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Blue Owl Capital (OWL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Blue Owl Capital (OWL) Q3 2026 earnings results →
Q3 2026 Revenue up 11% year over year to $807M · 2¢ of every $1 of revenue kept as net profit · operating margin 18.3%
Blue Owl Capital made $807M in Q3 2026 (+11% Y/Y): Total Management and Other Fees, Net $806M, Performance revenues $297K. Operating margin 18.3%, net earnings $20.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $806.5M in Q3 2026, up 11% year over year and up 7% from the previous quarter. Total Management and Other Fees, Net was the largest line at 100% of revenue. Total Management and Other Fees, Net added $78.4M year over year (up 11%), 100% of the total change.
Operating profit was $147.8M, a 18.3% margin (up 2.8 points year over year). Of the extra revenue versus Q3 2025, 45% reached operating profit, above the 15% margin then. Total costs grew 7% against revenue growth of 11%. Net earnings were $20.0M, up 216% year over year. The effective tax rate was 14.9%.
Operating cash flow was $609.3M (up 41% year over year), 760% of net income including minority interests. Non-cash charges added back $94.0M of depreciation and amortization and $192.3M of share-based compensation. Working capital and other items added $242.8M. Capital expenditures of $7.9M left free cash flow of $601.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $807M | +11% | 18.3% | $20.0M | $609M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $753M | +7% | 15.5% | $11.4M | $461M |
| Q1 2026 | 10-Q | May 1, 2026 | $754M | +10% | 14.5% | $15.5M | $103M |
| Q4 2025 | 10-K | Feb 19, 2026 | $756M | +20% | 22.1% | $47.7M | $383M |
| Q3 2025 | 10-Q | Nov 3, 2025 | $728M | +21% | 15.5% | $6.3M | $433M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $703M | +28% | 14.1% | $17.4M | $423M |
| Q1 2025 | 10-Q | May 5, 2025 | $683M | +33% | 11.3% | $7.4M | $17.6M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Blue Owl Capital
Blue Owl is a global alternative asset manager with $307.4 billion in AUM as of December 31, 2025. Anchored by a strong Permanent Capital base, we deploy private capital across Credit, Real Assets and GP Strategic Capital platforms on behalf of institutional and private wealth clients. Our flexible, consultative approach helps position us as a partner of choice for businesses seeking capital solutions to support their sustained growth. Our management team is comprised of seasoned investment professionals with decades of experience building alternative investment businesses. We employ approximately 1,365 people globally.
In its own words, from its 10-K, filed Feb 19, 2026.
Blue Owl Capital against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +6%. Operating margin: 18.3% against the peers' median 24.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| OWL Blue Owl Capital | Q3 2026 | $807M | +11% | 18.3% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
Source: Blue Owl Capital 10-Q on SEC EDGAR · CIK 1823945 · Investment Advice
Guidance and outlook
13F: who owns OWL and who is buying
More on OWL
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Blue Owl Capital operating margin by quarter
- Blue Owl Capital net income by quarter
- Blue Owl Capital free cash flow by quarter
- Blue Owl Capital capital expenditures by quarter
- Blue Owl Capital Total Management and Other Fees, Net revenue by quarter
- Blue Owl Capital Performance revenues revenue by quarter