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A global professional services firm that helps organizations manage risk and take care of their people, Aon brokers insurance, advises on retirement and health benefits, and consults on talent. It was born in 1982 in Chicago from the merger of Ryan Insurance Group and Combined International Corporation, and its name comes from a Gaelic word meaning "one" — adopted in 1987 to signal a unified identity. Aon serves clients in more than a hundred countries.
Q2 2026 operating margin fell 12.5 points to 21.5% as Q1 restructuring savings did not repeat
Quarterly dropped to 21.5% after a 34.1% reading three months earlier. rose 2.2% to $4,246M and fell 3.0% to $2.58 as the prior quarter's $25M and a Q1 divestiture comparison rolled off, while fell 16.2% to $12.9B. The business is deleveraging but margin normalized lower after the Q1 peak.
Key takeaways
fell 12.5 points to 21.5% from 34.1% in Q1 2026, as the $25M in net booked in Q1 did not repeat and the divestiture comparison faded.
rose 2.2% to $4,246M and dropped 15.7% from Q1, with the quarter-on-quarter decline reflecting the seasonal pattern seen in prior years.
was $2.58, down 3.0% from $2.66 a year earlier, and fell 4.8% to $551M.
Section summaries
Legal Proceedings
Aon faces material legal proceedings including a $300M claim from a 2016 plane crash and ongoing Vesttoo-related litigation, with no assurance outcomes won't materially affect results.
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Aon is defending claims from a 2016 plane crash, including a $300M Brazilian public civil action and a $16.7M UK counterclaim by 43 individuals.
Litigation related to allegedly fraudulent letters of credit arranged by Vesttoo Ltd. continues, with a liquidating trust complaint filed in August 2025 and Aon's motion to dismiss opposed in June 2026.
In Q4 2023, Aon recognized $197M in legal settlement expenses for Vesttoo matters, reduced by $23M in Q3 2025, with potential future recoveries.
fell 16.2% to $12.9B from $15.5B a year earlier, continuing deleveraging after the 2024 NFP-funded debt build.
was $556M, down 30.2% , and fell 34.0% to $483M.
Legal proceedings are unchanged from the 2025 10-K: a $300M Brazil plane-crash claim, a $16.7M UK counterclaim, and Vesttoo litigation with a $174M reserve remaining from the $197M recognized in Q4 2023.
What changed
Q2 2026 was flagged as a watch item for the push toward $450M savings by 2027; margin fell to 21.5% from 34.1% in Q1 as the $25M Q1 savings did not repeat, leaving the program's quarterly contribution uneven.
was flagged at $13.5B in Q1 with question of further deleveraging; it fell to $12.9B, down 4.4% quarter on quarter, continuing the decline.
Legal disclosure was flagged for the $16.7M UK counterclaim and Vesttoo loss beyond the $174M reserve; this 10-Q restates the same claims with no new quantified loss.
Q2 2026 trajectory was flagged after Wealth Solutions declined 19% in Q1 from the sale; the detail is not broken out in the quarterly table but the divestiture persisted.
Risk factors are unchanged from the 2025 10-K, with no new or updated risks disclosed this quarter.
What to watch
Q3 2026 operating and adjusted margin as the continues toward $450M annualized savings by end of 2027.
level of $12.9B and any resumption of share repurchases from remaining NFP sale proceeds.
Next legal disclosure on the $16.7M UK plane-crash counterclaim and any Vesttoo loss beyond the $174M reserve.
Q3 2026 trajectory as the divestiture annualizes and holds at prior levels.
Aon states that while it believes ultimate outcomes won't materially harm its consolidated financial position, unfavorable resolutions could materially affect future results or cash flows.
The company maintains E&O insurance but is or materially self-insured for some claims due to exhausted or depleted coverage.
Risk factors are unchanged from the 2025 10-K; no new or updated risks are disclosed in this 10-Q.
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The filing states that risk factors from the 2025 10-K remain applicable and should be considered alongside this report.
No new or updated risk factors are provided for the second quarter of 2026.
The company notes that existing risk factors contain forward-looking statements and could adversely affect business, financial condition, or results if they materialize.