Filing Flows › Blue Owl Capital (OWL) › Q4 2025
Blue Owl Capital (OWL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Blue Owl Capital (OWL) reported revenue of $756M for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and +4% from the quarter before. Operating margin was 22.1%, net earnings $47.7M (6.3% of revenue).
Blue Owl Capital, Q4 2025: revenue $756M (+20% year over year), operating margin 22.1%, net earnings $47.7M, operating cash flow $383M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $756M | +4% | +20% |
| Operating profit | $167M | +48% | +20% |
| Net earnings | $47.7M | +655% | +130% |
| Operating cash flow | $383M | -12% | +18% |
| Free cash flow | $359M | -15% | +16% |
What changed
Revenue was $755.6M in Q4 2025, up 20% year over year and up 4% from the previous quarter. Management fees, net was the largest line at 86% of revenue.
Operating profit was $167.0M, a 22.1% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 23% reached operating profit, above the 22% margin then. Total costs grew 20% against revenue growth of 20%. The fastest-growing cost line was General & admin (+55%). Net earnings were $47.7M, up 130% year over year. The effective tax rate was 10.1%.
Operating cash flow was $382.9M (up 18% year over year), 254% of net income including minority interests. Non-cash charges added back $93.3M of depreciation and amortization and $161.7M of share-based compensation. Working capital and other items used $22.9M. Capital expenditures of $23.7M left free cash flow of $359.1M.
Questions
What was Blue Owl Capital's revenue in the fourth quarter 2025?
Blue Owl Capital (OWL) reported revenue of $756M for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and +4% from the quarter before.
Was Blue Owl Capital profitable in the fourth quarter 2025?
Operating profit was $167M (22.1% of revenue) and net earnings $47.7M.
Source: Blue Owl Capital 10-K on SEC EDGAR.