Revenue remains highly sensitive to performance fee timing, with quarterly net income fluctuating significantly between a $5.0M loss in 2025Q1 and a $166.1M profit in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 573.21M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 598.61M | 678.47M | 738.2M | 561.37M | 315.8M | 819.52M | 181.01M | 681.48M | 977.15M | 1.01B | 944.42M | 1.03B | 1.9B | 3.7B | 4.7B | 4.47B | 5.16B | 2.23B |
| Gross Margin % | 104.43% | 99.84% | 87.73% | 73.67% | 64.27% | 54.86% | 56.09% | 73.98% | 70.84% | 68.79% | 82.06% | 73.44% | 81.69% | 99.81% | 99.84% | 99.85% | 99.87% | 99.7% |
| Gross Profit Growth % | - | -8.09% | 31.5% | 77.76% | -61.47% | 352.74% | -73.44% | -30.26% | -3.2% | 6.88% | -8.4% | -45.73% | -48.59% | -21.34% | 5.13% | -13.41% | 131.12% | - |
| Operating Expenses | -125.08M | 3.17M | -148.63M | -29.07M | 191.26M | 95.98M | 368.46M | 779.07M | 775.54M | 502.82M | 704.56M | 4.58B | 1.64B | -678.6M | -6.18M | 4.7B | -190.54M | -9.69B |
| OpEx % of Revenue | - | 0.47% | -17.66% | -3.82% | 38.92% | 6.43% | 114.17% | 84.58% | 56.22% | 34.26% | 61.22% | 325.91% | 70.63% | -18.33% | -0.13% | 105.11% | -3.69% | -432.8% |
| Selling, General & Admin | 25.01M | 3.17M | 84.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 0.47% | 10.01% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 723.69M | 675.3M | 886.84M | 590.44M | 124.54M | 723.53M | -187.45M | -97.59M | 201.61M | 506.6M | 239.86M | -3.54B | 257.35M | 4.37B | 4.7B | -235.41M | 5.35B | 11.93B |
| Operating Margin % | 126.25% | 99.38% | 105.4% | 77.49% | 25.35% | 48.44% | -58.08% | -10.59% | 14.62% | 34.52% | 20.84% | -252.48% | 11.07% | 118.14% | 99.97% | -5.26% | 103.56% | 532.49% |
| Operating Income Growth % | - | -23.85% | 50.2% | 374.1% | -82.79% | 485.98% | -92.08% | -148.41% | -60.2% | 111.21% | 106.77% | -1477.39% | -94.12% | -7.02% | 2098.49% | -104.4% | -55.13% | - |
| EBITDA | 723.69M | 675.3M | 886.84M | 590.44M | 126.12M | 725.87M | -185.4M | -77.3M | 227.47M | 522.37M | 256.08M | -3.53B | 265.36M | 4.38B | 4.71B | -228.82M | 5.36B | 11.93B |
| EBITDA Margin % | 126.25% | 99.38% | 105.4% | 77.49% | 25.67% | 48.59% | -57.45% | -8.39% | 16.49% | 35.6% | 22.25% | -251.48% | 11.41% | 118.33% | 100.13% | -5.11% | 103.69% | 532.8% |
| EBITDA Growth % | 6.57% | -23.85% | 50.2% | 368.16% | -82.63% | 491.51% | -139.84% | -133.98% | -56.45% | 103.99% | 107.25% | -1430.57% | -93.94% | -7.02% | 2159.22% | -104.27% | -55.1% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 1.58M | 2.33M | 2.05M | 20.29M | 25.86M | 15.78M | 16.22M | 14.02M | 8M | 7.12M | 7.4M | 6.58M | 6.48M | 6.79M |
| EBIT | 612.88M | 675.3M | 886.84M | 590.44M | 726.42M | 1.33B | 249.63M | 594.12M | 649.43M | 1.07B | 729.23M | -1.3B | 2.32B | 6.3B | 6.75B | -236.61M | 5.36B | 11.93B |
| Net Interest Income | 481.58M | 590.9M | 548.99M | 357.32M | 309.44M | 233.99M | 160.52M | 171.71M | 127.04M | 255.01M | 229.76M | 1.79B | 1.8B | 1.8B | 1.95B | 2.52B | 2.32B | 1.8B |
| Interest Income | 536.1M | 679.55M | 648.76M | 407.6M | 557.84M | 389.25M | 318.21M | 368.87M | 287.15M | 424.89M | 350.37M | 2.01B | 1.93B | 1.86B | 1.99B | 2.58B | 2.38B | 1.84B |
| Interest Expense | 35.03M | 88.65M | 99.77M | 50.27M | 248.4M | 155.26M | 157.69M | 197.16M | 160.11M | 169.89M | 120.61M | 216.8M | 129.94M | 61.16M | 45.77M | 50.94M | 55.92M | 34.94M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 622.28M | 523.22M | 787.06M | 540.17M | 478.02M | 1.17B | 91.95M | 396.96M | 489.32M | 904.92M | 608.62M | -1.52B | 2.19B | 6.24B | 6.7B | -287.56M | 5.31B | 11.89B |
| Pretax Margin % | 108.56% | 76.99% | 93.54% | 70.89% | 97.28% | 78.31% | 28.49% | 43.1% | 35.47% | 61.67% | 52.88% | -107.94% | 94.35% | 168.44% | 142.45% | -6.42% | 102.7% | 530.93% |
| Income Tax | 94.92M | 0 | 0 | 0 | 14.93M | 12.39M | 8.21M | 9.62M | 24.78M | 215.44M | 42.52M | 17.55M | 18.54M | 26.23M | 30.86M | 21.09M | 26.4M | 18.27M |
| Effective Tax Rate % | 15.25% | 0% | 0% | 0% | 3.12% | 1.06% | 8.93% | 2.42% | 5.06% | 23.81% | 6.99% | -1.16% | 0.84% | 0.42% | 0.46% | -7.33% | 0.5% | 0.15% |
| Net Income | 286.67M | 249.24M | 307.52M | 221.18M | 203.65M | 631.66M | 165.72M | 154.84M | 223.42M | 231.49M | 194.71M | 71.35M | 126.28M | 222M | 107.81M | -95.97M | -49.45M | -57.06M |
| Net Margin % | 50.01% | 36.68% | 36.55% | 29.03% | 41.44% | 42.28% | 51.35% | 16.81% | 16.2% | 15.77% | 16.92% | 5.08% | 5.43% | 6% | 2.29% | -2.14% | -0.96% | -2.55% |
| Net Income Growth % | 30.95% | -18.95% | 39.04% | 8.61% | -67.76% | 281.16% | 7.03% | -30.7% | -3.49% | 18.89% | 172.89% | -43.5% | -43.12% | 105.92% | 212.33% | -94.06% | 13.33% | - |
| Net Income (Continuing) | 494.93M | 523.22M | 787.06M | 540.17M | 463.09M | 1.16B | 83.73M | 387.34M | 464.55M | 689.48M | 566.1M | -1.53B | 2.18B | 6.21B | 6.67B | -308.64M | 5.28B | 11.87B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.39B | 3.07B | 3.08B | 3.67B | 2.54B | 2.34B | 1.26B | 1.37B | 1.09B | 1.15B | 1.08B | 1.07B | 1.29B | 1.23B | 1.09B | 935.86M | 45.5B | 40.22B |
| EPS (Diluted) | - | 1.88 | 2.45 | 2.06 | 2.00 | 6.38 | 1.68 | 1.93 | 2.99 | 3.61 | 3.11 | 1.45 | 2.97 | 6.35 | 3.83 | -3.18 | -1.64 | -1.89 |
| EPS Growth % | 35.62% | -23.27% | 18.93% | 3% | -68.65% | 279.76% | -12.95% | -35.45% | -17.17% | 16.08% | 114.48% | -51.18% | -53.23% | 65.8% | 220.44% | -93.9% | 13.23% | - |
| EPS (Basic) | - | 1.88 | 2.45 | 2.06 | 2.00 | 6.38 | 1.68 | 1.93 | 2.99 | 3.61 | 3.11 | 1.45 | 2.97 | 6.35 | 3.83 | -3.18 | -1.64 | -1.89 |
| Diluted Shares Outstanding | 0 | 118.19M | 114.45M | 107.59M | 102.04M | 99.03M | 98.51M | 80.05M | 70.53M | 64.15M | 62.56M | 49.32M | 42.58M | 34.98M | 28.17M | 30.18M | 30.18M | 30.18M |
| Basic Shares Outstanding | 0 | 118.19M | 114.45M | 107.59M | 102.04M | 99.03M | 98.51M | 80.05M | 70.53M | 64.15M | 62.56M | 49.32M | 42.58M | 34.98M | 28.17M | 30.18M | 30.18M | 30.18M |
| Dividend Payout Ratio | - | - | 3.14% | 56.34% | 107% | 78.05% | 58.6% | 301.44% | 221.76% | 242.79% | 202.6% | 522.3% | 436.18% | 352.21% | 393.35% | - | - | - |
Performance fee realization volatility
As indicated by the quarterly financial data, OAK-PB experienced significant revenue volatility, with recent periods showing a marked decline from the $351.1M peak in 2023Q4, highlighting the firm's heavy reliance on the timing of performance-based incentive fee realizations rather than steady management fee streams.
The revenue trajectory appears highly sensitive to the opportunistic exit of distressed assets, which creates lumpy income recognition. Investors should monitor whether the recent contraction reflects a strategic pause in capital deployment or a broader slowdown in the firm's ability to monetize its credit-focused AUM.
Based on reported financial statements, OAK-PB maintains gross margins frequently exceeding 90%, a figure that appears structurally inflated and suggests that the entity's income statement may be presented net of significant operational costs, such as personnel compensation, which are typically captured at the parent level.
These elevated margins should not be interpreted as evidence of superior operational efficiency compared to peers like Ares or Blackstone. Instead, they likely reflect a specific accounting pass-through structure that warrants caution when benchmarking profitability against traditional asset management firms.
According to the provided income statement data, net income exhibits extreme quarterly fluctuations, ranging from a $5.0M loss in 2025Q1 to a $166.1M profit in 2025Q4, which underscores the high degree of earnings sensitivity to non-recurring performance fee events and potential accounting adjustments.
The quality of earnings appears tied to the timing of fund waterfalls, making short-term EPS figures unreliable indicators of long-term value creation. Analysts should focus on the stability of management fees and the growth of fee-earning AUM to better gauge the underlying health of the business.
While Oaktree's counter-cyclical model is designed to thrive during market dislocations, the recent revenue decline suggests that the firm may face challenges in finding attractive distressed opportunities, potentially forcing a choice between deploying capital into lower-quality assets or holding cash and sacrificing short-term fee growth.
Short-sellers might argue that the firm's reliance on specific credit cycles creates a structural ceiling on growth during periods of economic stability. Investors should monitor whether the pressure to scale under the Brookfield umbrella leads to a dilution of the firm's signature risk-control discipline.
Quick answers to the most common questions about buying OAK-PB stock.
Oaktree Capital Group, LLC (OAK-PB) is profitable, generating $249.2M in net income for the fiscal year ending 2025 with a net profit margin of 36.7%.
Oaktree Capital Group, LLC (OAK-PB) reported an operating income of $675.3M, resulting in an operating profit margin of 99.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Oaktree Capital Group, LLC (OAK-PB) generated $678.5M in gross profit for the year, representing a gross profit margin of 99.8%. This demonstrates the company's core pricing power and production efficiency.