Aon

Aon is a global professional services firm based in Dublin, Ireland. It works with clients in more than 120 countries. Its Risk Capital business brokers commercial insurance and reinsurance and advises clients on risk, and its Human Capital business advises on health benefits, retirement and talent. Aon earns most of its revenue from commissions and fees, so it does not take insurance risk itself.

Total revenue was $17.2 billion in 2025, with organic growth of 6%. In 2024, Aon bought NFP, a broker for middle-market companies in the United States, and it later sold the NFP Wealth business. In Q3 2026, Risk Capital revenue was $2.7 billion and Human Capital revenue was $1.4 billion.

The market prices Aon for the cost and risk of its $17.0 billion purchase of USI, the tenth largest US insurance broker. Aon agreed to the deal on August 30, 2026, and it funds it fully with new debt. In September 2026, it sold $13.5 billion of new senior notes and signed $4.0 billion of delayed draw term loans. Aon said that it does not expect to buy back shares in the near term, because it puts debt repayment first.

It expects the deal to add to adjusted EPS only from 2028. The CFO also left his role on August 17, 2026, and an interim CFO now leads finance during the deal. For the gap to close, three things must be true. The USI purchase must close in Q4 2026, as Aon expects, with no large new conditions.

Aon must show progress toward the $395 million of yearly synergies and pay down debt, so that it keeps its Baa2 and A- ratings. Organic revenue growth must stay at mid-single digits or better. Organic growth was 6% in Q3 2026, and Aon plans to reduce leverage to its target of 2.8 to 3.0 times in about 24 months. The close of the USI purchase in Q4 2026 is the next test.

The Q4 report and the 2027 outlook in early 2027 are the main test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a slower integration of USI, which would delay debt repayment and buybacks.

1. Oct 28, 2026Passed

   Q3 2026 earnings: organic growthOrganic revenue growth of 5% or more and the 2026 guidance kept pass; organic growth below 4% or a cut to the guidance fails.Outcome: Organic revenue growth was 6% and adjusted EPS rose 10% to $3.36, and Aon said it expects strong results for the full year 2026.
2. Q4 2026 · est.Due this quarter

   USI purchase closesThe USI purchase closes in Q4 2026 with no large new conditions and with the Baa2 and A- ratings kept passes; a delay into 2027 or a rating cut fails.
3. Jan 28, 2027 · est.Pending

   Q4 2026 earnings: organic growth and debt repaymentOrganic revenue growth of 5% or more, a 2027 outlook that keeps mid-single-digit growth and a clear start to debt repayment pass; organic growth below 4% or slower debt repayment fails.

Every passed and failed checkpoint across all picks

• October 28, 2026Aon reported Q3 2026 results. Total revenue rose 3% to $4,101 million, with organic growth of 6%. Adjusted EPS rose 10% to $3.36, and diluted EPS rose 6% to $2.23. Aon bought back no shares in the quarter. It expects the USI purchase to close in Q4 2026, and it will repay debt to reach its leverage target of 2.8 to 3.0 times in about 24 months.
• September 18, 2026Aon signed a $4.0 billion unsecured delayed draw term loan facility with two-year and three-year tranches and a new $3.0 billion revolving credit facility. The new revolver replaced two $1.0 billion revolving credit facilities.
• September 14, 2026Aon agreed to sell $13.5 billion of senior notes due from 2029 to 2056, with interest rates from 5.350% to 6.450%. Most of the notes fund the USI purchase.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · aon-20260930
• 8-KEarnings releaseFiled October 28, 2026 · Press release and exhibits
• 8-KNew material agreement and End of a material agreementFiled September 22, 2026 · Read it on sec.gov
• 8-KOther company newsFiled September 17, 2026 · Read it on sec.gov
• 8-KOther company newsFiled September 11, 2026 · Read it on sec.gov
• 8-KNew material agreement and Investor disclosureFiled August 31, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled August 17, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 29, 2026 · aon-20260630
• 8-KEarnings releaseFiled July 29, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Shareholder vote resultsFiled July 1, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 315293)

• The USI purchase of $17.0 billion is funded with new debt. Debt was $28.04 billion at September 30, 2026, after Aon sold $13.5 billion of new notes in September 2026. If integration is slow or synergies are lower, debt stays high and buybacks stay on hold longer.
• Broker revenue depends on insurance prices and client activity. Lower commercial insurance prices or weaker economies can slow organic growth below the mid-single-digit target. Human Capital revenue fell 4% in Q3 2026, mainly because Aon sold the NFP Wealth business.
• The CFO left his role in August 2026, just before Aon agreed to buy USI, and the finance team is under an interim leader. Changes in leaders can slow decisions during the integration.
• The deal needs regulatory approvals. A delay past Q4 2026 or new conditions can raise costs and delay synergies.

Aon funds its operations with senior notes, commercial paper, term loans and bank lines. At September 30, 2026, debt was $28.04 billion: $1.72 billion of short-term debt and current long-term debt, and $26.32 billion of long-term debt. Read more

Yield at the current rate

1.0% (current annual rate, at today’s price)

Dividend yield

0.7% (last 12 months, at today’s price of $336.55)

Paid per share

$2.46 in the last 12 months (3 payments)

Current annual rate

$3.28 ($0.82 × 4 a year)

Payout ratio

13% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 2, 2026, $0.82 per share

Fewer payments or a raise. The last 12 months paid at least 25% less than the current annual rate. A payment may fall just outside the 12 months, or the company may have raised its dividend.

Dividends per share by year

From 2020 to 2025, the dividend grew by about 4.0% a year. From 2015 to 2025, the dividend grew by about 6.5% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.