Aon (AON) Q2 2026 earnings summary

Executive summary

• Achieved 5% organic revenue growth and 2% total revenue growth in Q2 2026, with all solution lines contributing and strong demand from private equity and non-traditional capital.

• Adjusted operating margin expanded by 70 basis points to 28.9%, and adjusted EPS grew 9% to $3.81.

• Free cash flow for Q2 was $483 million, down 34% year-over-year but up 4% year-to-date to $846 million.

• Returned $775 million to shareholders in Q2, including $600 million in share repurchases and $175 million in dividends.

• Reaffirmed 2026 guidance for mid-single-digit or greater organic revenue growth, margin expansion, and double-digit free cash flow growth.

Financial highlights

• Q2 2026 total revenue was $4.25 billion, up 2% year-over-year; H1 2026 revenue was $9.28 billion, up 4%.

• Operating income increased 7% to $915 million; adjusted operating income up 5% to $1.23 billion.

• Adjusted EPS reached $3.81, up from $3.49; diluted EPS was $2.58, down 3% year-over-year.

• Free cash flow for H1 2026 was $846 million, up 4% year-over-year.

• Shareholder returns totaled $775 million in Q2, including $600 million in share repurchases.

Outlook and guidance

• 2026 guidance reaffirmed: mid-single-digit or greater organic revenue growth, 70-80 basis points adjusted operating margin expansion, strong adjusted EPS growth, and double-digit free cash flow growth.

• Expected adjusted effective tax rate of 19.5-20.5% for 2026.

• Foreign currency expected to have a de minimis impact on Q3 adjusted EPS and a favorable ~$0.42 per share impact for full year 2026 if rates remain stable.