Aon plc (AON) posted 6% organic revenue growth in the three months ended September 30, 2026, faster than the 5% organic rate in the second quarter, as total revenue rose 3% to $4.101 billion.

The global risk and people adviser said the acceleration was broad-based: Commercial Risk Solutions and Reinsurance Solutions each grew 7% organically, Health Solutions 6%, and Wealth Solutions 4%. Total revenue growth also picked up to 3% from 2% in the prior quarter.

GAAP operating income fell to $809 million and operating margin compressed 70 basis points to 19.7%, reversing the second-quarter expansion to 21.5%. Adjusted operating income declined to $1.106 billion from $1.227 billion, and adjusted operating margin compressed 190 basis points to 27.0% from 28.9%. Diluted EPS was $2.23, down from $2.58; adjusted EPS was $3.36, down from $3.81.

Against the year-ago quarter, diluted EPS rose 6% from $2.11, and adjusted EPS rose 10% from $3.05, including a $0.02 favorable foreign-currency translation effect on both measures. Net income attributable to Aon shareholders increased 4% to $476 million.

Risk Capital revenue increased $157 million, or 6%, to $2.682 billion. Human Capital revenue decreased $54 million, or 4%, to $1.421 billion. Commercial Risk Solutions revenue was $2.110 billion, up 6% from $1.988 billion a year earlier, with organic growth of 7% that the company said reflected strong growth in North America and EMEA, driven by net new business and ongoing strong retention. Within North America, it highlighted M&A services, U.S. core P&C, and construction.

Reinsurance Solutions revenue was $572 million, with 7% organic growth the company attributed to treaty placements and a favorable reversal of a constraint applied against prior-period revenue; net market impact was unfavorable. Health Solutions revenue was $992 million, with 6% organic growth in core health and benefits and Talent Solutions. Wealth Solutions revenue fell 21% to $429 million from $540 million a year earlier, with a 25% unfavorable divestiture impact and 4% organic growth in Retirement.

Total operating expenses rose 3% to $3.292 billion. Accelerating Aon United Program expenses increased $61 million, or 191%, to $93 million, primarily workforce optimization. Other general expense rose 8% to $461 million, which the company tied to a prior-year legal-settlement recovery and USI-related transaction costs. Compensation and benefits rose 1% to $2.275 billion. Information technology expense rose 11% to $156 million.

The company said the increase in adjusted operating income versus the year-ago period reflected organic revenue growth, scale improvements in ABS, and net restructuring savings, partially offset by growth investments. Interest income rose $24 million on higher cash balances from debt issuance; interest expense was flat.

Aon did not repurchase shares in the third quarter, after returning $775 million in the second quarter. Remaining repurchase authorization was about $7.7 billion as of September 30. Weighted average diluted shares were 213.0 million.

The company said it expects the USI acquisition to close in the fourth quarter of 2026 and will prioritize debt repayment toward a 2.8x–3.0x leverage objective in approximately 24 months. If currency remains at current rates, it expects a de minimis FX impact on adjusted EPS in the fourth quarter and about $0.42 a share favorable for full-year 2026.