Aon Q3 2026 Revenue Rises 3% to $4.1 Billion With 6% Organic Growth and 10% Adjusted EPS Gain

Aon plc reported third-quarter 2026 results on October 28, with total revenue rising 3% year over year to $4.1 billion, driven by 6% organic revenue growth that was partially offset by a 3% unfavorable currency and portfolio impact. Adjusted earnings per share came in at $3.36, beating consensus estimates by $0.06 and representing 10% growth from the prior-year period. GAAP EPS was $2.23. Cash flow from operations reached $1.191 billion, and adjusted operating margins expanded by 70 basis points. Growth was led by demand in Commercial Risk and Reinsurance. GAAP operating income declined 1% and GAAP margins contracted 70 basis points, reflecting the gap between adjusted and reported results.

Aon maintained its full-year 2026 financial outlook following the quarter, with management saying the company enters the fourth quarter with significant momentum. The stock surged roughly 5% on the day of the report. One analyst maintained a Hold rating on the shares, citing a fair value target below $300 and flagging softening insurance pricing and persistent industry headwinds as factors limiting growth visibility and justifying a lower forward price-to-earnings multiple.

On the earnings call, Aon outlined expectations for its pending acquisition of USI to close in the fourth quarter of 2026, with management projecting $395 million in EBITDA run-rate synergies from the deal.