Blue Owl Capital Inc (OWL) financial statements: income statement, balance sheet and cash flow
Blue Owl Capital Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Blue Owl Capital Inc reported revenue of $2.9B (+25.0% year on year) and net income of $305.5M (-27.3% year on year).
Income statement
Blue Owl Capital Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenues
$2.9B
$2.3B
$1.7B
$1.4B
Compensation and benefits
$1.3B
$1.0B
$870.6M
$894.7M
Amortization of intangible assets
$359.0M
$258.3M
$300.3M
$256.9M
General, administrative and other expenses
$747.9M
$412.9M
$242.8M
$220.6M
Total Expenses
$2.4B
$1.7B
$1.4B
$1.4B
Net gains (losses) on investments
($7.1M)
$1.7M
$4.2M
($132.0K)
Interest and dividend income
$45.2M
$42.2M
$22.2M
—
Interest expense
($163.8M)
($121.9M)
($75.7M)
($55.7M)
Change in TRA liability
($13.6M)
$7.1M
($1.7M)
($11.4M)
Change in warrant liability
$0
($38.3M)
($14.1M)
$34.6M
Change in earnout liability
$30.9M
($28.3M)
($6.4M)
($14.5M)
Total Other Loss
($108.3M)
($137.5M)
($71.4M)
($47.1M)
Income Before Income Taxes
$347.9M
$469.2M
$246.4M
($49.6M)
Income tax expense
$42.4M
$48.8M
$25.6M
($9.4M)
Consolidated Net Income
$305.5M
$420.4M
$220.8M
($40.2M)
Net income attributable to noncontrolling interests
($226.7M)
($310.9M)
($166.4M)
$30.9M
Net Income Attributable to Blue Owl Capital Inc.
$78.8M
$109.6M
$54.3M
($9.3M)
Basic (in dollars per share)
$0.12
$0.20
$0.12
-$0.02
Diluted (in dollars per share)
$0.10
$0.20
$0.10
-$0.02
Basic (in shares)
654.8M
549.0M
463.2M
433.4M
Diluted (in shares)
661.9M
558.4M
478.0M
433.4M
Blue Owl Capital Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenues
$753.1M
$753.8M
$728.0M
$703.1M
Compensation and benefits
$359.4M
$375.9M
$341.4M
$326.3M
Amortization of intangible assets
$85.5M
$84.5M
$92.7M
$89.5M
General, administrative and other expenses
$191.8M
$183.9M
$181.3M
$188.1M
Total Expenses
$636.6M
$644.3M
$615.3M
$603.8M
Net gains (losses) on investments
($1.5M)
$4.8M
$9.7M
($2.4M)
Interest and dividend income
$12.7M
$11.8M
$11.6M
$11.0M
Interest expense
($47.7M)
($43.9M)
($42.4M)
($42.0M)
Change in TRA liability
($2.9M)
($2.4M)
($3.0M)
($2.0M)
Change in earnout liability
($6.0M)
$16.1M
($33.4M)
$20.6M
Total Other Loss
($45.5M)
($13.7M)
($57.4M)
($14.8M)
Income Before Income Taxes
$70.9M
$95.8M
$55.3M
$84.5M
Income tax expense
$10.3M
$16.2M
$7.9M
$13.8M
Consolidated Net Income
$60.7M
$79.6M
$47.4M
$70.7M
Net income attributable to noncontrolling interests
($49.3M)
($64.1M)
($41.1M)
($53.3M)
Net Income Attributable to Blue Owl Capital Inc.
$11.4M
$15.5M
$6.3M
$17.4M
Basic (in dollars per share)
$0.02
$0.02
$0.01
$0.03
Diluted (in dollars per share)
$0.02
$0.02
$0.01
$0.02
Basic (in shares)
688.5M
680.4M
667.1M
649.7M
Diluted (in shares)
688.5M
681.1M
673.9M
656.1M
Balance sheet
Blue Owl Capital Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$194.5M
$152.1M
$104.2M
$68.1M
Due from related parties
$694.1M
$548.7M
$367.1M
$357.9M
Investments (includes $358,153 and $369,294 at fair value and $162,747 and $213,684 of investments in the Company’s products, respectively)
$484.4M
$486.9M
$344.3M
$317.2M
Operating lease assets
$456.2M
$325.1M
$281.7M
$224.4M
Strategic Revenue-Share Purchase consideration, net
$329.2M
$373.5M
$417.1M
$457.9M
Deferred tax assets
$1.4B
$1.2B
$781.7M
$757.2M
Intangible assets, net
$2.9B
$2.9B
$2.1B
$2.4B
Goodwill
$5.6B
$4.7B
$4.2B
$4.2B
Other assets, net
$382.5M
$258.7M
$187.5M
$99.7M
Total Assets
$12.5B
$11.0B
$8.8B
$8.9B
Debt obligations, net
$3.3B
$2.6B
$1.7B
$1.6B
Accrued compensation
$525.5M
$424.0M
$370.7M
$309.6M
Operating lease liabilities
$538.1M
$390.4M
$319.5M
$239.8M
TRA liability (includes $106,793 and $108,257 at fair value, respectively)
$1.7B
$1.4B
$879.5M
$821.0M
Earnout liability, at fair value
$163.7M
$168.4M
$92.9M
$172.1M
Deferred tax liabilities
$39.7M
$36.9M
$34.4M
$41.8M
Accounts payable, accrued expenses and other liabilities
$163.0M
$166.0M
$138.8M
$126.6M
Total Liabilities
$6.4B
$5.2B
$3.5B
$3.3B
Common stock value
$155.0K
$150.0K
$141.0K
$140.0K
Additional paid-in capital
$3.8B
$3.3B
$2.4B
$2.3B
Accumulated deficit
($1.6B)
($1.1B)
($882.9M)
($689.3M)
Accumulated other comprehensive income
$1.9M
—
—
—
Total Stockholders’ Equity Attributable to Blue Owl Capital Inc.
$2.2B
$2.1B
$1.5B
$1.6B
Stockholders’ equity attributable to noncontrolling interests
$3.8B
$3.7B
$3.7B
$3.9B
Total Stockholders’ Equity
$6.1B
$5.8B
$5.3B
$5.5B
Total Liabilities and Stockholders’ Equity
$12.5B
$11.0B
$8.8B
$8.9B
Blue Owl Capital Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$169.1M
$190.5M
$137.3M
$117.6M
Due from related parties
$690.8M
$706.2M
$657.3M
$622.3M
Investments (includes $423,339 and $358,153 at fair value and $222,081 and $162,747 of investments in the Company’s products, respectively)
$563.7M
$511.0M
$513.9M
$485.9M
Operating lease assets
$450.6M
$449.1M
$461.6M
$335.0M
Strategic Revenue-Share Purchase consideration, net
$307.1M
$318.2M
$340.3M
$351.3M
Deferred tax assets
$1.4B
$1.4B
$1.4B
$1.4B
Intangible assets, net
$2.7B
$2.8B
$3.0B
$3.1B
Goodwill
$5.6B
$5.6B
$5.6B
$5.6B
Other assets, net
$382.9M
$388.7M
$344.3M
$308.6M
Total Assets
$12.3B
$12.4B
$12.5B
$12.3B
Debt obligations, net
$3.8B
$3.8B
$3.2B
$3.2B
Accrued compensation
$434.7M
$289.6M
$449.3M
$334.9M
Operating lease liabilities
$532.3M
$530.7M
$543.9M
$406.1M
TRA liability (includes $98,659 and $106,793 at fair value, respectively)
$1.6B
$1.6B
$1.6B
$1.6B
Earnout liability, at fair value
$93.7M
$147.6M
$205.1M
$171.7M
Deferred tax liabilities
$38.0M
$40.1M
$38.0M
$38.5M
Accounts payable, accrued expenses and other liabilities
$172.6M
$180.7M
$188.0M
$154.7M
Total Liabilities
$6.7B
$6.6B
$6.3B
$5.9B
Common stock value
$155.0K
$156.0K
$155.0K
$155.0K
Additional paid-in capital
$3.9B
$3.8B
$3.8B
$3.7B
Accumulated deficit
($1.9B)
($1.7B)
($1.5B)
($1.4B)
Accumulated other comprehensive income
$2.5M
$474.0K
$2.3M
$2.4M
Total Stockholders’ Equity Attributable to Blue Owl Capital Inc.
$2.0B
$2.1B
$2.3B
$2.4B
Stockholders’ equity attributable to noncontrolling interests
$3.6B
$3.7B
$3.9B
$4.0B
Total Stockholders’ Equity
$5.6B
$5.8B
$6.2B
$6.4B
Total Liabilities and Stockholders’ Equity
$12.3B
$12.4B
$12.5B
$12.3B
Cash flow statement
Blue Owl Capital Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Consolidated net income
$305.5M
$420.4M
$220.8M
($40.2M)
Amortization of intangible assets
$359.0M
$258.3M
$300.3M
$256.9M
Equity-based compensation
$673.5M
$312.6M
$312.6M
$420.8M
Depreciation and amortization of fixed assets
$23.4M
$16.7M
$10.2M
$2.3M
Amortization of debt discounts and deferred financing costs
$7.8M
$7.2M
$5.0M
$4.4M
Non-cash interest and dividend income
($34.9M)
($23.1M)
—
—
Net change in operating lease assets and operating lease liabilities
$16.7M
—
—
—
Payment of earnout liability in excess of acquisition-date fair value
($935.0K)
($13.8M)
($7.4M)
—
Net (gains) losses on investments, net of dividends on equity-method investments
$5.7M
$12.7M
($4.2M)
$132.0K
Change in TRA liability
$13.6M
($7.1M)
$1.7M
$11.4M
Change in warrant liability
$0
$38.3M
$14.1M
($34.6M)
Change in earnout liability
($30.9M)
$28.3M
$6.4M
$14.5M
Deferred income taxes
$21.2M
$26.8M
$4.2M
($23.9M)
Due from related parties
($103.0M)
($175.1M)
($8.7M)
($128.0M)
Strategic Revenue-Share Purchase consideration
$44.3M
$43.6M
$40.9M
$37.4M
Other assets, net
($93.4M)
($14.1M)
($15.5M)
($1.8M)
Accrued compensation
$45.7M
$30.6M
$41.3M
$138.2M
Accounts payable, accrued expenses and other liabilities
$2.8M
$10.1M
$4.7M
$58.0M
Net Cash Provided by Operating Activities
$1.3B
$999.6M
$949.1M
$728.4M
Purchases of fixed assets
($57.7M)
($64.2M)
($67.9M)
($65.5M)
Purchases of investments
($94.3M)
($378.4M)
($85.9M)
($309.1M)
Proceeds from investment sales and maturities
$126.0M
$249.6M
$62.1M
$3.9M
Cash consideration paid for acquisitions, net of cash acquired
($244.6M)
($445.2M)
($26.3M)
($114.5M)
Net Cash Used in Investing Activities
($270.6M)
($638.1M)
($118.0M)
($485.2M)
Offering costs related to the Acquisitions
$0
($273.0K)
$0
$0
Proceeds from debt obligations
$2.3B
$2.2B
$1.1B
$775.1M
Debt issuance costs
($3.4M)
($25.4M)
($6.3M)
($8.5M)
Repayments of debt obligations
($1.5B)
($1.2B)
($1.0B)
($323.0M)
Payment of earnout liability, up to acquisition-date fair value
($36.8M)
($80.0M)
($79.1M)
—
Equity-classified awards settled in cash
$0
$0
($3.2M)
—
Payments under the TRA
($53.5M)
($28.2M)
—
—
Withholding taxes on vested RSUs
($79.6M)
($38.8M)
($15.4M)
($2.4M)
Dividends paid on Class A Shares
-546.7M
-368.3M
-247.9M
-182.6M
Class A Share repurchases
($53.7M)
$0
$0
($78.8M)
Contributions from noncontrolling interests
$29.3M
$37.9M
$48.3M
$27.5M
Distributions to noncontrolling interests
($928.7M)
($735.4M)
($546.2M)
($425.2M)
Net Cash Used in Financing Activities
($943.0M)
($313.5M)
($795.0M)
($217.7M)
Net Increase in Cash and Cash Equivalents
$42.4M
$47.9M
$36.1M
$25.5M
Cash and cash equivalents, beginning of period
$152.1M
$104.2M
$68.1M
$42.6M
Cash and Cash Equivalents, End of Period
$194.5M
$152.1M
$104.2M
$68.1M
Cash paid for interest
$155.4M
$101.2M
$71.6M
$47.7M
Cash paid for income taxes
$17.1M
$22.1M
$14.2M
$4.8M
Blue Owl Capital Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Consolidated net income
$140.3M
$79.6M
$154.7M
$107.4M
Amortization of intangible assets
$170.0M
$84.5M
$271.6M
$178.9M
Equity-based compensation
$381.4M
$195.5M
$511.8M
$338.7M
Depreciation and amortization of fixed assets
$14.2M
$6.4M
$17.5M
$11.7M
Amortization of debt discounts and deferred financing costs
$4.0M
$2.0M
$5.8M
$3.9M
Non-cash interest and dividend income
($19.9M)
($9.8M)
($26.7M)
($17.5M)
Net change in operating lease assets and operating lease liabilities
($270.0K)
($367.0K)
—
—
Payment of earnout liability in excess of acquisition-date fair value
($24.9M)
—
($935.0K)
($728.0K)
Net (gains) losses on investments, net of dividends on equity-method investments
$283.0K
($3.6M)
$4.8M
$12.8M
Change in TRA liability
$5.3M
$2.4M
$9.3M
$6.3M
Change in earnout liability
($10.1M)
($16.1M)
$10.5M
($22.9M)
Deferred income taxes
$14.3M
$11.2M
$9.8M
$6.3M
Due from related parties
$3.2M
($12.1M)
($66.3M)
($31.3M)
Strategic Revenue-Share Purchase consideration
$22.1M
$11.0M
$33.3M
$22.2M
Other assets, net
$4.6M
($1.7M)
($71.7M)
($33.1M)
Accrued compensation
($150.9M)
($260.2M)
($31.2M)
($132.2M)
Accounts payable, accrued expenses and other liabilities
$10.5M
$14.1M
$24.0M
($15.1M)
Net Cash Provided by Operating Activities
$564.1M
$102.8M
$873.2M
$440.1M
Purchases of fixed assets
($22.1M)
($13.8M)
($34.0M)
($23.4M)
Purchases of investments
($86.3M)
($38.3M)
($107.9M)
($41.7M)
Proceeds from investment sales and maturities
$26.6M
$25.1M
$102.9M
$47.5M
Cash consideration paid for acquisitions, net of cash acquired
$0
$0
($244.6M)
($244.6M)
Net Cash Used in Investing Activities
($81.8M)
($27.1M)
($283.7M)
($262.2M)
Proceeds from debt obligations
$1.6B
$1.0B
$1.8B
$1.3B
Repayments of debt obligations
($1.1B)
($540.0M)
($1.1B)
($660.0M)
Payment of earnout liability, up to acquisition-date fair value
($35.0M)
—
($36.8M)
($36.4M)
Payments under the TRA
($64.8M)
($64.8M)
($53.5M)
($53.5M)
Withholding taxes on vested RSUs
($32.0M)
($32.0M)
($76.2M)
($53.8M)
Dividends paid on Class A Shares
-306.0M
-150.5M
-397.2M
-250.8M
Class A Share repurchases
($25.0M)
($25.0M)
($1.7M)
($1.7M)
Contributions from noncontrolling interests
$9.5M
$5.2M
$30.7M
$24.0M
Distributions to noncontrolling interests
($539.5M)
($312.7M)
($706.6M)
($490.2M)
Net Cash Provided by (Used in) Financing Activities