According to the report, Aon continues to execute its Aon United strategy, accelerated by the 3x3 Plan, to meet rising client demand. Its free cash flow generation and robust balance sheet position support substantial financial flexibility. Aon returned USD 775 million to shareholders during the quarter through USD 600 million of share repurchases — exceeding its full-year objective of at least USD 1 billion — and USD 175 million of dividends.
Aon is 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.
Total revenue in the second quarter increased 2% to USD 4.2 billion compared to the prior-year period, reflecting 5% organic revenue growth and a 1% favorable impact from foreign currency translation, partially offset by a 4% unfavorable impact primarily from divestitures. Risk Capital revenue increased USD 140 million, or 5%, to USD 3.0 billion and Human Capital revenue decreased USD 47 million, or 4%, to USD 1.2 billion.
Total operating expenses in the second quarter increased 1% to USD 3.3 billion compared to the prior-year period due primarily to an increase in expense associated with 5% organic revenue growth and investments in long-term growth, as well as an unfavorable impact from foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business, USD 25 million of net restructuring savings, and lower compensation expense. Risk Capital operating expenses increased USD 88 million, or 4%, and Human Capital operating expenses decreased USD 97 million, or 8%.
Cash flows provided by operations for the first six months of 2026 increased USD 50 million, or 5%, to USD 986 million compared to the prior-year period, as strong adjusted operating income growth offset the cash tax payment related to NFP Wealth and impact of working capital.
Free cash flow, defined as cash flow from operations less capital expenditures, increased 4%, to USD 846 million for the first six months of 2026 compared to the prior-year period, reflecting an increase in cash flows provided by operations, partially offset by a USD 20 million increase in capital expenditures.
"Our second-quarter results demonstrate the consistency of our execution and the strength of our business model", said Greg Case, president and CEO. "We delivered 5% organic revenue growth, operating margin expansion, and 9% adjusted EPS growth, reflecting robust client demand, disciplined execution, and durable through-the-cycle performance", the CEO added.
"The structural advantage created by our Aon United strategy, coupled with AI-enabled analytical insights and innovative capital solutions, continues to differentiate Aon in the marketplace", Case said. "As clients navigate increasing complexity, we are expanding our addressable market, creating new opportunities with both traditional and non-traditional sources of capital, and generating the financial flexibility to invest for growth while returning significant capital to shareholders. We remain confident in our strategy, our outlook, and our ability to deliver sustainable long-term value", the CEO concluded.
The full report can be found here.
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