Blue OWL Capital
OWL · NYSEInvestment Advice · Fiscal year ends Dec 31
Blue OWL Capital reported revenue of $2.9B in the fiscal year ended Dec 2025, up 25.0% from the year before. Net income was $79M. Operating cash flow of $1.3B less capital expenditure of $58M left free cash flow of $1.2B. Net debt was $3.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $824M | $1.4B | $1.7B | $2.3B | $2.9B |
| Net interest incomeBanks | – | −$6,000 | $0 | $23M | – |
| Interest expense | $28M | $60M | $76M | $122M | $164M |
| Pre-tax income | −$1.9B | −$50M | $246M | $469M | $348M |
| Income tax | −$65M | −$9M | $26M | $49M | $42M |
| Net income | −$376M | −$9M | $54M | $110M | $79M |
| Diluted EPS | – | −0.02 | 0.10 | 0.20 | 0.10 |
| Diluted shares | – | 433M | 478M | 558M | 662M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $43M | $68M | $104M | $152M | $195M |
| Net PP&E | $8M | $71M | $135M | $188M | $219M |
| Goodwill | $4.1B | $4.2B | $4.2B | $4.7B | $5.6B |
| Total assets | $8.3B | $8.9B | $8.8B | $11B | $12.5B |
| Long-term debt | $1.2B | $1.6B | $1.7B | $2.6B | $3.3B |
| Total liabilities | $2.4B | $3.3B | $3.5B | $5.2B | $6.4B |
| Shareholders' equity | $1.7B | $1.6B | $1.5B | $2.1B | $2.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $282M | $728M | $949M | $1,000M | $1.3B |
| Capital expenditure | $5M | $66M | $68M | $64M | $58M |
| Free cash flow | $276M | $663M | $881M | $935M | $1.2B |
| Depreciation & amortisation | $665,000 | $2M | $10M | $17M | $23M |
| Stock-based compensation | $1.2B | $421M | $313M | $313M | $674M |
| Acquisitions | $1.6B | $114M | $26M | $445M | $245M |
| Share buybacks | $0 | $79M | $0 | $0 | $54M |
| Dividends paid | $47M | $183M | $248M | $368M | $547M |
| Dividend per share | 0.13 | 0.43 | 0.55 | 0.68 | 0.85 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 66.3% | 26.4% | 32.6% | 25.0% |
| EPS growth (YoY) | – | – | – | 100.0% | −50.0% |
| Net margin | −45.7% | −0.7% | 3.1% | 4.8% | 2.7% |
| Return on equityBlank when equity is negative | −22.6% | −0.6% | 3.6% | 5.2% | 3.6% |
| Free cash flow margin | 33.5% | 48.4% | 50.9% | 40.7% | 41.7% |
| Cash conversion (CFO ÷ net income) | −0.75x | −78.4x | 17.5x | 9.12x | 15.9x |
| Debt ÷ equity | 0.71x | 1.01x | 1.10x | 1.22x | 1.51x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.1B | $1.6B | $1.6B | $2.4B | $3.1B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.