Revenue has scaled consistently to $753.8 million in 2026Q1, yet net margins remain thin, frequently hovering near or below 2.5% due to rising operational costs.
| Sales/Revenue | 2.94B | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 1.99B | 1.59B | 1.28B | 860.97M | 475.04M | -673.11M | 9.08M | 79.08M |
| Gross Margin % | 67.53% | 55.38% | 55.67% | 49.72% | 34.68% | -81.7% | 3.64% | 41.43% |
| Gross Profit Growth % | - | 24.38% | 48.43% | 81.24% | 170.57% | -7509.84% | -88.51% | - |
| Operating Expenses | 1.33B | 962.29M | 671.19M | 543.15M | 477.52M | 254.16M | 67.81M | 51.71M |
| OpEx % of Revenue | - | 33.53% | 29.24% | 31.37% | 34.86% | 30.85% | 27.14% | 27.09% |
| Selling, General & Admin | 1.12B | 747.94M | 412.93M | 242.81M | 220.61M | 140.27M | 67.81M | 51.71M |
| SG&A % of Revenue | - | 26.06% | 17.99% | 14.02% | 16.11% | 17.03% | 27.14% | 27.09% |
| Research & Development | 0 | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - |
| Operating Income | 659.35M | 627.15M | 606.76M | 317.82M | -2.48M | -927.27M | -58.73M | 27.37M |
| Operating Margin % | 22.42% | 21.85% | 26.43% | 18.35% | -0.18% | -112.55% | -23.51% | 14.34% |
| Operating Income Growth % | - | 3.36% | 90.91% | 12899.68% | 99.73% | -1478.94% | -314.59% | - |
| EBITDA | 1.05B | 1.01B | 881.67M | 628.38M | 256.73M | -812.71M | -58.05M | 28.2M |
| EBITDA Margin % | 35.62% | 35.35% | 38.41% | 36.29% | 18.74% | -98.64% | -23.24% | 14.77% |
| EBITDA Growth % | 24.79% | 15.09% | 40.31% | 144.76% | 131.59% | -1299.93% | -305.89% | - |
| D&A (Non-Cash Add-back) | 388.13M | 387.56M | 274.92M | 310.57M | 259.21M | 114.55M | 673K | 829K |
| EBIT | 584.19M | 553.56M | 591.12M | 322.08M | 10.45M | -1.84B | -58.73M | 27.37M |
| Net Interest Income | -123.39M | -118.57M | -79.72M | -53.52M | -55.71M | -27.27M | -23.82M | -6.66M |
| Interest Income | 45.72M | 45.18M | 42.17M | 22.18M | 0 | 0 | 0 | 0 |
| Interest Expense | 169.11M | 163.75M | 121.89M | 75.7M | 55.71M | 27.27M | 23.82M | 6.66M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - |
| Pretax Income | 403.4M | 347.91M | 469.23M | 246.38M | -49.62M | -1.87B | -82.54M | 20.7M |
| Pretax Margin % | 13.72% | 12.12% | 20.44% | 14.23% | -3.62% | -226.67% | -33.04% | 10.85% |
| Income Tax | 54.99M | 42.42M | 48.78M | 25.61M | -9.38M | -65.21M | -102K | 240K |
| Effective Tax Rate % | 13.63% | 12.19% | 10.4% | 10.39% | 18.91% | 3.49% | 0.12% | 1.16% |
| Net Income | 86.94M | 78.83M | 109.58M | 54.34M | -9.29M | -376.17M | -77.83M | 22.96M |
| Net Margin % | 2.96% | 2.75% | 4.77% | 3.14% | -0.68% | -45.66% | -31.16% | 12.03% |
| Net Income Growth % | -5.42% | -28.06% | 101.65% | 685.03% | 97.53% | -383.32% | -439.01% | - |
| Net Income (Continuing) | 348.41M | 305.49M | 420.45M | 220.78M | -40.23M | -1.8B | -82.44M | 20.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.69B | 3.85B | 3.68B | 3.75B | 3.94B | 4.18B | 6.53M | 2.26M |
| EPS (Diluted) | 0.13 | 0.12 | 0.20 | 0.11 | -0.02 | -0.93 | -2.26 | 0.07 |
| EPS Growth % | -7.27% | -40% | 81.82% | 614.02% | 97.7% | 58.85% | -3252.02% | - |
| EPS (Basic) | - | 0.12 | 0.20 | 0.12 | -0.02 | -0.93 | -2.26 | 0.07 |
| Diluted Shares Outstanding | 681.07M | 664.8M | 558.43M | 478.01M | 433.43M | 404.92M | 34.38M | 320.01M |
| Basic Shares Outstanding | 680.42M | 675.81M | 549.01M | 463.23M | 433.43M | 404.92M | 320.01M | 320.01M |
| Dividend Payout Ratio | - | 693.44% | 21.09% | 456.14% | - | - | - | 1394.95% |
High stock-based compensation dilution
According to the provided quarterly financial data, Blue Owl Capital has demonstrated a consistent upward revenue trajectory, growing from $494.0 million in 2023Q4 to $753.8 million by 2026Q1, reflecting the firm's successful execution of its platform-wide AUM growth strategy across its core direct lending and GP solutions segments.
The steady revenue expansion appears to be driven by the firm's ability to capture institutional and retail capital, effectively leveraging its permanent capital structure. Investors should monitor whether this growth rate remains sustainable as the firm faces increased competition for private credit assets and potential saturation in its primary wealth distribution channels.
As reported in the firm's income statements, gross margins have fluctuated significantly, reaching a peak of 62.0% in 2025Q4 before normalizing, while net margins have remained consistently thin, often hovering near or below 2.5% throughout the observed ten-quarter period, suggesting substantial underlying cost burdens.
The disparity between gross and net profitability likely stems from the firm's complex Up-C organizational structure and the associated non-cash amortization of intangibles. This suggests that GAAP net income may be a poor proxy for the firm's true economic profitability, warranting a deeper focus on fee-related earnings.
Based on the provided financial figures, stock-based compensation has surged from $93.5 million in 2023Q4 to $195.5 million in 2026Q1, representing a significant and growing expense line that consistently weighs on the firm's reported operating income and overall net profitability for shareholders.
The rapid rise in stock-based compensation suggests a potential misalignment between aggressive talent retention strategies and shareholder value creation. Analysts should investigate whether this expense trajectory is a permanent feature of the firm's growth model or if it will moderate as the platform reaches a more mature scale.
Data from the firm's recent filings indicates that while revenue is scaling, net income remains highly volatile, with quarterly figures ranging from $6.3 million to $47.7 million, largely due to the impact of non-operating items and the firm's specific tax and organizational structure.
The low net margin of 2.1% in 2026Q1, despite strong top-line performance, suggests that investors should prioritize distributable earnings over GAAP metrics to assess true cash generation. The persistent gap between operating income and net income warrants further investigation into the nature of these non-cash charges and their long-term impact on equity.
Quick answers to the most common questions about buying OWL stock.
Blue Owl Capital Inc. (OWL) is profitable, generating $78.8M in net income for the fiscal year ending 2025 with a net profit margin of 2.7%.
Blue Owl Capital Inc. (OWL) reported an operating income of $627.2M, resulting in an operating profit margin of 21.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Blue Owl Capital Inc. (OWL) generated $1.59B in gross profit for the year, representing a gross profit margin of 55.4%. This demonstrates the company's core pricing power and production efficiency.