Filing Flows › Aon (AON) › Q2 2026 › vs Q1 2026
Aon (AON) Q2 2026 vs Q1 2026 (quarter over quarter)
Aon's revenue fell $788M (-16%) from $5.0B in Q1 2026 to $4.2B in Q2 2026. Operating margin 21.5% against 34.1% (-12.5 pts).
Aon, Q2 2026: revenue $4.2B (+2% year over year), operating margin 21.5%, net earnings $551M, operating cash flow $556M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 21.5% | 34.1% | -12.5 pts |
| Net margin | 13.0% | 24.1% | -11.1 pts |
| Free cash flow margin | 11.4% | 7.2% | +4.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $4.2B | $5.0B | −$788M | -16% |
| Operating profit | $915M | $1.7B | −$800M | -47% |
| Costs & expenses | $3.3B | $3.3B | $12.0M | +0.4% |
| Pre-tax earnings | $724M | $1.5B | −$790M | -52% |
| Other expense, net | $191M | $201M | −$10.0M | -5% |
| Net earnings | $551M | $1.2B | −$661M | -55% |
| Minority interests | $14.0M | −$12.0M | $26.0M | — |
| Income tax | $159M | $314M | −$155M | -49% |
| Depreciation | $49.0M | $46.0M | $3.0M | +7% |
| Share-based compensation | $122M | $82.0M | $40.0M | +49% |
| Working capital & other | $166M | $910M | −$744M | -82% |
| Operating cash flow | $556M | $430M | $126M | +29% |
| Free cash flow (OCF − capex) | $483M | $363M | $120M | +33% |
| Capital expenditures | $73.0M | $67.0M | $6.0M | +9% |
Questions
How much did Aon's revenue grow quarter over quarter in Q2 2026?
Aon's revenue fell $788M (-16%) from $5.0B in Q1 2026 to $4.2B in Q2 2026. Operating margin 21.5% against 34.1% (-12.5 pts).