Filing Flows › Blue Owl Capital (OWL) › Q2 2026 › vs Q1 2026
Blue Owl Capital (OWL) Q2 2026 vs Q1 2026 (quarter over quarter)
Blue Owl Capital's revenue fell $759K (-0.1%) from $754M in Q1 2026 to $753M in Q2 2026. The biggest changes: Performance revenues −$6.0M (-98%); Total Management and Other Fees, Net +$5.2M (+0.7%). Operating margin 15.5% against 14.5% (+0.9 pts).
Blue Owl Capital, Q2 2026: revenue $753M (+7% year over year), operating margin 15.5%, net earnings $11.4M, operating cash flow $461M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 15.5% | 14.5% | +0.9 pts |
| Net margin | 1.5% | 2.1% | -0.5 pts |
| Free cash flow margin | 60.1% | 11.8% | +48.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Total Management and Other Fees, Net | $753M | $748M | $5.2M | +0.7% |
| Performance revenues | $102K | $6.1M | −$6.0M | -98% |
| Revenue | $753M | $754M | −$759K | -0.1% |
| Operating profit | $116M | $109M | $6.9M | +6% |
| Costs & expenses | $637M | $644M | −$7.7M | -1% |
| Pre-tax earnings | $70.9M | $95.8M | −$24.9M | -26% |
| Other expense, net | $45.5M | $13.7M | $31.8M | +233% |
| General & admin | $192M | $184M | $7.8M | +4% |
| Other operating costs | $445M | $460M | −$15.5M | -3% |
| Net earnings | $11.4M | $15.5M | −$4.1M | -27% |
| Minority interests | $49.3M | $64.1M | −$14.8M | -23% |
| Income tax | $10.3M | $16.2M | −$6.0M | -37% |
| Depreciation & amortization | $93.3M | $90.9M | $2.4M | +3% |
| Share-based compensation | $186M | $196M | −$9.6M | -5% |
| Working capital & other | $171M | −$199M | $370M | — |
| Operating cash flow | $461M | $103M | $358M | +349% |
| Free cash flow (OCF − capex) | $453M | $89.0M | $364M | +409% |
| Capital expenditures | $8.3M | $13.8M | −$5.5M | -40% |
Questions
How much did Blue Owl Capital's revenue grow quarter over quarter in Q2 2026?
Blue Owl Capital's revenue fell $759K (-0.1%) from $754M in Q1 2026 to $753M in Q2 2026.
What drove Blue Owl Capital's revenue change in Q2 2026?
Performance revenues −$6.0M (-98%); Total Management and Other Fees, Net +$5.2M (+0.7%).