Filing Flows › Blue Owl Capital (OWL) › Q2 2026
Blue Owl Capital (OWL) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 31, 2026
Blue Owl Capital (OWL) reported revenue of $753M for the second quarter 2026 (Q2 2026), +7% from a year earlier and -0.1% from the quarter before. Operating margin was 15.5%, net earnings $11.4M (1.5% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $753M | -0.1% | +7% |
| Operating profit | $116M | +6% | +17% |
| Net earnings | $11.4M | -27% | -35% |
| Operating cash flow | $461M | +349% | +9% |
| Free cash flow | $453M | +409% | +10% |
What changed
Revenue was $753.1M in Q2 2026, up 7% year over year and roughly flat from the previous quarter. Total Management and Other Fees, Net was the largest line at 100% of revenue. Total Management and Other Fees, Net added $50.8M year over year (up 7%), 102% of the total change. Performance revenues declined 90%.
Operating profit was $116.4M, a 15.5% margin (up 1.3 points year over year). Of the extra revenue versus Q2 2025, 34% reached operating profit, above the 14% margin then. Total costs grew 5% against revenue growth of 7%. Net earnings were $11.4M, down 35% year over year. The effective tax rate was 14.5%.
Operating cash flow was $461.3M (up 9% year over year), 760% of net income including minority interests. Non-cash charges added back $93.3M of depreciation and amortization and $185.9M of share-based compensation. Working capital and other items added $121.4M. Capital expenditures of $8.3M left free cash flow of $452.9M.
Questions
What was Blue Owl Capital's revenue in the second quarter 2026?
Blue Owl Capital (OWL) reported revenue of $753M for the second quarter 2026 (Q2 2026), +7% from a year earlier and -0.1% from the quarter before.
Was Blue Owl Capital profitable in the second quarter 2026?
Operating profit was $116M (15.5% of revenue) and net earnings $11.4M.
Source: Blue Owl Capital 10-Q on SEC EDGAR.