Filing Flows › Blue Owl Capital (OWL) › Q2 2026 › vs Q2 2025
Blue Owl Capital (OWL) Q2 2026 vs Q2 2025 (year over year)
Blue Owl Capital's revenue rose $49.9M (+7%) from $703M in Q2 2025 to $753M in Q2 2026. The biggest changes: Total Management and Other Fees, Net +$50.8M (+7%); Performance revenues −$877K (-90%). Operating margin 15.5% against 14.1% (+1.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 15.5% | 14.1% | +1.3 pts |
| Net margin | 1.5% | 2.5% | -1.0 pts |
| Free cash flow margin | 60.1% | 58.7% | +1.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Total Management and Other Fees, Net | $753M | $702M | $50.8M | +7% |
| Performance revenues | $102K | $979K | −$877K | -90% |
| Revenue | $753M | $703M | $49.9M | +7% |
| Operating profit | $116M | $99.3M | $17.1M | +17% |
| Costs & expenses | $637M | $604M | $32.8M | +5% |
| Pre-tax earnings | $70.9M | $84.5M | −$13.5M | -16% |
| Other expense, net | $45.5M | $14.8M | $30.7M | +207% |
| General & admin | $192M | $188M | $3.7M | +2% |
| Other operating costs | $445M | $416M | $29.1M | +7% |
| Net earnings | $11.4M | $17.4M | −$6.0M | -35% |
| Minority interests | $49.3M | $53.3M | −$4.0M | -8% |
| Income tax | $10.3M | $13.8M | −$3.5M | -25% |
| Depreciation & amortization | $93.3M | $95.6M | −$2.3M | -2% |
| Share-based compensation | $186M | $169M | $16.8M | +10% |
| Working capital & other | $171M | $140M | $30.2M | +22% |
| Operating cash flow | $461M | $423M | $38.7M | +9% |
| Free cash flow (OCF − capex) | $453M | $412M | $40.5M | +10% |
| Capital expenditures | $8.3M | $10.0M | −$1.7M | -17% |
Questions
How much did Blue Owl Capital's revenue grow year over year in Q2 2026?
Blue Owl Capital's revenue rose $49.9M (+7%) from $703M in Q2 2025 to $753M in Q2 2026.
What drove Blue Owl Capital's revenue change in Q2 2026?
Total Management and Other Fees, Net +$50.8M (+7%); Performance revenues −$877K (-90%).