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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Onex
Onex (ONEX) investor relations material
Onex Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Delivered strong 2025 results with the completed $7 billion Convex acquisition, now Onex's largest contributor, and established a strategic partnership with AIG, setting up for accelerated value creation and earnings growth in 2026.
Investing capital per share reached $124.70, up 10% for the year and 3% in Q4, with a five-year CAGR of 11%.
Fee-generating AUM rose 24% year-over-year to $43.9 billion, with private equity and credit segments up 21% and 26%, respectively.
New CFO appointed and ONCAP leadership succession completed, ensuring management continuity.
Entering 2026 with momentum, confidence, and a focus on growing net income and free cash flow.
Financial highlights
Convex delivered $711 million in net income for 2025, up 40% year-over-year, with a 20% return on equity and an 89% combined ratio.
Net earnings for 2025 were $617 million, with diluted EPS of $8.88; Q4 net earnings were $181 million.
Asset management segment earnings reached $130 million for the year, $49 million in Q4.
Investing segment earnings totaled $514 million for the year, with $110 million in Q4.
Fee-generating AUM at $43.9 billion, with credit at $29.8 billion and private equity at $14.0 billion.
Outlook and guidance
Management expects Convex to continue earnings and tangible book value growth in 2026, even in a softening P&C rate environment, leveraging market share gains and operating leverage.
Asset management platform to benefit from incremental fee-generating capital from AIG and Convex commitments.
Firm-wide run rate fee-related earnings projected to reach low- to mid-$20 million in 2026, with a year-end run rate target of $35 million, not fully reflected in Q4 2026 earnings.
Only one-third of AIG's $2 billion expected commitments included in 2026 AUM assumptions; no Convex allocations included, considered conservative.
Continued focus on direct investments and asset-lighter commitments to PE and credit funds.
Prioritize Convex's 2026 growth levers
Quantify future direct investment impact on NAV
Detail FRE upside from AIG/Convex allocations
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Next Onex earnings date
Q1 202615 May, 2026
Onex
Next Onex earnings date
Q1 202615 May, 2026
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Frequently asked questions
Onex Corporation is a private equity and asset management firm that invests in and manages businesses across various industries. The company operates through its private equity platform, acquiring and building companies in sectors such as healthcare, industrials, financial services, and technology. Additionally, Onex manages credit and alternative investment strategies through its asset management division, serving institutional and high-net-worth investors. Onex Corporation is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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