Filing Flows › Blue Owl Capital (OWL) › Q1 2026
Blue Owl Capital (OWL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
Blue Owl Capital (OWL) reported revenue of $754M for the first quarter 2026 (Q1 2026), +10% from a year earlier and -0.2% from the quarter before. Operating margin was 14.5%, net earnings $15.5M (2.1% of revenue).
Blue Owl Capital, Q1 2026: revenue $754M (+10% year over year), operating margin 14.5%, net earnings $15.5M, operating cash flow $103M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $754M | -0.2% | +10% |
| Operating profit | $109M | -34% | +42% |
| Net earnings | $15.5M | -67% | +109% |
| Operating cash flow | $103M | -73% | +485% |
| Free cash flow | $89.0M | -75% | 21× |
What changed
Revenue was $753.8M in Q1 2026, up 10% year over year and roughly flat from the previous quarter. Total Management and Other Fees, Net was the largest line at 99% of revenue. Total Management and Other Fees, Net added $70.6M year over year (up 10%), 100% of the total change. Performance revenues declined 4%.
Operating profit was $109.5M, a 14.5% margin (up 3.2 points year over year). Of the extra revenue versus Q1 2025, 46% reached operating profit, above the 11% margin then. Total costs grew 6% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $15.5M, up 109% year over year. The effective tax rate was 16.9%.
Operating cash flow was $102.8M (up 485% year over year), 129% of net income including minority interests. Non-cash charges added back $90.9M of depreciation and amortization and $195.5M of share-based compensation. Working capital and other items used $263.2M. Capital expenditures of $13.8M left free cash flow of $89.0M.
Questions
What was Blue Owl Capital's revenue in the first quarter 2026?
Blue Owl Capital (OWL) reported revenue of $754M for the first quarter 2026 (Q1 2026), +10% from a year earlier and -0.2% from the quarter before.
Was Blue Owl Capital profitable in the first quarter 2026?
Operating profit was $109M (14.5% of revenue) and net earnings $15.5M.
Source: Blue Owl Capital 10-Q on SEC EDGAR.