[AON] Aon: Q3 2026 earnings preview on margins and cash flow before USI

Aon, a global professional services firm that provides insurance and reinsurance brokerage, risk consulting, and employee-benefit and retirement consulting, is scheduled to hold its earnings call on 2026-10-28, according to the Drillr earnings calendar, to report results for the third quarter 2026, the three months ended September 30, 2026[1]. In the latest disclosed period, the second quarter of 2026, revenue rose 2% to $4.246 billion with 5% organic growth, the adjusted operating margin reached 28.9%, up 70 basis points, and adjusted EPS rose 9% to $3.81, but free cash flow fell 34% to $483 million[2]. With second-quarter results, management reaffirmed 2026 guidance of mid-single-digit or greater organic revenue growth, 70 to 80 basis points of adjusted operating margin expansion and double-digit free cash flow growth, and said it still expects net market impact from rates and exposures to stay within 0 to 2 percentage points[3]; when it announced the USI deal in August, the company added that it plans to close in the fourth quarter and does not intend to repurchase shares in the near term as it prioritizes debt repayment[4]. Analyst consensus compiled by Drillr stands at $3.30 of third-quarter EPS (15 analysts, range $3.09 to $3.43) and $4.078 billion of revenue (10 analysts, range $3.958 billion to $4.138 billion)[5].

Three things matter most in this Aon Q3 2026 earnings report. First, can Commercial Risk organic growth climb from 5% in the second quarter back to 6% or more? Management blamed the second-quarter slowdown on a tough M&A-services comparison and said announced transaction volumes are up more than 60%, which should make M&A a tailwind in the second half[6]; if growth stays at 5% or below after M&A services recover, the case that softer pricing is eroding commissions gets stronger. Second, Reinsurance still grew 5% organically in the second quarter even though market rates fell 15% to 20% at the mid-year renewals[7]; whether new treaties and analytics and capital solutions can keep offsetting the rate decline in the seasonally small third quarter will shape the starting point for the January 2027 renewal season. Third, free cash flow grew only 4% in the first half as higher receivables weighed on operating cash flow[8], and since the USI deal Aon has shifted to borrowing and debt repayment; whether margin expansion holds at 70 basis points or more and whether nine-month free cash flow approaches the full-year double-digit target will directly affect the pace of deleveraging after closing.

Company Background and Business Structure

Aon is an Irish-incorporated global professional services firm with roots in insurance brokerage; it had about 60,000 employees at the end of 2025 and operates in more than 120 countries[9][10]. The company concentrates on capital-light professional services with high recurring revenue and strong cash generation[9]; recent portfolio moves include the 2024 addition of U.S. middle-market broker NFP, which lifted revenue from $13.376 billion in 2023 to $15.698 billion in 2024[11][12], and the October 30, 2025 sale of most of NFP's wealth businesses to Madison Dearborn Partners for $2.3 billion in cash, which produced a $1.2 billion pre-tax gain[13]. On August 30, 2026, Aon agreed to buy USI, the tenth-largest U.S. insurance broker by 2025 revenue, for $17 billion in cash; USI has about $3.0 billion of revenue and more than 10,500 employees[10][14][15].

Aon reports two segments, Risk Capital and Human Capital[16]. In 2025, Risk Capital generated $11.290 billion of revenue, about 66% of the total, made up of Commercial Risk (insurance and specialty brokerage, risk consulting, captives management and Affinity programs) at $8.497 billion and Reinsurance (treaty and facultative reinsurance brokerage, analytics and capital markets) at $2.793 billion; Human Capital generated $5.907 billion, about 34%, made up of Health (benefits brokerage and consulting, consumer benefits and talent advisory) at $3.839 billion and Wealth (retirement consulting, pension administration and investment consulting) at $2.068 billion[11]. This structure means that about half of revenue comes from Commercial Risk, Reinsurance is the most directly exposed to the pricing cycle, and Human Capital is where Aon differs most from pure insurance-brokerage peers.

The way Aon charges for its work shapes its funds structure. When a client renews or buys coverage, Aon earns a commission proportional to premium or an agreed fee, while consulting is billed by project or annually; as a broker, Aon collects premiums, deducts its commission and remits the balance to insurers, and it held $7.4 billion of funds on behalf of clients at the end of 2025, with the interest on those funds producing fiduciary investment income[17]. Because of client buying patterns and the delivery timing of some services, revenue is concentrated in the first and fourth quarters[18], so the third quarter is seasonally small for both revenue and margin.

Financial History and Current Position

Aon's annual revenue has grown steadily over the past three years, from $13.376 billion in 2023 to $15.698 billion in 2024 and $17.181 billion in 2025[11], with organic growth of 6% in both 2024 and 2025[12]. The 2025 adjusted operating margin was 32.4% (31.5% in 2024), with Risk Capital at 34.3% and Human Capital at 32.2%; adjusted EPS rose 9% to $17.07 and free cash flow rose 14% to about $3.2 billion[12]. GAAP other income reached $1.2 billion that year, mainly from the gain on the NFP wealth sale, which is not recurring operating profit[13].

Operating results kept growing in the first half of 2026, but cash flow timing was weak. First-quarter revenue was $5.034 billion and the adjusted operating margin was 39.1%, up 70 basis points[2][19]; second-quarter revenue was $4.246 billion, up 2% on a reported basis and 5% organically, with the NFP wealth divestiture subtracting 4 percentage points[20]. Second-quarter adjusted operating income was $1.227 billion, the GAAP operating margin was 21.5%, and GAAP diluted EPS fell 3% to $2.58; first-half revenue rose 4% to $9.280 billion, the adjusted operating margin was 34.4%, up 80 basis points, and adjusted EPS rose 12% to $10.29[2]. First-half operating cash flow was $986 million after a $1.180 billion increase in receivables, capital expenditures were $140 million, and free cash flow was $846 million, up only 4%, while second-quarter free cash flow alone fell 34% year over year[8][2].

Capital allocation shifted sharply in the middle of the year. In the first half, Aon repurchased $1.1 billion of stock, paid $337 million of dividends, spent $322 million on tuck-in acquisitions and repaid $593 million of debt[8], including $600 million of second-quarter buybacks that already exceeded the full-year objective of at least $1 billion[21]; in the first quarter it raised the dividend 10% to 82 cents per share, and interest expense was $179 million, $26 million lower than a year earlier[19]. After announcing the USI deal, the company said it does not expect to repurchase shares in the near term[4]; in September it sold seven tranches of senior notes totaling $13.5 billion, maturing from 2029 to 2056 with coupons between 5.350% and 6.450%[22], and signed a $4 billion delayed-draw term loan, split into two-year and three-year facilities of $2 billion each and available on the USI closing date[23].

Operating Model

Aon's revenue breaks down into three drivers: retention, new business and net market impact. Brokerage revenue roughly equals client premium times the commission rate, and premium equals rate times exposure; Aon measures comparable growth with organic growth, and in the second quarter new business contributed 10 percentage points, the ninth straight quarter in the 9-to-11-point range, client retention held in the mid-90s, and net market impact from rates and exposures was "modestly positive"[24]. Reported growth adds currency, fiduciary investment income and acquisitions and divestitures on top: divestitures subtracted 4 points in the second quarter[20], and first-quarter fiduciary investment income was $55 million, down 18%[19]. Because commissions are earned at renewal, softer pricing feeds into revenue quarter by quarter through the renewal cycle rather than all at once.

Compensation is the main variable in adjusted operating income. Adjusted operating income equals revenue minus compensation and benefits, information technology, premises, depreciation and other general expenses, excluding restructuring charges, intangible amortization and transaction and integration costs; compensation is the largest cost and rises with organic growth and new revenue-generating hires. The Accelerating Aon United restructuring program carries cumulative costs of about $1.3 billion and is expected to deliver about $450 million of annualized savings by the end of 2027[25]; it delivered $50 million of savings in the first half, and in the second quarter the margin still rose 70 basis points despite higher expenses[26], against a full-year 2026 savings target of $100 million[3]. New hires carry compensation before they contribute revenue, and in the second quarter the 2024-2025 hiring cohorts added only about 100 basis points to organic growth[24]; that lag is the main tension between margin and growth.

Cash flow flexibility comes from working capital, not capital spending. Aon's capital expenditures are light, only $140 million in the first half, but receivables for commissions and fees build up in renewal seasons, and a $1.180 billion first-half increase in receivables left operating cash flow at only $986 million[8]. Before the USI deal, free cash flow went mainly to buybacks and dividends; after it, Aon reordered its priorities to deleveraging and a stable, growing dividend, followed by growth investment and the return of excess capital[4], so from the third quarter onward free cash flow is tied more directly to debt repayment than to buybacks.

Industry and Competitive Position

Aon competes in a highly fragmented brokerage and consulting market. Its main rivals include Marsh McLennan, Willis Towers Watson, Arthur J. Gallagher and Lockton, along with many regional and local brokers and insurers and reinsurers that sell directly without brokers[27]. Aon's differentiation rests mainly on a unified data and operating platform and integrated service: in the second quarter, Commercial Risk retention improved 40 basis points and Reinsurance retention improved 20 basis points, which management attributed to deeper enterprise client engagement and platform-enabled service improvements[24]. In large infrastructure projects such as data centers, Aon expanded the capacity of its data center lifecycle insurance program to $5 billion and can currently support $13 billion to $15 billion of capacity for a single facility[28], and its construction business has posted five consecutive quarters of double-digit growth[7].

Aon's relative weak spot is the U.S. middle market, the shared purpose of both the NFP and USI acquisitions. The company describes the U.S. middle market as a segment of more than $40 billion that accounts for more than one third of U.S. commercial P&C direct written premium, while USI places about $11 billion of P&C premiums[15]; this year Aon has also deployed more than $350 million on tuck-in acquisitions for its middle-market platform to strengthen its MGU and MGA capabilities[28]. The limit of this comparison is that the available public material covers only Aon's own segment data, with no like-for-like peer growth or margins, so competitive position can be judged only indirectly from Aon's new business, retention and product expansion.

Core Debates

Aon's Commercial Risk organic growth slowed to 5% in the second quarter, which management blamed on a tough M&A-services comparison that it expects to turn into a tailwind in the second half. With commercial property pricing softening, can new business and retention lift third-quarter growth back to 6% or more?

Commercial Risk is Aon's largest revenue source, and its growth determines whether full-year guidance holds. Commercial Risk revenue was $8.497 billion in 2025, about half of company revenue[11]; second-quarter revenue was $2.295 billion[20], and the Risk Capital segment that contains it posted a 34.2% adjusted operating margin[26]. The full-year guidance of mid-single-digit or greater organic growth[3] requires this line to keep growing through new business while pricing softens, and the third quarter is the first test of management's account that M&A services will recover.

Commercial Risk organic growth slowed to 5% in the second quarter after 6% for the first half, with first-half revenue of $4.518 billion[29]. Growth came mainly from core P&C business in EMEA and North America, and construction delivered its fifth consecutive quarter of double-digit growth[7]; in the first quarter, Commercial Risk new business contributed more than 12 points and retention improved 50 basis points[30], while in the second quarter Commercial Risk retention improved 40 basis points, companywide new business contributed 10 points and net market impact was modestly positive[24], compared with 1 point of net market impact in the first quarter[19]. The financial transmission runs from new clients and expanded mandates, renewal retention, and rate times exposure into Commercial Risk commissions and fees, then into Risk Capital segment profit and companywide adjusted operating income.

What remains unresolved is the nature of the slowdown. Management's explanation is that M&A services faced an elevated second-quarter 2025 comparison, while announced transaction volumes are up more than 60% and will turn into a second-half tailwind[6]; the alternative is that softer commercial property pricing has started to erode premium-based commissions. The calls describe new business, retention and net market impact only verbally, cannot separate rate from exposure, and did not break out Commercial Risk new-business points for the second quarter, so neither explanation can be ruled out yet.

The third-quarter report should be read for four signals: whether Commercial Risk organic growth is 6% or more or 3% or less, whether companywide new business still contributes 9 to 11 points, whether net market impact stays positive, and whether management confirms that M&A services have turned into a tailwind. If organic growth stays at 5% or below after M&A services recover, the pricing-cycle explanation gains weight; if organic growth falls to 3% or below, or net market impact turns negative, the slowdown is more than a comparison effect and softer pricing is already cutting commissions directly.

Reinsurance market rates fell 15% to 20% at the mid-year renewals, yet Aon's Reinsurance business still grew 5% organically in the second quarter. In the seasonally small third quarter, can new treaties, new clients and analytics and capital solutions keep offsetting the rate decline?

Reinsurance is the Aon business most directly exposed to the pricing cycle. Reinsurance revenue was $2.793 billion in 2025, about 16% of company revenue[11], and the rate on ceded premium is a direct multiplier of commissions. If new business can sustain growth while rates fall 15% to 20%, growth is coming from market share and product expansion; if it cannot, pressure on the January 1, 2027 renewal season will be greater.

Second-quarter Reinsurance revenue was $711 million, compared with $688 million a year earlier, up 3% on a reported basis and 5% organically[20]; first-half revenue was $1.990 billion[31], with 4% organic growth[29]. Management said mid-year market rates fell 15% to 20%, but strong new treaty business and new client logos offset the declines, facultative placements performed well, and the Strategy and Technology Group posted double-digit growth in analytics and alternative capital solutions[7], while Reinsurance retention improved 20 basis points[24]. The transmission runs from ceded premium times the commission rate, plus analytics and capital-markets fees and new treaties and clients, into Reinsurance revenue and then Risk Capital adjusted operating income.

What is not yet settled is whether this growth can last. The alternative view holds that growth depends on a few capital-markets and data-center-related projects whose revenue is volatile; the third quarter is seasonally small[18], most of the $1.990 billion of first-half Reinsurance revenue fell in the first-quarter renewal season, and on a small third-quarter base the absence of a few projects could slow organic growth noticeably.

The third-quarter report should show whether Reinsurance organic growth is 4% or more or 1% or less, whether the market rate decline management describes has widened, and whether Reinsurance retention keeps improving. If organic growth falls to 1% or below, new business is no longer offsetting rates; if management says the rate decline has widened beyond 20%, pressure on the January 2027 renewals rises; conversely, organic growth of 4% or more with improving retention would support the view that growth comes from share and product expansion.

After Aon sold the NFP wealth business, Human Capital's adjusted operating margin rose from 19.1% to 21.5% in the second quarter. Can health and wealth consulting keep growing organically at about 5% in the third quarter so that margins keep improving for reasons beyond the one-time effect of the sale?

Human Capital is about one third of revenue and the part of Aon that differs most from brokerage peers. Human Capital revenue was $5.907 billion in 2025[11], with a full-year adjusted operating margin of 32.2%[12]. The NFP wealth sale lowered reported revenue and raised margins, so investors need to separate how much of the improvement is operating and how much comes from portfolio change; because USI also includes employee benefits business, that judgment also affects how the combined margin should be read after closing.

Second-quarter Health revenue was $818 million, compared with $772 million a year earlier, for 5% organic growth; Wealth revenue was $426 million, down 18% on a reported basis with acquisitions, divestitures and other subtracting 24 points, for 5% organic growth[20]. First-half Health revenue was $1.937 billion with 5% organic growth, and Wealth organic growth was 3%[29]; management attributed Health growth to the core health and benefits business and strong global benefits demand in EMEA, and Wealth growth to regulatory and pension-assessment work in the UK and EMEA and renewed U.S. demand for pension risk transfer[7]. The Human Capital adjusted operating margin was 21.5% in the second quarter versus 19.1% a year earlier, and 28.6% in the first half versus 27.9%[26]; over the same quarter, companywide compensation and benefits expense fell $89 million, mainly because of the NFP wealth sale and restructuring savings[32].

What remains unresolved is the source of the margin gain. There are three transmission channels: rising employer medical costs and benefits complexity drive demand for health brokerage and consulting, regulatory work and pension risk transfer drive wealth consulting, and the exit from lower-margin wealth management plus restructuring savings lift the segment margin. The alternative view is that the margin gain comes mainly from removing the lower-margin wealth management business while core consulting has not improved; the sale closed on October 30, 2025[33], its year-over-year effect disappears only in the fourth quarter of 2026, and the contributions of the divestiture and restructuring savings cannot currently be separated, so the answer will become clear only then.

The third-quarter report should show whether the Human Capital adjusted operating margin improves year over year, whether Health organic growth is 5% or more or 3% or less, and whether Wealth organic growth holds at 4% or more. A year-over-year decline in the Human Capital margin would mean core business costs are rising; Health organic growth of 3% or less would mean employer benefits demand is slowing.

Aon has just raised $13.5 billion of notes for its $17 billion acquisition of USI and suspended buybacks. In the last stand-alone quarter before closing, can margins keep expanding by 70 basis points or more, and can free cash flow, up only 4% in the first half, catch up with the full-year double-digit growth target?

The USI deal moves Aon from buybacks to debt repayment, and its cash generation before closing sets the pace of deleveraging. The company said the deal will dilute 2027 adjusted EPS and be accretive from 2028, targets bringing leverage back to 2.8x to 3.0x in about 24 months after closing, and expects to keep its Baa2 Moody's and A- S&P credit grades[14]. The pace of deleveraging depends on free cash flow, which depends on margin and working capital, so the third-quarter report is the last quarter in which investors can test Aon's own cash generation before USI is consolidated.

The first-half adjusted operating margin was 34.4%, up 80 basis points[2], with $50 million of restructuring savings[26]; over the same period, free cash flow was $846 million, up only 4%, second-quarter free cash flow fell 34%, and receivables rose $1.180 billion[8]. USI had about $3.0 billion of revenue in 2025, and the $16.7 billion net purchase price represents about 14.5 times synergized trailing-twelve-month adjusted EBITDA[4]; in the preliminary consideration, $12.547 billion is merger consideration and $4.460 billion goes to repay USI debt[34]. The company's net adjusted EBITDA synergy target is $395 million, with $321 million of net revenue synergies and $280 million of cost synergies, alongside $550 million of integration costs and up to $400 million of retention and performance incentives spread over three years[14].

The transmission runs from organic growth and restructuring savings to a higher adjusted operating margin, then from operating cash flow, after working-capital changes and capital spending, to free cash flow for debt repayment; meanwhile, interest on the new $13.5 billion of notes[22] and the buyback pause both act on adjusted EPS. An arithmetic estimate from the coupons puts annual interest on these notes at about $790 million, but that estimate ignores interest income on pre-funded cash before closing; for comparison, Aon's first-quarter interest expense was only $179 million[19]. The alternative view holds that weak first-half cash flow is only a working-capital timing gap that will reverse in the second half, especially the fourth quarter; if nine-month growth stays in the low single digits, both the full-year target and the deleveraging timetable would need to be discounted.

The third-quarter report should show whether adjusted operating margin expansion reaches 70 basis points or more, whether nine-month free cash flow grows 8% or more, whether the rise in interest expense matches the size of the new notes, and whether the company reaffirms full-year guidance and a fourth-quarter USI closing. If margin expansion is below 30 basis points, the full-year 70-to-80-basis-point target would require a large fourth-quarter catch-up; if the USI closing slips, interest on the pre-funded debt would continue without USI profit, and the merger agreement lets either party terminate if the deal has not closed by June 1, 2027[10].

Risks and Falsifiers

The first risk is competition for talent among brokers. The company plans 4% to 8% growth in revenue-generating headcount for the full year, but headcount was up only 3% in the first half, and management acknowledged intense competition for top talent[6]; too little hiring would weaken the roughly 10-point new-business contribution[24], while heavy hiring would let compensation, the largest expense line, depress margins before revenue ramps, and second-quarter compensation and benefits expense fell $89 million year over year after the divestiture and savings[32]. If the third-quarter report shows headcount growth near the 4%-to-8% range and new business still contributing 9 to 11 points, this risk is weakened.

The second risk is that commercial property and specialty pricing keeps softening, eroding premium-based commissions and pulling organic growth below mid-single digits. The exposed line is Commercial Risk revenue, $8.497 billion in 2025[11] and $2.295 billion in the second quarter of 2026[20], against full-year net market impact guidance of 0 to 2 points[3]. If third-quarter net market impact stays positive and Commercial Risk organic growth is at least 5%, this risk has not materialized.

The third risk is that reinsurance rates fall faster than new treaties and capital-markets business expand, turning Reinsurance revenue from growth to flat or decline. The exposure is Reinsurance revenue of $2.793 billion in 2025[11] and $1.990 billion in the first half of 2026[31], concentrated in the first-quarter renewal season[18]. If third-quarter Reinsurance organic growth is at least 4% and retention keeps improving, this risk has not materialized.

The fourth risk is that the Human Capital margin gain comes mainly from the divestiture, so that once its year-over-year effect disappears in the fourth quarter of 2026, margin expansion slows sharply and drags on the companywide target of 70 to 80 basis points[3]. The exposure is Human Capital adjusted operating income, with a margin of 32.2% in 2025[12] and 21.5% in the second quarter of 2026[26]. If the Human Capital margin improves year over year in both the third and fourth quarters, this risk is falsified.

The fifth risk is that the USI deal sharply raises debt while buybacks are paused; if integration and the $395 million net adjusted EBITDA synergy target fall behind, or the closing slips, the interest burden and 2027 dilution would last longer and the return to 2.8x to 3.0x leverage would be delayed[14]. The exposed lines include the new $13.5 billion of notes (about $790 million of annual interest by arithmetic estimate from the coupons)[22] and the $4 billion term loan[23], as well as $550 million of integration costs and up to $400 million of retention incentives[14]. If USI closes on schedule in the fourth quarter and the company reaffirms its target of deleveraging in about 24 months after closing, this risk would ease noticeably.

What to Watch Next

• Commercial Risk growth: second-quarter organic growth was 5% (6% in the first half), new business contributed 10 points and net market impact was modestly positive. Watch whether M&A services turn into a tailwind; 6% or more supports new-business-driven growth, while 3% or less or negative net market impact would show pricing is cutting commissions.
• Reinsurance versus rates: organic growth was 5% in the second quarter and 4% in the first half, market rates fell 15% to 20% and retention improved 20 basis points. Watch whether the small third quarter sustains new business; 4% or more with better retention supports share gains, while 1% or less or rate declines beyond 20% would weaken that view.
• Source of the Human Capital margin: the second-quarter margin was 21.5% (19.1% a year earlier), with Health and Wealth each growing 5% organically. Watch for operating improvement beyond the divestiture; a year-over-year margin gain with Health at 5% or more supports it, while a margin decline or Health at 3% or less weakens it.
• Margin and cash before the USI closing: the first-half margin was 34.4% (up 80 basis points) and free cash flow was $846 million (up 4%). Watch whether full-year guidance and the fourth-quarter closing are reaffirmed; expansion of 70 basis points or more with free cash flow growth of 8% or more supports the current view, while expansion below 30 basis points or a delayed closing weakens it.

Conclusion

Aon's business is driven by commissions and consulting fees, its revenue moves with new business, retention and rate times exposure, and its margin depends on the balance between compensation growth and restructuring savings. In the first half of 2026, revenue rose 4% to $9.280 billion and the adjusted operating margin reached 34.4%, up 80 basis points, but free cash flow grew only 4%[2]; at the same time, the $17 billion USI acquisition has moved the company from buybacks to borrowing and debt repayment[4]. The central unresolved relationship is whether organic growth under softening pricing can keep supporting margin expansion and bring free cash flow back toward full-year double-digit growth before closing.

Outside commentary since the second-quarter results has focused almost entirely on the USI deal, with different emphases. Piper Sandler analyst Paul Newsome, quoted by CNBC, said middle-market commercial insurance generally grows a percentage point or two faster than large-account business and that the goal of the acquisition is to lift Aon's overall organic growth rate by a point or two by shifting its business mix[35]; Wiltone Asuncion of TIKR instead focused on the balance sheet, arguing that full debt funding and the buyback pause removed a familiar source of support for a stock investors valued partly for steady repurchases, that investors are being asked to wait through a dilutive year on faith in a synergy number, and that the market wants integration proof before it pays up[36]. Both views agree that the deal's value can be realized only after closing, but Newsome's view maps onto the Commercial Risk growth debate while TIKR's maps onto the financing and cash flow debate; these are outside interpretations rather than events that have occurred, and the third-quarter report can test only Aon's own growth and cash flow, while middle-market synergies can be tested only after closing.

If third-quarter Commercial Risk organic growth returns to 6% or more, Reinsurance organic growth holds at 4% or more, and the Human Capital margin keeps improving beyond the divestiture effect, while companywide margin expansion reaches 70 basis points or more, nine-month free cash flow grows 8% or more and USI closes on schedule in the fourth quarter, the view that Aon grows through new business and can deleverage with its own cash flow would be materially strengthened. Conversely, if Commercial Risk organic growth falls to 3% or below, net market impact turns negative, Reinsurance organic growth falls to 1% or below, or margin expansion comes in below 30 basis points while the closing slips, that view would be materially weakened.

Sources

[1] Drillr earnings calendar (updated 2026-10-17) · AON 2026-10-28 call · 2026-10-17 · Drillr earnings calendar

[2] AON 8-K filed 2026-07-29 · 2Q26 and 1H26 summary financials · 2026-07-29 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=8-K&dateb=&owner=include&count=40

[3] AON Q2 2026 earnings call 2026-07-29 · guidance · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

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[5] Drillr analyst_financial_estimates (updated 2026-10-16) · AON quarter ending 2026-09-30 · 2026-10-16 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

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[7] AON Q2 2026 earnings call 2026-07-29 · segment performance · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] AON 10-Q filed 2026-07-29 · cash flows 1H26 · 2026-07-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/315293/000162828026050610/

[9] AON 10-K filed 2026-02-13 · overview and colleagues · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=10-K&dateb=&owner=include&count=40

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[12] AON 10-K filed 2026-02-13 · 2025 non-GAAP performance · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=10-K&dateb=&owner=include&count=40

[13] AON 10-K filed 2026-02-13 · NFP Wealth sale and other income · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=10-K&dateb=&owner=include&count=40

[14] AON 8-K filed 2026-08-31 · USI transaction overview presentation · 2026-08-31 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=8-K&dateb=&owner=include&count=40

[15] AON 8-K filed 2026-08-31 · USI strategic rationale · 2026-08-31 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=8-K&dateb=&owner=include&count=40

[16] AON 10-K filed 2026-02-13 · segment structure · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=10-K&dateb=&owner=include&count=40

[17] AON 10-K filed 2026-02-13 · fiduciary assets and premium flows · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=10-K&dateb=&owner=include&count=40

[18] AON 10-K filed 2026-02-13 · seasonality · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=10-K&dateb=&owner=include&count=40

[19] AON Q1 2026 earnings call 2026-05-01 · results and capital return · 2026-05-01 · earnings-call · https://gateway.drillr.ai/mcp/private

[20] AON 10-Q filed 2026-07-29 · 2Q26 organic revenue growth by service line · 2026-07-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/315293/000162828026050610/

[21] AON 8-K filed 2026-07-29 · 2Q26 results press release · 2026-07-29 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=8-K&dateb=&owner=include&count=40

[22] AON 8-K filed 2026-09-17 · senior notes offering · 2026-09-17 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=8-K&dateb=&owner=include&count=40

[23] AON 8-K filed 2026-09-22 · USI term loan credit agreement · 2026-09-22 · 8-K · https://www.sec.gov/Archives/edgar/data/315293/000119312526397203/0001193125-26-397203.txt

[24] AON Q2 2026 earnings call 2026-07-29 · new business, retention and restructuring · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[25] AON 10-K filed 2026-02-13 · Accelerating Aon United restructuring program · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=10-K&dateb=&owner=include&count=40

[26] AON 10-Q filed 2026-07-29 · segment adjusted operating margin 2Q26 · 2026-07-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/315293/000162828026050610/

[27] AON 10-K filed 2026-02-13 · competition · 2026-02-13 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=10-K&dateb=&owner=include&count=40

[28] AON Q2 2026 earnings call 2026-07-29 · data center and middle-market initiatives · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[29] AON 8-K filed 2026-07-29 · 1H26 organic revenue growth by service line · 2026-07-29 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=8-K&dateb=&owner=include&count=40

[30] AON Q1 2026 earnings call 2026-05-01 · commercial risk new business and net market impact Q&A · 2026-05-01 · earnings-call · https://gateway.drillr.ai/mcp/private

[31] AON 10-Q filed 2026-07-29 · revenue by principal service line 2Q26 and 1H26 · 2026-07-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/315293/000162828026050610/

[32] AON 10-Q filed 2026-07-29 · compensation and other general expense 2Q26 · 2026-07-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/315293/000162828026050610/

[33] AON 10-Q filed 2026-07-29 · NFP Wealth disposition · 2026-07-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/315293/000162828026050610/

[34] AON 8-K filed 2026-09-11 · USI preliminary purchase price · 2026-09-11 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315293&type=8-K&dateb=&owner=include&count=40

[35] CNBC 2026-08-31 · Aon CEO says insurance broker seeks to build 'premiere middle market platform' with purchase of rival USI · 2026-08-31 · CNBC(经 J&R Report 转载) · https://jrreport.wordandbrown.com/2026/09/01/aon-ceo-says-insurance-broker-seeks-to-build-premiere-middle-market-platform-with-purchase-of-rival-usi/

[36] TIKR 2026-09-17 · Aon stock has fallen 20% from its highs to a 52-week low. Is the USI selloff a buying opportunity? · 2026-09-17 · TIKR · https://www.tikr.com/blog/aon-stock-has-fallen-20-from-its-highs-to-a-52-week-low-is-the-usi-selloff-a-buying-opportunity