Blue Owl Capital Inc Financials
This page shows Blue Owl Capital Inc (OWL) financial statements, including the 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).
Blue Owl’s cash-rich, low-capex model is funding growth, while leverage and acquisition-heavy assets shape the balance sheet.
In FY2025, operating cash flow reached$1.26B while net income was only$305M , extending a multi-year pattern of cash running well ahead of accounting profit. With capex just$58M and free cash flow staying close to operating cash flow, the model appears low capital intensity; reported earnings are shaped more by non-cash charges than by cash strain in the underlying business.
The balance sheet shows expansion funded more by liabilities than retained earnings: long-term debt reached
The latest margin shape looks less like clean operating leverage and more like growth arriving with a heavier overhead base, with selling and administrative expense reaching
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Blue Owl Capital Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Blue Owl Capital Inc's revenue surged 25.0% year-over-year to $2.9B, reflecting rapid business expansion. This strong growth earns a score of 81/100.
Blue Owl Capital Inc carries a low D/E ratio of 1.51, meaning only $1.51 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 71/100, indicating a strong balance sheet with room for future borrowing.
Blue Owl Capital Inc converts 41.8% of revenue into free cash flow ($1.2B). This strong cash generation earns a score of 100/100.
Blue Owl Capital Inc's ROE of 13.9% shows moderate profitability relative to equity, earning a score of 46/100. This is down from 19.8% the prior year.
Blue Owl Capital Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
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
Earnings & Revenue
Blue Owl Capital Inc generated $2.9B in revenue in fiscal year 2025. This represents an increase of 25.0% from the prior year.
Blue Owl Capital Inc reported $305.5M in net income in fiscal year 2025. This represents a decrease of 27.3% from the prior year.
Blue Owl Capital Inc earned $0.10 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 50.0% from the prior year.
Cash & Balance Sheet
Blue Owl Capital Inc generated $1.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 28.1% from the prior year.
Blue Owl Capital Inc held $194.5M in cash against $3.3B in long-term debt as of fiscal year 2025.
Blue Owl Capital Inc paid $0.85 per share in dividends in fiscal year 2025. This represents an increase of 25.7% from the prior year.
Margins & Returns
Blue Owl Capital Inc's net profit margin was 10.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.7 percentage points from the prior year.
Blue Owl Capital Inc's ROE was 13.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.9 percentage points from the prior year.
Capital Allocation
Blue Owl Capital Inc spent $53.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Blue Owl Capital Inc invested $57.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 10.0% from the prior year.
OWL Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $753.8M-0.2% | $755.6M+3.8% | $728.0M+3.5% | $703.1M+2.9% | $683.5M+8.3% | $631.4M+5.1% | $600.9M+9.3% | $549.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $183.9M-2.1% | $187.8M+3.6% | $181.3M-3.6% | $188.1M-1.4% | $190.8M+57.2% | $121.4M+0.1% | $121.3M+29.8% | $93.5M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $43.9M+7.3% | $40.9M-3.4% | $42.4M+0.9% | $42.0M+9.0% | $38.5M+18.2% | $32.6M-4.4% | $34.1M+4.2% | $32.7M |
| Income Tax | $16.2M-4.5% | $17.0M+114.0% | $7.9M-42.4% | $13.8M+275.8% | $3.7M+21.7% | $3.0M-76.4% | $12.8M-29.7% | $18.2M |
| Net Income | $15.5M-94.3% | $274.3M+4247.4% | $6.3M-63.8% | $17.4M+134.5% | $7.4M-97.8% | $331.6M+1012.6% | $29.8M-12.2% | $33.9M |
| EPS (Diluted) | $0.02 | N/A | $0.01-50.0% | $0.02 | $0.00 | N/A | $0.04-33.3% | $0.06 |
OWL Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $12.4B-0.4% | $12.5B0.0% | $12.5B+1.5% | $12.3B-0.1% | $12.3B+11.8% | $11.0B+2.2% | $10.8B+11.3% | $9.7B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $190.5M-2.1% | $194.5M+41.7% | $137.3M+16.7% | $117.6M+20.5% | $97.6M-35.8% | $152.1M+31.2% | $115.9M-73.5% | $436.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $51.0M+7.4% | $47.4M+104.3% | $23.2M-8.7% | $25.4M-8.6% | $27.8M+4.5% | $26.6M-13.4% | $30.7M+153.2% | $12.1M |
| Goodwill | $5.6B0.0% | $5.6B0.0% | $5.6B0.0% | $5.6B0.0% | $5.6B+19.7% | $4.7B-0.1% | $4.7B+9.4% | $4.3B |
| Total Liabilities | $10.3B+0.5% | $10.3B+0.9% | $10.2B+2.5% | $9.9B-0.2% | $10.0B+12.3% | $8.9B+1.3% | $8.7B+10.5% | $7.9B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $3.8B+15.1% | $3.3B+2.8% | $3.2B-0.3% | $3.2B+1.6% | $3.2B+23.2% | $2.6B+1.6% | $2.5B+3.6% | $2.5B |
| Total Equity | $2.1B-4.8% | $2.2B-3.9% | $2.3B-2.3% | $2.4B+0.7% | $2.3B+9.8% | $2.1B+6.2% | $2.0B+14.7% | $1.7B |
| Retained Earnings | -$1.7B-8.4% | -$1.6B-6.7% | -$1.5B-10.2% | -$1.4B-9.9% | -$1.2B-9.0% | -$1.1B-8.3% | -$1.1B-7.3% | -$982.7M |
OWL Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $102.8M-73.1% | $382.9M-11.6% | $433.1M+2.5% | $422.5M+2302.5% | $17.6M-94.6% | $324.0M-0.6% | $326.0M+7.8% | $302.3M |
| Capital Expenditures | $13.8M-41.7% | $23.7M+123.2% | $10.6M+5.8% | $10.0M-24.7% | $13.3M-4.2% | $13.9M+23.9% | $11.2M-65.8% | $32.9M |
| Free Cash Flow | $89.0M-75.2% | $359.1M-15.0% | $422.5M+2.4% | $412.5M+9614.1% | $4.2M-98.6% | $310.1M-1.5% | $314.8M+16.8% | $269.4M |
| Investing Cash Flow | -$27.1M-306.8% | $13.1M+161.0% | -$21.5M+67.1% | -$65.2M+66.9% | -$197.0M-325.7% | -$46.3M+89.5% | -$441.8M-228.0% | -$134.7M |
| Financing Cash Flow | -$79.8M+76.5% | -$338.7M+13.6% | -$392.0M-16.2% | -$337.3M-369.9% | $125.0M+151.7% | -$241.6M-17.8% | -$205.0M-280.8% | $113.4M |
| Dividends Paid | $150.5M+0.8% | $149.4M+2.0% | $146.5M+4.0% | $140.8M+28.0% | $110.0M+1.7% | $108.2M+6.9% | $101.2M+8.0% | $93.7M |
| Share Buybacks | $25.0M-51.9% | $52.0M | $0-100.0% | $1.7M | $0 | $0 | $0 | N/A |
OWL Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 2.1%-34.3pp | 36.3%+35.4pp | 0.9%-1.6pp | 2.5%+1.4pp | 1.1%-51.4pp | 52.5%+47.6pp | 5.0%-1.2pp | 6.2% |
| Return on Equity | 0.7%-11.7pp | 12.4%+12.2pp | 0.3%-0.5pp | 0.7%+0.4pp | 0.3%-15.3pp | 15.6%+14.1pp | 1.5%-0.5pp | 1.9% |
| Return on Assets | 0.1%-2.1pp | 2.2%+2.1pp | 0.1%-0.1pp | 0.1%+0.1pp | 0.1%-3.0pp | 3.0%+2.7pp | 0.3%-0.1pp | 0.4% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.82+0.3 | 1.51+0.1 | 1.41+0.0 | 1.38+0.0 | 1.37+0.1 | 1.22-0.1 | 1.27-0.1 | 1.41 |
| FCF Margin | 11.8%-35.7pp | 47.5%-10.5pp | 58.0%-0.6pp | 58.7%+58.0pp | 0.6%-48.5pp | 49.1%-3.3pp | 52.4%+3.4pp | 49.0% |
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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% 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%.
How much debt does Blue Owl Capital Inc have?
As of fiscal year 2025, Blue Owl Capital Inc (OWL) had $194.5M in cash and equivalents against $3.3B in long-term debt.
What is Blue Owl Capital Inc's net profit margin?
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.
Does Blue Owl Capital Inc pay dividends?
Yes, Blue Owl Capital Inc (OWL) paid $0.85 per share in dividends during fiscal year 2025.
What is Blue Owl Capital Inc's return on equity (ROE)?
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.
What is Blue Owl Capital Inc's free cash flow?
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.
What is Blue Owl Capital Inc's operating cash flow?
Blue Owl Capital Inc (OWL) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Blue Owl Capital Inc's total assets?
Blue Owl Capital Inc (OWL) had $12.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Blue Owl Capital Inc's capital expenditures?
Blue Owl Capital Inc (OWL) invested $57.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Blue Owl Capital Inc's debt-to-equity ratio?
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.
What is Blue Owl Capital Inc's return on assets (ROA)?
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.
What is Blue Owl Capital Inc's Piotroski F-Score?
Blue Owl Capital Inc (OWL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 Inc's earnings high quality?
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.
How financially healthy is Blue Owl Capital Inc?
Blue Owl Capital Inc (OWL) scores 66 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.