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Aon (AON) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
Aon (AON) reported revenue of $5.0B for the first quarter 2026 (Q1 2026), +6% from a year earlier and +17% from the quarter before. Operating margin was 34.1%, net earnings $1.2B (24.1% of revenue).
Aon, Q1 2026: revenue $5.0B (+6% year over year), operating margin 34.1%, net earnings $1.2B, operating cash flow $430M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.0B | +17% | +6% |
| Operating profit | $1.7B | +42% | +17% |
| Net earnings | $1.2B | -28% | +26% |
| Operating cash flow | $430M | -69% | +207% |
| Free cash flow | $363M | -73% | +332% |
What changed
Revenue was $5.0B in Q1 2026, up 6% year over year and up 17% from the previous quarter.
Operating profit was $1.7B, a 34.1% margin (up 3.2 points year over year). Of the extra revenue versus Q1 2025, 83% reached operating profit, above the 31% margin then. Total costs grew 2% against revenue growth of 6%. Net earnings were $1.2B, up 26% year over year ($1.2B including minority interests, which bore $0.01B of losses). The effective tax rate was 20.7%.
Operating cash flow was $0.43B (up 207% year over year), 36% of net earnings. Non-cash charges added back $0.05B of depreciation and $0.08B of share-based compensation. Working capital and other items used $0.90B. Capital expenditures of $0.07B left free cash flow of $0.36B.
Questions
What was Aon's revenue in the first quarter 2026?
Aon (AON) reported revenue of $5.0B for the first quarter 2026 (Q1 2026), +6% from a year earlier and +17% from the quarter before.
Was Aon profitable in the first quarter 2026?
Operating profit was $1.7B (34.1% of revenue) and net earnings $1.2B.
Source: Aon 10-Q on SEC EDGAR.