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Blue Owl Capital Inc. (OWL) Financials

OWL
Trailing 12 months to June 30, 2026
Revenue $3.0B +14.2% YoY
Net Income $307.6M -20.4% YoY
EPS (Diluted) $0.12 +9.1% YoY
Free Cash Flow $1.3B +27.1% YoY
Market Cap $7.0B as of Sep 16, 2026
Price / Sales 2.3x on $3.0B revenue, trailing 12 months to June 30, 2026
Price / Earnings 22.8x on $307.6M net income, trailing 12 months to June 30, 2026
Price / Book 3.5x on $2.0B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the OWL SEC filings page.

Blue Owl Capital Inc. (OWL) reported $3.0B in revenue over the twelve months to Jun 30, 2026, up 14.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).

Rhea AI OWL FY2025

Cash-heavy earnings conversion coexists with debt-funded balance-sheet expansion and rising overhead at Blue Owl Capital.

Operating cash flow reached $1.3B in FY2025 versus $305M of net income, meaning reported profit was a poor standalone proxy for cash generation. Free cash flow remained near operating cash flow at $1.2B despite only $58M of capital expenditures, indicating a lightly reinvestment-intensive operating model.

Debt-to-equity rose from 0.7x in FY2021 to 1.5x in FY2025, revealing a steadily more leveraged funding structure rather than growth financed mainly by expanding equity. Total liabilities reached $10.3B while goodwill was $5.6B, so the larger balance sheet combines creditor claims with a substantial non-physical asset base.

Revenue growth accelerated from $2.3B in FY2024 to $2.9B in FY2025, but that expansion did not translate proportionally into earnings. SG&A climbed to $748M as net margin dropped to 10.6%, showing that the latest growth carried a heavier overhead burden.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

Blue Owl Capital Inc. 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.

Piotroski F-Score Partial
4/6

Blue Owl Capital Inc. 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, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed
4.11x

For every $1 of reported earnings, Blue Owl Capital Inc. generates $4.11 in operating cash flow ($1.3B OCF vs $305.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$753.1M
YoY+7.1%
QoQ-0.1%
5Y CAGR+33.3%

Blue Owl Capital Inc. generated $753.1M in revenue in Q2 2026. This represents an increase of 7.1% from the same quarter a year earlier. Against the prior quarter it is down 0.1%.

Net Income
$11.4M
YoY-34.6%
QoQ-26.7%

Blue Owl Capital Inc. reported $11.4M in net income in Q2 2026. This represents a decrease of 34.6% from the same quarter a year earlier. Against the prior quarter it is down 26.7%.

EPS (Diluted)
$0.02
QoQ0.0%

Blue Owl Capital Inc. earned $0.02 per diluted share (EPS) in Q2 2026. It is unchanged from the prior quarter.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow
$452.9M
YoY+9.8%
QoQ+409.0%
5Y CAGR+91.7%

Blue Owl Capital Inc. generated $452.9M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 9.8% from the same quarter a year earlier. Against the prior quarter it is up 409.0%.

Cash & Debt
$169.1M
YoY+43.7%
QoQ-11.2%
5Y CAGR-17.3%

Blue Owl Capital Inc. held $169.1M in cash against $3.8B in long-term debt as of Q2 2026.

Dividends Per Share
$0.23
QoQ+2.2%

Blue Owl Capital Inc. paid $0.23 per share in dividends in Q2 2026. Against the prior quarter it is up 2.2%.

Shares Outstanding
Diluted avg 689M

Blue Owl Capital Inc. had a weighted average of 689M diluted shares in Q2 2026; the shares outstanding count is not reported for that period.

Margins & Returns

Net Margin
1.5%
YoY-1.0pp
QoQ-0.5pp

Blue Owl Capital Inc.'s net profit margin was 1.5% in Q2 2026, showing the share of revenue converted to profit. This is down 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.5 percentage points.

Return on Equity
0.6%
YoY-0.2pp
QoQ-0.2pp
5Y change+33.5pp

Blue Owl Capital Inc.'s ROE was 0.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks
$0
YoY-100.0%
QoQ-100.0%

Blue Owl Capital Inc. repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.

Capital Expenditures
$8.3M
YoY-17.3%
QoQ-39.9%
5Y CAGR+103.5%

Blue Owl Capital Inc. invested $8.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 17.3% from the same quarter a year earlier. Against the prior quarter it is down 39.9%.

R&D Spending

Not reported for Q2 2026.

OWL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

OWL quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Revenue$753.1M+7.1%$753.8M+10.3%$755.6M+19.7%$728.0M+21.2%$703.1M+27.9%$683.5M+33.1%$631.4M+27.8%$600.9M+39.9%
SG&A Expenses$191.8M+2.0%$183.9M-3.6%$187.8M+54.7%$181.3M+49.4%$188.1M+101.2%$190.8M+148.6%$121.4M+74.1%$121.3M+85.3%
Interest Expense$47.7M+13.7%$43.9M+13.9%$40.9M+25.5%$42.4M+24.2%$42.0M+28.3%$38.5M+71.3%$32.6M+9.4%$34.1M+143.8%
Income Tax$10.3M-25.5%$16.2M+342.3%$17.0M+463.5%$7.9M-37.9%$13.8M-24.2%$3.7M-75.1%$3.0M-3.1%$12.8M+20.1%
Net Income$11.4M-34.6%$15.5M+109.2%$274.3M-17.3%$6.3M-78.8%$17.4M-48.7%$7.4M-70.4%$331.6M+79.7%$29.8M+97.3%
EPS (Basic)$0.02-33.3%$0.02+100.0%$0.07+133.3%$0.01-80.0%$0.03-50.0%$0.01-80.0%$0.03-25.0%$0.05+66.7%
EPS (Diluted)$0.02$0.02$0.07$0.01-75.0%$0.02$0.00-100.0%$0.05+66.7%$0.04+33.3%
Diluted Shares (Avg)689M681M+6.7%N/A674M-54.8%656M638M+28.0%N/A1.49B+209.1%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

OWL Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

OWL quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Total Assets$12.3B+0.4%$12.4B+1.0%$12.5B+13.4%$12.5B+16.0%$12.3B+27.1%$12.3B+36.7%$11.0B+24.7%$10.8B+22.6%
Cash & Equivalents$169.1M+43.7%$190.5M+95.1%$194.5M+27.9%$137.3M+18.4%$117.6M-73.1%$97.6M-37.3%$152.1M+46.0%$115.9M+51.1%
Short-Term Investments$0$0$0$0$0$0$0$0
Accounts Receivable$36.9M+45.2%$51.0M+83.0%$47.4M+78.1%$23.2M-24.5%$25.4M+109.6%$27.8M+144.5%$26.6M+68.0%$30.7M+85.9%
Long-Term Investments$0$0$0$0$0$0$0$0
Goodwill$5.6B0.0%$5.6B0.0%$5.6B+19.7%$5.6B+19.6%$5.6B+30.8%$5.6B+33.2%$4.7B+11.3%$4.7B+11.3%
Total Liabilities$10.3B+4.1%$10.3B+3.7%$10.3B+15.8%$10.2B+16.3%$9.9B+25.5%$10.0B+35.6%$8.9B+21.6%$8.7B+21.0%
Long-Term Debt$3.8B+17.6%$3.8B+19.9%$3.3B+28.4%$3.2B+26.9%$3.2B+31.9%$3.2B+54.0%$2.6B+54.0%$2.5B+45.9%
Total Equity$2.0B-15.1%$2.1B-10.1%$2.2B+3.6%$2.3B+14.6%$2.4B+34.6%$2.3B+41.9%$2.1B+39.2%$2.0B+30.0%
Retained Earnings-$1.9B-38.1%-$1.7B-40.2%-$1.6B-41.0%-$1.5B-43.0%-$1.4B-39.2%-$1.2B-34.8%-$1.1B-29.3%-$1.1B-25.9%

Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities, Non-Current Liabilities.

OWL Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

OWL quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Operating Cash Flow$461.3M+9.2%$102.8M+484.6%$382.9M+18.2%$433.1M+32.9%$422.5M+39.8%$17.6M-62.8%$324.0M+5.1%$326.0M+15.7%
Depreciation & Amortization$93.3M-2.4%$90.9M-4.3%$93.3M+14.3%$98.5M+33.8%$95.6M+57.5%$95.0M+61.1%$81.6M+36.9%$73.6M+23.5%
Stock-Based Compensation$185.9M+10.0%$195.5M+15.2%N/A$173.1M+123.0%$169.1M+181.9%$169.7M+158.2%N/A$77.6M+3.5%
Capital Expenditures$8.3M-17.3%$13.8M+3.6%$23.7M+70.5%$10.6M-5.4%$10.0M-69.5%$13.3M+117.2%$13.9M-58.5%$11.2M-39.3%
Free Cash Flow$452.9M+9.8%$89.0M+1995.7%$359.1M+15.8%$422.5M+34.2%$412.5M+53.1%$4.2M-89.7%$310.1M+12.8%$314.8M+19.6%
Investing Cash Flow-$54.7M+16.1%-$27.1M+86.2%$13.1M+128.3%-$21.5M+95.1%-$65.2M+51.6%-$197.0M-1185.1%-$46.3M-93.5%-$441.8M-1087.3%
Financing Cash Flow-$428.0M-26.9%-$79.8M-163.8%-$338.7M-40.2%-$392.0M-91.2%-$337.3M-397.5%$125.0M+534.9%-$241.6M+6.0%-$205.0M+2.0%
Dividends Paid$155.4M+10.4%$150.5M+36.8%$149.4M+38.1%$146.5M+44.7%$140.8M+50.2%$110.0M+68.7%$108.2M+69.6%$101.2M+58.9%
Share Buybacks$0-100.0%$25.0M$52.0M$0$1.7M$0$0$0

OWL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

OWL quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Net Margin1.5%-1.0pp2.1%+1.0pp36.3%-16.2pp0.9%-4.1pp2.5%-3.7pp1.1%-3.8pp52.5%+15.2pp5.0%+1.4pp
Return on Equity0.6%-0.2pp0.7%+0.4pp12.4%-3.1pp0.3%-1.2pp0.7%-1.2pp0.3%-1.2pp15.6%+3.5pp1.5%+0.5pp
Return on Assets0.1%-0.1pp0.1%+0.1pp2.2%-0.8pp0.1%-0.2pp0.1%-0.2pp0.1%-0.2pp3.0%+0.9pp0.3%+0.1pp
Debt-to-Equity1.91+0.5x1.82+0.5x1.51+0.3x1.41+0.1x1.380.0x1.37+0.1x1.22+0.1x1.27+0.1x
Asset Turnover0.060.0x0.060.0x0.060.0x0.060.0x0.060.0x0.060.0x0.060.0x0.060.0x
FCF Margin60.2%+1.5pp11.8%+11.2pp47.5%-1.6pp58.0%+5.6pp58.7%+9.7pp0.6%-7.4pp49.1%-6.5pp52.4%-8.9pp

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
Blue Owl Capital Inc. OWL FY2025 $2.9B $305.5M 10.6% $7.0B
State Street Corporation STT FY2025 $13.9B $2.9B 21.1% $51.7B 18/100
Raymond James Financial, Inc. RJF FY2025 $14.1B $2.1B 15.2% $32.9B 21/100
The Carlyle Group Inc. CG FY2025 $4.8B $808.7M 16.9% $14.9B 19/100
TPG Inc. TPG FY2025 $4.7B $184.6M 4.0% $8.0B 26/100
T Rowe Price Group Inc TROW FY2025 $7.3B $2.1B 28.5% $22.6B 51/100

Frequently Asked Questions

What is Blue Owl Capital Inc.'s annual revenue?

Blue Owl Capital Inc. (OWL) reported $2.9B in total revenue for fiscal year 2025. This represents a 25.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Blue Owl Capital Inc.'s revenue growing?

Blue Owl Capital Inc. (OWL) revenue grew by 25.0% year-over-year, from $2.3B to $2.9B in fiscal year 2025.

Is Blue Owl Capital Inc. profitable?

Yes, Blue Owl Capital Inc. (OWL) reported a net income of $305.5M in fiscal year 2025, with a net profit margin of 10.6%.

Blue Owl Capital Inc. (OWL) reported diluted earnings per share of $0.10 for fiscal year 2025. This represents a -50.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, Blue Owl Capital Inc. (OWL) had $194.5M in cash and equivalents against $3.3B in long-term debt.

Blue Owl Capital Inc. (OWL) had a net profit margin of 10.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Blue Owl Capital Inc. (OWL) paid $0.85 per share in dividends during fiscal year 2025.

Blue Owl Capital Inc. (OWL) has a return on equity of 13.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Blue Owl Capital Inc. (OWL) generated $1.2B in free cash flow during fiscal year 2025. This represents a 28.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Blue Owl Capital Inc. (OWL) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Blue Owl Capital Inc. (OWL) had $12.5B in total assets as of fiscal year 2025, including both current and long-term assets.

Blue Owl Capital Inc. (OWL) invested $57.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Blue Owl Capital Inc. (OWL) spent $53.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Blue Owl Capital Inc. (OWL) had a debt-to-equity ratio of 1.51 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Blue Owl Capital Inc. (OWL) had a return on assets of 2.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Blue Owl Capital Inc. (OWL) trades at 22.8x earnings, its market capitalization divided by net income of $307.6M net income, trailing 12 months to June 30, 2026. The market capitalization is $7.0B as of Sep 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Blue Owl Capital Inc. (OWL) trades at 2.3x sales, its market capitalization divided by revenue of $3.0B revenue, trailing 12 months to June 30, 2026. The market capitalization is $7.0B as of Sep 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Blue Owl Capital Inc. (OWL) 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.

Blue Owl Capital Inc. (OWL) has an earnings quality ratio of 4.11x, 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.

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