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Blue Owl Capital cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$601M in Q3 2026 · $1.5B over twelve months

Operating cash flow$609M
Capital spending−$7.9M
Free cash flow+$601M
Cash / net income7.6×

Analysis

In Q3 2026, Blue Owl Capital generated $609M of operating cash flow and spent $7.9M on capital projects, leaving free cash flow of $601M. That is $179M more than in Q3 2025 ($422M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.6B; the largest uses were partners ($972M), dividends ($615M), other financing ($114M); besides operations, cash came from net borrowing (+) / repaid (−) ($413M); the cash balance rose by $76.3M.

Operating cash flow was $609M against net income of $80.2M — 7.6× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$192M, employee-related liabilities +$125M, depreciation & amortization +$94.0M.

Free cash flow

Blue Owl Capital: free cash flow by quarterBlue Owl Capital: free cash flow by quarter$310MQ4 2024$4.2MQ1 2025$412MQ2 2025$422MQ3 2025$359MQ4 2025$89.0MQ1 2026$453MQ2 2026$601MQ3 2026
Operating cash flow less capital spending.
Blue Owl Capital: operating cash flow against capital spendingBlue Owl Capital: operating cash flow against capital spendingOperating cash flowCapital spending$324M$13.9MQ4 2024$17.6M$13.3MQ1 2025$423M$10.0MQ2 2025$433M$10.6MQ3 2025$383M$23.7MQ4 2025$103M$13.8MQ1 2026$461M$8.3MQ2 2026$609M$7.9MQ3 2026
Latest (Q3 2026): Operating cash flow $609M, Capital spending $7.9M.

Capital allocation, year by year

Blue Owl Capital: where the cash came from (up) and went (down), by fiscal yearBlue Owl Capital: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $282MFY2021: Net borrowing $812MFY2021: Capital spending −$5.3MFY2021: Acquisitions −$1.6BFY2021: Dividends −$47.1M$1.1BFY2021FY2022: Operating cash flow $728MFY2022: Net borrowing $452MFY2022: Capital spending −$65.5MFY2022: Acquisitions −$114MFY2022: Buybacks −$78.8MFY2022: Dividends −$183M$1.2BFY2022FY2023: Operating cash flow $949MFY2023: Net borrowing $54.8MFY2023: Capital spending −$67.9MFY2023: Acquisitions −$26.3MFY2023: Dividends −$248M$1.0BFY2023FY2024: Operating cash flow $1.0BFY2024: Net borrowing $925MFY2024: Capital spending −$64.2MFY2024: Acquisitions −$445MFY2024: Dividends −$368M$1.9BFY2024FY2025: Operating cash flow $1.3BFY2025: Net borrowing $730MFY2025: Capital spending −$57.7MFY2025: Acquisitions −$245MFY2025: Buybacks −$53.7MFY2025: Dividends −$547M$2.0BFY2025
Over these 5 years operating cash flow totalled $4.2B; the largest uses were acquisitions ($2.4B) and dividends ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$214M
Debt$3.6B
Net debt$3.4B

Blue Owl Capital funds itself: free cash flow was $1.5B over the last twelve months, and $214M of cash and investments stands against $3.6B of debt.

Where the cash came from and went

Blue Owl Capital: sources (+) and uses (−) of cash, Q3 2026Blue Owl Capital: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$609MPartners−$218MNet borrowing (+) / repaid (−)−$162MDividends−$159MCash drawn (+) / kept (−)−$44.5MOther financing−$13.7MTaxes on employees’ shares−$11.2MOther investing$7.9MCapital spending−$7.9M
Blue Owl Capital: sources (+) and uses (−) of cash, TTM to Q3 2026Blue Owl Capital: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.6BPartners−$972MDividends−$615MNet borrowing (+) / repaid (−)$413MOther financing−$114MBuybacks−$77.0MCash drawn (+) / kept (−)−$76.3MCapital spending−$53.8MTaxes on employees’ shares−$46.6MOther investing−$14.9M

From profit to cash

Blue Owl Capital: net income to operating cash flow, Q3 2026Blue Owl Capital: net income to operating cash flow, Q3 2026Net income$80.2MDepreciation & amortization$94.0MStock-based pay$192MDeferred taxes$7.1MGains on investments$24.6MEmployee-related liabilities$125MPrepaid and other assets$27.1MOperating cash flow$609M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$609M−$7.9M——−$159M−$162M−$44.5M$601M
Q2 2026$461M−$8.3M——−$155M−$15.0M$21.4M$453M
Q1 2026$103M−$13.8M—−$25.0M−$151M$500M$4.1M$89.0M
Q4 2025$383M−$23.7M—−$52.0M−$149M$90.0M−$57.2M$359M
Q3 2025$433M−$10.6M——−$146M−$10.0M−$19.7M$422M
Q2 2025$423M−$10.0M−$39.9M−$1.7M−$141M$50.0M−$20.0M$412M
Q1 2025$17.6M−$13.3M−$205M—−$110M$600M$54.5M$4.2M
Q4 2024$324M−$13.9M−$9.8M—−$108M$40.0M−$36.2M$310M

Blue Owl Capital: income statement and cash flow

Blue Owl Capital, Q3 2026: revenue $807M (+11% year over year), operating margin 18.3%. The chart follows the revenue to costs, profit and cash.

Blue Owl Capital: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.