Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Divestitures hide growth in the businesses Aon kept
Reported revenue rose 2.6% because sold businesses dropped out; what Aon still owns grew 6% organically.
For investorsWhat the profit engine depends on once USI closes
For foundersBuilding a business paid to place risk, not hold it
Pay rose 0.7% against 6% organic growth; the filing ties the margin slip partly to restructuring charges.
Human Capital revenue fell, yet it earned a higher margin than Risk Capital, at 24.3% against 22.7%.
Non-cash amortization of acquired client books and light capital needs let free cash flow run far above net income.
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Business Lens describes Aon plc from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
