Aon Q3 2026 earnings: revenue in line, adjusted profit up 10%
Aon posted revenue roughly in line with forecasts and 10% growth in adjusted profit per share in Q3 2026, with strong risk-advisory growth offset by a softer HR-consulting unit.
| Q3 2026 | Reported | Expected | Surprise |
|---|---|---|---|
| EPS | $2.23 | $3.36 | -33.6% |
| Revenue | $4.10B | $4.12B | -0.6% |
Figures as reported by the company to the SEC for the quarter ended September 30, 2026. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Revenue came in close to what analysts expected, at $4.10 billion, up 3% from a year earlier. The underlying business actually grew faster (around 6-7% before currency effects), but Aon sold off two units this year (an NFP wealth business and a corporate-investigations firm), and losing that revenue masked some of the real growth in the headline number.
- The earnings-per-share figures need a caveat: the $2.23 reported profit-per-share includes one-time costs and accounting items, while the adjusted per-share profit figure Wall Street tracks as the real comparison point was $3.36, up about 10% from a year ago and roughly in line with what analysts had penciled in.
- Growth was uneven across Aon’s two main businesses: the risk and insurance-brokerage side grew, while the human-resources and benefits-consulting side shrank, continuing a divergence seen in recent quarters.
- Profitability metrics for the past year show Aon converting roughly a third of every revenue dollar into operating profit, a high margin for a professional-services firm, with a net profit margin above 22%—evidence the business model generates substantial cash even as individual quarters bounce around.
- Management described entering the fourth quarter with “significant momentum” and reaffirmed confidence in full-year 2026 targets, which call for mid-single-digit or better underlying revenue growth and continued margin expansion.
- Aon expects to close its acquisition of USI Insurance Services in the fourth quarter and said it will direct cash flow toward paying down the debt taken on for that deal, aiming to bring leverage down over roughly the next two years.
- Return on equity above 42% over the past year is unusually high for the industry, reflecting both strong underlying profits and a balance sheet that carries notable debt—a sign Aon is using shareholder capital efficiently, though with more leverage than many peers.
How the stock took it
Aon PLC closed at $315.72 on Oct 28, 2026, the last session before the report, and at $321.67 on Oct 30, 2026, the first session after it — +1.9% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Fundamentals
| Metric | Value | Period |
|---|---|---|
| Gross margin | 48.6% | Trailing 12 months |
| Operating margin | 33.4% | Trailing 12 months |
| Net profit margin | 22.3% | Trailing 12 months |
| Pretax margin | 28.9% | Trailing 12 months |
| EPS | $18.14 | Trailing 12 months |
| Revenue growth (YoY) | 4.9% | Trailing 12 months |
| EPS growth (YoY) | 51.8% | Trailing 12 months |
| Return on equity | 42.6% | Trailing 12 months |
Sources: company report · derived from fundamentals · earnings call · https://www.sec.gov/Archives/edgar/data/315293/000162828026067714/ex991prq32026.htm