Operating cash flow of $461.3M in 2026Q2 far exceeded net income of $60.7M, but this masks a $492.6M provision expense, and dividends of $130.6M plus buybacks of $25.0M totaled $155.6M in capital return.
Blue Owl Capital Inc. (OWL) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 1.38B | 1.26B | 999.55M | 949.14M | 728.45M | 281.66M | 5.23M | 44.06M |
| Operating CF Growth % | 544.78% | 25.66% | 5.31% | 30.3% | 158.63% | 5281.31% | -88.12% | - |
| Net Income | 130.18M | 305.49M | 420.45M | 220.78M | -40.23M | -1.8B | -82.44M | 20.46M |
| Depreciation & Amortization | 376.01M | 382.4M | 274.92M | 310.57M | 259.21M | 114.55M | 673K | 829K |
| Deferred Taxes | 36.49M | 34.81M | 19.68M | 5.86M | -12.51M | -52.29M | -475K | 159K |
| Other Non-Cash Items | -172.94M | -36.51M | 76.88M | 36.73M | -2.64M | 904.68M | 787K | 225K |
| Working Capital Changes | 85.87M | -103.68M | -104.97M | 62.65M | 103.79M | -88.35M | 86.69M | 22.39M |
| Cash from Investing | -90.14M | -270.57M | -638.14M | -118.03M | -485.22M | -1.6B | -652K | -1.17M |
| Purchase of Investments | -138.82M | -94.27M | -378.4M | -85.94M | -309.1M | -328.8M | -30M | 0 |
| Sale/Maturity of Investments | 105.18M | 126.03M | 249.65M | 62.08M | 3.88M | 314.05M | 30M | 0 |
| Net Investment Activity | -33.64M | 31.76M | -128.75M | -23.86M | -305.23M | -14.74M | 0 | 0 |
| Acquisitions | 0 | -244.58M | -445.21M | -26.27M | -114.45M | -1.58B | 0 | 0 |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -1.24B | -943.04M | -313.48M | -795.03M | -217.72M | 1.35B | -295K | -43.01M |
| Dividends Paid | -577.03M | -546.66M | -368.33M | -247.88M | -182.55M | -150.22M | -78.05M | -320.25M |
| Share Repurchases | -74.45M | -53.69M | -38.85M | -18.64M | -78.79M | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -74.45M | -53.69M | -38.85M | -18.64M | -78.79M | 0 | 0 | 0 |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | -1.14B | -1.07B | -831.3M | -583.32M | -408.44M | 685.91M | 8.67M | 15.89M |
| Net Change in Cash | 51.44M | 42.42M | 47.93M | 36.08M | 25.51M | 30.94M | 4.29M | -116K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 190.46M | 152.09M | 104.16M | 68.08M | 42.57M | 11.63M | 7.34M | 7.46M |
| Cash at End | 169.06M | 194.51M | 152.09M | 104.16M | 68.08M | 42.57M | 11.63M | 7.34M |
| Interest Paid | 103.92M | 155.39M | 101.19M | 71.59M | 47.73M | 25.01M | 23.23M | 2.7M |
| Income Taxes Paid | 13.7M | 17.14M | 22.14M | 14.25M | 4.78M | 4.35M | 142K | 359K |
| Free Cash Flow | 1.32B | 1.2B | 935.37M | 881.24M | 662.91M | 276.4M | 4.58M | 42.89M |
| FCF Growth % | 27.07% | 28.11% | 6.14% | 32.94% | 139.84% | 5932.23% | -89.32% | - |
Quick answers to the most common questions about buying OWL stock.
Blue Owl Capital Inc. (OWL) generated $1.26B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Blue Owl Capital Inc. (OWL) generated $1.20B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Blue Owl Capital Inc. (OWL) spent $57.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Blue Owl Capital Inc. (OWL) returned $546.7M to shareholders via cash dividends and spent $53.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Provision volatility and negative NII
Metrics are mathematically derived from official filings.
Cash Generation Outpaces Net Income
According to reported financials, Blue Owl's operating cash flow reached $461.3M in 2026Q2, far exceeding net income of $60.7M, indicating strong cash generation from fee-based operations.
The OCF/NI ratio of 7.6x in 2026Q2 underscores that reported earnings understate cash generation, likely due to non-cash provisions and deferred revenue. This suggests the firm's fee-based model produces robust cash flows that can support capital deployment and distribution growth.
Securities Portfolio Modest Activity
Investment purchases totaled $47.9M in 2026Q2, with sales of $1.6M, resulting in net investment outflows of $46.3M, as per financial statements.
The relatively small scale of securities purchases and sales compared to operating cash flow indicates that the investment portfolio is not a primary use of cash. This may reflect a strategy of holding investments to maturity or a focus on direct lending, where cash flows are captured in loan activities.
Loan Growth Drives Cash Deployment
Loan loss provisions surged to $492.6M in 2026Q2, a 65% increase from the prior quarter, according to recent disclosures, signaling aggressive loan origination and credit risk buildup.
The substantial provisions, despite modest net income, suggest that Blue Owl is rapidly expanding its loan book, likely in private credit. This deployment of cash into loans may pressure near-term liquidity but could generate higher yields over time. Investors should monitor credit quality as provisions outpace net income.
Dividends Outpace Buybacks
Dividends paid totaled $130.6M in 2026Q2, while buybacks were $25.0M, resulting in total capital return of $155.6M, based on reported figures.
The dividend payout ratio, relative to net income, exceeds 200%, indicating that dividends are funded by operating cash flow rather than earnings. This may be sustainable given the strong OCF, but the lack of significant buybacks suggests management prioritizes returning cash via dividends, possibly to support the stock price.
Provisions Outpace Net Income
In 2026Q2, provisions for loan losses reached $492.6M, dwarfing net income of $60.7M, as reported in financial statements, highlighting significant credit cost escalation.
The cumulative provisions over the last four quarters total $1.08B against cumulative net income of $130M, implying that credit costs are consuming a substantial portion of revenue. This may indicate aggressive loan growth with higher risk, or a deteriorating credit environment. The sustainability of this trend is questionable and warrants close monitoring.
Cash Flow Hides Credit Risk
Operating cash flow of $461.3M in 2026Q2 masks the $492.6M provision expense, which is a non-cash charge, according to financial statements, potentially overstating cash generation.
While OCF appears robust, the large provisions suggest that actual credit losses may be realized in future periods, impacting cash flows. Additionally, off-balance sheet commitments and unfunded loan commitments are not visible in the cash flow statement, which could represent future cash outflows. Investors should consider these factors when assessing liquidity.