Aon plc
For the period ended Mar 31, 2026. Filed May 1, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 1, 2026
AON$334.81-2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001628280-25-047805
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001628280-26-029322
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 199 previous paragraphs and 199 current paragraphs.
115 unchanged; 57 reworded; 27 added; 27 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 20 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
•Revenue increased $305 million, or 6%, reflecting 5% organic revenue growth and a 4% favorable impact from foreign currency translation, partially offset by a 3% unfavorable impact primarily from divestitures largely due to the sales of the NFP Wealth business and Stroz Friedberg.
Current report
◦Risk Capital revenue increased $311 million, or 10%, compared to the prior-year period; and
Current report
◦Human Capital revenue decreased $6 million compared to the prior-year period.
Current report
•Operating expenses increased $51 million, or 2%, compared to the prior-year period, due primarily to the increase in expense associated with 5% organic revenue growth and investments in long-term growth, as well as the unfavorable impact of foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business and $25 million of net restructuring savings.
Current report
◦Risk Capital operating expenses increased $126 million, or 6%, compared to the prior-year period; and
Current report
◦Human Capital operating expenses decreased $46 million, or 4%, compared to the prior-year period.
Current report
◦Risk Capital operating margin increased to 39.5% from 37.5% in the prior-year period; and
Current report
◦Human Capital operating margin increased to 28.8% from 26.1% in the prior-year period.
Current report
•Due to the factors set forth above, net income increased $257 million, or 26%, compared to the prior-year period.
Current report
•Diluted earnings per share was $5.63 compared to $4.43 per share for the prior-year period.
Current report
•Adjusted operating margin, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Operating Margin,” was 39.1% for the first quarter of 2026 compared to 38.4% in the prior-year period. The increase in adjusted operating margin reflects organic revenue growth, net restructuring savings and tailwinds from currency movements, partially offset by increased expenses associated with 5% organic revenue growth and lower fiduciary investment income.
Current report
◦Risk Capital adjusted operating margin increased to 42.0% in thefirst quarter of 2026 compared to 41.3% in the prior-year period.
Current report
◦Human Capital adjusted operating margin decreased to 34.4% in thefirst quarter of 2026 compared to 35.3% in the prior-year period.
Current report
Total revenue increased $305 million, or 6%, reflecting 5% organic revenue growth and a 4% favorable impact from foreign currency translation, partially offset by a 3% unfavorable impact primarily from divestitures. Risk Capital revenue increased $311 million, or 10%, and Human Capital revenue decreased $6 million, or less than 1%.
Current report
Health Solutions revenue increased $93 million, or 9%, in the first quarter of 2026, compared to the first quarter of 2025. Organic revenue growth was 4% in the first quarter of 2026, reflecting strong growth in core health and benefits, including particular strength in international, driven by net new business, ongoing strong retention and a positive net market impact. This was partially offset by slower discretionary spend in Talent Solutions.
Current report
Wealth Solutions revenue decreased $99 million, or 19%, in the first quarter of 2026, compared to the first quarter of 2025, driven by the sale of the NFP Wealth business in the fourth quarter of 2025. Organic revenue growth was 1% in the first quarter of 2026, reflecting growth in Retirement, driven by continued demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change, partially offset by continued soft advisory demand in the U.S.
Current report
Compensation and benefits expense increased $144 million, or 6%, compared to the prior-year perioddue primarily to expenses associated with 5% organic revenue growth and investments in long-term growth, as well as the unfavorable impact of foreign currency translation, partially offset by lower expenses from the sale of the NFP Wealth business and savings from Accelerating Aon United restructuring actions.
Current report
Information technology, which represents costs associated with supporting and maintaining our infrastructure, increased $8 million, or 6%, compared to the prior-year period, due primarily to the expense associated with 5% organic revenue growth, including Aon Business Services investments in ongoing technology initiatives.
Current report
Other general expenses decreased $35 million, or 8%, in the first quarter of 2026 due primarily to non-recurring gains including legal recoveries and sales of portfolios, lower transaction- and integration-related expense and lower expenses associated with the sale of the NFP Wealth business, partially offset by the unfavorable impact of foreign currency translation.
Current report
Total operating expenses increased $51 million, or 2%, in the first quarter of 2026 due primarily to the increase in expense associated with 5% organic revenue growth and investments in long-term growth, as well as the unfavorable impact of foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business and $25 million of net restructuring savings. Due to the factors set forth above, total operating income increased $254 million to $1.7 billion in the first quarter of 2026.
Current report
Risk Capital
Current report
Human Capital
Current report
Risk Capital adjusted operating income increased $153 million, or 12%, in the first quarter of 2026. The increase was primarily due to organic revenue growth of 7% in Commercial Risk Solutions and 4% in Reinsurance Solutions and a favorable impact from foreign currency translation, partially offset by increased expenses and lower fiduciary investment income. Human Capital adjusted operating income decreased $16 million, or 3%, in the first quarter of 2026. The decrease was primarily due to the impact of the sale of the NFP Wealth business and increased expenses, partially offset by organic revenue growth of 4% in Health Solutions and 1% in Wealth Solutions.
Current report
(1)Adjusted other income (expense) for the three months ended March 31, 2026 excluded additional gains from the disposal of the NFP Wealth business totaling $20 million that was recognized associated with revisions to the final closing statement. The gain from the disposal of the NFP Wealth business for the year ended December 31, 2025 was $1,199 million.
Current report
(1) Charges reflect changes in accruals made in the current period.
Current report
Total acquisitions completed by the Company for the three months ended March 31, 2026 and 2025 were as follows. Acquisitions that impact multiple segments are categorized by the segment primarily impacted.
Current report
On January 15, 2026, Aon Global Limited issued a notice of redemption to holders of its 2.875% Senior Notes for the redemption of all €500 million ($593 million at February 14, 2026 exchange rates) outstanding aggregate principal amount of the notes, plus accrued and unpaid interest, originally set to mature in May 2026. On February 14, 2026, these notes were repaid in full.
Removed paragraphs (27)
Previous report
•Revenue increased $276 million, or 7%, to $4.0 billion compared to the prior year period. The increase reflects 7% organic revenue growth and a 1% favorable impact from foreign currency translation, partially offset by a 1% unfavorable impact from acquisitions, divestitures and other items. Risk Capital revenue increased $170 million, or 7%, to $2.5 billion and Human Capital revenue increased $106 million, or 8%, to $1.5 billion compared to the prior year period. For the first nine months of 2025, Revenue increased $1.3 billion, or 12%, to $12.9 billion compared to the prior year period. The increase reflects the contribution from NFP and 6% organic revenue growth. Risk Capital revenue increased $602 million, or 8%, to $8.6 billion and Human Capital revenue increased $714 million, or 20%, to $4.3 billion compared to the prior year period.
Previous report
•Operating expenses increased $83 million, or 3%, to $3.2 billion compared to the prior year period due primarily to an increase in expense associated with 7% organic revenue growth and an unfavorable impact from foreign currency translation, partially offset by lower Accelerating Aon United program expenses, $35 million of net restructuring savings and a reduction in integration costs related to NFP. Risk Capital operating expenses increased $146 million, or 8%, to $1.9 billion and Human Capital operating expenses decreased $24 million, or 2%, to $1.1 billion compared to the prior year period. For the first nine months of 2025, Operating expenses increased $938 million, or 11%, to $9.7 billion compared to the prior year period due primarily to the inclusion of NFP’s ongoing expenses, an increase in intangible asset amortization associated with the NFP acquisition and other acquisitions completed in the year, an increase in expense associated with 6% organic revenue growth and investments in long-term growth, partially offset by $110 million of net restructuring savings and transaction costs incurred in the prior year period. Risk Capital operating expenses increased $486 million, or 9%, to $5.9 billion and Human Capital operating expenses increased $541 million, or 19%, to $3.5 billion compared to the prior year period.
Previous report
•Due to the factors set forth above, Net income increased $115 million, or 32%, to $470 million compared to the prior year period. For the first nine months of 2025, Net income increased $60 million, or 3%, to $2.0 billion compared to the prior year period.
Previous report
•Diluted earnings per share was $2.11 compared to $1.57 per share for the prior year period. For the first nine months of 2025, Diluted earnings per share was $9.21 compared to $9.20 per share for the prior year period.
Previous report
•Adjusted operating margin, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Operating Margin,” was 26.3% for the third quarter of 2025 compared to 24.6% in the prior year period. The increase in adjusted operating margin primarily reflects 7% organic revenue growth and $35 million of net restructuring savings, partially offset by increased operating expenses. Risk Capital adjusted operating margin decreased to 26.2%compared to 27.5% in the prior year period. Human Capital adjusted operating margin increased to 30.5% compared to 25.2% in the prior year period. For the first nine months of 2025, adjusted operating margin was 31.3% compared to 30.8% for the prior year period. The increase primarily reflects 6% organic revenue growth and $110 million of net restructuring savings. Risk Capital adjusted operating margin decreased to 34.4% compared to 34.8% in the prior year period. Human Capital adjusted operating margin increased to 28.8% compared to 26.6% in the prior year period.
Previous report
The current macroeconomic and geopolitical environment is subject to a number of uncertainties, including geopolitical conflicts, tariffs or changes in trade policies, capital markets volatility, and inflation. These and other factors have contributed and may continue to contribute to slower or negative economic growth and may create a challenging business environment for our clients. While we remain confident in the resilience and strength of our business and financial model, due to the global nature of our business, the current macroeconomic and geopolitical environment could negatively impact our financial condition and results of operations. For more information about these risks, please see “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous report
Management of corporate sustainability risks – including those related to ESG matters – is an increasingly important priority for our clients. At Aon, helping clients manage risk - including those relating to corporate sustainability and ESG - is at the core of what we do. We offer a wide range of risk assessment, consulting, and advisory solutions, many of which are significant parts of our core business offerings, designed to address and manage corporate sustainability and ESG issues for clients, and to enable our clients to create more sustainable value.
Previous report
Total revenue increased $276 million, or 7%, to $4.0 billion in the third quarter of 2025, compared to the prior year period. The increase reflects 7% organic revenue growth and a 1% favorable impact from foreign currency translation, partially offset by a 1% unfavorable impact from acquisitions, divestitures and other items. Risk Capital revenue increased $170 million, or 7%, to $2.5 billion and Human Capital revenue increased $106 million, or 8%, to $1.5 billion in the third quarter of 2025 compared to the prior year period. For the first nine months of 2025, Total revenue increased $1.3 billion, or 12%, to $12.9 billion compared to the prior year period. The increase reflects the contribution from NFP and 6% organic revenue growth. Risk Capital revenue increased $602 million, or 8%, to $8.6 billion and Human Capital revenue increased $714 million, or 20%, to $4.3 billion for the first nine months of 2025 compared to the prior year period.
Previous report
Health Solutions revenue increased $65 million, or 7%, to $935 million in the third quarter of 2025, compared to $870 million in the third quarter of 2024. Organic revenue growth was 6% in the third quarter of 2025, reflecting strength in talent analytics and core health and benefits, driven by net new business, ongoing strong retention and positive market impact. For the first nine months of 2025, revenue increased $468 million, or 21%, to $2.7 billion, compared to $2.3 billion in the first nine months of 2024. Organic revenue growth was 6% in the first nine months of 2025, reflecting strength globally in core health and benefits, driven by net new business, ongoing strong retention, and a modestly positive market impact. Strength in the core was partially offset by lower revenue in Consumer Benefits Solutions in the first nine months of 2025. Talent revenue was higher in the first nine months of 2025 driven by strength in analytics as well as in advisory.
Previous report
Wealth Solutions revenue increased $41 million, or 8%, to $540 million in the third quarter of 2025, compared to $499 million in the third quarter of 2024. Organic revenue growth was 5% in the third quarter of 2025, reflecting growth in Retirement driven by advisory work related to the ongoing impact of regulatory change and strong growth in Investments driven by strength in NFP as a result of net asset inflows and market performance. For the first nine months of 2025, revenue increased $246 million, or 18%, to $1.6 billion, compared to $1.3 billion in the first nine months of 2024. Organic revenue growth was 5% in the first nine months of 2025, reflecting strength in Retirement and Investments. Growth in Retirement was driven by continued demand for advisory work related to the ongoing impact of regulatory changes. Growth in Investments, including double-digit revenue growth in NFP, was driven by net asset inflows and market performance.
Previous report
Compensation and benefits expense increased $109 million, or 5%, in the third quarter of 2025 compared to the prior year perioddue primarily to the expense associated with 7% organic revenue growth and the unfavorable impact of foreign currency translation, partially offset by savings from Accelerating Aon United restructuring actions. For the first nine months of 2025, compensation and benefits increased $705 million, or 11%, compared to the first nine months of 2024. The increase was primarily driven by the inclusion of operating expenses from NFP and expense associated with 6% organic revenue growth, partially offset by savings from Accelerating Aon United restructuring actions.
Previous report
Information technology, which represents costs associated with supporting and maintaining our infrastructure, decreased $1 million, or 1%, in the third quarter of 2025 compared to the prior year period. For the first nine months of 2025, information technology expenses increased $15 million, or 4%, compared to the first nine months of 2024. The increase was due primarily to the inclusion of ongoing operating expenses from NFP, partially offset by savings from Accelerating Aon United restructuring actions.
Previous report
Other general expenses decreased $4 million, or 1%, in the third quarter of 2025 due primarily to lower transaction and integration-related costs and the favorable impact of legal settlements and recoveries, partially offset by an increase in expense associated with 7% organic revenue growth. For the first nine months of 2025, other general expenses increased $12 million, or 1%, compared to the first nine months of 2024. The increase was due primarily to the inclusion of operating expenses from NFP and integration costs, partially offset by transaction costs incurred in the prior year period.
Previous report
Total operating expenses increased $83 million, or 3%, to $3.2 billion in the third quarter of 2025 due primarily toan increase in expense associated with 7% organic revenue growth and an unfavorable impact from foreign currency translation, partially offset by lower Accelerating Aon United program expenses and $35 million of net restructuring savings and a reduction in integration costs related to NFP. Due to the factors set forth above, Total operating income increased $193 million to $816 million in the third quarter of 2025. For the first nine months of 2025, Total operating expenses increased $938 million, or 11%, to $9.7 billion due primarily to an increase in expense associated with 6% organic revenue growth, investments in long-term growth, and intangible asset amortization associated with the NFP acquisition, partially offset by $110 million of net restructuring savings. Due to the factors set forth above, Total operating income increased $392 million to $3.1 billion for the first nine months of 2025.
Previous report
The Company continues to analyze the impacts of the One Big Beautiful Bill Act but does not anticipate a material impact on its global effective tax rate, results of operations, cash flows or financial condition in 2025 and future periods.
Previous report
(3)In the fourth quarter of 2023, Aon recognized a $197 million charge in connection with transactions for which capital was arranged by a third party, Vesttoo Ltd., and in the third quarter of 2025, certain legal settlement expenses and recoveries were recognized resulting in a$23 million reduction of expense within the Risk Capital segment.
Previous report
(4)Transaction costs include advisory, legal, accounting, regulatory, and other professional or consulting fees required to complete the NFP Transaction. No transaction costs were recognized for the three and nine months ended September 30, 2025. Less than $1 million of transaction costs were recognized for the three months ended September 30, 2024. For the nine months ended September 30,2024, $90 million of transaction costs were recognized in Total operating expenses and $6 million were recognized in Other income (expense) related to the extinguishment of acquired NFP debt.
Previous report
Risk Capital Adjusted operating income increased $13 million, or 2%, to $661 million in the third quarter of 2025. The increase was primarily due to organic revenue growth of 7% in Commercial Risk Solutions and 8% in Reinsurance Solutions, partially offset by increased expenses and investments in long-term growth. Human Capital Adjusted operating income increased $105 million, or 30%, to $450 million in the third quarter of 2025. The increase was primarily due to organic revenue growth of 6% in Health Solutions and 5% in Wealth Solutions and decreased expenses, partially offset by investments in long-term growth. For the first nine months of 2025, Risk Capital Adjusted operating income increased $174 million, or 6%, to $3.0 billion. The increase was primarily due to organic revenue growth of 6% in Commercial Risk Solutions, 5% in Reinsurance Solutions, and the impact of NFP, partially offset by increased expenses and investments in long-term growth. Human Capital Adjusted operating income increased $284 million, or 30%, to $1.2 billion for the first nine months of 2025. The increase was primarily due to organic revenue growth of 6% in Health Solutions, 5% in Wealth Solutions, and the impact of NFP, partially offset by increased expenses and investments in long-term growth.
Previous report
(3)Adjusted Other income (expense) excluded gains from dispo sitions of $257 million related to the sale of a business for the nine months ended September 30, 2024.
Previous report
(4)Adjusted Other income (expense) excluded approximately $6 million of debt extinguishment charges related to the repayment of NFP debt, which is considered a transaction related cost incurred in the second quarter of 2024.
Previous report
On April 2, 2024, Aon plc announced that its wholly owned subsidiary, Randolph Acquisition Corp., commenced cash tender offers for any and all of the outstanding 6.875% Senior Notes due 2028, 4.875% Senior Secured Notes due 2028, 7.500% Senior Secured Notes due 2030 and 8.500% Senior Secured Notes due 2031, each issued by NFP Corp. (together, the “NFP Notes”), upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated as of April 2, 2024. The total amount tendered pursuant to the tender offers was approximately $3.3 billion, excluding premiums. On April 26, 2024, Randolph Acquisition Corp. purchased those NFP Notes that were validly tendered and not validly withdrawn prior to April 15, 2024, effecting the early settlement of the offers (the “Early Settlement”). In addition, on April 16, 2024, NFP Corp. delivered notices of redemption of all NFP Notes not validly tendered pursuant to the offers and purchased at the Early Settlement, at a purchase price equal to the price paid to holders of the NFP Notes in connection with the Early Settlement, with a redemption date of April 26, 2024. As a result of the Early Settlement of the offers and the related redemption which occurred on April 26, 2024, no NFP Notes remain outstanding. Aon plc incurred $6 million of debt extinguishment charges in the second quarter of 2024 related to costs related to the NFP Transaction.
Previous report
On March 1, 2024, Aon North America, Inc. issued $600 million 5.125% Senior Notes due in March 2027, $1 billion 5.150% Senior Notes due in March 2029, $650 million 5.300% Senior Notes due in March 2031, $1.75 billion 5.450% Senior Notes due in March 2034, and $2 billion 5.750% Senior Notes due in March 2054, totaling to an aggregate amount of $6 billion. The Company intends to use the net proceeds from the offering for general corporate purposes, including a portion of which was used to pay a portion of the cash consideration in connection with the acquisition of NFP, to repay certain debt of NFP and to pay related fees and expenses.
Previous report
Disposal Definitive Agreement and Subsequent Event
Previous report
On September 3, 2025, Aon signed a definitive agreement to sell a significant majority of NFP’s wealth business including Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth and related platforms to Madison Dearborn Partners, LLC and this disposition was completed on October 30, 2025 and total proceeds received on closing were $2.3 billion. Upon the completion of the sale in the fourth quarter, the gain will be recognized within Other income (expense) on the Consolidated Statement of Income.
Previous report
3.875% Senior Notes due December 2025
Previous report
2.875% Senior Notes due May 2026
Previous report
Delayed Draw Term Loan due April 2027
Reworded paragraphs (57)
Previous wording
EXECUTIVE SUMMARY OF THIRD QUARTER 2025 FINANCIAL RESULTS
Current wording
EXECUTIVE SUMMARY OF FIRST-QUARTER 2026 FINANCIAL RESULTS
Previous wording
The following is a summary of our third quarter of 2025 financial results.
Current wording
The following is a summary of our first quarter of 2026 financial results.
Previous wording
•Operating margin increased to 20.4% from 16.7% in the prior year period, driven by organic revenue growth of 7% and $35 million of net restructuring savings, partially offset by an increase in operating expenses as previously described. Risk Capital operating margin decreased to 23.2% from 23.8% and Human Capital operating margin increased to 22.5% from 14.8% compared to the prior year period. For the first nine months of 2025, Operating margin increased to 24.3% from 23.8% in the prior year period, driven primarily by organic revenue growth of 6% and $110 million of net restructuring savings, partially offset by the inclusion of ongoing operating expenses from NFP and an increase in operating expenses related to organic growth as previously described. Risk Capital operating margin decreased to 30.8% from 31.7% and Human Capital operating margin increased to 19.8% from 18.9% compared to the prior year period.
Current wording
•Operating margin increased to 34.1% from 30.9% in the prior-year period, driven primarily by organic revenue growth of 5% and $25 million of net restructuring savings, partially offset by an increase in operating expenses as previously described.
Previous wording
•Cash flows provided by operating activities was $2.1 billion for the first nine months of 2025, an increase of $249 million, or 14%, from $1.8 billion in the prior year period, primarily due to strong adjusted operating income growth and lower NFP-related transaction costs, partially offset by higher payments related to incentive compensation, interest and restructuring.
Current wording
•Cash flows provided by operating activities were $430 million for the first three months of 2026, an increase of $290 million, or 207%, from the prior-year period, due primarily to strong adjusted operating income growth and lower cash taxes.
Previous wording
We focus on four key metrics that are not presented in accordance with U.S. GAAP that we communicate to shareholders: organic revenue growth, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP metrics should be viewed in addition to, not instead of, our Condensed Consolidated Financial Statements. The following is our measure of performance against these four metrics for the third quarter of 2025:
Current wording
We focus on four key metrics that are not presented in accordance with U.S. GAAP that we communicate to shareholders: organic revenue growth, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP metrics should be viewed in addition to, not instead of, the most directly comparable U.S. GAAP measures and our Condensed Consolidated Financial Statements. The following is our measure of performance against these four metrics for the first quarter of 2026:
Previous wording
•Organic revenue growth, a non-GAAP measure defined under the caption “Review of Consolidated Results — Organic Revenue Growth,” was 7% for the third quarter of 2025 and 6% for the first nine months of 2025, driven by net new business and ongoing strong retention.
Current wording
•Organic revenue growth, a non-GAAP measure defined under the caption “Review of Consolidated Results — Organic Revenue Growth,” was 5% for the first quarter of 2026, driven by net new business and ongoing strong retention.
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•Adjusted diluted earnings per share, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Diluted Earnings per Share,” was $3.05 per share for the third quarter of 2025, compared to $2.72 per share for the prior year period. For the first nine months of 2025, adjusted diluted earnings per share was $12.22 per share, compared to $11.16 per share for the prior year period.
Current wording
•Adjusted diluted earnings per share, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Diluted Earnings per Share,” was $6.48 per share for the first quarter of 2026, compared to $5.67 per share for the prior-year period.
Previous wording
•Free cash flow, a non-GAAP measure defined under the caption “Review of Consolidated Results — Free Cash Flow,” was $1.9 billion in the first nine months of 2025, an increase of $223 million, or 13%, from $1.7 billion in the prior year period, reflecting a $249 million increase in Cash flows from oper ations, primarily driven by strong adjusted operating income growth and lower NFP-related transaction costs, partially offset by higher payments related to incentive compensation, interest, and restructuring, and a $26 million increase in capital expenditures.
Current wording
•Free cash flow, a non-GAAP measure defined under the caption “Review of Consolidated Results — Free Cash Flow,” was $363 million in the first three months of 2026, an increase of $279 million, or 332%, from the prior-year period, reflecting a $290 million increase in cash flows from operations, due primarily to strong adjusted operating income growth and lower cash taxes, partially offset by an $11 million increase in capital expenditures.
Previous wording
Commercial Risk Solutions revenue increased $136 million, or 7%, to $2.0 billion in the third quarter of 2025, compared to $1.9 billion in the third quarter of 2024. Organic revenue growth was 7% in the third quarter of 2025, reflecting strong growth in North America and EMEA driven by net new business and ongoing strong retention. Performance was highlighted by strong growth in core P&C, including double-digit growth in the U.S. and strength in the middle market, as well as double-digit growth in both M&A services and construction. Market impact was modestly positive. For the first nine months of 2025, revenue increased $493 million, or 9%, to $6.2 billion, compared to $5.7 billion in the first nine months of 2024. Organic revenue growth was 6% in the first nine months of 2025, reflecting growth across all major geographies driven by net new business and ongoing strong retention. Performance was highlighted by strong growth globally in core P&C. Results also reflect a modest tailwind from M&A services in the first nine months of 2025 relative to the prior year period. Market impact was modestly positive.
Current wording
Commercial Risk Solutions revenue increased $221 million, or 11%, in the first quarter of 2026, compared to the first quarter of 2025. Organic revenue growth was 7% in the first quarter of 2026, reflecting double-digit growth in North America and strong growth in EMEA, driven by net new business and ongoing strong retention. Net market impact was slightly positive. Within North America, performance was highlighted by strong growth in M&A services, U.S. core P&C and construction.
Previous wording
Reinsurance Solutions revenue increased $34 million, or 7%, to $537 million in the third quarter of 2025, compared to $503 million in the third quarter of 2024. Organic revenue growth was 8% in the third quarter of 2025, reflecting growth in treaty placements, driven by net new business and strong retention, partially offset by a modest unfavorable net market impact, and double-digit increases in both facultative placements and our Strategy and Technology Group. Insurance-linked securities had significant growth, though its overall contribution to growth was modest. For the first nine months of 2025, revenue increased $109 million, or 5%, to $2.4 billion, compared to $2.3 billion in the first nine months of 2024. Organic revenue growth was 5% in the first nine months of 2025, reflecting growth in treaty, driven by net new business and ongoing strong retention, and a double-digit increase in facultative placements. Insurance-linked securities had significant growth, though its overall contribution to growth is modest. Market impact was modestly unfavorable.
Current wording
Reinsurance Solutions revenue increased $90 million, or 8%, in the first quarter of 2026, compared to the first quarter of 2025. Organic revenue growth was 4% in the first quarter of 2026, reflecting growth in treaty placements, driven by net new business and strong retention, and a double-digit increase in facultative placements. Net market impact was a modest negative in the quarter.
Previous wording
Premises, which represents the cost of occupying offices in various locations throughout the world, decreased $3 million, or 3%, in the third quarter of 2025 compared to the prior year period due primarily to ongoing efforts to optimize our real estate footprint and savings from Accelerating Aon United restructuring actions. For the first nine months of 2025, premises increased $11 million, or 5%, compared to the first nine months of 2024. The increase was due primarily to the inclusion of ongoing operating expenses from NFP, partially offset by savings from Accelerating Aon United restructuring actions.
Current wording
Premises, which represents the cost of occupying offices in various locations throughout the world, decreased $1 million, or 1%, in the first quarter of 2026 compared to the prior-year period, due primarily to efforts to optimize our real estate footprint and savings from Accelerating Aon United restructuring actions.
Previous wording
Depreciation of fixed assets primarily relates to software, leasehold improvements, furniture, fixtures, and equipment, computer equipment, buildings, and vehicles. Depreciation of fixed assets was flat in the third quarter of 2025 compared to the prior year period. For the first nine months of 2025, depreciation of fixed assets increased $4 million, or 3%, compared to the first nine months of 2024.
Current wording
Depreciation of fixed assets primarily relates to software, leasehold improvements, furniture, fixtures, and equipment, computer equipment, buildings and vehicles. Depreciation of fixed assets was flat compared to the prior-year period.
Previous wording
Amortization and impairment of intangibles primarily relates to finite-lived customer-related and contract-based, technology, and tradename assets. Amortization and impairment of intangible assets increased $19 million to $193 million in the third quarter of 2025 compared to the prior year period due primarily to an increase in intangible assets related to acquisitions completed during the year. For the first nine months of 2025, amortization and impairment of intangible assets increased $275 million to $593 million, compared to the first nine months of 2024. The increase was due primarily to an increase in intangible assets related to the acquisition of NFP as well as other acquisitions completed during the year.
Current wording
Amortization and impairment of intangibles primarily relates to finite-lived customer-related and contract-based, technology and tradename assets. Amortization and impairment of intangible assets decreased $47 million, or 24%, in the first quarter of 2026 compared to the prior-year period, due primarily to the decrease in intangible assets associated with the sale of the NFP Wealth business.
Previous wording
Accelerating Aon United Program expenses decreased $37 million in the third quarter of 2025 and decreased $84 million in the first nine months of 2025, each compared to the prior year period due to lower costs related to workforce optimization.
Current wording
Accelerating Aon United Program expenses decreased $18 million, or 16%, in the first quarter of 2026 compared to the prior-year period, due primarily to lower costs related to workforce optimization.
Previous wording
Risk Capital Total operating expenses increased $146 million, or 8%, to $1.9 billion in the third quarter of 2025. The increase was primarily due to an increase in Compensation and benefits. The increase in Compensation and benefits is due to an increase in expense associated with 7% and 8% organic revenue growth in Commercial Risk Solutions and Reinsurance Solutions, respectively, partially offset by restructuring savings. Due to the factors set forth above, Risk Capital Operating income increased $24 million, or 4%, to $585 million in the third quarter of 2025. For the first nine months of 2025, Risk Capital Total operating expenses increased $486 million, or 9%, to $5.9 billion. The increase was primarily due to an increase in Compensation and benefits and in Other expenses. The increase in Compensation and benefits is due to the inclusion of operating expenses from NFP and an increase in expense associated with 6% and 5% organic revenue growth in Commercial Risk Solutions and Reinsurance Solutions, respectively, partially offset by restructuring savings. The increase in Other expenses is primarily due to increased Amortization and impairment from the NFP Transaction. Due to the factors set forth above, Risk Capital Operating income increased $116 million, or 5%, to $2.6 billion for the first nine months of 2025.
Current wording
Total operating expenses increased $126 million, or 6%, in the first quarter of 2026. The increase was primarily due to an increase in compensation and benefits partially offset by a decrease in other expenses. The increase in compensation and benefits is due to an increase in expense associated with 7% and 4% organic revenue growth in Commercial Risk Solutions and Reinsurance Solutions, respectively, and the unfavorable impact from foreign currency translation. The decrease in other expenses is primarily due to non-recurring gains including legal recoveries and sales of portfolios, partially offset by the unfavorable impact of foreign currency translation. Due to the factors set forth above, Risk Capital operating income increased $185 million, or 15%, in the first quarter of 2026.
Previous wording
Human Capital Total operating expenses decreased $24 million, or 2%, to $1.1 billion in the third quarter of 2025. The decrease was primarily due to a decrease in Other expenses. The decrease in Other expenses is primarily due to lower transaction and integration-related costs. Due to the factors set forth above, Human Capital Operating income increased $130 million, or 64%, to $332 million in the third quarter of 2025. For the first nine months of 2025, Human Capital Total operating expenses increased $541 million, or 19%, to $3.5 billion. The increase was primarily due to an increase in both Compensation and benefits and Other expenses. The increase in in Compensation and benefits is due to the inclusion of operating expenses from NFP and an increase in expense associated with 6% and 5% organic revenue growth in Health Solutions and Wealth Solutions, respectively, partially offset by restructuring savings. The increase in Other expenses is primarily due to increased Amortization and impairment of intangible assets acquired from the NFP Transaction. Due to the factors set forth above, Human Capital Operating income increased $173 million, or 25%, to $852 million for the first nine months of 2025.
Current wording
Total operating expenses decreased $46 million, or 4%, in the first quarter of 2026. The decrease was primarily due to a decrease in other expenses and a decrease in compensation and benefits. The decrease in other expenses is primarily due to lower amortization resulting from the sale of the NFP Wealth business. The decrease in compensation and benefits is due to the sale of the NFP Wealth business, partially offset by an increase in expense associated with 4% and 1% organic revenue growth in Health Solutions and Wealth Solutions, respectively. Due to the factors set forth above, Human Capital operating income increased $40 million, or 10%, in the first quarter of 2026.
Previous wording
Interest income represents income earned, net of expense, on operating cash balances, including our multi-currency cash pool, and other income-producing investments. Interest income does not include interest earned on funds held on behalf of clients. If interest expense on these assets exceeds interest income for the period, the net amount is reported as interest expense for both the quarterly and year-to-date periods. During the third quarter of 2025, there was no Interest income, reflecting $3 million of net interest expense that was presented as Interest expense. There was $4 million of Interest income in the third quarter of 2024. For the first nine months of 2025, Interest income was $5 million compared to $63 million the prior year period.
Current wording
Interest income represents income earned, net of expense, on operating cash balances and other income-producing investments. Interest income does not include interest earned on funds held on behalf of clients. During the first quarter of 2026, interest income increased $7 million, or 140% compared to the prior-year period, primarily reflecting higher cash balances due to the sale of the NFP Wealth business.
Previous wording
Interest expense, which represents the cost of our debt obligations and net interest expense on operating cash balances and other income-producing investments, decreased $7 million to $206 million during the third quarter of 2025 compared to the prior year period, reflecting lower total debt, and $3 million of net interest expense on operating cash balances and other income-producing investments. For the first nine months of 2025, Interest expense increased $42 million to $624 million compared to the prior year period. The increase was driven primarily by an increase in average total debt, primarily to fund the purchase of NFP.
Current wording
Interest expense, which represents the cost of our debt obligations, decreased $27 million, or 13% during the first quarter of 2026 compared to the prior-year period, reflecting lower total debt.
Previous wording
Other expense was $13 million for the third quarter of 2025 compared to Other income of $35 million for the third quarter of 2024. The decrease was due to gains related to the sale of businesses in the prior year period and and an increase in non-cash pension expense, partially offset by the favorable impact of exchange rates on the remeasurement of assets and liabilities in non-functional currencies . For the first nine months of 2025, Other income was $33 million compared to Other income of $346 million for the first nine months of 2024. The decrease was primarily related to gains related to the sale of a businesses in the prior year period.
Current wording
Other income was $5 million for the first quarter of 2026 compared to other expense of $10 million for the first quarter of 2025. The increase was due to gains related to the sale of businesses and a decrease in non-cash pension expense.
Previous wording
Income before income taxes for the third quarter of 2025 was $597 million, a 33% increase from $449 million in the prior year period. For the first nine months of 2025, Income before income taxes was $2.6 billion, a 1% decrease compared to the first nine months of 2024.
Current wording
Income before income taxes for the first quarter of 2026 was $1.6 billion, a 24% increase compared to the prior-year period.
Previous wording
The effective tax rate on Net income was 21.3% and 19.8% for the three and nine months ended September 30, 2025, respectively. The effective tax rate on Net income was 20.9% and 22.8% for the three and nine months ended September 30, 2024, respectively.
Current wording
The effective tax rate on net income was 20.2% and 21.4% for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
For thethree and nine months ended September 30, 2025, the quarter-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items. The year-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the tax benefit associated with the sale of certain assets and liabilities and share-based payments partially offset by the unfavorable impact of other discrete items.
Current wording
For thethree months ended March 31, 2026, the tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the favorable impact of a capital loss offset by the unfavorable impact of other discrete items.
Previous wording
For the three and nine months ended September 30, 2024, the quarter-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items. The year-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the favorable impacts of share-based payments offset by the unfavorable impact of other discrete items.
Current wording
For the three months ended March 31, 2025, the tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the favorable impact of share-based payments offset by the unfavorable impact of discrete items.
Previous wording
Ireland, the U.K., Singapore, and many E.U. member states, among others, have enacted legislation to implement the global minimum tax that is generally consistent with the OECD’s proposed Pillar Two tax regime. There remains significant uncertainty, however, as to how Pillar Two will ultimately apply to the Company. The OECD has issued numerous guidance documents attempting to change how Pillar Two Tax operates, subject to enactment by each implementing country, and the OECD may issue additional guidance in the future. The Company is actively monitoring developments in this area and continues to evaluate the guidance and the potential impacts this may have on its global effective tax rate, results of operations, cash flows, and financial condition in 2025 and future periods.
Current wording
Ireland, the U.K., Singapore, and many E.U. member states, among others, have enacted legislation to implement the global minimum tax that is generally consistent with the OECD’s proposed Pillar Two tax regime. There remains significant uncertainty, however, as to how Pillar Two applies to the Company in prior years and how its application may change in future years. The OECD has issued numerous guidance documents attempting to change how Pillar Two operates, subject to enactment by each implementing country, and the OECD may issue additional guidance in the future. The Company is actively monitoring developments in this area and continues to evaluate the guidance and the potential impacts this may have on its global effective tax rate, results of operations, cash flows, and financial condition in 2026 and future periods.
Previous wording
Net income attributable to Aon shareholders for the third quarter of 2025 increased to $458 million, or $2.11 per diluted share, from $343 million, or $1.57 per diluted share, in the prior year period. Net income attributable to Aon shareholders for the first nine months of 2025 increased to $2.0 billion, or $9.21 per diluted share, from $1.9 billion, or $9.20 per diluted share, in the prior year period.
Current wording
Net income attributable to Aon shareholders for the first quarter of 2026 increased to $1.2 billion, or $5.63 per diluted share, from $965 million, or $4.43 per diluted share, in the prior-year period.
Previous wording
In our discussion of consolidated results, we sometimes refer to certain non-GAAP supplemental information derived from consolidated financial information specifically related to organic revenue growth, adjusted operating margin, adjusted diluted earnings per share, adjusted net income attributable to Aon shareholders, adjusted net income per share, adjusted other income (expense), adjusted effective tax rate, free cash flow, and the impact of foreign exchange rate fluctuations on operating results. Management believes that these measures are important to make meaningful period-to-period comparisons and that this supplemental information is helpful to investors. Management also uses these measures to assess operating performance and performance for compensation. This non-GAAP supplemental information should be viewed in addition to, not instead of, our Condensed Consolidated Financial Statements.
Current wording
In our discussion of consolidated results, we sometimes refer to certain non-GAAP supplemental information derived from consolidated financial information specifically related to organic revenue growth, adjusted operating margin, adjusted operating income, adjusted diluted earnings per share, adjusted net income attributable to Aon shareholders, adjusted net income per share, adjusted other income (expense), adjusted effective tax rate, free cash flow, and the impact of foreign exchange rate fluctuations on operating results. Management believes that these measures are important to make meaningful period-to-period comparisons and that this supplemental information is helpful to investors. Management also uses these measures to assess operating performance and performance for compensation. This non-GAAP supplemental information should be viewed in addition to, not instead of, the most directly comparable U.S. GAAP measures and our Condensed Consolidated Financial Statements.
Previous wording
(2)Fiduciary investment income for the three months ended September 30, 2025 and 2024 was $75 million and $85 million, respectively. Fiduciary investment income for the nine months ended September 30, 2025 and 2024 was $208 million and $239 million, respectively.
Current wording
(2)Fiduciary investment income for the three months ended March 31, 2026 and 2025 was $55 million and $67 million, respectively.
Previous wording
(3)Organic revenue growth includes the impact of certain intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions (provided that Organic revenue growth includes Organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior year period), divestitures and held for sale disposal groups (including a significant majority of NFP’s Wealth business, which is adjusted from Organic revenue growth upon classification as held for sale in September), transfers between revenue lines, and gains or losses on derivatives accounted for as hedges.
Current wording
(3)Organic revenue growth includes the impact of certain intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions (provided that organic revenue growth includes organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior-year period), divestitures (including held for sale disposal groups, which are adjusted from organic revenue growth upon classification as held for sale, if any), transfers between revenue lines and gains or losses on derivatives accounted for as hedges.
Previous wording
A reconciliation of this non-GAAP measure to the reported operating margin is as follows (in millions, except percentages):
Current wording
A reconciliation of adjusted operating income and adjusted operating margin to reported operating income and operating margin is as follows (in millions, except percentages):
Previous wording
(5)The NFP Transaction has and will continue to result in certain non-recurring integration costs associated with colleague severance, retention bonus awards, termination of redundant third-party agreements, costs associated with legal entity rationalization, and professional or consulting fees related to alignment of management processes and controls, as well as costs associated with the assessment of NFP information technology environment and security protocols. Aon incurred $10 million and $35 million of integration costs in the three months ended September 30, 2025 and 2024, respectively, and $66 million and $55 million of integration costs in thenine months ended September 30, 2025 and 2024, respectively.
Current wording
(3)The NFP transaction has continued to result in certain non-recurring integration costs associated with colleague severance, retention bonus awards, termination of redundant third-party agreements, costs associated with legal entity rationalization, and professional or consulting fees related to alignment of management processes and controls, as well as costs associated with the assessment of NFP information technology environment and security protocols. The Company expects to continue to incur integration costs through the end of the second quarter of 2026.
Previous wording
(1)Adjusted items are generally taxed at the estimated annual effective tax rate, except for the applicable tax impact associated with changes in the fair value of contingent consideration, certain legal settlements, Accelerating Aon United Program expenses, certain transaction and integration costs related to the acquisition of NFP, certain gains from dispositions, and deferred consideration from a prior year sale of business, which are adjusted at the related jurisdictional rate. The tax adjustment also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company’s terminated proposed combination with Willis Towers Watson.
Current wording
(2)Adjusted items are generally taxed at the estimated annual effective tax rate, except for the applicable tax impact associated with Accelerating Aon United Program expenses, deferred consideration from a prior year sale of business, certain integration costs related to the acquisition of NFP, additional gain from the disposal of the NFP Wealth business, and changes in the fair value of contingent consideration, which are adjusted at the related jurisdictional rate. The tax adjustment also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company’s terminated proposed combination with Willis Towers Watson.
Previous wording
(2)Adjusted Other income (expense) excluded gains related to deferred consideration from the affiliates of The Blackstone Group L.P. and the other designated purchasers related to a divestiture completed in a prior year period. During the nine months ended September 30, 2025, a gain of$108 million was recognized, which was all recognized in the first six months of 2025. During the three and nine months ended September 30, 2024, a $2 million and $84 million gain was recognized, respectively.
Current wording
(3)During the three months ended March 31, 2025, a $20 million gain was recognized related to deferred consideration from the affiliates of The Blackstone Group L.P. and the other designated purchasers related to a divestiture completed in a prior-year period.
Previous wording
Currency fluctuations had a de minimis impact and an unfavorable impact of $0.12 on net income per diluted share during the three and nine months ended September 30, 2025, respectively, if prior year period results were translated at current period foreign exchange rates. Currency fluctuations had an unfavorable impact of $0.02 and an unfavorable impact of $0.05 on net income per diluted share during the three and nine months ended September 30, 2024, respectively, if 2023 results were translated at 2024 rates.
Current wording
Currency fluctuations had a favorable impact of $0.35 on net income per diluted share during the three months ended March 31, 2026 if prior-year period results were translated at current period foreign exchange rates. Currency fluctuations had an unfavorable impact of $0.13 on net income per diluted share during the three months ended March 31, 2025 if 2024 results were translated at 2025 rates.
Previous wording
Currency fluctuations hada favorable impact of$0.02 and an unfavorable impact of $0.11 on adjusted diluted earnings per share during the three and nine months ended September 30, 2025, respectively, if prior year period results were translated at current period foreign exchange rates. Currency fluctuations had an unfavorable impact of $0.02 and an unfavorable impact of $0.05 on adjusted diluted earnings per share during the three and nine months ended September 30, 2024, respectively, if 2023 results were translated at 2024 rates. These translations are performed for comparative and illustrative purposes only and do not impact the accounting policies or practices for amounts included in our Condensed Consolidated Financial Statements.
Current wording
Currency fluctuations had a favorable impact of $0.36 on adjusted diluted earnings per share during the three months ended March 31, 2026 if prior-year period results were translated at current period foreign exchange rates. Currency fluctuations had an unfavorable impact of $0.14 on adjusted diluted earnings per share during the three months ended March 31, 2025 if 2024 results were translated at 2025 rates. These translations are performed for comparative and illustrative purposes only and do not impact the accounting policies or practices for amounts included in our Condensed Consolidated Financial Statements.
Previous wording
In our capacity as an insurance broker or agent, we collect premiums from insureds and, after deducting our commission, remit the premiums to the respective insurance underwriters. We also collect claims or refunds from underwriters on behalf of insureds, which are then returned to the insureds. Unremitted insurance premiums and claims are held by us in a fiduciary capacity. The levels of funds held on behalf of clients and liabilities can fluctuate significantly depending on when we collect the premiums, claims, and refunds, make payments to underwriters and insureds, and collect funds from clients and make payments on their behalf, and upon the impact of foreign currency movements. Funds held on behalf of clients, because of their nature, are generally invested in highly liquid securities with highly rated, credit-worthy financial institutions. Fiduciary assets include funds held on behalf of clientsof $8.4 billion and $7.2 billion at September 30, 2025 and December 31, 2024, respectively, and fiduciary receivables of $10.4 billion and$10.3 billion at September 30, 2025 and December 31, 2024, respectively. While we earn investment income on the funds held in cash and money market funds, the funds cannot be used for general corporate purposes.
Current wording
In our capacity as an insurance broker or agent, we collect premiums from insureds and, after deducting our commission, remit the premiums to the respective insurance underwriters. We also collect claims or refunds from underwriters on behalf of insureds, which are then returned to the insureds. Unremitted insurance premiums and claims are held by us in a fiduciary capacity. The levels of funds held on behalf of clients and liabilities can fluctuate significantly depending on when we collect the premiums, claims, and refunds, make payments to underwriters and insureds, and collect funds from clients and make payments on their behalf, and upon the impact of foreign currency movements. Funds held on behalf of clients, because of their nature, are generally invested in highly liquid securities with highly rated, credit-worthy financial institutions. Fiduciary assets include funds held on behalf of clients of $8.3 billion and $7.4 billion at March 31, 2026 and December 31, 2025, respectively, and fiduciary receivables of $10.6 billion and $10.5 billion at March 31, 2026 and December 31, 2025, respectively. While we earn investment income on the funds held in cash and money market funds, the funds cannot be used for general corporate purposes.
Previous wording
We maintain a multi-currency cash pool with a third-party bank in which various Aon entities participate. Individual Aon entities are permitted to overdraw on their individual accounts provided the overall global balance does not fall below zero. At September 30, 2025, some Aon entities had negative cash balances; however, the overall balance was positive. Entities with a negative cash pool position incur interest expense, while those with a positive position earn interest income. Interest rates are determined by local market conditions and vary by currency. For the period, if interest expense on negative cash pool balances exceeds interest income associated with positive cash pool balances, as well as other income-producing assets, the net amount is reported as interest expense for both the quarterly and year-to-date periods.
Current wording
We maintain a multi-currency cash pool with a third-party bank in which various Aon entities participate. Individual Aon entities are permitted to overdraw on their individual accounts provided the overall global balance does not fall below zero. At March 31, 2026, cash balances of one or more non-U.S. entities may have been negative; however, the overall balance was positive. Entities with a negative cash pool position incur interest expense, while those with a positive position earn interest income. Interest rates are determined by local market conditions and vary by currency. For the period, if interest expense on negative cash pool balances exceeds interest income associated with positive cash pool balances, as well as other income-producing assets, the net amount is reported as interest expense for both the quarterly and year-to-date periods.
Previous wording
Cash and cash equivalents and funds held on behalf of clients, including cash and cash equivalents and funds held on behalf of clients classified as held for sale, had a net increase of $1.2 billion for the nine months ended September 30, 2025 compared to a net increase of $1.3 billion for the nine months ended September 30, 2024. A summary of our cash flows provided by and used for operating, investing, and financing activities is as follows (in millions):
Current wording
Cash and cash equivalents and funds held on behalf of clients, including cash and cash equivalents and funds held on behalf of clients classified as held for sale, had a net increase of $891 million for the three months ended March 31, 2026 compared to a net decrease of $305 million for the three months ended March 31, 2025. A summary of our cash flows provided by and used for operating, investing, and financing activities is as follows (in millions):
Previous wording
Net cash provided by operating activities during the nine months ended September 30, 2025 was $2.1 billion, an increase of $249 million compared to $1.8 billion of Cash flows provided by operating activities in the prior year period. This amount represents Net income reported, generally adjusted for gains from sales of businesses, losses from sales of businesses, share-based compensation expense, depreciation expense, amortization and impairments, and other non-cash income and expenses, including pension settlement charges. Adjustments also include changes in working capital that relate primarily to the timing of payments of accounts payable and accrued liabilities, collection of receivables, and payments for Accelerating Aon United Program expenses.
Current wording
Net cash provided by operating activities during the three months ended March 31, 2026 was $430 million, an increase of $290 million compared to $140 million of Cash flows provided by operating activities in the prior-year period. This amount represents Net income reported, generally adjusted for gains from sales of businesses, losses from sales of businesses, share-based compensation expense, depreciation expense, amortization and impairments, and other non-cash income and expenses, including pension settlement charges. Adjustments also include changes in working capital that relate primarily to the timing of payments of accounts payable and accrued liabilities, collection of receivables, and payments for Accelerating Aon United Program expenses.
Previous wording
Pension contributions were $80 million for the nine months ended September 30, 2025, as compared to $43 million for the nine months ended September 30, 2024. For the remainder of 2025, we expect to contribute approximately $8 million in cash to our pension plans, including contributions to non-U.S. pension plans, which are subject to changes in foreign exchange rates.
Current wording
Pension contributions were $28 million for the three months ended March 31, 2026, as compared to $30 million for the three months ended March 31, 2025. For the remainder of 2026, we expect to contribute approximately $65 million in cash to our pension plans, including contributions to non-U.S. pension plans, which are subject to changes in foreign exchange rates.
Previous wording
The Program is currently expected to result in cumulative costs of $1.0 billion, consisting of approximately $0.9 billion of cash charges and approximately $0.1 billion of non-cash charges. Over the life of the program, our Risk Capital segment is expected to incur approximately $230 million of charges, while our Human Capital segment is expected to incur approximately $60 million of charges, with the remaining charges relating to corporate expenses. The Program is estimated to generate annualized expense savings of approximately $350 million by the end of 2026, largely benefiting Compensation and benefits, Information technology, and Premises on the Condensed Consolidated Statements of Income. For the three and nine months ended September 30, 2025, total Program costs incurred were $32 million and $236 million, respectively. The Company expects to continue to review the implementation of elements of the Program throughout the course of the Program and, therefore, there may be changes to expected timing, estimates of expected costs and related savings. The Company realized an additional $35 million and $110 million of expense savings in the first three and nine months of 2025, respectively, from Program actions, the majority of which were recognized within Compensation and benefits on the Condensed Consolidated Statements of Income.
Current wording
The Program is currently expected to result in cumulative costs of $1.3 billion, consisting of approximately $1.2 billion of cash charges and approximately $0.1 billion of non-cash charges. Over the life of the program, our Risk Capital segment is expected to incur approximately$286 million of charges, while our Human Capital segment is expected to incur approximately $74 million of charges, with the remaining charges relating to corporate expenses. The Program is estimated to generate annualized expense savings of approximately $450 million by the end of 2027, largely benefiting Compensation and benefits, Information technology, and Premises on the Condensed Consolidated Statements of Income. For the three months ended March 31, 2026, total Program costs incurred were $92 million. The Company expects to continue to review the implementation of elements of the Program throughout the course of the Program and, therefore, there may be changes to expected timing, estimates of expected costs and related savings. The Company realized an additional $25 million of expense savings in the first three months of 2026 from Program actions, resulting in $295 million of cumulative, annualized expense savings since the beginning of the Program, the majority of which were recognized within Compensation and benefits on the Condensed Consolidated Statements of Income.
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