KKR & Co. Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.90%.
Did KKR Beat Earnings? Q1 2026 Results
KKR delivered a standout first quarter for 2026, posting adjusted EPS of $1.39 against a consensus estimate of $1.26, a beat of 10.28%, while revenue of $4.32 billion more than doubled analyst expectations of $2.11 billion and climbed 41.4% year over year. The primary engine behind the outperformance was a broad acceleration across the firm's asset management franchise, with Fee Related Earnings rising 24% to $1.02 billion and management fees surging 30% to $1.19 billion as total AUM reached $757.88 billion, up 14% from a year ago. On a GAAP basis, KKR swung to net income of $364.80 million from a loss of $185.92 million in Q1 2025, aided by a sharp improvement in insurance revenues. LTM capital deployment reached a record pace of $97.41 billion, underscoring the firm's momentum heading into the rest of the year. Looking ahead, management guided Strategic Holdings Operating Earnings to exceed $350 million in 2026, with a longer-term target of $1.1 billion by 2030, signaling confidence in the durability of its diversified platform.
- Management fees grew 30% year-over-year to $1.19 billion driven by Fee Paying AUM growth
- Fee Related Earnings increased 24% YoY to $1.0 billion with 69% FRE margin
- K-Series AUM nearly doubled to $38 billion from $21 billion a year ago
- Perpetual capital grew 17% YoY to $326 billion, representing 43% of AUM
- LTM capital invested reached $97 billion, a record pace
- Private equity realized performance income more than doubled to $694 million
- North America Fund XIV final close at $23 billion in total commitments
- Insurance net investment income grew to $1.9 billion driven by portfolio growth and higher yields
“On May 1st, KKR celebrated its 50th anniversary — a milestone reflecting a half century of navigating cycles and delivering for our clients. Our first quarter results demonstrate that track record and durability, with approximately 20% year-over-year growth across Fee Related Earnings, Total Operating Earnings and Adjusted Net Income per share. Against a volatile backdrop, monetization activity accelerated, and over the past 12 months we've invested more capital on behalf of our clients than at any point in our history. We are highly confident in the strength of our platform and our long-term positioning.”
KKR CEO, on the earnings call
Forward Guidance & Outlook
KKR expects Strategic Holdings Operating Earnings to exceed $350 million in 2026, $700 million by 2028, and $1.1 billion by 2030. Management expressed high confidence in the strength of KKR's platform and long-term positioning despite a volatile backdrop, noting that monetization activity accelerated and LTM capital deployment reached record levels.
KKR YoY Financials
KKR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.