Onex Corp

Latest Results (03.04.2026):

Onex Corp (Onex Corporation) reported strong fourth-quarter results for Q4 2025, delivering net earnings of $181 million (diluted EPS $2.64) vs. a $2 million loss in Q4 2024, and continued momentum through full-year 2025 with net earnings of $617 million (diluted EPS $8.88). The quarter benefited from solid investing-segment performance and growing asset-management profitability, while the company completed the transformational Convex acquisition (closed Feb 6, 2026) and disclosed Convex’s record fiscal 2025 results.

Q4 2025 results

Net earnings: $181 million in Q4 2025 vs. $(2) million in Q4 2024; diluted EPS $2.64. Segment net earnings totaled $159 million (Investing $110M; Asset Management $49M). Total fee-related earnings (loss) for the quarter were $(4) million and distributable earnings were $478 million.

Full-year 2025

Onex reported full-year net earnings of $617 million (diluted EPS $8.88). Total segment net earnings were $644 million (Investing $514M; Asset Management $130M). Distributable earnings for 2025 were $648 million.

Convex acquisition and performance

Onex completed the $7 billion acquisition of Convex (Feb 6, 2026) and now owns ~63% (AIG ~35%). Convex reported record FY2025 results: net income $711 million (up 40% y/y), gross premium written $5.9 billion, tangible book value $3.8 billion, adjusted return on tangible common equity ~20%, and a net combined ratio of 89%.

Investing capital and returns

Investing capital was ~$8.66–$8.7 billion at Dec 31, 2025 (investing capital per fully diluted share $124.70 / C$171.15). Investing capital per share returned ~10% in 2025 and has a 5‑year compound annual return of ~11%.

Asset management traction

Fee‑generating capital grew to ~$43.9 billion (private equity and credit up ~21% and ~26% y/y). Onex raised or extended structured credit transactions and other fee-generating assets totaling large inflows in 2025; run‑rate fee-related earnings for Credit were $60 million at year-end.

Liquidity, cash and dividend

Cash and near‑cash at Dec 31, 2025 were $2.06 billion (24% of investing capital); this declined to ~$400 million after the Convex closing in February 2026. The Board declared a Q1 2026 dividend of C$0.10 per Subordinate Voting Share payable April 30, 2026.