KKR earnings analysis
What we found in KKR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
KKR & Co. Inc. reported a strong Q1 2026 with significant growth in revenues and earnings compared to the prior year and prior quarter. Total revenue reached $4.32 billion, a 39% increase year-over-year, while diluted EPS reached $0.39, marking a positive shift from a loss in Q1 2025. The asset management segment saw substantial increases in management and incentive fees alongside improved investment performance, despite challenges in market valuations.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- KKR reported $4.32 billion in revenue for Q1 2026, up from $3.11 billion in Q1 2025, reflecting a 39% year-over-year increase.
- Positive EPS Performance
- Diluted EPS for Q1 2026 stood at $0.39, a substantial recovery from a loss of $0.19 in Q1 2025.
- Increased Management Fees
- Management fees reached $1.19 billion in Q1 2026, a 30% increase from $917 million in Q1 2025.
- Substantial Free Cash Flow
- Free Cash Flow (FCF) was reported at $1.8 billion, maintaining a strong cash position.
- Segment Diversification
- Insurance segment revenues increased to $2.29 billion, with net investment income improving by $171.3 million year-over-year.
- AUM Growth
- Assets under Management rose to $758 billion, reflecting strong new capital inflows and investment appreciation.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Market Volatility Impact
- The S&P 500 was down 4.3% during the period, which could affect the valuations of KKR's managed assets.
- Regulatory Compliance Risks
- Possible regulatory changes impacting asset management practices and insurance operations pose risks.
- Interest Rate Fluctuations
- Interest rate increases could adversely affect the valuation of KKR's debt instruments and insurance liabilities.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.39
- Gross margin
- 40.5%
- Operating margin
- 10.7%
- Segment
- Asset Management
- Segment
- Insurance
- Segment
- Strategic Holdings
What they said about what is next.
Management expects revenue for 2026 to be between $20 billion and $22 billion, a slight increase from previous estimates.
The filing reads better than the one before it.
What came before.
- 10-K · February 27, 2026
- KKR presents a diversified, scaled alternative asset manager with $744 billion of AUM as of December 31, 2025 (including $219 billion from Global Atlantic) and $4.1 billion of management fees in 2025. The 10‑K…
- 10-Q · November 7, 2025
- KKR reported total revenues of $5,525,975,000 for the three months ended September 30, 2025, up $734,279,000 (15.3%) versus $4,791,696,000 in Q3 2024. Diluted EPS increased to $0.90 from $0.64 a year ago (+$0.26,…
- 10-Q · August 8, 2025
- KKR reported total revenues of $5,088,843,000 for Q2 2025, up from $4,171,910,000 in Q2 2024, driven by growth in both Asset Management & Strategic Holdings and Insurance. Income before taxes increased to $1,528,768,000…
- 10-Q · May 9, 2025
- KKR reported total revenues of $3,110,183,000 for the quarter ended March 31, 2025, down sharply from $9,656,738,000 a year earlier. The company generated income before taxes of $771,067,000 (operating margin ~24.8%)…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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