Q1 26 EPS
$0.19
BEAT +5.26%
Est. $0.18
Q1 26 Revenue
$753.8M
BEAT +8.84%
Est. $692.6M
vs S&P Since Q1 26
-11.9%
TRAILING MARKET
OWL -7.6% vs S&P +4.2%
Market Reaction
Did OWL Beat Earnings? Q1 2026 Results
Blue Owl Capital Inc. Delivered a strong first quarter for 2026, posting adjusted earnings per share of $0.19 against a consensus estimate of $0.18, a beat of 5.26%, while revenue of $753.81 million cleared expectations by 8.84% and rose 10.3% year-o… Read more Blue Owl Capital Inc. Delivered a strong first quarter for 2026, posting adjusted earnings per share of $0.19 against a consensus estimate of $0.18, a beat of 5.26%, while revenue of $753.81 million cleared expectations by 8.84% and rose 10.3% year-over-year. The standout driver was continued momentum across all three investment platforms, with total assets under management climbing 15% year-over-year to $314.90 billion, anchored by $11.00 billion in fresh capital commitments during the quarter. Fee-related earnings grew 14% to $393.63 million and the FRE margin widened to 58.4%, reflecting the durability of Blue Owl's largely permanent, fee-generating capital base. Shares surged more than 14% in the session following the release, underscoring investor confidence in the firm's positioning. Looking ahead, $29.90 billion in AUM not yet paying fees represents an embedded pipeline of roughly $349.00 million in expected annual management fees once deployed, giving the company a visible runway for continued revenue growth through the remainder of 2026.
Key Takeaways
- • AUM growth of 15% YoY to $314.9 billion driven by capital raised, change in debt and appreciation
- • FPAUM increased 8% YoY to $188.4 billion driven by capital raised and deployment in Credit
- • Permanent capital of $224.8 billion generated 85% of FRE management fees
- • FRE margin expanded to 58.4% from 57.2% year-over-year
- • Management fees increased 10% YoY driven by growth across all three platforms
- • Credit platform direct lending originations of $6.8 billion in the quarter
OWL Forward Guidance & Outlook
Blue Owl has $29.9 billion of AUM not yet paying fees, representing expected annual management fees of approximately $349 million once deployed, providing a significant embedded revenue pipeline. Permanent capital of $224.8 billion, up 15% year-over-year, continues to anchor the business. Management believes the current market landscape favors firms with patient capital and longer duration such as Blue Owl. The company announced an annual dividend of $0.92 per Class A share for 2026.
OWL YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
OWL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Blue Owl's results for the first quarter of 2026 demonstrate the power of our three differentiated and scaled platforms, each of which has contributed to our continued expansion to $315 billion of AUM. Our financial results reflect stability, stemming from our durable capital base, and growth, driven by fundraising and ongoing capital deployment.”
— Doug Ostrover, Q1 2026 Earnings Press Release
OWL Earnings Trends
OWL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
OWL EPS Trend
Earnings per share: estimate vs actual
OWL Revenue Trend
Quarterly revenue: estimate vs actual
OWL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.18 | $0.19 | +5.26% | $753.8M | +8.84% |
| Q4 25 BEAT FY | $0.22 | $0.24 | +6.76% | $755.6M | +7.84% |
| FY Full Year | $0.82 | $0.84 | +2.29% | $2.87B | +7.74% |
| Q3 25 MISS | $0.22 | $0.22 | -0.63% | $728.0M | +6.88% |
| Q2 25 BEAT | $0.21 | $0.21 | +1.89% | $703.1M | +10.23% |
| Q1 25 MISS | $0.18 | $0.17 | -7.76% | $683.5M | +8.97% |