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EX-99.1

2 ex991prq12026.htm

EX-99.1

Document

Exhibit 99.1

News from Aon

Aon Reports First-Quarter 2026 Results

DUBLIN - May 1, 2026 - Aon plc (NYSE: AON) today reported results for the three months ended March 31, 2026.

•Aon delivered another quarter of strong performance, including 6% total revenue growth, 5% organic revenue growth, EPS of $5.63 and adjusted EPS of $6.48. We continue to execute our Aon United strategy through the 3x3 Plan to meet rising client demand

•Our balance sheet position and strong free cash flow generation enabled execution of our disciplined capital allocation model, returning $662 million of capital to shareholders through dividends and share repurchases during the quarter

•We announced a 10% increase to the quarterly dividend on April 10, the sixth consecutive double-digit annual increase

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

First Quarter 2026

20262025Change

Total revenue$5,034$4,7296%

Organic revenue growth (Non-GAAP)5%

Operating income$1,715$1,46117%

Adjusted operating income (Non-GAAP)$1,966$1,8168%

Operating margin34.1%30.9%

Adjusted operating margin (Non-GAAP)39.1%38.4%

Diluted EPS$5.63$4.4327%

Adjusted EPS (Non-GAAP)$6.48$5.6714%

Cash provided by operations$430$140207%

Free cash flow (Non-GAAP)$363$84332%

“Our strong start to the year reflects continued execution of our 3x3 Plan and progress accelerating our client‑centric Aon United strategy,” said Greg Case, president and CEO. “In the first quarter, we delivered 5% organic revenue growth, expanded operating margin, and generated significant free cash flow, reinforcing our confidence in achieving our full‑year objectives.”

“As risk and complexity continue to grow, demand is increasing among global, large, and middle‑market clients for integrated, high‑value solutions that combine expertise, data, and analytics at scale,” Case added. “Our long‑standing focus on these client segments along with our investments in analytics, technology, and innovative capital solutions is expanding our addressable market. As a result, we are well positioned to deepen our relevance with clients and deliver durable growth and long‑term shareholder value.”

Net income attributable to Aon shareholders in the first quarter increased 27%, to $5.63 per share on a diluted basis, compared to $4.43 per share on a diluted basis in the prior-year period. Adjusted net income per share attributable to Aon shareholders increased 14%, to $6.48 on a diluted basis, including a favorable impact of $0.36 per share if prior-year period results were translated at current period foreign exchange rates (“foreign currency translation”), compared to $5.67 in the prior-year period. Certain items that impacted first-quarter results and comparisons with the prior-year period are detailed in "Reconciliation of Non-GAAP Measures - Operating Income, Operating Margin and Diluted Earnings Per Share" on page 11 of this press release.

FIRST-QUARTER 2026 FINANCIAL SUMMARY

Total revenue in the first quarter increased 6% to $5.0 billion compared to the prior-year period, reflecting 5% organic revenue growth and a 4% favorable impact from foreign currency translation, partially offset by a 3% unfavorable impact primarily from divestitures. Risk Capital revenue increased $311 million, or 10%, to $3.5 billion, and Human Capital revenue decreased $6 million, or less than 1%, to $1.5 billion.

Total operating expenses in the first quarter increased 2% to $3.3 billion compared to the prior-year period, due primarily to the increase in expense associated with 5% organic revenue growth and investments in long-term growth, as well as the unfavorable impact of foreign currency translation, partially offset by lower expenses associated with the sale of NFP Wealth and $25 million of net restructuring savings. Risk Capital operating expenses increased $126 million, or 6%, to $2.1 billion, and Human Capital operating expenses decreased $46 million, or 4%, to $1.1 billion.

Foreign currency translation in the first quarter had a $0.35 per share favorable impact on diluted EPS and a $0.36 per share favorable impact on adjusted EPS. If currency were to remain stable at today’s rates, the Company would expect a de minimis impact on adjusted EPS in the second quarter of 2026 and a favorable impact on adjusted EPS of approximately $0.44 per share for the full year 2026.

Effective tax rate for the first quarter was 20.2% compared to 21.4% in the prior-year period. After adjusting to exclude the applicable tax impact associated with certain non-GAAP adjustments, the adjusted effective tax rate for the first quarter of 2026 was 20.3% compared to 20.9% in the prior-year period. The primary drivers of the change in the effective tax rate and adjusted effective tax rate were changes in the geographical dis

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 30, 2026

Aon plc (Exact Name of Registrant as Specified in Charter)

Ireland 1-7933 98-1539969 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 15 George's Quay, Dublin 2, Ireland

D02 VR98

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: +353 1 266 6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Class A Ordinary Shares $0.01 nominal valueAONNew York Stock Exchange Guarantees of Aon plc’s 2.875% Senior Notes due 2026AON26New York Stock Exchange Guarantees of Aon Corporation and Aon Global Holdings plc’s 2.850% Senior Notes due 2027 AON27New York Stock Exchange Guarantees of Aon North America, Inc.'s 5.125% Senior Notes due 2027AON27BNew York Stock Exchange Guarantees of Aon North America, Inc.'s 5.150% Senior Notes due 2029AON29New York Stock Exchange Guarantees of Aon Corporation and Aon Global Holdings plc’s 2.050% Senior Notes due 2031AON31New York Stock Exchange Guarantees of Aon Corporation and Aon Global Holdings plc’s 2.600% Senior Notes due 2031AON31ANew York Stock Exchange Guarantees of Aon North America, Inc.'s 5.300% Senior Notes due 2031AON31BNew York Stock Exchange Guarantees of Aon Corporation and Aon Global Holdings plc’s 5.000% Senior Notes due 2032AON32New York Stock Exchange Guarantees of Aon Corporation and Aon Global Holdings plc's 5.350% Senior Notes due 2033AON33New York Stock Exchange Guarantees of Aon North America, Inc.'s 5.450% Senior Notes due 2034AON34New York Stock Exchange Guarantees of Aon plc’s 4.250% Senior Notes due 2042AON42New York Stock Exchange Guarantees of Aon plc’s 4.450% Senior Notes due 2043AON43New York Stock Exchange Guarantees of Aon plc’s 4.600% Senior Notes due 2044AON44New York Stock Exchange Guarantees of Aon plc’s 4.750% Senior Notes due 2045AON45New York Stock Exchange Guarantees of Aon Corporation and Aon Global Holdings plc’s 2.900% Senior Notes due 2051AON51New York Stock Exchange Guarantees of Aon Corporation and Aon Global Holdings plc’s 3.900% Senior Notes due 2052AON52New York Stock Exchange Guarantees of Aon North America, Inc.'s 5.750% Senior Notes due 2054AON54New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the exten