Onex (ONEX) Q3 2026 earnings summary

Executive summary

• Q3 net earnings were $97M, or $1.28 per diluted share, versus $39M and $0.57 YoY; 9M net earnings were $357M versus $436M.

• Investing capital reached $9.6B at Sept. 30; adjusted returns excluding dividends were 1% for 9M and 4% for 12M.

Financial highlights

• Q3 total income was $155M versus $129M YoY; 9M total income was $544M versus $665M.

• Total segment net earnings were $96M in Q3 and $360M in 9M, versus $70M and $485M; 9M included $308M from Convex, net of $15M in acquisition costs.

• Distributable earnings were $89M in Q3 and $364M in 9M, versus $111M and $170M; 9M benefited from private-equity realizations and carried interest.

• Fee-related earnings were $6M in Q3 and $7M in 9M, versus $1M in each prior-year period; 9M growth mainly reflected management fees from newer CLOs.

Outlook and guidance

• Q3 Convex gross premium growth is expected to contribute more to net premiums earned in future quarters; expected growth levers include operating scale, asset leverage and portfolio yield improvement.

• Significant net private-equity realizations over the next several years are expected to benefit liquidity; ~$260M of unfunded commitments can be called for new investments.

• OneDigital continuation-fund proceeds of $131M were expected in Q1 2027 based on commitments as of Nov. 12; Onex Partners VI’s November first close exceeded $2B.