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AON US S&P 500Russell 1000 Earnings call

Aon plc (AON) · Q2 2026 results and valuation

Share price: $336.55 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter

Net income down 54.1% on the previous quarter. The language turned more upbeat.

Only a basic analysis is available for this company at the moment.

1 · Numbers

−54.1%

Net income vs Q1 2026

Outlook given

Net income 551.0M vs 1.20B

Revenue −15.7%

Against the same quarter last year (Q2 2025) it is −4.8% — part of the move on last quarter is seasonal.

2 · How management spoke

More upbeat

Language tone vs last period

Language: upbeat — more upbeat than in Q1 2026.

3 · What stood out

Figure

Aon's advocacy efforts recovered over $10 billion in client financial value through overturned denials over the past decade, demonstrating…

Valuation

Is Aon plc undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 11.2% growth a year (3-year revenue growth), the model's fair value is $328.98 a share — the stock trades 2% above it. Today's price assumes 11.5% growth a year.

Current price

$336.55

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+11.5% for 10 yrs

Fair value / share

$328.98

Buy below

$246.74

Price vs fair value

Overvalued 2%

Price vs buy-below price

Overvalued 36%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Rising

    AON's disciplined execution delivered consistent strong performance through Q2 2026, with underlying business fundamentals remaining solid heading into the second half.

    Source quote
    “In line with or above industry across the key financial metrics including Over the past several quarters, disciplined execution across our business and financial model has translated into a consistently strong performance. As we move into the second half of 2026, our underlying business and financial model the foundation of that performance remains unchanged.”
  2. Guidance

    Aon is reaffirming its 2026 full-year guidance, including mid-single-digit or greater organic revenue growth, 70 to 80 basis points of margin expansion.

    Source quote
    “As a result, we are reaffirming our 2026 full-year guidance, including mid-single-digit or greater organic revenue growth, 70 to 80 basis points of margin expansion, strong adjusted earnings...”
  3. Guidance

    Q3 2026 interest expense is expected to be approximately $185 million.

    Source quote
    “We expect Q3 2026 interest expense to be approximately $185 million.”
  4. Fading

    Hiring investments were stressed less this quarter, yet organic revenue still grew 5%, matching mid-single-digit guidance.

    Source quote
    “This performance reflects the impact of our strategic investments in hiring across priority growth areas, combined with the increasing contribution... Organic revenue growth was 5% in the quarter, in line with our mid-single-digit or better guidance. In Commercial Risk, organic revenue growth of 7% marked the fourth consecutive quarter of growth at 6% or higher.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Overall language Upbeat (was cautious)

Upbeat — more upbeat than in Q1 2026.

Sentences that drove the tone
“As a result, we are reaffirming our 2026 full-year guidance, including mid-single-digit or greater organic revenue growth, 70 to 80 basis points of margin expansion, strong adjusted earnings growth, and...”
“The same dynamics that increase demand for our capabilities are also driving demand both within the segments where Aon is historically strong and in areas where we see opportunities to...”
“And given the opportunities we continue to see across priority growth areas, including construction, energy, and health, We remain on track to expand this population by 4% to 8% despite...”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 4.25B 5.03B −15.7% 4.16B +2.2%
Operating income 915.0M 1.72B −46.6% 859.0M +6.5%
Net income 551.0M 1.20B −54.1% 579.0M −4.8%
EPS 2.58 5.63 −54.2% 2.66 −3.0%
P/E today 15.0 18.3 17.7 +0.6 30.1 −11.8

Topics

Most discussed now

  • Reflect increased engagement through Aon's enterprise client group, enhanced service...
  • Aligns how Aon delivers solutions, invest in talent, and allocate capital.
  • Combined with Aon's early and continued investments, in data and increasingly AI-enabled...
  • Aon is operating in a period characterized by both the transitioning pricing cycle and an accelerated pace of technological change.
  • In many respects, the track Aon laid down over the last 15 years to connect its firm, then again, how...

Faded since Q1 2026

  • Fading With consistent free cash flow generation, a disciplined balance sheet and leverage within its target range, Aon also remains well...
  • Fading These advantages support sustained economics tied to value delivered, high retention and recurring revenue streams, existing and new, and…
  • Fading Aon has high confidence in the structural advantages of its business, exceptionally deep client and industry relationships, proprietary…
  • Fading The fundamentals of Aon's business are strong, resilient and evident in its results.

Latest announcements

Official filings, newest first.

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