Filing Flows › Blue Owl Capital (OWL) › Q3 2025
Blue Owl Capital (OWL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Blue Owl Capital (OWL) reported revenue of $728M for the third quarter 2025 (Q3 2025), +21% from a year earlier and +4% from the quarter before. Operating margin was 15.5%, net earnings $6.3M (0.9% of revenue).
Blue Owl Capital, Q3 2025: revenue $728M (+21% year over year), operating margin 15.5%, net earnings $6.3M, operating cash flow $433M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $728M | +4% | +21% |
| Operating profit | $113M | +13% | -19% |
| Net earnings | $6.3M | -64% | -79% |
| Operating cash flow | $433M | +3% | +33% |
| Free cash flow | $422M | +2% | +34% |
What changed
Revenue was $728.0M in Q3 2025, up 21% year over year and up 4% from the previous quarter. Management fees, net was the largest line at 89% of revenue. Management fees, net added $122.3M year over year (up 23%), 96% of the total change. Performance revenues declined 33%.
Operating profit was $112.7M, a 15.5% margin (down 7.8 points year over year). Operating profit fell $27.1M even though revenue rose $127.1M versus a year earlier, so costs grew faster than sales. Total costs grew 33% against revenue growth of 21%. The fastest-growing cost line was General & admin (+49%). Net earnings were $6.3M, down 79% year over year. The effective tax rate was 14.4%.
Operating cash flow was $433.1M (up 33% year over year), 914% of net income including minority interests. Non-cash charges added back $98.5M of depreciation and amortization and $173.1M of share-based compensation. Working capital and other items added $114.2M. Capital expenditures of $10.6M left free cash flow of $422.5M.
Questions
What was Blue Owl Capital's revenue in the third quarter 2025?
Blue Owl Capital (OWL) reported revenue of $728M for the third quarter 2025 (Q3 2025), +21% from a year earlier and +4% from the quarter before.
Was Blue Owl Capital profitable in the third quarter 2025?
Operating profit was $113M (15.5% of revenue) and net earnings $6.3M.
Source: Blue Owl Capital 10-Q on SEC EDGAR.