Blue Owl Capital (OWL) Financials

$10.74 +0.63 (+6.18%)

Closing price 05/5/2026 03:59 PM Eastern

Extended Trading

$10.89 +0.15 (+1.36%)

As of 06:33 AM Eastern

Annual Income Statements for Blue Owl Capital

This table shows Blue Owl Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	23	-78	-376	-9.29	54	110	79
Consolidated Net Income / (Loss)	20	-82	-1,802	-40	221	420	305
Net Income / (Loss) Continuing Operations	20	-82	-1,802	-40	221	420	305
Total Pre-Tax Income	21	-83	-1,867	-50	246	469	348
Total Operating Income	27	-59	-927	-2.48	318	607	456
Total Gross Profit	79	9.08	-673	475	861	1,278	1,563
Total Revenue	191	250	824	1,370	1,732	2,295	2,870
Operating Revenue	191	250	824	1,370	1,732	2,295	2,870
Total Cost of Revenue	112	241	1,497	895	871	1,017	1,307
Operating Cost of Revenue	112	241	1,497	895	871	1,017	1,307
Total Operating Expenses	52	68	254	478	543	671	1,107
Selling, General & Admin Expense	52	68	140	221	243	413	748
Amortization Expense	0.00	0.00	114	257	300	258	359
Total Other Income / (Expense), net	-6.66	-24	-940	-47	-71	-138	-108
Interest Expense	6.66	24	45	60	76	122	164
Interest & Investment Income	-	0.00	-3.14	4.23	26	44	38
Other Income / (Expense), net	0.00	0.00	-892	8.71	-22	-60	17
Income Tax Expense	0.24	-0.10	-65	-9.38	26	49	42
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.49	-4.61	-1,426	-31	166	311	227
Basic Earnings per Share	$0.00	$0.00	$0.00	($0.02)	$0.12	$0.20	$0.12
Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	433.43M	463.23M	549.01M	654.79M
Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.02)	$0.10	$0.20	$0.10
Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	433.43M	478.01M	558.43M	661.89M
Weighted Average Basic & Diluted Shares Outstanding	-	-	1.40B	1.41B	1.43B	1.54B	1.55B
Cash Dividends to Common per Share	$0.00	$0.00	$0.13	$0.43	$0.55	$0.68	$0.86

This table shows Blue Owl Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	15	18	25	34	30	21	7.43	17	6.31	48	16
Consolidated Net Income / (Loss)	64	81	112	138	99	71	37	71	47	151	80
Net Income / (Loss) Continuing Operations	64	81	112	138	99	71	37	71	47	151	80
Total Pre-Tax Income	74	84	127	156	112	74	40	84	55	168	96
Total Operating Income	93	117	156	173	140	139	77	99	113	167	109
Total Gross Profit	216	243	289	323	330	337	358	377	387	442	378
Total Revenue	430	494	513	550	601	631	683	703	728	756	754
Operating Revenue	430	494	513	550	601	631	683	703	728	756	754
Total Cost of Revenue	214	251	225	227	271	294	326	326	341	313	376
Operating Cost of Revenue	214	251	225	227	271	294	326	326	341	313	376
Total Operating Expenses	122	127	133	150	190	198	280	278	274	275	268
Selling, General & Admin Expense	65	70	77	93	121	121	191	188	181	188	184
Amortization Expense	57	57	56	57	69	77	89	89	93	87	85
Total Other Income / (Expense), net	-19	-32	-29	-16	-28	-65	-37	-15	-57	0.76	-14
Interest Expense	20	18	22	33	34	33	39	42	42	41	44
Interest & Investment Income	4.46	7.88	7.93	16	16	3.59	3.53	8.60	21	4.57	17
Other Income / (Expense), net	-4.09	-22	-14	0.00	-9.51	-36	-1.96	19	-36	37	14
Income Tax Expense	11	3.11	15	18	13	3.02	3.67	14	7.95	17	16
Net Income / (Loss) Attributable to Noncontrolling Interest	48	63	87	104	70	50	29	53	41	103	64
Basic Earnings per Share	$0.03	$0.04	$0.05	$0.06	$0.05	$0.04	$0.01	$0.03	$0.01	$0.07	$0.02
Weighted Average Basic Shares Outstanding	466.38M	463.23M	488.44M	530.10M	575.25M	549.01M	625.85M	649.69M	667.11M	654.79M	680.42M
Diluted Earnings per Share	$0.03	$0.03	$0.04	$0.06	$0.04	$0.06	$0.00	$0.02	$0.01	$0.07	$0.02
Weighted Average Diluted Shares Outstanding	482.57M	478.01M	498.74M	539.39M	1.49B	558.43M	638.49M	656.06M	673.93M	661.89M	681.07M
Weighted Average Basic & Diluted Shares Outstanding	1.41B	1.43B	1.43B	1.46B	1.49B	1.54B	1.55B	1.55B	1.56B	1.55B	1.56B
Cash Dividends to Common per Share	$0.14	-	$0.14	$0.18	-	-	$0.18	$0.23	-	-	$0.23

This table details how cash moves in and out of Blue Owl Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.12	4.29	31	26	36	48	42
Net Cash From Operating Activities	44	5.23	282	728	949	1,000	1,256
Net Cash From Continuing Operating Activities	44	5.23	282	728	949	1,000	1,256
Net Income / (Loss) Continuing Operations	20	-82	-1,802	-40	221	420	305
Consolidated Net Income / (Loss)	20	-82	-1,802	-40	221	420	305
Depreciation Expense	0.83	0.67	0.67	2.30	10	17	23
Amortization Expense	0.23	0.79	117	261	305	265	367
Non-Cash Adjustments To Reconcile Net Income	0.00	0.00	1,272	437	379	398	660
Changes in Operating Assets and Liabilities, net	23	86	694	68	34	-101	-100
Net Cash From Investing Activities	-1.17	-0.65	-1,599	-485	-118	-638	-271
Net Cash From Continuing Investing Activities	-1.17	-0.65	-1,599	-485	-118	-638	-271
Purchase of Property, Plant & Equipment	-1.17	-0.65	-5.26	-66	-68	-64	-58
Acquisitions	0.00	0.00	-1,579	-114	-26	-445	-245
Purchase of Investments	0.00	-30	-329	-309	-86	-378	-94
Sale and/or Maturity of Investments	0.00	30	314	3.88	62	250	126
Net Cash From Financing Activities	-43	-0.30	1,348	-218	-795	-313	-943
Net Cash From Continuing Financing Activities	-43	-0.30	1,348	-218	-795	-313	-943
Repayment of Debt	-88	-172	-596	-331	-1,006	-1,270	-1,543
Repurchase of Common Equity	0.00	0.00	-126	-79	0.00	-0.27	-54
Payment of Dividends	-320	-78	-583	-608	-794	-1,104	-1,475
Issuance of Debt	345	241	1,390	775	1,055	2,170	2,270
Issuance of Common Equity	0.00	9.26	16	27	48	38	29
Other Financing Activities, net	20	0.00	1,247	-2.27	-98	-147	-170
Cash Interest Paid	2.70	23	25	48	72	101	155
Cash Income Taxes Paid	0.36	0.14	4.35	4.78	14	22	17

This table details how cash moves in and out of Blue Owl Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	35	27	52	281	-321	36	-54	20	20	57	-4.06
Net Cash From Operating Activities	282	308	47	302	326	324	18	423	433	383	103
Net Cash From Continuing Operating Activities	282	308	47	302	326	324	18	423	433	383	103
Net Income / (Loss) Continuing Operations	64	81	112	138	99	71	37	71	47	151	80
Consolidated Net Income / (Loss)	64	81	112	138	99	71	37	71	47	151	80
Depreciation Expense	2.90	2.82	2.81	3.96	4.94	4.95	5.56	6.12	5.82	5.95	6.38
Amortization Expense	58	58	58	59	71	79	91	91	95	89	87
Non-Cash Adjustments To Reconcile Net Income	95	119	97	49	87	122	183	166	168	154	193
Changes in Operating Assets and Liabilities, net	62	47	-222	53	64	48	-299	88	117	-17	-263
Net Cash From Investing Activities	-37	-24	-15	-135	-442	-46	-197	-65	-21	13	-27
Net Cash From Continuing Investing Activities	-37	-24	-15	-135	-442	-46	-197	-65	-21	13	-27
Purchase of Property, Plant & Equipment	-19	-34	-6.14	-33	-11	-14	-13	-10	-11	-24	-14
Acquisitions	-26	-0.02	0.00	-	-407	-9.80	-205	-40	-	-	0.00
Purchase of Investments	-18	-18	-13	-274	-23	-68	-22	-20	-66	14	-38
Sale and/or Maturity of Investments	26	28	3.75	200	0.08	46	43	4.24	55	23	25
Net Cash From Financing Activities	-209	-257	20	113	-205	-242	125	-337	-392	-339	-80
Net Cash From Continuing Financing Activities	-209	-257	20	113	-205	-242	125	-337	-392	-339	-80
Repayment of Debt	-225	-301	-330	-845	-5.08	-90	-360	-300	-453	-430	-540
Repurchase of Common Equity	-	-	-	-	-	-0.03	0.00	-	-	-52	-25
Payment of Dividends	-203	-204	-270	-268	-280	-285	-378	-363	-363	-372	-463
Issuance of Debt	215	235	720	1,230	90	130	960	350	440	520	1,040
Issuance of Common Equity	10	17	15	7.65	7.45	8.27	9.24	15	6.71	-1.45	5.23
Other Financing Activities, net	-6.38	-4.26	-115	-11	-17	-3.96	-107	-37	-23	-3.34	-97
Cash Interest Paid	12	24	11	29	9.89	52	13	61	19	63	22
Cash Income Taxes Paid	4.63	0.37	5.08	8.33	4.87	3.87	5.21	4.79	3.31	3.83	6.55

This table presents Blue Owl Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	122	8,266	8,893	8,818	10,992	12,468
Total Current Assets	12	43	426	471	701	889
Cash & Equivalents	12	43	68	104	152	195
Accounts Receivable	-	-	358	367	549	694
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	110	8,224	8,467	8,346	10,292	11,579
Long-Term Investments	-	12	317	344	487	484
Goodwill	0.00	4,132	4,205	4,224	4,699	5,624
Intangible Assets	0.00	2,611	2,405	2,110	2,903	2,889
Noncurrent Deferred & Refundable Income Taxes	0.80	636	757	782	1,245	1,414
Other Noncurrent Operating Assets	109	832	782	886	957	1,168
Total Liabilities & Shareholders' Equity	122	8,266	8,893	8,818	10,992	12,468
Total Liabilities	623	2,419	3,344	3,540	5,186	6,413
Total Current Liabilities	58	68	127	139	166	163
Accounts Payable	58	68	127	139	166	163
Total Noncurrent Liabilities	564	2,350	3,218	3,401	5,020	6,250
Long-Term Debt	356	1,174	1,625	1,681	2,588	3,324
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	49	42	34	37	40
Noncurrent Employee Benefit Liabilities	208	156	310	371	424	526
Other Noncurrent Operating Liabilities	0.00	972	1,241	1,315	1,971	2,361
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-501	5,848	5,549	5,278	5,806	6,054
Total Preferred & Common Equity	0.00	1,664	1,605	1,528	2,128	2,205
Total Common Equity	0.00	1,664	1,605	1,528	2,128	2,205
Common Stock	0.00	2,161	2,294	2,411	3,269	3,813
Retained Earnings	0.00	-498	-689	-883	-1,142	-1,609
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	0.00	1.89
Noncontrolling Interest	-501	4,184	3,944	3,750	3,678	3,849

This table presents Blue Owl Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	8,792	8,763	8,752	8,771	8,985	9,661	10,752	12,286	12,279	12,469	12,415
Total Current Assets	40	38	377	423	540	873	641	763	740	795	897
Cash & Equivalents	40	38	41	77	156	437	116	98	118	137	190
Accounts Receivable	-	-	336	346	384	436	526	665	622	657	706
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	8,753	8,725	8,374	8,348	8,446	8,788	10,110	11,524	11,539	11,675	11,518
Long-Term Investments	201	347	362	353	358	431	456	466	486	514	511
Goodwill	4,205	4,205	4,205	4,225	4,224	4,298	4,704	5,624	5,624	5,624	5,624
Intangible Assets	2,470	2,335	2,219	2,168	2,054	2,105	2,974	3,158	3,069	2,976	2,804
Noncurrent Deferred & Refundable Income Taxes	733	746	760	765	930	1,047	1,042	1,261	1,365	1,414	1,422
Other Noncurrent Operating Assets	1,143	1,093	829	837	880	906	933	1,013	995	1,146	1,156
Total Liabilities & Shareholders' Equity	8,792	8,763	8,752	8,771	8,985	9,661	10,752	12,286	12,279	12,469	12,415
Total Liabilities	3,157	3,294	3,380	3,453	3,814	4,442	4,873	5,857	5,919	6,291	6,627
Total Current Liabilities	147	156	134	136	152	150	207	233	155	188	181
Accounts Payable	147	156	134	136	152	150	207	233	155	188	181
Total Noncurrent Liabilities	3,010	3,137	3,247	3,317	3,662	4,292	4,666	5,624	5,764	6,103	6,446
Long-Term Debt	1,526	1,766	1,755	1,746	2,072	2,459	2,548	3,190	3,242	3,233	3,826
Noncurrent Deferred & Payable Income Tax Liabilities	41	40	36	36	33	34	41	40	39	38	40
Noncurrent Employee Benefit Liabilities	246	145	217	290	157	224	340	235	335	449	290
Other Noncurrent Operating Liabilities	1,197	1,187	1,238	1,245	1,400	1,576	1,737	2,158	2,149	2,382	2,291
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,635	5,469	5,372	5,318	5,172	5,218	5,879	6,429	6,360	6,179	5,788
Total Preferred & Common Equity	1,655	1,590	1,571	1,542	1,646	1,747	2,004	2,336	2,351	2,296	2,100
Total Common Equity	1,655	1,590	1,571	1,542	1,646	1,747	2,004	2,336	2,351	2,296	2,100
Common Stock	2,293	2,329	2,360	2,379	2,569	2,730	3,058	3,580	3,716	3,801	3,844
Retained Earnings	-638	-739	-789	-837	-923	-983	-1,054	-1,244	-1,368	-1,508	-1,744
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-	2.43	2.35	0.47
Noncontrolling Interest	3,980	3,880	3,800	3,776	3,525	3,471	3,875	4,094	4,009	3,883	3,688

This table displays calculated financial ratios and metrics derived from Blue Owl Capital's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	30.90%	229.80%	66.25%	26.42%	32.56%	25.04%
EBITDA Growth	0.00%	-301.50%	-2,870.17%	115.86%	126.54%	35.68%	4.15%
EBIT Growth	0.00%	-314.59%	-2,997.45%	100.34%	4,647.93%	85.06%	-13.46%
NOPAT Growth	0.00%	-251.98%	-1,478.94%	99.73%	16,484.77%	90.91%	-26.31%
Net Income Growth	0.00%	-502.84%	-2,086.13%	97.77%	648.72%	90.44%	-27.34%
EPS Growth	0.00%	0.00%	0.00%	0.00%	600.00%	100.00%	-50.00%
Operating Cash Flow Growth	0.00%	-88.12%	5,281.31%	158.63%	30.30%	5.31%	25.66%
Free Cash Flow Firm Growth	0.00%	0.00%	-6,841.35%	102.28%	217.84%	-224.66%	22.46%
Invested Capital Growth	0.00%	0.00%	4,554.48%	-2.56%	-4.09%	19.12%	12.17%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	8.47%	6.03%	6.36%	4.52%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	21.52%	15.15%	3.85%	15.00%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	127.41%	41.57%	1.52%	27.11%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-106.95%	38.95%	3.54%	5.37%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	27.38%	56.20%	-2.35%	35.29%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-115.38%	25.00%	17.65%	11.11%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	87.58%	20.07%	3.52%	1.59%	4.91%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	14.59%	-0.88%	-3.39%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-1.90%	-1.86%	-1.26%	-0.69%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	41.43%	3.64%	-81.70%	34.68%	49.72%	55.67%	54.46%
EBITDA Margin	14.89%	-22.92%	-206.45%	19.70%	35.30%	36.13%	30.10%
Operating Margin	14.34%	-23.51%	-112.55%	-0.18%	18.35%	26.43%	15.90%
EBIT Margin	14.34%	-23.51%	-220.79%	0.45%	17.08%	23.84%	16.50%
Profit (Net Income) Margin	10.72%	-33.00%	-218.75%	-2.94%	12.75%	18.32%	10.64%
Tax Burden Percent	98.84%	99.88%	96.51%	81.09%	89.61%	89.60%	87.81%
Interest Burden Percent	75.66%	140.55%	102.66%	-796.64%	83.32%	85.74%	73.46%
Effective Tax Rate	1.16%	0.00%	0.00%	0.00%	10.39%	10.40%	12.19%
Return on Invested Capital (ROIC)	0.00%	0.00%	-19.06%	-0.03%	4.28%	7.62%	4.87%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-176.58%	-3.29%	-0.90%	-0.12%	0.73%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-48.36%	-0.68%	-0.20%	-0.04%	0.28%
Return on Equity (ROE)	0.00%	16.45%	-67.42%	-0.71%	4.08%	7.59%	5.15%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-111.56%	2.57%	8.46%	-9.83%	-6.61%
Operating Return on Assets (OROA)	0.00%	-48.30%	-43.37%	0.07%	3.34%	5.52%	4.04%
Return on Assets (ROA)	0.00%	-67.80%	-42.97%	-0.47%	2.49%	4.24%	2.60%
Return on Common Equity (ROCE)	0.00%	0.00%	-20.98%	-0.20%	1.18%	2.50%	1.88%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-108.34%	-2.51%	14.45%	19.76%	0.00%
Net Operating Profit after Tax (NOPAT)	27	-41	-649	-1.74	285	544	401
NOPAT Margin	14.17%	-16.46%	-78.78%	-0.13%	16.45%	23.69%	13.96%
Net Nonoperating Expense Percent (NNEP)	0.00%	23.98%	157.52%	3.26%	5.18%	7.74%	4.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-0.02%	4.09%	6.48%	4.27%
Cost of Revenue to Revenue	58.57%	96.36%	181.70%	65.32%	50.28%	44.33%	45.54%
SG&A Expenses to Revenue	27.09%	27.14%	17.03%	16.11%	14.02%	17.99%	26.06%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.09%	27.14%	30.85%	34.86%	31.37%	29.24%	38.57%
Earnings before Interest and Taxes (EBIT)	27	-59	-1,819	6.23	296	547	474
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	28	-57	-1,701	270	611	829	864
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	11.23	8.42	13.16	16.21	10.57
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.31	1.42	22.67	9.86	11.61	15.02	8.12
Price to Earnings (P/E)	10.89	0.00	0.00	0.00	370.01	314.65	295.57
Dividend Yield	0.00%	0.00%	1.25%	4.44%	3.85%	3.55%	5.72%
Earnings Yield	9.18%	0.00%	0.00%	0.00%	0.27%	0.32%	0.34%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	3.44	2.75	3.85	5.17	3.42
Enterprise Value to Revenue (EV/Rev)	0.00	0.80	29.11	13.65	14.49	17.47	10.38
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	69.27	41.05	48.36	34.49
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	3,001.08	84.85	73.29	62.91
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	88.10	73.77	74.37
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	38.05	85.15	25.66	26.43	40.13	23.72
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	1.73	0.00	105.63	44.61	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	-0.71	0.20	0.29	0.32	0.45	0.55
Long-Term Debt to Equity	0.00	-0.71	0.20	0.29	0.32	0.45	0.55
Financial Leverage	0.00	-0.69	0.27	0.21	0.23	0.29	0.39
Leverage Ratio	0.00	-0.24	1.57	1.51	1.64	1.79	1.98
Compound Leverage Factor	0.00	-0.34	1.61	-12.00	1.36	1.53	1.45
Debt to Total Capital	0.00%	-246.17%	16.72%	22.65%	24.16%	30.84%	35.45%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	-246.17%	16.72%	22.65%	24.16%	30.84%	35.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	346.17%	59.59%	54.98%	53.88%	43.82%	41.04%
Common Equity to Total Capital	0.00%	0.00%	23.69%	22.37%	21.96%	25.35%	23.51%
Debt to EBITDA	0.00	-6.22	-0.69	6.02	2.75	3.12	3.85
Net Debt to EBITDA	0.00	-6.02	-0.66	4.59	2.02	2.35	3.06
Long-Term Debt to EBITDA	0.00	-6.22	-0.69	6.02	2.75	3.12	3.85
Debt to NOPAT	0.00	-8.67	-1.81	-934.80	5.90	4.76	8.30
Net Debt to NOPAT	0.00	-8.39	-1.72	-713.11	4.33	3.59	6.60
Long-Term Debt to NOPAT	0.00	-8.67	-1.81	-934.80	5.90	4.76	8.30
Altman Z-Score	0.00	0.34	3.92	2.51	3.62	4.28	2.42
Noncontrolling Interest Sharing Ratio	0.00%	100.00%	68.88%	71.32%	71.06%	67.02%	63.47%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	0.20	0.62	3.37	3.40	4.22	5.45
Quick Ratio	0.00	0.20	0.62	3.37	3.40	4.22	5.45
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	115	-7,773	177	562	-701	-544
Operating Cash Flow to CapEx	3,756.52%	802.76%	5,353.70%	1,111.47%	1,397.75%	1,557.25%	2,175.02%
Free Cash Flow to Firm to Interest Expense	0.00	4.84	-171.59	2.95	7.43	-5.75	-3.32
Operating Cash Flow to Interest Expense	6.61	0.22	6.22	12.13	12.54	8.20	7.67
Operating Cash Flow Less CapEx to Interest Expense	6.44	0.19	6.10	11.04	11.64	7.67	7.32
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	2.05	0.20	0.16	0.20	0.23	0.24
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	4.78	5.01	4.62
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	4.12	23.62	9.18	6.56	6.68	7.95
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	76.42	72.82	79.02
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	88.57	15.45	39.76	55.61	54.65	45.93
Cash Conversion Cycle (CCC)	0.00	-88.57	-15.45	-39.76	20.80	18.16	33.09
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	-156	6,967	6,788	6,511	7,755	8,700
Invested Capital Turnover	0.00	-3.19	0.24	0.20	0.26	0.32	0.35
Increase / (Decrease) in Invested Capital	0.00	-156	7,123	-179	-278	1,245	944
Enterprise Value (EV)	0.00	199	23,983	18,691	25,090	40,108	29,795
Market Capitalization	250	356	18,679	13,507	20,108	34,480	23,301
Book Value per Share	$0.00	$0.00	$1.21	$1.15	$1.08	$1.42	$1.41
Tangible Book Value per Share	$0.00	$0.00	($3.70)	($3.59)	($3.41)	($3.67)	($4.04)
Total Capital	0.00	-145	7,022	7,174	6,959	8,395	9,379
Total Debt	0.00	356	1,174	1,625	1,681	2,588	3,324
Total Long-Term Debt	0.00	356	1,174	1,625	1,681	2,588	3,324
Net Debt	0.00	345	1,119	1,239	1,233	1,949	2,646
Capital Expenditures (CapEx)	1.17	0.65	5.26	66	68	64	58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-58	-68	231	228	383	531
Debt-free Net Working Capital (DFNWC)	0.00	-47	-26	299	333	535	726
Net Working Capital (NWC)	0.00	-47	-26	299	333	535	726
Net Nonoperating Expense (NNE)	6.58	41	1,153	38	64	123	95
Net Nonoperating Obligations (NNO)	0.00	345	1,119	1,239	1,233	1,949	2,646
Total Depreciation and Amortization (D&A)	1.05	1.46	118	264	316	282	390
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-23.38%	-8.29%	16.89%	13.19%	16.68%	18.50%
Debt-free Net Working Capital to Revenue	0.00%	-18.73%	-3.13%	21.86%	19.20%	23.30%	25.28%
Net Working Capital to Revenue	0.00%	-18.73%	-3.13%	21.86%	19.20%	23.30%	25.28%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($0.02)	$0.12	$0.20	$0.12
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	433.43M	463.23M	549.01M	654.79M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.02)	$0.10	$0.20	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	433.43M	478.01M	558.43M	661.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	1.40B	1.41B	1.43B	1.54B	1.55B
Normalized Net Operating Profit after Tax (NOPAT)	27	-41	-649	-1.74	285	544	401
Normalized NOPAT Margin	14.17%	-16.46%	-78.78%	-0.13%	16.45%	23.69%	13.96%
Pre Tax Income Margin	10.85%	-33.04%	-226.67%	-3.62%	14.23%	20.44%	12.12%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	4.11	-2.47	-40.16	0.10	3.91	4.49	2.89
NOPAT to Interest Expense	4.06	-1.73	-14.33	-0.03	3.76	4.46	2.45
EBIT Less CapEx to Interest Expense	3.93	-2.49	-40.27	-0.99	3.01	3.96	2.54
NOPAT Less CapEx to Interest Expense	3.88	-1.75	-14.45	-1.12	2.87	3.93	2.09
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	1,564.88%	-94.68%	-32.32%	-1,510.41%	359.70%	262.52%	482.96%
Augmented Payout Ratio	1,564.88%	-94.68%	-39.33%	-1,706.23%	359.70%	262.58%	500.54%

This table displays calculated financial ratios and metrics derived from Blue Owl Capital's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,554,569,591.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,554,569,591.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.81%	24.91%	31.29%	31.88%	39.85%	27.80%	33.14%	27.87%	21.15%	19.68%	10.29%
EBITDA Growth	118.84%	106.59%	48.98%	38.59%	36.95%	19.74%	-14.56%	-8.37%	-14.18%	60.36%	25.43%
EBIT Growth	5,756.88%	1,073.48%	130.06%	245.26%	45.74%	8.61%	-46.70%	-31.68%	-41.43%	97.97%	63.53%
NOPAT Growth	4,597.77%	474.40%	138.97%	328.18%	54.69%	18.44%	-48.89%	-45.51%	-22.07%	12.69%	29.43%
Net Income Growth	734.60%	4,526.32%	166.48%	305.58%	56.39%	-12.49%	-67.26%	-48.79%	-52.30%	112.16%	117.05%
EPS Growth	0.00%	200.00%	100.00%	200.00%	33.33%	100.00%	-100.00%	-66.67%	-75.00%	16.67%	0.00%
Operating Cash Flow Growth	36.15%	11.70%	-60.96%	26.97%	15.72%	5.08%	-62.78%	39.77%	32.85%	18.16%	484.60%
Free Cash Flow Firm Growth	130.69%	96.74%	44.37%	-81.61%	-399.62%	-384.99%	-974.98%	-3,247.56%	26.15%	28.56%	110.40%
Invested Capital Growth	-4.13%	-4.09%	-1.76%	1.27%	18.39%	19.12%	34.55%	32.15%	11.54%	12.17%	-1.59%
Revenue Q/Q Growth	3.05%	14.99%	3.91%	7.11%	9.28%	5.07%	8.26%	2.87%	3.54%	3.79%	-0.24%
EBITDA Q/Q Growth	-11.35%	3.69%	29.35%	16.56%	-12.40%	-9.34%	-7.71%	25.02%	-17.95%	69.40%	-27.81%
EBIT Q/Q Growth	78.83%	6.19%	48.92%	22.09%	-24.51%	-20.87%	-26.92%	56.48%	-35.28%	167.49%	-39.63%
NOPAT Q/Q Growth	124.79%	40.48%	22.27%	10.90%	-18.79%	7.56%	-47.24%	18.23%	16.15%	55.53%	-39.40%
Net Income Q/Q Growth	86.58%	27.84%	37.96%	23.25%	-28.05%	-28.46%	-48.39%	92.79%	-32.99%	218.22%	-47.20%
EPS Q/Q Growth	50.00%	0.00%	33.33%	50.00%	-33.33%	50.00%	-100.00%	0.00%	-50.00%	600.00%	-71.43%
Operating Cash Flow Q/Q Growth	18.32%	9.46%	-84.68%	539.82%	7.84%	-0.61%	-94.57%	2,302.52%	2.50%	-11.60%	-73.15%
Free Cash Flow Firm Q/Q Growth	0.54%	6.61%	-33.92%	-74.04%	-1,738.29%	-1.40%	-102.89%	6.62%	61.56%	1.90%	129.55%
Invested Capital Q/Q Growth	-1.32%	-1.86%	3.37%	1.17%	15.36%	-1.26%	16.76%	-0.64%	-2.64%	-0.69%	2.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.20%	49.24%	56.21%	58.70%	54.88%	53.36%	52.31%	53.59%	53.11%	58.52%	50.14%
EBITDA Margin	35.00%	31.56%	39.29%	42.75%	34.27%	29.57%	25.21%	30.64%	24.28%	39.62%	28.67%
Operating Margin	21.75%	23.63%	30.31%	31.38%	23.26%	21.99%	11.31%	14.12%	15.48%	22.10%	14.52%
EBIT Margin	20.80%	19.21%	27.53%	31.38%	21.68%	16.33%	11.02%	16.77%	10.48%	27.01%	16.34%
Profit (Net Income) Margin	14.78%	16.43%	21.82%	25.11%	16.53%	11.25%	5.37%	10.05%	6.51%	19.95%	10.56%
Tax Burden Percent	85.64%	96.31%	88.35%	88.35%	88.59%	95.93%	90.90%	83.67%	85.63%	89.86%	83.05%
Interest Burden Percent	82.98%	88.83%	89.70%	90.55%	86.07%	71.86%	53.55%	71.67%	72.51%	82.20%	77.79%
Effective Tax Rate	14.36%	3.69%	11.65%	11.65%	11.41%	4.07%	9.10%	16.33%	14.37%	10.14%	16.95%
Return on Invested Capital (ROIC)	4.49%	5.93%	7.31%	8.14%	6.14%	6.79%	3.21%	3.91%	4.38%	6.93%	3.95%
ROIC Less NNEP Spread (ROIC-NNEP)	3.22%	3.40%	5.58%	7.16%	4.65%	2.88%	1.61%	3.33%	2.23%	6.96%	3.55%
Return on Net Nonoperating Assets (RNNOA)	0.76%	0.78%	1.54%	1.99%	1.37%	0.83%	0.58%	1.22%	0.84%	2.70%	1.67%
Return on Equity (ROE)	5.25%	6.70%	8.85%	10.13%	7.51%	7.62%	3.79%	5.13%	5.22%	9.62%	5.62%
Cash Return on Invested Capital (CROIC)	7.24%	8.46%	7.14%	5.85%	-9.59%	-9.83%	-23.43%	-22.56%	-6.33%	-6.61%	6.30%
Operating Return on Assets (OROA)	3.87%	3.76%	5.75%	6.77%	4.79%	3.78%	2.56%	4.00%	2.48%	6.61%	3.89%
Return on Assets (ROA)	2.75%	3.21%	4.56%	5.42%	3.65%	2.61%	1.24%	2.40%	1.54%	4.88%	2.51%
Return on Common Equity (ROCE)	1.53%	1.94%	2.69%	3.18%	2.38%	2.51%	1.30%	1.82%	1.86%	3.52%	2.04%
Return on Equity Simple (ROE_SIMPLE)	9.17%	0.00%	17.66%	22.60%	21.49%	0.00%	14.78%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	80	112	137	152	124	133	70	83	96	150	91
NOPAT Margin	18.63%	22.76%	26.78%	27.73%	20.61%	21.09%	10.28%	11.81%	13.25%	19.86%	12.06%
Net Nonoperating Expense Percent (NNEP)	1.27%	2.53%	1.73%	0.98%	1.49%	3.90%	1.61%	0.59%	2.16%	-0.03%	0.39%
Return On Investment Capital (ROIC_SIMPLE)	-	1.62%	-	-	-	1.59%	0.73%	0.87%	1.03%	1.60%	0.95%
Cost of Revenue to Revenue	49.80%	50.76%	43.79%	41.30%	45.12%	46.64%	47.69%	46.41%	46.89%	41.48%	49.86%
SG&A Expenses to Revenue	15.24%	14.11%	14.95%	17.00%	20.19%	19.23%	27.91%	26.75%	24.90%	24.86%	24.40%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.44%	25.61%	25.90%	27.32%	31.62%	31.37%	41.00%	39.47%	37.63%	36.42%	35.61%
Earnings before Interest and Taxes (EBIT)	89	95	141	173	130	103	75	118	76	204	123
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	150	156	202	235	206	187	172	215	177	299	216
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.39	13.16	16.14	14.52	14.14	16.21	13.20	12.65	11.43	10.57	6.76
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	10.75	11.61	14.33	12.76	13.13	15.02	12.50	11.35	9.55	8.12	4.83
Price to Earnings (P/E)	614.14	370.01	211.80	173.06	175.72	314.65	335.26	394.36	505.37	295.57	163.24
Dividend Yield	4.25%	3.85%	2.97%	3.38%	3.31%	3.55%	3.59%	3.98%	4.78%	5.72%	9.86%
Earnings Yield	0.16%	0.27%	0.47%	0.58%	0.57%	0.32%	0.30%	0.25%	0.20%	0.34%	0.61%
Enterprise Value to Invested Capital (EV/IC)	3.41	3.85	4.70	4.47	4.35	5.17	4.15	4.04	3.73	3.42	2.36
Enterprise Value to Revenue (EV/Rev)	13.87	14.49	17.07	15.31	15.84	17.47	15.23	13.89	11.91	10.38	7.14
Enterprise Value to EBITDA (EV/EBITDA)	42.67	41.05	46.72	40.95	42.81	48.36	46.92	46.63	43.53	34.49	23.14
Enterprise Value to EBIT (EV/EBIT)	108.44	84.85	84.28	61.07	63.41	73.29	78.00	85.29	87.76	62.91	40.28
Enterprise Value to NOPAT (EV/NOPAT)	110.51	88.10	86.84	63.20	65.10	73.77	78.79	89.51	86.00	74.37	49.79
Enterprise Value to Operating Cash Flow (EV/OCF)	24.70	26.43	36.16	32.38	34.74	40.13	38.70	33.38	27.31	23.72	15.66
Enterprise Value to Free Cash Flow (EV/FCFF)	46.15	44.61	65.30	76.86	0.00	0.00	0.00	0.00	0.00	0.00	37.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.33	0.32	0.40	0.47	0.43	0.45	0.50	0.51	0.52	0.55	0.66
Long-Term Debt to Equity	0.33	0.32	0.40	0.47	0.43	0.45	0.50	0.51	0.52	0.55	0.66
Financial Leverage	0.24	0.23	0.28	0.28	0.29	0.29	0.36	0.37	0.38	0.39	0.47
Leverage Ratio	1.60	1.64	1.67	1.74	1.74	1.79	1.83	1.89	1.93	1.98	2.02
Compound Leverage Factor	1.33	1.45	1.50	1.57	1.50	1.28	0.98	1.36	1.40	1.63	1.57
Debt to Total Capital	24.72%	24.16%	28.61%	32.03%	30.23%	30.84%	33.16%	33.76%	34.35%	35.45%	39.80%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	24.72%	24.16%	28.61%	32.03%	30.23%	30.84%	33.16%	33.76%	34.35%	35.45%	39.80%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	53.46%	53.88%	48.67%	45.22%	45.99%	43.82%	42.56%	41.75%	41.25%	41.04%	38.36%
Common Equity to Total Capital	21.83%	21.96%	22.72%	22.76%	23.78%	25.35%	24.28%	24.48%	24.39%	23.51%	21.84%
Debt to EBITDA	3.29	2.75	3.06	3.31	3.19	3.12	3.99	4.15	4.30	3.85	4.22
Net Debt to EBITDA	2.48	2.02	2.30	2.14	2.47	2.35	3.28	3.38	3.44	3.06	3.44
Long-Term Debt to EBITDA	3.29	2.75	3.06	3.31	3.19	3.12	3.99	4.15	4.30	3.85	4.22
Debt to NOPAT	8.52	5.90	5.68	5.11	4.85	4.76	6.70	7.98	8.50	8.30	9.07
Net Debt to NOPAT	6.42	4.33	4.28	3.30	3.76	3.59	5.51	6.49	6.79	6.60	7.41
Long-Term Debt to NOPAT	8.52	5.90	5.68	5.11	4.85	4.76	6.70	7.98	8.50	8.30	9.07
Altman Z-Score	3.18	3.55	4.35	3.64	3.64	4.14	3.29	3.16	2.63	2.35	1.43
Noncontrolling Interest Sharing Ratio	70.82%	71.06%	69.59%	68.66%	68.34%	67.02%	65.68%	64.61%	64.34%	63.47%	63.70%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.10	3.40	3.56	5.81	3.09	4.22	3.27	4.78	4.23	5.45	4.96
Quick Ratio	3.10	3.40	3.56	5.81	3.09	4.22	3.27	4.78	4.23	5.45	4.96
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	366	390	258	67	-1,096	-1,112	-2,255	-2,106	-810	-794	235
Operating Cash Flow to CapEx	1,521.15%	919.54%	769.37%	919.08%	2,901.09%	2,328.06%	131.83%	4,206.14%	4,073.45%	1,613.29%	743.64%
Free Cash Flow to Firm to Interest Expense	18.60	21.10	11.46	2.05	-32.14	-34.10	-58.54	-50.16	-19.11	-19.42	5.35
Operating Cash Flow to Interest Expense	14.32	16.68	2.10	9.24	9.56	9.94	0.46	10.06	10.23	9.36	2.34
Operating Cash Flow Less CapEx to Interest Expense	13.38	14.86	1.83	8.23	9.23	9.51	0.11	9.82	9.97	8.78	2.03
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.20	0.21	0.22	0.22	0.23	0.23	0.24	0.24	0.24	0.24
Accounts Receivable Turnover	0.00	4.78	0.00	5.15	4.95	5.01	4.70	4.95	4.64	4.62	4.29
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	6.12	6.56	5.83	6.46	5.67	6.68	5.82	7.99	6.52	7.95	6.56
Days Sales Outstanding (DSO)	0.00	76.42	0.00	70.92	73.72	72.82	77.64	73.75	78.62	79.02	85.10
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	59.63	55.61	62.59	56.53	64.40	54.65	62.72	45.69	56.00	45.93	55.62
Cash Conversion Cycle (CCC)	-59.63	20.80	-62.59	14.39	9.32	18.16	14.92	28.06	22.61	33.09	29.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,634	6,511	6,730	6,809	7,854	7,755	9,056	8,998	8,760	8,700	8,912
Invested Capital Turnover	0.24	0.26	0.27	0.29	0.30	0.32	0.31	0.33	0.33	0.35	0.33
Increase / (Decrease) in Invested Capital	-286	-278	-120	86	1,220	1,245	2,325	2,189	906	944	-144
Enterprise Value (EV)	22,650	25,090	31,656	30,423	34,184	40,108	37,538	36,384	32,698	29,795	21,006
Market Capitalization	17,557	20,108	26,572	25,361	28,333	34,480	30,818	29,736	26,233	23,301	14,193
Book Value per Share	$1.10	$1.08	$3.37	$1.22	$1.37	$1.42	$1.52	$1.52	$1.48	$1.41	$1.35
Tangible Book Value per Share	($3.45)	($3.41)	($9.48)	($3.26)	($3.88)	($3.67)	($4.19)	($4.10)	($4.07)	($4.04)	($4.07)
Total Capital	7,064	6,959	7,244	7,677	8,426	8,395	9,619	9,601	9,412	9,379	9,613
Total Debt	1,746	1,681	2,072	2,459	2,548	2,588	3,190	3,242	3,233	3,324	3,826
Total Long-Term Debt	1,746	1,681	2,072	2,459	2,548	2,588	3,190	3,242	3,233	3,324	3,826
Net Debt	1,316	1,233	1,559	1,591	1,975	1,949	2,626	2,638	2,582	2,646	3,124
Capital Expenditures (CapEx)	19	34	6.14	33	11	14	13	10	11	24	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	210	228	232	286	318	383	432	468	469	531	525
Debt-free Net Working Capital (DFNWC)	287	333	388	723	434	535	530	585	607	726	716
Net Working Capital (NWC)	287	333	388	723	434	535	530	585	607	726	716
Net Nonoperating Expense (NNE)	17	31	25	14	24	62	34	12	49	-0.68	11
Net Nonoperating Obligations (NNO)	1,316	1,233	1,559	1,591	1,975	1,949	2,626	2,638	2,582	2,646	3,124
Total Depreciation and Amortization (D&A)	61	61	60	63	76	84	97	98	100	95	93
Debt-free, Cash-free Net Working Capital to Revenue	12.85%	13.19%	12.54%	14.38%	14.75%	16.68%	17.52%	17.86%	17.09%	18.50%	17.87%
Debt-free Net Working Capital to Revenue	17.55%	19.20%	20.94%	36.36%	20.12%	23.30%	21.48%	22.35%	22.09%	25.28%	24.35%
Net Working Capital to Revenue	17.55%	19.20%	20.94%	36.36%	20.12%	23.30%	21.48%	22.35%	22.09%	25.28%	24.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.03	$0.04	$0.05	$0.06	$0.05	$0.04	$0.01	$0.03	$0.01	$0.07	$0.02
Adjusted Weighted Average Basic Shares Outstanding	466.38M	463.23M	488.44M	530.10M	575.25M	549.01M	625.85M	649.69M	667.11M	654.79M	680.42M
Adjusted Diluted Earnings per Share	$0.03	$0.03	$0.04	$0.06	$0.04	$0.06	$0.00	$0.02	$0.01	$0.07	$0.02
Adjusted Weighted Average Diluted Shares Outstanding	482.57M	478.01M	498.74M	539.39M	1.49B	558.43M	638.49M	656.06M	673.93M	661.89M	681.07M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.41B	1.43B	1.43B	1.46B	1.49B	1.54B	1.55B	1.55B	1.56B	1.55B	1.56B
Normalized Net Operating Profit after Tax (NOPAT)	80	112	137	152	124	133	70	83	96	150	91
Normalized NOPAT Margin	18.63%	22.76%	26.78%	27.73%	20.61%	21.09%	10.28%	11.81%	13.25%	19.86%	12.06%
Pre Tax Income Margin	17.26%	17.06%	24.70%	28.42%	18.66%	11.73%	5.90%	12.02%	7.60%	22.20%	12.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.54	5.13	6.29	5.27	3.82	3.16	1.96	2.81	1.80	4.99	2.81
NOPAT to Interest Expense	4.07	6.08	6.11	4.66	3.63	4.09	1.82	1.98	2.28	3.67	2.07
EBIT Less CapEx to Interest Expense	3.60	3.32	6.01	4.27	3.49	2.74	1.61	2.57	1.55	4.41	2.49
NOPAT Less CapEx to Interest Expense	3.13	4.27	5.84	3.65	3.30	3.66	1.48	1.74	2.03	3.09	1.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	537.65%	359.70%	301.43%	239.30%	237.37%	262.52%	351.18%	470.44%	615.25%	482.96%	447.99%
Augmented Payout Ratio	569.36%	359.70%	301.43%	239.30%	237.43%	262.58%	351.18%	471.14%	616.01%	500.54%	470.58%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, data-driven snapshot of Blue Owl Capital (NYSE:OWL) built from the last four years of quarterly statements. The focus is on key trend lines in revenue, margins, cash flow, and leverage to help retail investors gauge growth and risk.

Strong revenue growth trend over time: Total revenue has moved higher from roughly $395.5M in 2022 Q4 to about $755.6M in 2025 Q4, signaling sustained top-line growth.
Gross margin expansion: Gross margin rose from about 37% in 2022 Q4 to roughly 58.5% in 2025 Q4, indicating improved profitability on core operations.
Healthy operating profit in recent quarters: Latest quarter (2025 Q4) shows total operating income around $167.0M on $755.6M revenue, roughly a 22% operating margin, with similar strength in prior quarters.
Robust cash flow from operations: Net cash from continuing operating activities reached about $382.9M in 2025 Q4, up from about $324.0M in earlier comparable periods, highlighting strong cash generation.
Positive quarterly cash balance shift: 2025 Q4 net change in cash and equivalents was roughly +$57.2M, reflecting solid quarterly cash accumulation.
Dividend payments indicate cash return to shareholders: The company has issued cash dividends per share in 2025 quarters (e.g., $0.18 in 2025 Q1 and $0.225 in 2025 Q2), suggesting a track record of returning cash to investors.
Scale of the balance sheet continues to grow: Total assets sit in the mid-to-high single-digit billions (latest quarters around $12.5B), reflecting scale and investment activity, with substantial noncurrent assets (including goodwill and intangibles).
Leverage is material but manageable as of recent quarters: Long-term debt sits in the ~$3.0–3.3B range, a sizeable block that supports growth but adds interest and refinancing considerations.
Financing activities have been a drag in some periods: Net cash from financing activities was negative in multiple quarters (e.g., -$338.7M in 2025 Q4), indicating ongoing debt service and cash returns to shareholders that reduce available cash.
Debt and noncontrolling interests contribute to a complex capital structure: Large noncontrolling interests and elevated total liabilities (~$6.3B in recent periods) could imply governance and dilution considerations for shareholders.

05/06/26 06:35 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Blue Owl Capital's Financials

When does Blue Owl Capital's fiscal year end?

According to the most recent income statement we have on file, Blue Owl Capital's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Blue Owl Capital's net income changed over the last 6 years?

Blue Owl Capital's net income appears to be on a downward trend, with a most recent value of $305.49 million in 2025, rising from $20.47 million in 2019. The previous period was $420.45 million in 2024. See where experts think Blue Owl Capital is headed by visiting Blue Owl Capital's forecast page.

What is Blue Owl Capital's operating income?

Blue Owl Capital's total operating income in 2025 was $456.25 million, based on the following breakdown:

Total Gross Profit: $1.56 billion
Total Operating Expenses: $1.11 billion

How has Blue Owl Capital's revenue changed over the last 6 years?

Over the last 6 years, Blue Owl Capital's total revenue changed from $190.85 million in 2019 to $2.87 billion in 2025, a change of 1,403.9%.

How much debt does Blue Owl Capital have?

Blue Owl Capital's total liabilities were at $6.41 billion at the end of 2025, a 23.7% increase from 2024, and a 929.9% increase since 2020.

How much cash does Blue Owl Capital have?

In the past 5 years, Blue Owl Capital's cash and equivalents has ranged from $11.63 million in 2020 to $194.51 million in 2025, and is currently $194.51 million as of their latest financial filing in 2025.

How has Blue Owl Capital's book value per share changed over the last 6 years?

Over the last 6 years, Blue Owl Capital's book value per share changed from 0.00 in 2019 to 1.41 in 2025, a change of 141.4%.

Related Companies

Financial statements for NYSE:OWL last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Blue Owl Capital (OWL) Financials

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Blue Owl Capital (OWL) Financials

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Quarterly Metrics And Ratios for Blue Owl Capital

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