Filing Flows › Blue Owl Capital (OWL) › Q3 2026 › vs Q3 2025
Blue Owl Capital (OWL) Q3 2026 vs Q3 2025 (year over year)
Blue Owl Capital's revenue rose $78.5M (+11%) from $728M in Q3 2025 to $807M in Q3 2026. The biggest changes: Total Management and Other Fees, Net +$78.4M (+11%); Performance revenues +$109K (+58%). Operating margin 18.3% against 15.5% (+2.8 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 18.3% | 15.5% | +2.8 pts |
| Net margin | 2.5% | 0.9% | +1.6 pts |
| Free cash flow margin | 74.6% | 58.0% | +16.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Total Management and Other Fees, Net | $806M | $728M | $78.4M | +11% |
| Performance revenues | $297K | $188K | $109K | +58% |
| Revenue | $807M | $728M | $78.5M | +11% |
| Operating profit | $148M | $113M | $35.1M | +31% |
| Costs & expenses | $659M | $615M | $43.5M | +7% |
| Pre-tax earnings | $94.2M | $55.3M | $38.9M | +70% |
| Other expense, net | $53.5M | $57.4M | −$3.8M | -7% |
| General & admin | $185M | $181M | $3.4M | +2% |
| Other operating costs | $474M | $434M | $40.1M | +9% |
| Net earnings | $20.0M | $6.3M | $13.6M | +216% |
| Minority interests | $60.3M | $41.1M | $19.2M | +47% |
| Income tax | $14.0M | $7.9M | $6.1M | +76% |
| Depreciation & amortization | $94.0M | $98.5M | −$4.5M | -5% |
| Share-based compensation | $192M | $173M | $19.2M | +11% |
| Working capital & other | $303M | $155M | $148M | +95% |
| Operating cash flow | $609M | $433M | $176M | +41% |
| Free cash flow (OCF − capex) | $601M | $422M | $179M | +42% |
| Capital expenditures | $7.9M | $10.6M | −$2.7M | -25% |
Questions
How much did Blue Owl Capital's revenue grow year over year in Q3 2026?
Blue Owl Capital's revenue rose $78.5M (+11%) from $728M in Q3 2025 to $807M in Q3 2026.
What drove Blue Owl Capital's revenue change in Q3 2026?
Total Management and Other Fees, Net +$78.4M (+11%); Performance revenues +$109K (+58%).