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KKR

KKR Q2 2026 Earnings

Reported Jul 30, 2026 at 6:55 AM ET · SEC Source

Q2 26 EPS

$1.63

BEAT +14.23%

Est. $1.43

Q2 26 Revenue

$5.73B

BEAT +132.55%

Est. $2.46B

vs S&P Since Q2 26

-2.2%

TRAILING MARKET

KKR +2.0% vs S&P +4.3%

Market Reaction

Did KKR Beat Earnings? Q2 2026 Results

KKR & Co. Delivered a robust second quarter of 2026, posting adjusted EPS of $1.63 against a consensus estimate of $1.43, a beat of 14.23%, while revenue of $5.73 billion ran 132.55% ahead of the $2.46 billion Wall Street had penciled in and grew 14.… Read more KKR & Co. Delivered a robust second quarter of 2026, posting adjusted EPS of $1.63 against a consensus estimate of $1.43, a beat of 14.23%, while revenue of $5.73 billion ran 132.55% ahead of the $2.46 billion Wall Street had penciled in and grew 14.4% year over year. The primary engine behind the quarter's strength was record Fee Related Earnings of $1.21 billion, up 37% year over year, propelled by a 25% rise in management fees to $1.25 billion and a sharp jump in fee related performance revenues to $254.70 million from just $53.74 million a year prior. Assets under management climbed 16% to $796.49 billion, with $34.33 billion in fresh capital raised during the quarter alone, a trajectory that analysts had flagged as a key differentiator for the firm heading into the period. Looking ahead, KKR cited $143 billion in dry powder and $72 billion of AUM not yet paying fees at roughly 90 basis points as meaningful embedded revenue, underscoring management's confidence in durable earnings growth across its asset management, insurance, and strategic holdings businesses.

Key Takeaways

  • • Record Fee Related Earnings of $1.2 billion, up 37% year-over-year
  • • Management fees grew 25% year-over-year to $1.25 billion
  • • Fee related performance revenues surged to $255 million from $54 million a year ago, partly due to K-Series PE reclassification
  • • Strong monetization activity with $848 million in realized performance income from private equity
  • • New capital raised of $34 billion in the quarter and $133 billion over the trailing twelve months
  • • Insurance net investment income of $2.0 billion driven by portfolio growth and higher average yields
  • • AUM growth of 16% year-over-year to $796 billion
  • • K-Series AUM grew to $42 billion from $25 billion a year ago
  • • Perpetual capital reached $334 billion, representing 42% of total AUM

KKR Forward Guidance & Outlook

KKR expressed confidence in its long-term positioning and ability to deliver differentiated outcomes for clients and shareholders. The firm expects Strategic Holdings Operating Earnings to contribute more meaningfully to Total Operating Earnings over time. Total Operating Earnings — representing the more durable and recurring portion of KKR's segment earnings — accounted for 84% of total segment earnings. The firm has $143 billion of uncalled commitments (dry powder) and $72 billion of AUM not yet paying fees at a weighted average management fee rate of approximately 90 basis points, providing meaningful embedded future revenue. Gross unrealized carried interest of $10.2 billion and embedded gains of $18.6 billion represent significant potential future realizations.

24/7 Wall St

KKR YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

KKR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Our second quarter results reflect the strength and breadth of KKR's global franchise. We reported record Fee Related Earnings, Total Operating Earnings and Adjusted Net Income per share on both a quarterly and trailing twelve-month basis. Our continued return of capital to clients led to our strongest monetization quarter ever and helped drive record new capital inflows over the past 12 months. As we look ahead, we remain confident in our long-term positioning and our ability to deliver differentiated outcomes for our clients and shareholders.”

— Joseph Y. Bae, Q2 2026 Earnings Press Release

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