A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
For Q2 FY2026, Aon posted 2.2% revenue growth to $4.25B and a 6.5% increase in operating income to $915M, driven by 5% organic revenue growth and restructuring savings despite divestiture headwinds.
Revenue
$4.25B
+2.19% YoY
EPS (Diluted)
$2.58
-3.01% YoY
Operating Income
$915M
+6.52% YoY
Aon (AON) reported Q2 FY2026 revenue of $4.25B, up 2.2% year over year. The company posted net income of $551M, down 4.8% from a year earlier, with diluted EPS of $2.58. Operating income was $915M, up 6.5% year over year. AON's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Aon reported Q2 FY2026 revenue of $4.25B (+2.2% YoY) with 5% organic growth and operating margin expansion to 21.55%, offsetting divestiture headwinds.
Last 4 quarters: 4 beats
Aon achieved 5% organic revenue growth in Q2 FY2026 driven by net new business and strong client retention, with total revenue rising 2% to $4.25B as divestitures like NFP Wealth created a 4% headwind.
Source: 10-Q Item 2 MD&A, p.33
Risk Capital revenue rose 5% to $3.01B with operating margins expanding to 30.5%, while Human Capital revenue fell 4% to $1.24B due to the NFP Wealth divestiture despite 5% organic growth in Health and Wealth Solutions.
Source: 10-Q Item 2 MD&A, p.35
Operating income grew 6.5% to $915M and GAAP operating margin expanded to 21.55%, supported by $25M in net restructuring savings under the Accelerating Aon United Program.
Source: 10-Q Item 2 MD&A, p.34
Long-term debt decreased 16.2% year-over-year to $12.95B, driving a $33M reduction in quarterly interest expense to $179M.
Source: 10-Q Item 2 MD&A, p.38
Aon maintains a Debt-to-Equity ratio of 4.55 with $12.95B in long-term debt. Although long-term debt decreased 16.2% year-over-year, elevated financial leverage could limit operational flexibility and capital allocation options.
Source: 10-Q Balance Sheet (XBRL)
Strategic divestitures, including the NFP Wealth business and Stroz Friedberg, reduced Q2 FY2026 total revenue by 4%. Portfolio realignment activities could temporarily depress reported top-line results if not offset by organic growth.
Source: 10-Q Item 2 MD&A, p.33
Enactment of the OECD Pillar Two global minimum tax across major operating jurisdictions such as Ireland, the U.K., and Singapore introduces ongoing regulatory complexity that could increase Aon's global effective tax rate in future periods.
Source: 10-Q Item 2 MD&A, p.39
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Aon (AON) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the AON earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $4.25B | $4.16B | +2.19% |
Operating Income | $915M | $859M | +6.52% |
Net Income | $551M | $579M | -4.84% |
EPS (Basic) | $2.58 | $2.68 | -3.73% |
EPS (Diluted) | $2.58 | $2.66 | -3.01% |
Aon reported Q2 FY2026 total revenue of $4.25B, representing 2.2% year-over-year growth supported by 5% organic revenue growth. Operating income grew 6.5% to $915M as operating margin expanded to 21.55%. However, net income fell 4.8% to $551M due to lower non-operating income compared to the prior-year period.
Risk Capital revenue increased 5% to $3.01B with an operating margin of 30.5%, driven by Commercial Risk and Reinsurance strength. Human Capital revenue fell 4% to $1.24B due to the divestiture of NFP Wealth, though organic growth in Health and Wealth solutions remained solid at 5%.
For the first six months of FY2026, Aon generated $986M in operating cash flow, up 5.3% year-over-year. Free cash flow for the six-month period reached $846M, an increase of 3.7%, reflecting strong operating income growth that offset divestiture-related tax payments.
Aon (AON) is next expected to report earnings on Oct 29, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
AON delivered strong Q1 FY2026 results with revenue rising 6.4% YoY to $5.03B, net income surging 25.6% to $1.21B, and operating margin expanding 320 bps to 34.1%, reflecting solid organic growth and improved operating leverage.
Aon delivered strong FY2025 results with revenue rising 9.4% to $17.2B and net income surging 39.2% to $3.7B, driven by improved operating leverage and a significant reduction in long-term debt.
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