Aon Q2 2026: 5% organic growth, but GAAP EPS slips 3%
Aon's second quarter looked weaker at the top and bottom line than it really was: revenue rose 2.0% to $4.25 billion and GAAP EPS fell 3.0% to $2.58, but organic revenue grew 5.0% and adjusted EPS rose 9.0% to $3.81. Guidance was reaffirmed. Read the GAAP declines as tax-rate and divestiture noise, and the organic and margin figures as the real story.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS fell 3.0% to $2.58 and net income fell 5.0% to $551 million, largely because the effective tax rate jumped to 22.0% from 15.5%. Adjusted EPS, which strips out amortization, restructuring and integration costs, rose 9.0% to $3.81, about $0.03 below the $3.84 consensus estimate. The gap between those two lines is where this quarter's argument lives.
Revenue rose 2.0% to $4.25 billion, but that headline hides a 5.0% organic gain: currency added 1.0% and divestitures, mainly the NFP Wealth business and Stroz Friedberg, subtracted 4.0%. Risk Capital grew 5.0% to $3.01 billion while Human Capital fell 4.0% to $1.24 billion. The Human Capital drop is portfolio surgery, not weak demand: Wealth Solutions revenue fell 18.0% on the divestiture yet still posted 5.0% organic growth.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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