Debt increase and acquisition financing
Aon reported strong third-quarter financial results, with organic revenue growing 6% and adjusted earnings per share rising 10% to US$3.36. However, long-term debt rose from US$14.66 billion at the end of 2025 to US$26.32 billion by September 30. The increase is primarily attributed to financing the US$17 billion acquisition of USI Insurance Services from KKR, which is expected to close before the end of the year. In September, Aon issued US$13.5 billion in senior notes, with the proceeds held in short-term investments pending the transaction's completion. Due to the financing, Aon repurchased no shares in the third quarter and stated it will prioritise debt repayment over shareholder returns.
Restructuring and credit ratings
Aon's Accelerating Aon United restructuring programme generated US$93 million in charges during the third quarter, driven largely by workforce optimisation. Total restructuring charges for the first nine months of 2026 reached US$281 million. Following the USI announcement, S&P Global affirmed Aon’s A- issuer credit rating while revising its outlook to negative, and Fitch placed the new senior notes' BBB+ rating on negative watch, citing the increased leverage and execution risks associated with integrating major acquisitions.