EarningsQ2 2026 Earnings Report
MX:OWL Q2 2026 EPS Results
Actual EPS$4.00
Consensus EPS$3.94
Beat/MissBeat by +$0.05
One Year Ago EPS$3.81
MX:OWL Q2 2026 Revenue Results
Actual Revenue$13.65B
Expected Revenue$12.59B
Beat/MissBeat by +$1.06B
YoY Revenue Growth+6.89%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:OWL Upcoming Earnings
Blue Owl Capital's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:OWL Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized broad‑based, durable growth: strong fundraising (quarter and last‑12‑month totals), notable expansion and performance in real assets and alternative credit, meaningful embedded fee pipeline ($31B not yet paying fees), and achieved FRE margin guidance. Challenges discussed were largely manageable and improving — retail/BDC redemption headlines, a still‑recovering wealth channel, and near‑term direct lending deployment that is tepid and dependent on a higher M&A backdrop. Given the weight and scale of the positive fundraising, performance, and diversification metrics versus the contained and improving lowlights, the overall tone is constructive.Company Guidance
Earnings and Dividend
Reported FRE of $0.25 per share and DE of $0.22 per share for Q2; declared a dividend of $0.23 per share payable August 27.
Year‑over‑Year Earnings Growth
Distributable earnings (DE) and fee‑related earnings (FRE) both grew 9% versus the year‑ago quarter; management fees grew ~8% excluding fee offsets.
Strong Fundraising and Capital Raised
Raised $7.8 billion during the quarter and $50.5 billion over the last 12 months (equivalent to ~18% of AUM); more than $16.5 billion of equity capital raised in H1 2026 (over 40% of last 12‑month total).
Diversification and Real Assets Expansion
Real assets now constitute nearly 30% of AUM; real assets AUM grew ~25% year‑over‑year and real assets revenues grew ~27% year‑over‑year. Net lease and digital infrastructure noted as particular strengths.
Embedded Fee Growth Pipeline
AUM not yet paying fees increased to $31 billion, representing approximately $380 million of expected annual management fees (≈15% embedded growth versus 2025 management fees) as that capital is deployed.
Fund and Product Wins
BOSE final close at $3 billion; Net Lease Europe closed $1.5 billion; alternative credit interval fund surpassed $2.7 billion (1‑year anniversary) and outperformed the leveraged loan index by >600 bps; opportunistic alt credit fund raised 1.6x prior vintage.
Strong Investment Performance
All‑credit deployment and returns robust: last 12‑month total returns of 8.3% for direct lending and 11.4% for alternative credit; net lease strategy produced a 13.6% total return over the past 12 months; ORENT Class I shares returned 9% annualized since inception; nontraded BDC OCIC Class I returned >9% since inception and outperformed leveraged loan and high yield indices since inception.
Institutional Demand and Geographic Expansion
Approximately 75% of Q2 equity capital was institutional/insurance; institutional flows ~30% higher year‑over‑year for the last 12 months. Net lease vintage raised $7.7 billion one year after first close (inclusive of co‑invest $8.7 billion), with ~60% commitments from first‑time investors and ~40% of capital from new geographies (Australia, Korea, Scandinavia, Israel, Kuwait, UAE).
Operational Milestones and Industry Recognition
Data center footprint exceeds 140 data centers with 15.3 GW of leased/owned capacity; named PERE Global Net Lease Investor of the Year, Global Data Center Investor of the Year, Global Retail Investor of the Year and ranked #2 on PERE's top 100 real estate fundraisers.
Profitability and Margin Progress
FRE margin of 58.5% achieved in Q2 (in line with full‑year outlook) with expectation of modest incremental margin improvements going forward; company reiterated it expects to beat visible consensus FRE and DE guidance for 2026.
MX:OWL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed