Stocks OWL Financial statements
Financial statementsBLUE OWL CAPITAL INC. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data BLUE OWL CAPITAL INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 191 | 250 | 824 | 1,370 | 1,732 | 2,295 | 2,870 |
| General and administrative | 51.7 | 67.8 | 140 | 221 | 243 | 413 | 748 |
| Interest expense | 6.66 | 23.8 | 27.7 | 60.1 | 75.7 | 122 | 164 |
| Interest income | 0.39 | 4.36 | 22.2 | 42.2 | 45.2 | ||
| Other non-operating income | -6.66 | -23.8 | -940 | -47.1 | -71.4 | -138 | -108 |
| Pre-tax income | 20.7 | -82.5 | -1,867 | -49.6 | 246 | 469 | 348 |
| Income tax | 0.24 | -0.1 | -65.2 | -9.38 | 25.6 | 48.8 | 42.4 |
| Net income to minority interests | -2.49 | -4.61 | -1,426 | -30.9 | 166 | 311 | 227 |
| Net income | 23 | -77.8 | -376 | -9.29 | 54.3 | 110 | 78.8 |
| EPS, basic | -0.02 | 0.12 | 0.20 | 0.12 | |||
| EPS, diluted | -0.02 | 0.10 | 0.20 | 0.10 | |||
| Shares, basic (weighted) | 433 | 463 | 549 | 655 | |||
| Shares, diluted (weighted) | 433 | 478 | 558 | 662 | |||
| Dividend per share | 0.00 | 0.00 | 0.13 | 0.43 | 0.55 | 0.68 | 0.86 |
Balance sheet
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 7.34 | 11.6 | 42.6 | 68.1 | 104 | 152 | 195 |
| Other current assets | 0.35 | ||||||
| Total current assets | 1.28 | ||||||
| Property, plant and equipment | 3.36 | 7.95 | 71.2 | 135 | 188 | 219 | |
| Lease right-of-use assets | 0 | 86 | 224 | 282 | 325 | 456 | |
| Goodwill | 0 | 4,132 | 4,205 | 4,224 | 4,699 | 5,624 | |
| Intangible assets | 0 | 2,611 | 2,405 | 2,110 | 2,903 | 2,889 | |
| Total assets | 122 | 8,266 | 8,893 | 8,818 | 10,992 | 12,468 | |
| Accrued liabilities | 0.05 | ||||||
| Total current liabilities | 0.14 | ||||||
| Total liabilities | 623 | 2,419 | 3,344 | 3,540 | 5,186 | 6,413 | |
| Total debt | 356 | 1,174 | 1,625 | 1,681 | 2,588 | 3,324 | |
| Paid-in capital | 10.3 | 2,161 | 2,294 | 2,411 | 3,269 | 3,813 | |
| Retained earnings | -5.28 | -498 | -689 | -883 | -1,142 | -1,609 | |
| Other comprehensive income | 0 | 1.89 | |||||
| Shareholders' equity | 5 | 1,664 | 1,605 | 1,528 | 2,128 | 2,205 | |
| Minority interests | 6.53 | 4,184 | 3,944 | 3,750 | 3,678 | 3,849 | |
| Total equity | -350 | -501 | 5,848 | 5,549 | 5,278 | 5,806 | 6,054 |
| Total liabilities and equity | 122 | 8,266 | 8,893 | 8,818 | 10,992 | 12,468 |
Cash flow statement
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | 20.5 | -82.4 | -1,802 | -40.2 | 221 | 420 | 305 |
| Depreciation and amortization | 0.83 | 0.67 | 0.67 | 2.3 | 10.2 | 16.7 | 23.4 |
| Stock-based compensation | 0 | 0 | 1,205 | 421 | 313 | 313 | 674 |
| Deferred income tax | 0.16 | -0.48 | -66.1 | -23.9 | 4.2 | 26.8 | 21.2 |
| Cash from operations | 44.1 | 5.23 | 282 | 728 | 949 | 1,000 | 1,256 |
| Capital expenditures | -1.17 | -0.65 | -5.26 | -65.5 | -67.9 | -64.2 | -57.7 |
| Acquisitions | 0 | 0 | -1,579 | -114 | -26.3 | -445 | -245 |
| Purchases of investments | 0 | -30 | -329 | -309 | -85.9 | -378 | -94.3 |
| Sales and maturities of investments | 0 | 30 | 314 | 3.88 | 62.1 | 250 | 126 |
| Cash from investing | -1.17 | -0.65 | -1,599 | -485 | -118 | -638 | -271 |
| Debt issued | 345 | 241 | 1,390 | 775 | 1,055 | 2,170 | 2,270 |
| Debt repaid | -83.6 | -171 | -578 | -323 | -1,000 | -1,245 | -1,540 |
| Share buybacks | 0 | 0 | -78.8 | 0 | 0 | -53.7 | |
| Dividends paid | 0 | 0 | -47.1 | -183 | -248 | -368 | -547 |
| Cash from financing | -43 | -0.3 | 1,348 | -218 | -795 | -313 | -943 |
| Net change in cash | -0.12 | 4.29 | 30.9 | 25.5 | 36.1 | 47.9 | 42.4 |
| Free cash flow | 42.9 | 4.58 | 276 | 663 | 881 | 935 | 1,198 |
| Interest paid | 2.7 | 23.2 | 25 | 47.7 | 71.6 | 101 | 155 |
| Income taxes paid | 0.36 | 0.14 | 4.35 | 4.78 | 14.2 | 22.1 | 17.1 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 13.0% | Pre-tax income / revenue. |
| Net margin | 2.7% | Net income / revenue. |
| FCF margin | 44.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 46.1% | Cash from operations / revenue. |
| Effective tax rate | 13.2% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 4.1% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 0.7% | Net income / average total assets. |
| Stock-based pay / revenue | 23.9% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 1.9% | Capital expenditures / revenue. |
| D&A / revenue | 0.9% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 25.0% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 28.0% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 63.0% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -28.1% | Net income vs the same period a year earlier. Only from a positive base. |
| EPS growth, 1y | -50.0% | EPS vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | 25.7% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 19.9% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 199.2% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 28.1% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 21.8% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 204.4% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 25.7% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 25.7% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value growth, 1y | 3.6% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 11.2% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 238.0% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 13.4% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 11.9% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 152.4% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 18.5% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 15.2% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Debt / equity | 1.91x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 30.9% | Total debt / total assets. |
| Liabilities / assets | 54.5% | Total liabilities / total assets. |
| Net debt | $3.64B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Goodwill and intangibles / assets | 67.6% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$6.35B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.24x | Revenue / average total assets. |
| Fixed asset turnover | 13.2x | Revenue / average property, plant and equipment. |
| FCF conversion | 1,636.0% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 4.1% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.12 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $4.34 | Revenue / diluted weighted shares. |
| FCF per share | $1.92 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $2.00 | Cash from operations / diluted weighted shares. |
| Book value per share | $2.90 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$9.22 | Tangible book value / shares outstanding. |
| Cash per share | $0.25 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 743.8% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 45.5% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 5.8% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $14.53B | Share price x shares outstanding. |
| Enterprise value | $18.17B | Market cap + total debt - cash - short-term investments. |
| P/E | 180x | Market cap / net income. Only when net income is positive. |
| P/S | 4.86x | Market cap / revenue. |
| P/B | 7.28x | Market cap / shareholders' equity. Only when equity is positive. |
| P/FCF | 11.0x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 10.5x | Market cap / cash from operations, when positive. |
| EV/Sales | 6.08x | Enterprise value / revenue. |
| EV/FCF | 13.7x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 9.1% | Free cash flow / market cap. |
| Earnings yield | 0.6% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 4.1% | Dividends paid over the period / market cap. |
| Shareholder yield | 4.7% | (Dividends paid + share buybacks) / market cap. |
What was BLUE OWL CAPITAL INC.'s revenue in fiscal 2025?
BLUE OWL CAPITAL INC. reported revenue of $2.87B for fiscal 2025, 25% higher than the year before.
Was BLUE OWL CAPITAL INC. profitable in fiscal 2025?
Yes. Net income was $78.8M, a net margin of 2.7%.
How much free cash flow did BLUE OWL CAPITAL INC. generate in fiscal 2025?
Cash from operations of $1.26B minus capital expenditures of $57.7M left free cash flow of $1.20B.