Blue Owl Capital (OWL) financial statements
Blue Owl Capital reported revenue of $2.9B in fiscal 2025, up 57.1% a year over 6 years.
Net income was $79M and the operating margin 15.9%, against 14.3% in 2019.
Free cash flow was $1.2B, and the company returned $547M in dividends and $54M in net buybacks.
The diluted share count rose 53% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Blue Owl Capital's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $191M | $250M | $824M | $1.4B | $1.7B | $2.3B | $2.9B |
| Selling, general and admin | $52M | $68M | $140M | $221M | $243M | $413M | $748M |
| Operating income | $27M | -$59M | -$927M | -$2M | $318M | $607M | $456M |
| Interest expense | $7M | $24M | $28M | $60M | $76M | $122M | $164M |
| Pre-tax income | $21M | -$83M | -$1.9B | -$50M | $246M | $469M | $348M |
| Income tax | $240,000 | -$102,000 | -$65M | -$9M | $26M | $49M | $42M |
| Net income | $23M | -$78M | -$376M | -$9M | $54M | $110M | $79M |
| EPS (diluted) | — | — | — | -$0.02 | $0.10 | $0.20 | $0.10 |
| Diluted shares | — | — | — | 433M | 478M | 558M | 662M |
| Operating margin | 14.3% | -23.5% | -112.5% | -0.2% | 18.4% | 26.4% | 15.9% |
| Net margin | 12.0% | -31.2% | -45.7% | -0.7% | 3.1% | 4.8% | 2.7% |
Balance sheet
Fiscal years, from Blue Owl Capital's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $7M | $12M | $43M | $68M | $104M | $152M | $195M |
| Total current assets | — | $1M | — | — | — | — | — |
| Property, plant and equipment | — | $3M | $8M | $71M | $135M | $188M | $219M |
| Goodwill | — | $0 | $4.1B | $4.2B | $4.2B | $4.7B | $5.6B |
| Total assets | — | $122M | $8.3B | $8.9B | $8.8B | $11.0B | $12.5B |
| Total current liabilities | — | $142,101 | — | — | — | — | — |
| Total liabilities | — | $623M | $2.4B | $3.3B | $3.5B | $5.2B | $6.4B |
| Shareholders' equity | -$350M | $5M | $1.7B | $1.6B | $1.5B | $2.1B | $2.2B |
| Net debt | -$7M | -$12M | -$43M | -$68M | -$104M | -$152M | -$195M |
Cash flow
Fiscal years, from Blue Owl Capital's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $44M | $5M | $282M | $728M | $949M | $1000M | $1.3B |
| Capital spending | $1M | $652,000 | $5M | $66M | $68M | $64M | $58M |
| Free cash flow | $43M | $5M | $276M | $663M | $881M | $935M | $1.2B |
| Stock-based compensation | $0 | $0 | $1.2B | $421M | $313M | $313M | $674M |
| Dividends paid | $0 | $0 | $47M | $183M | $248M | $368M | $547M |
| Share buybacks (net) | — | $0 | $0 | -$79M | $0 | $0 | -$54M |
| Net borrowing | $261M | $69M | $812M | $452M | $55M | $925M | $730M |
| Free cash flow margin | 22.5% | 1.8% | 33.5% | 48.4% | 50.9% | 40.7% | 41.7% |
| Dividends per share | — | — | — | $0.42 | $0.52 | $0.66 | $0.83 |
Questions
What was Blue Owl Capital's revenue in 2025?
$2.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Blue Owl Capital generate?
$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From Blue Owl Capital's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.