Total revenue increased 2% to $4.2 billion, reflecting 5% organic revenue growth and a 1% favorable impact from foreign currency translation, partially offset by a 4% unfavorable impact primarily from divestitures, largely the sales of the NFP Wealth business and Stroz Friedberg. Risk Capital revenue rose 5% to $3.0 billion, while Human Capital revenue fell 4% to $1.2 billion.
Operating income increased 7% to $915 million, with operating margin expanding 80 basis points to 21.5%. Adjusted operating income rose 5% to $1.23 billion, with adjusted operating margin up 70 basis points to 28.9%. Diluted EPS declined 3% to $2.58, while adjusted diluted EPS increased 9% to $3.81. Net income attributable to Aon shareholders fell 5% to $551 million, though adjusted net income rose 7% to $814 million.
Within Risk Capital, Commercial Risk Solutions posted 5% organic growth, driven by strength in EMEA and North America, including strong US core P&C performance and double-digit growth in construction. Reinsurance Solutions also grew 5% organically, reflecting new business and strong retention in treaty placements alongside double-digit growth in facultative placements.
In Human Capital, Health Solutions grew 5% organically on strength in core health and benefits and talent analytics, while Wealth Solutions grew 5% on continued demand for retirement advisory work tied to regulatory change in the UK and EMEA.
Aon returned $775 million to shareholders during the quarter, including $600 million in share repurchases and $175 million in dividends. Combined with $500 million in first-quarter repurchases, that brought first-half share repurchases to $1.1 billion - already exceeding the company's full-year objective of at least $1 billion, with six months still to run. Cash provided by operations declined 30% to $556 million, and free cash flow fell 34% to $483 million, both reflecting comparisons against a prior-year period that included proceeds unrelated to the current quarter's operations.
The company reaffirmed its 2026 guidance of mid-single-digit or greater organic revenue growth, 70 to 80 basis points of adjusted operating margin expansion, strong adjusted EPS growth, and double-digit free cash flow growth.
Greg Case, president and CEO of Aon, said: "Our second-quarter results demonstrate the consistency of our execution and the strength of our business model." He said the company delivered 5% organic revenue growth, operating margin expansion, and 9% adjusted EPS growth, reflecting robust client demand and disciplined execution.
Case added that the structural advantage created by the Aon United strategy, combined with AI-enabled analytical insights and innovative capital solutions, continues to differentiate Aon in the marketplace as clients navigate increasing complexity, expanding the firm's addressable market and generating financial flexibility to invest for growth while returning capital to shareholders.
The quarter's results continue a pattern shaped substantially by Aon's ongoing portfolio realignment under the 3x3 Plan, unveiled in October 2023 around three pillars: risk capital, human capital, and accelerating business services. That plan, paired with an approximately $900 million restructuring charge, is on track to deliver about $350 million in annualized savings by year-end, and 2026 marks its third and final year.
A central piece of that realignment has been Aon's evolving relationship with NFP, the middle-market broker Aon acquired for $13.4 billion in 2024. Rather than retaining NFP's full scope, Aon agreed in 2025 to sell a significant majority of NFP's wealth business, including Wealthspire Advisors, Fiducient Advisors and Newport Private Wealth, to Madison Dearborn Partners for an estimated $2.7 billion, a transaction that generated approximately $2.2 billion in after-tax cash proceeds.
Case has described the move as reinforcing Aon's commitment to its core Risk Capital and Human Capital capabilities rather than a retreat from the broader NFP thesis, with NFP's P&C and benefits brokerage operations continuing to expand, including a July 2026 acquisition of Cleveland-based Total Benefits Advisors.
Aon's results reinforce a broker earnings season pattern in which organic growth in commercial risk, reinsurance and health solutions has remained resilient even as firms actively reshape their portfolios through divestitures and targeted M&A.
With the 3x3 Plan reaching its conclusion this year and restructuring savings largely realized, Aon's next phase is likely to hinge on how effectively AI-enabled analytics and integrated risk-and-people advisory services can sustain the mid-single-digit-or-better organic growth the company has now maintained for multiple consecutive quarters, particularly as competition among global brokers for large commercial and reinsurance placements continues to intensify.
