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Blue Owl Capital

Blue Owl Capital (OWL) Q2 2025 Earnings

Reported Jul 31, 2025 at 7:03 AM ET · SEC Source

Q2 25 EPS

$0.21

BEAT +1.89%

Est. $0.21

Q2 25 Revenue

$703.1M

BEAT +10.23%

Est. $637.9M

vs S&P Since Q2 25

-67.7%

TRAILING MARKET

OWL -49.1% vs S&P +18.5%

Market Reaction

Did OWL Beat Earnings? Q2 2025 Results

Blue Owl Capital delivered a standout second quarter for 2025, posting adjusted earnings per share of $0.21 against a consensus estimate of $0.21, a beat of 1.89%, while revenue of $703.11 million cleared expectations by 10.23% and climbed 27.9% year… Read more Blue Owl Capital delivered a standout second quarter for 2025, posting adjusted earnings per share of $0.21 against a consensus estimate of $0.21, a beat of 1.89%, while revenue of $703.11 million cleared expectations by 10.23% and climbed 27.9% year-over-year. The firm's most powerful engine was a record $13.90 billion in new capital commitments, including $12.10 billion in new equity capital, an achievement management highlighted as particularly impressive given what it called "substantial market disruption and volatility" during the period. A 34% surge in management fees to $623.37 million drove the top-line strength, with assets under management reaching $284.10 billion, up 48% from a year ago. GAAP net income fell sharply due to acquisition-related costs, but Fee-Related Earnings grew 21% to $358.34 million on a non-GAAP basis. Looking ahead, a $28.60 billion pipeline of AUM not yet paying fees represents roughly $379 million in future annual management fees, supporting the firm's decision to raise its annual dividend 25% to $0.90 per share for 2025.

Key Takeaways

  • • Record quarter of capital raising including records for institutional, wealth, Credit, and Real Assets channels
  • • More than 30% growth in management fees over the last twelve months
  • • 17th consecutive quarter of management fee and FRE growth
  • • Kuvare, IPI Partners and Atalaya acquisitions driving AUM growth of 48% year-over-year
  • • Permanent capital generated 87% of management fees during the last twelve months
  • • Direct lending originations of $9.7 billion during the quarter
24/7 Wall St

OWL YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

OWL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Blue Owl's strong second quarter results reflect broad-based momentum across our platforms and notable steps forward on new strategic initiatives. Taken together, we reported record fundraising and more than 30% growth in management fees over the last twelve months during a quarter that included substantial market disruption and volatility.”

— Doug Ostrover, Q2 2025 Earnings Press Release

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