Filing Flows › Blue Owl Capital (OWL) › Q1 2025
Blue Owl Capital (OWL) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 5, 2025
Blue Owl Capital (OWL) reported revenue of $683M for the first quarter 2025 (Q1 2025), +33% from a year earlier and +8% from the quarter before. Operating margin was 11.3%, net earnings $7.4M (1.1% of revenue).
Blue Owl Capital, Q1 2025: revenue $683M (+33% year over year), operating margin 11.3%, net earnings $7.4M, operating cash flow $17.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $683M | +8% | +33% |
| Operating profit | $77.3M | -44% | -50% |
| Net earnings | $7.4M | -64% | -70% |
| Operating cash flow | $17.6M | -95% | -63% |
| Free cash flow | $4.2M | -99% | -90% |
What changed
Revenue was $683.5M in Q1 2025, up 33% year over year and up 8% from the previous quarter. Asset Management was the largest line at 88% of revenue. Asset Management added $156.3M year over year (up 35%), 92% of the total change.
Operating profit was $77.3M, a 11.3% margin (down 19.0 points year over year). Operating profit fell $78.3M even though revenue rose $170.1M versus a year earlier, so costs grew faster than sales. Total costs grew 69% against revenue growth of 33%. The fastest-growing cost line was General & admin (+149%). Net earnings were $7.4M, down 70% year over year. The effective tax rate was 9.1%.
Operating cash flow was $17.6M (down 63% year over year), 48% of net income including minority interests. Non-cash charges added back $95.0M of depreciation and amortization and $169.7M of share-based compensation. Working capital and other items used $283.8M. Capital expenditures of $13.3M left free cash flow of $4.2M.
Questions
What was Blue Owl Capital's revenue in the first quarter 2025?
Blue Owl Capital (OWL) reported revenue of $683M for the first quarter 2025 (Q1 2025), +33% from a year earlier and +8% from the quarter before.
Was Blue Owl Capital profitable in the first quarter 2025?
Operating profit was $77.3M (11.3% of revenue) and net earnings $7.4M.
Source: Blue Owl Capital 10-Q on SEC EDGAR.