Filing Flows › Blue Owl Capital (OWL) › Q3 2026 › vs Q2 2026
Blue Owl Capital (OWL) Q3 2026 vs Q2 2026 (quarter over quarter)
Blue Owl Capital's revenue rose $53.5M (+7%) from $753M in Q2 2026 to $807M in Q3 2026. The biggest changes: Total Management and Other Fees, Net +$53.3M (+7%); Performance revenues +$195K (+191%). Operating margin 18.3% against 15.5% (+2.9 pts).
Blue Owl Capital, Q3 2026: revenue $807M (+11% year over year), operating margin 18.3%, net earnings $20.0M, operating cash flow $609M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 18.3% | 15.5% | +2.9 pts |
| Net margin | 2.5% | 1.5% | +1.0 pts |
| Free cash flow margin | 74.6% | 60.1% | +14.4 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Total Management and Other Fees, Net | $806M | $753M | $53.3M | +7% |
| Performance revenues | $297K | $102K | $195K | +191% |
| Revenue | $807M | $753M | $53.5M | +7% |
| Operating profit | $148M | $116M | $31.4M | +27% |
| Costs & expenses | $659M | $637M | $22.1M | +3% |
| Pre-tax earnings | $94.2M | $70.9M | $23.3M | +33% |
| Other expense, net | $53.5M | $45.5M | $8.0M | +18% |
| General & admin | $185M | $192M | −$7.1M | -4% |
| Other operating costs | $474M | $445M | $29.2M | +7% |
| Net earnings | $20.0M | $11.4M | $8.6M | +75% |
| Minority interests | $60.3M | $49.3M | $11.0M | +22% |
| Income tax | $14.0M | $10.3M | $3.7M | +36% |
| Depreciation & amortization | $94.0M | $93.3M | $634K | +0.7% |
| Share-based compensation | $192M | $186M | $6.4M | +3% |
| Working capital & other | $303M | $171M | $132M | +78% |
| Operating cash flow | $609M | $461M | $148M | +32% |
| Free cash flow (OCF − capex) | $601M | $453M | $148M | +33% |
| Capital expenditures | $7.9M | $8.3M | −$375K | -5% |
Questions
How much did Blue Owl Capital's revenue grow quarter over quarter in Q3 2026?
Blue Owl Capital's revenue rose $53.5M (+7%) from $753M in Q2 2026 to $807M in Q3 2026.
What drove Blue Owl Capital's revenue change in Q3 2026?
Total Management and Other Fees, Net +$53.3M (+7%); Performance revenues +$195K (+191%).