EarningsQ2 2026 Earnings Report
MX:AONN Q2 2026 EPS Results
Actual EPS$69.19
Consensus EPS$69.05
Beat/MissBeat by +$0.15
One Year Ago EPS$63.38
MX:AONN Q2 2026 Revenue Results
Actual Revenue$77.11B
Expected Revenue$77.64B
Beat/MissMissed by -$528.71M
YoY Revenue Growth+0.05%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
MX:AONN Upcoming Earnings
Aon's next earnings date is estimated for October 23, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:AONN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized consistent, broad-based revenue growth (5% organic), margin expansion (+70 bps to 28.9%), 9% adjusted EPS growth, and strong cash generation ($483M FCF) supported by Aon United and ABS investments and significant technology/AI initiatives. Management reaffirmed full-year guidance (mid-single-digit+ organic growth, 70–80 bps margin expansion, strong earnings, and double-digit free cash flow growth). Headwinds include lower fiduciary investment income, a higher Q2 tax rate, persistent rate pressure in P&C/reinsurance (treaty rates down ~15–20%), timing-related softness in M&A services, and intense competition for producer hires. Overall, positive operational and financial momentum materially outweighs the manageable challenges highlighted on the call.Company Guidance
Organic Revenue Growth
Organic revenue growth was 5% in Q2 2026 and across all four solution lines, in line with mid-single-digit or greater guidance; total revenue was $4.2 billion, up 2% year-over-year.
Adjusted Operating Margin Expansion
Adjusted operating margin expanded 70 basis points in the quarter to 28.9%, driven by operating leverage from Aon Business Services (ABS), restructuring savings, and productivity improvements.
Adjusted EPS Growth
Adjusted diluted EPS was $3.81, up 9% year-over-year.
Strong Free Cash Flow and Capital Returns
Generated $483 million of free cash flow in Q2 (first half FCF up 4%); returned $775 million to shareholders in Q2 including $600 million of share repurchases and exceeded $1 billion repurchase objective for the year-to-date.
New Business and Retention
New business contributed approximately 10 percentage points to organic revenue growth in Q2 (continuing a nine-quarter trend of 9–11 points); client retention remained strong at a mid-90s percentage, with retention improving in commercial risk (+40 bps) and reinsurance (+20 bps).
Reinsurance Resilience
Reinsurance delivered 5% organic revenue growth in Q2 despite meaningful rate pressure (treaty rates ~15–20% lower), supported by strong new business, facultative placements, and double-digit growth in strategy & technology.
Construction and Data Center Momentum
Construction recorded a fifth consecutive quarter of double-digit growth; data center lifecycle insurance program capacity increased to $5 billion (30+ carriers), reflecting strong pipeline and expanded integrated solutions.
Investments in Technology and AI
Expanded Claims Copilot across North America, Asia-Pacific and EMEA (recognized by Business Insurance); continued investment in AI-enabled tools (e.g., Aon Activate, Radford McLagan datasets) to drive client outcomes and ABS productivity.
Operational Savings from Restructuring
Restructuring savings were $25 million in the quarter, contributing roughly 60 basis points to adjusted operating margin; on track to deliver $100 million of savings in 2026 and $450 million of total savings by 2027.
Talent Investment and Revenue-Generating Headcount
Revenue-generating headcount increased 3% year-to-date with 2024–2025 cohorts contributing ~100 basis points of organic growth; target to expand producers 4%–8% for the full year to support growth in priority areas.
MX:AONN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed