Filing Flows › Blue Owl Capital (OWL) › Q2 2025
Blue Owl Capital (OWL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Blue Owl Capital (OWL) reported revenue of $703M for the second quarter 2025 (Q2 2025), +28% from a year earlier and +3% from the quarter before. Operating margin was 14.1%, net earnings $17.4M (2.5% of revenue).
Blue Owl Capital, Q2 2025: revenue $703M (+28% year over year), operating margin 14.1%, net earnings $17.4M, operating cash flow $423M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $703M | +3% | +28% |
| Operating profit | $99.3M | +28% | -42% |
| Net earnings | $17.4M | +135% | -49% |
| Operating cash flow | $423M | 24× | +40% |
| Free cash flow | $412M | 97× | +53% |
What changed
Revenue was $703.1M in Q2 2025, up 28% year over year and up 3% from the previous quarter. Management fees, net was the largest line at 89% of revenue. Management fees, net added $157.6M year over year (up 34%), 103% of the total change. Administrative, transaction and other fees declined 6%.
Operating profit was $99.3M, a 14.1% margin (down 17.3 points year over year). Operating profit fell $73.3M even though revenue rose $153.3M versus a year earlier, so costs grew faster than sales. Total costs grew 60% against revenue growth of 28%. The fastest-growing cost line was General & admin (+101%). Net earnings were $17.4M, down 49% year over year. The effective tax rate was 16.3%.
Operating cash flow was $422.5M (up 40% year over year), 598% of net income including minority interests. Non-cash charges added back $95.6M of depreciation and amortization and $169.1M of share-based compensation. Working capital and other items added $87.2M. Capital expenditures of $10.0M left free cash flow of $412.5M.
Questions
What was Blue Owl Capital's revenue in the second quarter 2025?
Blue Owl Capital (OWL) reported revenue of $703M for the second quarter 2025 (Q2 2025), +28% from a year earlier and +3% from the quarter before.
Was Blue Owl Capital profitable in the second quarter 2025?
Operating profit was $99.3M (14.1% of revenue) and net earnings $17.4M.
Source: Blue Owl Capital 10-Q on SEC EDGAR.