v3.26.3
Shareholders' Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Ordinary Shares
Aon has a share repurchase program authorized by the Company’s Board of Directors (“the Repurchase Program”). The Repurchase Program was established in April 2012 with $5.0 billion in authorized repurchases, and was increased by $5.0 billion in authorized repurchases in each of November 2014, June 2017, and November 2020. In each of February 2022 and June 2026, authorized repurchases were increased by an additional $7.5 billion, for a total of $35.0 billion in repurchase authorizations.
Under the Repurchase Program, the Company’s class A ordinary shares may be repurchased through the open market or in privately negotiated transactions, from time to time, based on prevailing market conditions, and will be funded from available capital.
The following table summarizes the Company’s share repurchase activity (in millions, except per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Shares repurchased— 0.7 3.4 2.0 
Average price per share$— $362.00 $321.61 $371.71 
Repurchase costs recorded to Retained Earnings$— $250 $1,100 $750 
At September 30, 2026, the remaining authorized amount for share repurchases under the Repurchase Program was approximately $7.7 billion. Under the Repurchase Program, the Company has repurchased a total of 178.3 million shares for an aggregate cost of approximately $27.3 billion.
Weighted Average Ordinary Shares
Weighted average ordinary shares outstanding are as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Basic weighted average ordinary shares outstanding212.3 215.7 213.3 216.1 
Dilutive effect of potentially issuable shares0.7 1.0 0.8 1.2 
Diluted weighted average ordinary shares outstanding213.0 216.7 214.1 217.3 
Potentially issuable shares are not included in the computation of Diluted net income per share attributable to Aon shareholders if their inclusion would be antidilutive. There were 0.1 million and 0.5 million shares excluded from the calculation for the three and nine months ended September 30, 2026, respectively. There were an insignificant number of shares excluded from the calculation for the three and nine months ended September 30, 2025.
Accumulated Other Comprehensive Loss
Changes in Accumulated other comprehensive loss by component, net of related tax, are as follows (in millions):
Change in Fair Value of Financial Instruments (1)
Foreign Currency Translation Adjustments
Postretirement Benefit Obligation (2)
Total
Balance at January 1, 2026$78 $(1,225)$(2,696)$(3,843)
Other comprehensive income (loss) before reclassifications, net19 (159)(5)(145)
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income (loss)(3)2 111 110 
  Tax expense1 — (28)(27)
Amounts reclassified from accumulated other comprehensive income (loss), net(2)2 83 83 
Net current period other comprehensive income (loss)17 (157)78 (62)
Balance at September 30, 2026$95 $(1,382)$(2,618)$(3,905)
Change in Fair Value of Financial Instruments (1)
Foreign Currency Translation Adjustments
Postretirement Benefit Obligation (2)
Total
Balance at January 1, 2025$74 $(2,051)$(2,768)$(4,745)
Other comprehensive income (loss) before reclassifications, net10 752 (8)754 
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income (8)— 110 102 
Tax expense2 — (28)(26)
Amounts reclassified from accumulated other comprehensive income, net(6)— 82 76 
Net current period other comprehensive income (loss)
4 752 74 830 
Balance at September 30, 2025$78 $(1,299)$(2,694)$(3,915)
(1)Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Total revenue, Interest expense, and Compensation and benefits in the Condensed Consolidated Statements of Income. Refer to Note 13 “Derivatives and Hedging” for further information regarding the Company’s derivative and hedging activity.
(2)Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income (expense) in the Condensed Consolidated Statements of Income.
Subsequent Event
On October 9, 2026, Aon announced a $0.820 per share dividend payable November 13, 2026.