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How KKR makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/30/2026
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American investment firm that serves institutional investors, wealth investors, family offices, and companies across a variety of industries and markets. · Wikipedia
More about the company
KKR operates across three business areas: asset management, insurance and Strategic Holdings. As of March 31, 2026, KKR had assets under management (AUM) of approximately $758 billion, making it one of the world's largest alternative asset management firms.
Key growth driver: Fees & Other (AM) — the fastest-growing revenue line: $1,180, +28% y/y. · by the Q2 2026 report
How does KKR make money?
KKR brought in $6.39 billion of revenue in Q2 2026, up 2% year over year. The largest source was Insurance Revenues: $3.52 billion, or 55% of the total, followed by Fees & Other (AM) ($1.18B, 18%) and Capital Allocation Income ($1.02B, 16%); other lines add the remaining 10%. Net income for the quarter was $660 million, up 40% year over year.
Revenue by source, Q2 2026
- Insurance Revenues$3.52B · 55% · +8%
- Fees & Other (AM)$1.18B · 18% · +28%
- Capital Allocation Income$1.02B · 16% · +12%
- Investment Income (AM), net$661M · 10% · −44%
Shares of $6.39B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is KKR’s next earnings date?
Monday, November 9, 2026confirmed · before market open
KKR is scheduled to report results for the quarter ending Sep 2026 on Nov 9, 2026. Consensus EPS forecast: $1.42 (6 analysts), vs $1.22 in the same quarter last year.
What time does KKR report? Usually before market open: the last 4 results releases reached the SEC at 6:55 am, 6:50 am, 6:50 am, 6:50 am ET.
Last report: Jul 30, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$6,387
+2%
Net income
$660
+40%
Diluted EPS $0.70 · +40%
Verdict: record fee engine — fee-related earnings jumped 37% to $1.2B on AUM of $796B (+16%) and the strongest monetization quarter in KKR's history; GAAP net income to common rose 40%, though largely because the noncontrolling-interest allocation swung in KKR's favor.
Non-GAAP records: FRE $1,214M (+37%) · Total Operating Earnings $1,539M (+29%) · Adjusted Net Income $1,493M (+40%) · AUM $796B (+16%) · FPAUM $638B (+15%) · new capital raised $34.3B in Q2 · capital invested $24.2B.
Source and notation
* marks non-cash / ≈ estimated. GAAP view consolidates asset management and Global Atlantic insurance. Source: KKR press release, 8-K EX-99.1 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
KKR earnings history: past report dates
| Jul 30, 2026 Thu | 6:55 ambefore market open | Jun 30, 2026 | ≈$5.7B+13% y/y | ≈$0.74+40% y/y |
| May 5, 2026 Tue | 6:50 ambefore market open | Mar 31, 2026 | ≈$4.3B+39% y/y | ≈$0.41 |
| Feb 5, 2026 Thu | 6:50 ambefore market open | Dec 31, 2025 | ≈$5.7B+76% y/y | ≈$1.24−2% y/y |
| Nov 7, 2025 Fri | 6:50 ambefore market open | Sep 30, 2025 | ≈$5.5B+15% y/y | ≈$0.97+43% y/y |
| Jul 31, 2025 Thu | 6:50 ambefore market open | Jun 30, 2025 | ≈$5.1B+22% y/y | ≈$0.53−29% y/y |
| May 1, 2025 Thu | 6:50 ambefore market open | Mar 31, 2025 | ≈$3.1B−68% y/y | ≈−$0.22 |
| Feb 4, 2025 Tue | 6:50 ambefore market open | Dec 31, 2024 | ≈$3.3B−26% y/y | ≈$1.27+6% y/y |
| Oct 24, 2024 Thu | 6:49 ambefore market open | Sep 30, 2024 | ≈$4.8B+45% y/y | ≈$0.68−60% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
KKR: 5-year financials
| 2025 | 19,464 | 2,371 | 650 |
| 2024 | 21,879 | 3,076 | 612 |
| 2023 | 14,499 | 3,732 | 563 |
| 2022 | 5,704 | −522 | 444 |
| 2021 | 16,226 | 4,732 | 331 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
1.5/2mostly good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 2026Per the 10-K: no later than December 31, 2026 the Series I preferred share will be canceled and every common share will carry one vote; until then its holder determines voting outcomes and board composition. sec.gov ↗
- Oct 2021The reorganization was approved by the board on the unanimous recommendation of a Conflicts Committee of independent directors; 8.5M shares are issued to KKR Holdings partners and the TRA is terminated. sec.gov ↗
- Jun 2015SEC: KKR paid nearly $30M for shifting broken-deal expenses onto its funds. sec.gov ↗
- Dec 2025Dividend per share: $0.53 (2020), $0.61 (2022), $0.73 (2025); SBC 3.7% of revenue (XBRL 10-K). data.sec.gov ↗
Scoring: 2.0 −0.5 (criterion 7: until the Sunset Date, no later than Dec 31, 2026, the holder of the Series I preferred share — senior employees' KKR Management LLP — controls voting; the sunset is fixed) = 1.5
- Share classes
- Until the Sunset Date (no later than December 31, 2026) the Series I holder appoints the board and determines voting outcomes; after that, “one share, one vote” → −0.5 (sunset in place).
- Dilution
- Shares 861M (2022) → 891M (2025), +3.5%; the 2022 jump reflects the exchange of 258.3M KKR Holdings units for 266.8M shares (the economic interest already existed); SBC 3.7%.
- Disclosure
- 10-Ks and 10-Qs filed on time, audited US GAAP financials; no deduction.
- Dividends
- The switch to a fixed dividend on conversion to a corporation in 2018 was announced in advance; since 2019 the dividend has grown ($0.53 in 2020 → $0.73 in 2025) — no deduction.
- Lawsuits & regulators
- SEC 2015 ($30M, fund expenses) concerns client funds and is not deducted under criterion 10; the Kentucky suit concerns a client pension fund; no shareholder suits with payouts found.
- Related parties
- 2021–2022 reorganization: partners received 8.5M “reorganization” shares (~1% of equity) in exchange for giving up the TRA and control; approved by an independent Conflicts Committee — no deduction.
How the score works · checked as of Sep 2026
KKR earnings: FAQ
How does KKR make money?
KKR brought in $6.39 billion of revenue in Q2 2026, up 2% year over year. The largest source was Insurance Revenues: $3.52 billion, or 55% of the total, followed by Fees & Other (AM) ($1.18B, 18%) and Capital Allocation Income ($1.02B, 16%); other lines add the remaining 10%. Net income for the quarter was $660 million, up 40% year over year.
When is KKR's next earnings date?
KKR (KKR) is scheduled to report on Nov 9, 2026, before market open.
What time does KKR report earnings?
KKR is scheduled to report before market open on Nov 9, 2026. Its last results releases were filed before market open, most recently at 6:55 am ET on Jul 30, 2026.
When did KKR last report earnings?
KKR reported Q2 2026 results on Jul 30, 2026.
What is the EPS estimate for KKR's next earnings?
The consensus EPS forecast is $1.42 (6 analysts), vs $1.22 in the same quarter last year.
Where can I find KKR's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to KKR's filings; this page breaks the latest report down in a Sankey chart.
What was KKR's net income in Q2 2026?
KKR reported net income of $660M for Q2 2026 (+40% year over year), under US GAAP.
Does KKR pay dividends?
Yes. In 2025, KKR paid $650M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/26/2026. How we make the breakdowns · Report an error
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