ONEX Corporation (ONEX) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 15, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

―

Last Year’s EPS

3.4

Same Quarter Last Year

Analyst Consensus

Hold

Based on 1 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 20, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized substantial strategic progress and strong operating results — notably the Convex acquisition, robust Convex financial performance (net income +25% vs Q3 LTM; +40% vs 2024), expansion of fee-generating AUM (+24% YoY), meaningful private equity realizations ($8B) and credit platform strength (28 CLOs, run-rate FRE $60M). Near-term headwinds include CLO mark-to-market impacts from spread compression, a modest firm-wide FRE loss for the quarter and timing/recognition delays for certain fee streams and MACV economics. Management presented conservative assumptions (excludes Convex contributions to FRE) and reiterated liquidity and capital allocation plans. Overall, positive operational momentum and high-impact strategic moves outweigh the manageable near-term financial and market challenges.

Company Guidance

Onex guided 2026 firm‑wide fee‑related earnings (FRE) to the low‑to‑mid $20 million range and said it expects to exit 2026 with a run‑rate FRE more than twice the $17 million start‑of‑year run‑rate (i.e., >$34M, with management referencing a year‑end target around $35M); that outlook assumes only ~1/3 of AIG’s $2.0B commitment and no Convex allocations. Credit finished 2025 with run‑rate FRE of $60M, asset management ended Q4 with ~$44B of fee‑generating AUM (up 24% YoY) and Q4 asset management earnings of $49M (only $2M FRE from PE/credit), while firm‑wide FRE was a $4M loss in Q4 and a $3M loss for the year. Convex is expected to be a major earnings driver — 2025 net income $711M (ROE 20%), up 40% vs 2024 and 25% vs the Q3 LTM $566M figure, $5.9B gross premium written (+14% YoY), 89% combined ratio, tangible book value $3.8B — the $7B transaction leaves Onex and AIG with ~63%/35% ownership, Onex’s 63% share equates to ~$423M of Convex 2025 net income after pro‑forma interest, and management rolled ~$500M of equity/incentives. Balance‑sheet and liquidity guidance: Onex drew $700M on a NAV loan (vs $1.0B contemplated), retained ~ $400M cash/near‑cash, has $500M undrawn on the revolver (~$900M total liquidity), holds ~ $5B of PE investments with $735M unfunded commitments (only $330M in commitment period), and cited $8B of 2025 realizations that delivered >$800M to Onex (including OP distributions of $7.7B with $4.3B to co‑investors and ~ $310M MACV proceeds, bringing OP V DPI to 0.8x).

Convex Acquisition and Strategic Partnership

Completed acquisition of Convex valued at $7.0 billion with Onex and AIG owning ~63% and ~35% respectively; Convex management rolled ~$500 million of equity and accrued incentives, signaling strong alignment and confidence.

Convex 2025 Financial Performance

Convex delivered $711 million in net income in 2025 (Onex's share ~$423 million based on 63% ownership adjusted for pro forma interest); net income rose 25% versus the $566 million Q3 LTM figure at announcement and 40% versus $506 million in 2024.

Convex Growth and Underwriting Strength

Convex wrote $5.9 billion of gross premiums in 2025, up 14% year-over-year, and achieved an 89% combined ratio (third consecutive year under 90%), increasing tangible book value to $3.8 billion and reducing Onex's effective acquisition multiple to 1.8x tangible book (10x 2025 net income).

Investing Capital and Long-Term Growth

Investing capital per share ended the year at $124.70, up 3% in the quarter and 10% for the year, with a 5-year CAGR of 11%.

Strong Private Equity Realizations and Distributions

Platforms delivered $8.0 billion of realizations in 2025, returning over $800 million to Onex; Onex Partners reported $7.7 billion in total distributions in 2025 (including $4.3 billion to co-investors) and has returned $10 billion since 2024 across 8 realizations.

Fee-Generating AUM Expansion

Fee-generating AUM nearly $44 billion at year-end, up 24% during the year, driven by new CLO issuance, commitments to funds and portfolio write-ups.

Credit Platform and CLO Execution

Structured credit priced 28 CLOs across U.S. and Europe, raising >$6 billion of new fee-generating AUM and extending another $6 billion; credit run-rate fee-related earnings (FRE) reached $60 million, ahead of Investor Day targets.

Notable Realization — Ryan Specialty

Final Onex Corp. realization of Ryan Specialty netted just over $200 million; total proceeds from the investment were ~$1.2 billion over ~8 years, representing a 3.8x multiple of capital and a 49% IRR.

Liquidity and Balance Sheet Position Post-Convex

After closing Convex, Onex retained approximately $400 million of cash/near-cash and maintained access to $500 million undrawn on the NAV revolver, providing ~ $900 million total liquidity while drawing $700 million on a NAV facility (less than the expected $1.0 billion).

ONEX Corporation (TSE:ONEX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TSE:ONEX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 15, 2026	2026 (Q1)	- / -	3.395	―	―	―
Feb 20, 2026	2025 (Q4)	- / 3.61	-0.027	13305.00% (+3.64)		―
Nov 07, 2025	2025 (Q3)	- / 0.78	1.577	-50.67% (-0.80)	―	―
Aug 07, 2025	2025 (Q2)	- / 4.60	2.985	53.97% (+1.61)	―	―
May 09, 2025	2025 (Q1)	- / 3.40	0.127	2573.23% (+3.27)	―	―
Feb 21, 2025	2024 (Q4)	- / -0.03	8.967	-100.30% (-8.99)	―	―
Nov 08, 2024	2024 (Q3)	- / 2.15	5.936	-63.71% (-3.78)	―	―
Aug 08, 2024	2024 (Q2)	- / 2.98	1.63	83.13% (+1.35)	―	―
May 10, 2024	2024 (Q1)	- / 0.17	-3.921	104.43% (+4.09)	―	―
Feb 23, 2024	2023 (Q4)	- / 6.56	5.32	23.36% (+1.24)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TSE:ONEX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 20, 2026	C$106.33	C$105.04	-1.21%
Nov 07, 2025	C$117.55	C$115.01	-2.16%
Aug 07, 2025	C$111.43	C$112.18	+0.67%
May 09, 2025	C$101.64	C$102.95	+1.30%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does ONEX Corporation (TSE:ONEX) report earnings?

ONEX Corporation (TSE:ONEX) is schdueled to report earning on May 15, 2026, Before Open (Confirmed).

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ONEX Corporation (TSE:ONEX) earnings time is at May 15, 2026, Before Open (Confirmed).

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