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…
Earnings analysis · 10-Q
KKR earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
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…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.39
- Segment
- Asset Management
- Segment
- Insurance
- Segment
- Strategic Holdings
What stood out
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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.
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Positive EPS Performance
Diluted EPS for Q1 2026 stood at $0.39, a substantial recovery from a loss of $0.19 in Q1 2025.
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Increased Management Fees
Management fees reached $1.19 billion in Q1 2026, a 30% increase from $917 million in Q1 2025.
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Substantial Free Cash Flow
Free Cash Flow (FCF) was reported at $1.8 billion, maintaining a strong cash position.
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Segment Diversification
Insurance segment revenues increased to $2.29 billion, with net investment income improving by $171.3 million year-over-year.
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AUM Growth
Assets under Management rose to $758 billion, reflecting strong new capital inflows and investment appreciation.
What to watch
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Market Volatility Impact
The S&P 500 was down 4.3% during the period, which could affect the valuations of KKR's managed assets.
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Regulatory Compliance Risks
Possible regulatory changes impacting asset management practices and insurance operations pose risks.
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Interest Rate Fluctuations
Interest rate increases could adversely affect the valuation of KKR's debt instruments and insurance liabilities.
Management's outlook
Management expects revenue for 2026 to be between $20 billion and $22 billion, a slight increase from previous estimates.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.