Blue Owl Capital Financials
This page shows Blue Owl Capital (OBDC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Reported earnings are steadier than cash generation, while rising leverage and distributions shape the company’s operating model.
The key earnings-quality signal is the mismatch between$627M of net income and$1.7B of operating cash flow in FY2025. That reverses FY2024, when operating cash flow was only$160M against$595M of net income, showing cash conversion is highly period-sensitive and likely affected by balance-sheet or portfolio timing.
The balance sheet expanded from
Dividends exceeded net income in both FY2024 and FY2025, making distributions more generous than the reported earnings base. In FY2025, dividends were
Financial Health Signals
Blue Owl Capital does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Blue Owl Capital passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
For every $1 of reported earnings, Blue Owl Capital generates $2.78 in operating cash flow ($1.7B OCF vs $627.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Blue Owl Capital reported $627.4M in net income in fiscal year 2025. This represents an increase of 5.5% from the prior year.
Blue Owl Capital earned $1.24 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 19.0% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Blue Owl Capital held $568.5M in cash against $9.3B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Blue Owl Capital's ROE was 8.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Blue Owl Capital spent $148.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
OBDC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Interest Expense | $108.5M-10.7% | $121.5M | N/A | $140.2M+0.3% | $139.8M-1.1% | $141.4M | N/A | $121.3M |
| Net Income | $65.7M+369.6% | -$24.4M | N/A | $128.2M-6.8% | $137.5M-43.3% | $242.6M | N/A | $135.4M |
| EPS (Diluted) | $0.13+360.0% | -$0.05-121.7% | $0.23-8.0% | $0.25-7.4% | $0.27-44.9% | $0.49+22.5% | $0.40+14.3% | $0.35 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Income Tax.
OBDC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.4B-4.1% | $16.0B-6.8% | $17.2B-2.4% | $17.6B+1.2% | $17.4B-5.3% | $18.4B+32.5% | $13.9B-1.6% | $14.1B |
| Cash & Equivalents | $238.0M-47.7% | $455.4M-19.9% | $568.5M+77.0% | $321.3M-10.8% | $360.2M-30.0% | $514.2M0.0% | $514.2M+6.8% | $481.3M |
| Total Liabilities | $8.3B-6.1% | $8.9B-9.4% | $9.8B-2.0% | $10.0B+2.9% | $9.7B-8.7% | $10.6B+34.4% | $7.9B-2.7% | $8.1B |
| Long-Term Debt | $7.9B-6.5% | $8.5B-9.1% | $9.3B-2.4% | $9.5B+3.3% | $9.2B-9.2% | $10.2B+36.2% | $7.5B-3.7% | $7.7B |
| Total Equity | $7.0B-1.7% | $7.2B-3.3% | $7.4B-2.8% | $7.6B-0.9% | $7.7B-0.7% | $7.7B+30.0% | $6.0B-0.2% | $6.0B |
| Retained Earnings | -$415.2M-26.6% | -$328.0M-173.5% | -$119.9M-79.2% | -$67.0M-1704.8% | $4.2M-93.1% | $60.9M+107.0% | $29.4M+10.8% | $26.5M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.
OBDC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $547.3M-43.4% | $967.4M+17.6% | $822.9M+728.4% | -$131.0M-113.0% | $1.0B+2494.8% | $38.9M-91.3% | $446.0M+12740.4% | -$3.5M |
| Financing Cash Flow | -$764.7M+29.2% | -$1.1B-87.7% | -$575.7M-725.3% | $92.1M+107.9% | -$1.2B-2894.6% | -$38.9M+90.6% | -$413.1M-494.0% | $104.9M |
| Dividends Paid | $183.7M-0.6% | $184.9M-2.2% | $189.1M-5.1% | $199.3M+2.6% | $194.2M+14.3% | $169.9M+3.7% | $163.9M-2.3% | $167.8M |
| Share Buybacks | $35.1M-0.2% | $35.2M | N/A | N/A | $0 | $0 | $0 | $0 |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow.
OBDC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 0.9%+1.3pp | -0.3% | N/A | 1.7%-0.1pp | 1.8%-1.3pp | 3.1% | N/A | 2.3% |
| Return on Assets | 0.4%+0.6pp | -0.1% | N/A | 0.7%-0.1pp | 0.8%-0.5pp | 1.3% | N/A | 1.0% |
| Debt-to-Equity | 1.12-0.1x | 1.18-0.1x | 1.260.0x | 1.25+0.1x | 1.20-0.1x | 1.31+0.1x | 1.250.0x | 1.30 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.
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Where Blue Owl Capital Ranks
Frequently Asked Questions
Is Blue Owl Capital profitable?
Yes, Blue Owl Capital (OBDC) reported a net income of $627.4M in fiscal year 2025.
How much debt does Blue Owl Capital have?
As of fiscal year 2025, Blue Owl Capital (OBDC) had $568.5M in cash and equivalents against $9.3B in long-term debt.
What is Blue Owl Capital's return on equity (ROE)?
Blue Owl Capital (OBDC) has a return on equity of 8.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Blue Owl Capital's operating cash flow?
Blue Owl Capital (OBDC) generated $1.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Blue Owl Capital's total assets?
Blue Owl Capital (OBDC) had $17.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Blue Owl Capital's debt-to-equity ratio?
Blue Owl Capital (OBDC) had a debt-to-equity ratio of 1.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Blue Owl Capital's return on assets (ROA)?
Blue Owl Capital (OBDC) had a return on assets of 3.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Blue Owl Capital's Piotroski F-Score?
Blue Owl Capital (OBDC) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Blue Owl Capital's earnings high quality?
Blue Owl Capital (OBDC) has an earnings quality ratio of 2.78x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.