Aon reported Oct. 28 that third-quarter revenue rose 3% to $4.1 billion, while organic revenue increased 6%, giving clients and competitors a clearer view of the professional-services firm’s underlying growth ahead of its planned USI acquisition.
The company attributed the gap between reported and organic growth primarily to divestitures. The results cover the three months ended Sept. 30, 2026.
Reported and adjusted profit diverge
GAAP operating income fell 1% to $809 million, and operating margin declined to 19.7% from 20.4%. Adjusted operating income increased 5% to about $1.1 billion, with adjusted margin rising to 27% from 26.3%.
Diluted earnings were $2.23 a share, up 6%, while adjusted earnings reached $3.36, up 10%. Aon’s organic revenue growth was 7% in Commercial Risk, 7% in Reinsurance, 6% in Health and 4% in Wealth.
Acquisition remains a future milestone
Aon said it expects the previously announced USI acquisition to close in the fourth quarter of 2026. It plans to prioritize debt repayment afterward. The expected closing is not a completed transaction.
For business readers, the distinction between reported growth and organic growth matters because the measures answer different questions. Likewise, adjusted profit should not be substituted for GAAP operating income when comparing the quarter with an earlier period.
Aon scheduled its results conference call for 8:30 a.m. Eastern on Oct. 28. The call offers an opportunity for management to explain the quarter and its outlook; any additional statements remain separate from the financial results already released.