Total revenue of Aon, a leading global professional services firm, in the third quarter increased 3% to USD 4.1 billion compared to the prior-year period, reflecting 6% organic revenue growth, partially offset by a 3% unfavorable impact primarily from divestitures.

Risk Capital revenue increased USD 157 million, or 6%, to USD 2.7 billion and Human Capital revenue decreased USD 54 million, or 4%, to USD 1.4 billion, according to the company’s report.

Total operating expenses in the third quarter increased 3% to USD 3.3 billion compared to the prior-year period due primarily to an increase in expense associated with 6% organic revenue growth, investments in long-term growth, and an increase in Accelerating Aon United Program expenses, partially offset by lower expenses associated with the sale of the NFP Wealth business and USD 20 million of net restructuring savings. Risk Capital operating expenses increased USD 134 million, or 7%, and Human Capital operating expenses decreased USD 68 million, or 6%.

Cash flows provided by operations for the first nine months of 2026 increased USD 93 million, or 4%, to USD 2.2 billion compared to the prior-year period, as strong adjusted operating income growth offset the impact of working capital and USI-related transaction costs.

Free cash flow, defined as cash flow from operations less capital expenditures, increased 3%, to USD 1.9 billion for the first nine months of 2026 compared to the prior-year period, reflecting an increase in cash flows provided by operations, partially offset by a USD 45 million increase in capital expenditures.

Key takeaways of the report:

• Aon delivered another quarter of strong performance, including 3% total revenue growth, 6% organic revenue growth and EPS growth. The results showcased broad-based strength across solution lines, with organic revenue growth of 7% in Commercial Risk, 7% in Reinsurance, 6% in Health and 4% in Wealth
• Aon’s disciplined capital allocation framework is supported by strong free cash flow generation. The company expects the USI Acquisition to close in the fourth quarter of 2026 and will prioritize debt repayment with a path towards deleveraging to our 2.8x-3.0x objective in approximately 24 months
• Aon enters the fourth quarter with significant momentum, reinforcing confidence in its ability to deliver strong financial performance for full-year 2026.

"Our Aon United strategy continues to advance and differentiate our platform for clients", said Greg Case, president and CEO. "As we progress through the final year of our 3x3 Plan, our investments in AI-enabled analytics, innovative capabilities and capital solutions, and leading experts are helping clients address their risks, build resilience and drive better outcomes. At the same time, we are strengthening our context advantage and expanding our ability to serve clients across a broader market through the announced acquisition of USI, while creating new opportunities through greater access to both traditional and alternative sources of capital", Greg Case added.



Full report can be found here.