Onex Corp

Latest Results (14.05.2026):

Onex Corp's fourth quarter of 2025 results show a return to profitability with net earnings of $181 million (diluted EPS $2.64) for Q4 and $617 million (diluted EPS $8.88) for the full year 2025. The company reported strong segment performance, meaningful growth in its asset-management business, and completed the strategic acquisition of Convex (closed Feb 6, 2026), which reported record fiscal 2025 results.

Quarter and full‑year financials

Q4 2025 net earnings were $181 million vs. a ($2) million loss in Q4 2024; diluted EPS was $2.64. Full‑year 2025 net earnings were $617 million (diluted EPS $8.88). Total segment net earnings were $159 million in Q4 and $644 million for the year.

Convex acquisition and performance

Onex completed the $7 billion acquisition of Convex (Feb 6, 2026) and disclosed Convex’s fiscal 2025: net income $711 million (up 40% year-over-year), gross premiums written $5.9 billion, tangible book value $3.8 billion, adjusted ROTCE 20%, net combined ratio 89% and net operating expense ratio 13.1%.

Investing capital and investment returns

Investing capital was approximately $8.7 billion ($124.70 per fully diluted share) at Dec 31, 2025, up from $8.27 billion a year earlier. Investing-capital per share returned 10% for 2025. Private equity net gains were $424 million (9% return) and private credit net gains were $56 million (6% return) for the year.

Asset management growth and fees

Fee‑generating capital rose to ~$43.9 billion. Onex’s private equity and credit platforms raised over $8 billion of new capital in 2025; Onex Partners reported $7.7 billion of gross distributions to LPs in 2025. Total fee‑related earnings were a small loss (Q4: $(4) million; FY: $(3) million) but asset management fee‑related earnings increased to $30 million for the year.

Liquidity and capital actions

Cash and near‑cash was $2.06 billion at Dec 31, 2025 (about 24% of investing capital); after the Convex transaction in Feb 2026 it fell to approximately $400 million. Onex repurchased $237 million of shares during 2025 and realized significant proceeds from portfolio exits (e.g., $1.2 billion from Ryan Specialty).

Shareholder payout

The Board declared a Q1 2026 dividend of C$0.10 per Subordinate Voting Share, payable April 30, 2026 to holders of record April 10, 2026.