Blue Owl Capital (OWL) Cash Flow: Operating & Free Cash Flow

Blue Owl Capital (OWL) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Blue Owl Capital generated $1.26B of operating cash flow and spent $57.75M on capital expenditures. That left free cash flow of $1.20B, up 28.1% from $935.37M a year earlier, or 41.7% of revenue. It returned $600.35M to shareholders through $546.66M in dividends and $53.69M in share buybacks.

Blue Owl Capital Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Blue Owl Capital Inc. (OWL) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Operating Activities
Net Income	0.31	0.42	0.05	-0.04	-1.80	-0.08	0.02
Depreciation & Amortization	0.38	0.27	0.31	0.26	0.11	0.00	0.00
Deferred Income Tax	0.03	0.02	0.01	-0.01	-0.05	0.00	0.00
Stock Based Compensation	0.67	0.31	0.31	0.42	1.21	0.00	0.00
Change in Working Capital	-0.10	-0.10	0.06	0.10	-0.09	0.09	0.02
Change in Accounts Receivable	-0.10	-0.18	-0.01	-0.13	-0.11	-0.05	0.00
Change in Accounts Payable	0.00	0.01	0.00	0.06	-0.03	0.01	-0.01
Change in Other Working Capital	0.00	0.03	0.07	-0.09	0.84	0.13	0.03
Other Operating Activities	-0.04	0.03	0.20	-0.02	0.84	0.00	0.00
Net Cash from Operating Activities	1.26	1.00	0.95	0.73	0.28	0.01	0.04
Investing Activities
Capital Expenditures	-0.06	-0.06	-0.07	-0.07	-0.01	0.00	0.00
Acquisitions	-0.24	-0.45	-0.03	-0.11	-1.58	0.00	0.00
Purchases of Investments	-0.09	-0.38	-0.09	-0.31	-0.33	-0.03	0.00
Sales/Maturities of Investments	0.13	0.25	0.06	0.00	0.31	0.03	0.00
Net Cash from Investing Activities	-0.27	-0.64	-0.12	-0.49	-1.60	0.00	0.00
Financing Activities
Debt Repayment	0.73	-1.25	0.05	-0.32	-0.58	0.07	0.26
Common Stock Issued	0.00	0.00	0.00	0.00	1.74	0.00	0.00
Common Stock Repurchased	-0.05	0.00	-0.02	-0.08	0.00	0.00	0.00
Dividends Paid	-0.55	-0.37	-0.25	-0.18	-0.15	-0.08	-0.32
Other Financing Activities	-1.07	-0.87	-0.58	-0.41	0.69	0.01	0.02
Net Cash from Financing Activities	-0.94	-0.31	-0.80	-0.22	1.35	0.00	-0.04
Summary
Net Change in Cash	0.04	0.05	0.04	0.03	0.03	0.00	0.00
Cash at Beginning of Period	0.15	0.10	0.07	0.04	0.01	0.01	0.01
Cash at End of Period	0.19	0.15	0.10	0.07	0.04	0.01	0.01
Free Cash Flow	1.20	0.94	0.88	0.66	0.28	0.00	0.04
Supplemental Disclosures
Interest Paid	0.16	0.10	0.07	0.05	0.03	-	-
Income Taxes Paid	0.02	0.02	0.01	0.00	0.00	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Blue Owl Capital Cash Flow

What is Blue Owl Capital's free cash flow?

Blue Owl Capital generated free cash flow of $1.20B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $1.26B minus $57.75M of capital expenditures. That was up 28.1% from $935.37M a year earlier. Free cash flow equaled 41.7% of revenue.

How much does Blue Owl Capital spend on capital expenditures?

Blue Owl Capital spent $57.75M on capital expenditures in fiscal 2025, compared with $64.19M a year earlier. That equals 4.6% of operating cash flow.

Does Blue Owl Capital pay dividends or buy back shares?

Yes. In fiscal 2025 Blue Owl Capital returned $546.66M in dividends and $53.69M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition