Q1 25 EPS
$0.17
MISS 7.76%
Est. $0.18
Q1 25 Revenue
$683.5M
BEAT +8.97%
Est. $627.2M
vs S&P Since Q1 25
-80.3%
TRAILING MARKET
OWL -46.2% vs S&P +34.1%
Market Reaction
Did OWL Beat Earnings? Q1 2025 Results
Blue Owl Capital delivered a mixed first quarter for 2025, posting revenue of $683.49 million, a 33.1% year-over-year gain that cleared the $627.24 million consensus estimate by 8.97%, while adjusted earnings per share of $0.17 fell short of the $0.1… Read more Blue Owl Capital delivered a mixed first quarter for 2025, posting revenue of $683.49 million, a 33.1% year-over-year gain that cleared the $627.24 million consensus estimate by 8.97%, while adjusted earnings per share of $0.17 fell short of the $0.18 consensus by 7.76%, as a wave of acquisition-related costs weighed on profitability. The earnings shortfall traces directly to the company's aggressive expansion push: compensation surged 45%, intangibles amortization jumped 59%, and G&A expenses more than doubled as newly closed deals, including the January 2025 IPI acquisition, which alone brought $14.20 billion in AUM, were absorbed into the platform. Total AUM climbed 57% year-over-year to $273.30 billion, with $23.40 billion not yet paying fees representing $289 million in expected annual management fees once deployed, a pipeline that underpins management's confidence heading into the rest of 2025. Co-CEOs Doug Ostrover and Marc Lipschultz framed current market volatility as an opportunity, backed by an investment-grade balance sheet and a 25% dividend increase to an annualized $0.90 per Class A share for 2025.
Key Takeaways
- • Over 30% growth in management fees over the last twelve months
- • High levels of permanent capital generating 89% of management fees over LTM
- • AUM growth of 57% YoY driven by Kuvare, IPI, Prima and Atalaya acquisitions plus organic capital raising
- • Credit platform direct lending originations of $12.8 billion in the quarter
- • FPAUM increased 66% YoY to $174.6 billion
- • New capital commitments raised of $10.7 billion in the quarter
- • Private wealth equity fundraise of $3.7 billion in the quarter
- • 16th consecutive quarter of both FRE management fee and FRE sequential growth
OWL YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
OWL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Blue Owl continued to generate stable and strong growth through a variety of market environments, as evidenced by over 30% growth in management fees over the last twelve months. Our business model, supported by high levels of permanent capital, has been purpose-built to thrive during periods of market dislocation.”
— Doug Ostrover, Q1 2025 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% |