AON

EX-99.1

2 ex991prq32026.htm

EX-99.1

Document

Exhibit 99.1

News from Aon

Aon Reports Third-Quarter 2026 Results

DUBLIN - October 28, 2026 - Aon plc (NYSE: AON) today reported results for the three months ended September 30, 2026.

•Aon delivered another quarter of strong performance, including 3% total revenue growth, 6% organic revenue growth and EPS growth. Our results showcased broad-based strength across solution lines, with organic revenue growth of 7% in Commercial Risk, 7% in Reinsurance, 6% in Health and 4% in Wealth

•Our disciplined capital allocation framework is supported by strong free cash flow generation. We expect the USI Acquisition to close in the fourth quarter of 2026, and will prioritize debt repayment with a path towards deleveraging to our 2.8x-3.0x objective in approximately 24 months

•We enter the fourth quarter with significant momentum, reinforcing our confidence in our ability to deliver strong financial performance for full-year 2026

Third Quarter 2026

First Nine Months 2026

(millions, except percentages and per share data)20262025Change20262025Change

Total revenue$4,101$3,9973%$13,381$12,8814%

Organic revenue growth (Non-GAAP)6%5%

Operating income$809$816(1)%$3,439$3,13610%

Adjusted operating income (Non-GAAP)$1,106$1,0515%$4,299$4,0386%

Operating margin19.7%20.4%-70 bps25.7%24.3%140 bps

Adjusted operating margin (Non-GAAP)27.0%26.3%70 bps32.1%31.3%80 bps

Diluted EPS$2.23$2.116%$10.46$9.2114%

Adjusted EPS (Non-GAAP)$3.36$3.0510%$13.66$12.2212%

Cash provided by operations$1,191$1,1484%$2,177$2,0844%

Free cash flow (Non-GAAP)$1,097$1,0792%$1,943$1,8953%

“Our Aon United strategy continues to advance and differentiate our platform for clients” said Greg Case, president and CEO. “As we progress through the final year of our 3x3 Plan, our investments in AI-enabled analytics, innovative capabilities and capital solutions, and leading experts are helping clients address their risks, build resilience and drive better outcomes. At the same time, we are strengthening our context advantage and expanding our ability to serve clients across a broader market through the announced acquisition of USI, while creating new opportunities through greater access to both traditional and alternative sources of capital.”

Case added: “The impact of this strategy is further demonstrated by our strong third-quarter results with 6% organic revenue growth, 70 basis points of adjusted margin expansion and 10% adjusted EPS growth. We enter the fourth quarter with significant momentum, reinforcing confidence in our ongoing ability to deliver sustained, differentiated performance.”

Net income attributable to Aon shareholders in the third quarter increased 6%, to $2.23 per share on a diluted basis, compared to $2.11 per share on a diluted basis, in the prior-year period. Adjusted net income per share attributable to Aon shareholders increased 10% to $3.36 on a diluted basis, including a $0.02 favorable impact if prior-year period results were translated at current-period foreign exchange rates ("foreign currency translation”), compared to $3.05 in the prior-year period. Certain items that impacted third-quarter results and comparisons with the prior-year period are detailed in “Reconciliation of Non-GAAP Measures - Operating Income and Operating Margin (Unaudited)” and “Reconciliation of Non-GAAP Measures - Diluted Earnings Per Share (Unaudited)” beginning on page 11 of this press release.

THIRD-QUARTER 2026 FINANCIAL SUMMARY

Total revenue in the third quarter increased 3% to $4.1 billion compared to the prior-year period, reflecting 6% organic revenue growth, partially offset by a 3% unfavorable impact primarily from divestitures. Risk Capital revenue increased $157 million, or 6%, to $2.7 billion and Human Capital revenue decreased $54 million, or 4%, to $1.4 billion.

Total operating expenses in the third quarter increased 3% to $3.3 billion compared to the prior-year period due primarily to an increase in expense associated with 6% organic revenue growth, investments in long-term growth, and an increase in Accelerating Aon United Program expenses, partially offset by lower expenses associated with the sale of the NFP Wealth business and $20 million of net restructuring savings. Risk Capital operating expenses increased $134 million, or 7%, and Human Capital operating expenses decreased $68 million, or 6%.

Foreign currency translation had a $0.02 favorable impact on both diluted EPS and adjusted EPS in the third quarter. If currency were to remain stable at today’s rates, the Company would expect a de minimis impact on adjusted EPS in the fourth quarter of 2026 and a favorable impact on adjusted EPS of approximately $0.42 per share for the full year 2026.

Effective tax rate was 20.6% in the third quarter compared to 21.3% 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

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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