by absence of prior-year deferred consideration gains
- Adjusted operating margin 28.9%, +70 bps YoY
- Operating cash flow $556M, -30% YoY; free cash flow $483M, -34% YoY
- Reaffirmed 2026 guidance: mid-single-digit+ organic revenue growth, 70-80 bps margin expansion, strong adjusted EPS growth, double-digit FCF growth
- Returned $775M to shareholders in Q2: $600M buybacks (1.9M shares) + $175M dividends
- Risk Capital revenue +5% to $3.0B; Human Capital revenue -4% to $1.2B (Wealth Solutions -18% reported, +5% organic)
- Interest expense -16% to $179M on lower total debt
- Weighted average diluted shares -2% to 213.9M
Financial Impact
Adjusted EPS beat consensus by ~$0.04 (1%), revenue slightly below consensus of $4.27B by ~$24M (0.6%)
Risk Factors
- GAAP net income declined 5% YoY due to absence of prior-year one-time gains
- Operating cash flow fell 30% in Q2, though H1 was up 5%
- Human Capital revenue declined 4% reported due to NFP Wealth divestiture
- Effective tax rate increased to 22.0% from 15.5% YoY, pressuring GAAP EPS
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-050367 |
| Document: aon-20260729.htm | 0001628280-26-050367 |
| Document: 0001628280-26-050367-index-headers.html | 0001628280-26-050367 |
| Document: 0001628280-26-050367-index.html | 0001628280-26-050367 |
| Document: 0001628280-26-050367.txt | 0001628280-26-050367 |
| 8-K Data (Synthetic) | 0001628280-26-050367 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 28d ago | Insider Buy | $323.09 $311.54 | ▼ −3.57% | ▼ −2.37% | $270.96 (−16.13%) |
Aug 31, 2026 4w ago | 8-K | $321.52 $315.79 | ▼ −1.78% | ▼ −1.64% | $270.96 (−15.73%) |
Aug 17, 2026 6w ago | Press Release | $343.20 $354.83 | ▲ +3.39% | ▲ +3.59% | $270.96 (−21.05%) |
Jul 29, 2026 9w ago | 8-K | $377.16 $359.97 | ▼ −4.56% | ▼ −10.09% | $270.96 (−28.16%) |
Apr 28, 2026 22w ago | DEFA14A | $322.35 $308.16 | ▼ −4.40% | ▼ −7.51% | $270.96 (−15.94%) |
US Market Status
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