KKR & Co. Inc. (KKR) financials
NYSE · Financial Services · Asset Management · 5,043 employees · CEO Joseph Y. Bae
- Price
- $94.39 -1.49%
- Market cap
- $84.7B
- Enterprise value
- $125B
- Last report
- Q2 '26 filed 2026-08-06
- Next report
- 2026-11-09
Revenue (TTM)$21.1B+31.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)7.8%+8.0 pp vs a year agoOperating income $1.65B
Net income (TTM)$3.15B+53.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.34B-48.8% vs a year agoCapex $149M
Diluted EPS (TTM)$3.18+51.4% vs a year agoSum of the last 4 quarters
Net cash-$40B-253.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $84.7B EV $125B
- Revenue
- $21.1B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- 15.0% Net income / revenue, TTM
- P/E
- 28.1×
- P/S
- 4.0× Price / sales, TTM
- EV / EBITDA
- 12.8× TTM
- Free cash flow
- $2.34B Trailing 12 months
- Net income
- $3.15B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2026-11-09
- Dividend
- $0.76 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 13.1% year on yearQ2 '26 revenue $5.66B, against an average of 38.5% over the four quarters before.
- Operating margin 7.8% (TTM), +8.0 pp on a year agoOperating income grew 7,394.4% while revenue grew 31.7%.
- 75.1% of pre-tax profit is non-operatingPre-tax income $6.64B vs operating income $1.65B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.7% of revenue (a year ago 1.2%)$149M invested in the last 4 quarters (-20.1% on a year earlier). Free cash flow $2.34B = 74.2% of net income.
- Returned $1.08B to shareholders = 46.0% of free cash flowBuybacks $367M (a year earlier $139M), dividends $710M, stock-based pay $771M (TTM).
- Diluted share count down 0.9% in a year946M diluted shares in Q2 '26, 954M a year earlier.
- Net debt $40BCash + short-term investments $10.5B, debt incl. leases $50.5B; a year ago net debt $11.3B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $5.66B | $5B | +13.1% |
| Gross margin | 18.9% | 21.0% | -2.1 pp |
| Operating income | $326M | $327M | -0.5% |
| Operating margin | 5.8% | 6.5% | -0.8 pp |
| Net income | $700M | $510M | +37.3% |
| Diluted EPS | $0.70 | $0.50 | +40.0% |
| Operating cash flow | $3.25B | $439M | +641.3% |
| Capex | $48.6M | $67.4M | -27.9% |
| Free cash flow | $3.2B | $371M | +762.7% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $226M | $174M | +30.1% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Insurance Segment | $3.52B | +8.3% | 61.5% | – | – | |
| Insurance | – | – | – | – | – | |
| Asset Management Segment | – | – | – | – | – | |
| Asset Management And Strategic Holdings Segments | $2.2B | +20.0% | 38.5% | – | – | |
| Asset Management and Strategic Holdings | – | – | – | – | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q2 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Insurance Segment | $3.52B | +8.3% | – | – | – | – | – |
| Strategic Holdings Segment | – | – | $37M | +27.2% | – | – | $187M |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.49B
- Capex
- -$149M
- Buybacks
- -$367M
- Dividends
- -$710M
- Acquisitions
- -$177M
- Net debt issued
- $3.2B
- Stock-based compensation
- $771M
- Free cash flow
- $2.34B
- Returned to shareholders / FCF
- 46.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 28.1× | 30.6× 4 of 5 years | 9.4× – 50.8× |
| EV / EBITDA | 12.8× | 19.9× | 4.9× – 49.1× |
| EV / Sales | 5.9× | 8.0× | 4.5× – 11.9× |
| Price / FCF | 36.2× | 189.1× 2 of 5 years | 20.2× – 358.1× |
| Price / Book | 2.7× | 3.3× | 1.8× – 5.5× |
| FCF yield | 2.8% | -5.8% | -16.8% – 5.0% |
| Return on invested capital | 0.9% | 0.6% | -0.1% – 1.9% |
| Return on equity | 10.3% | 12.2% | -2.8% – 26.9% |
Analysts
Consensus target $120.56 (+27.7%)
range $97.00 – $138.00 · rating Buy
Strong buy0
Buy24
Hold3
Sell0
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 239 figures KKR & Co. Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$4.88B | -$5.22B | +6.6% | -$4.58B | -$7.05B | +35.1% |
| Additional Liability, Long-Duration Insurance, after Reinsurance | $6.31B | $6.02B | +4.8% | $6.17B | $5.91B | +4.5% |
| Additional Liability, Long-Duration Insurance, Current Weighted-Average Discount Rate | 3.3% | 3.3% | +0.6% | 3.3% | 3.3% | +0.3% |
| Additional Liability, Long-Duration Insurance, Interest Income (Expense) | $66.5M | $63.3M | +5.1% | $255M | $242M | +5.2% |
| Additional Paid in Capital | $18.8B | $18.6B | +0.9% | $19B | $18.4B | +3.4% |
| AdditionalLiabilityLongDurationInsuranceBeforeReinsuranceAfterDiscountRateChange | $8.24B | $7.77B | +6.0% | $8.01B | $7.63B | +4.9% |
| AdditionalLiabilityLongDurationInsuranceBenefitPayment | $144M | $133M | +7.9% | $532M | $505M | +5.5% |
| AdditionalLiabilityLongDurationInsuranceCumulativeIncreaseDecreaseFromCashFlowChange | – | – | – | $4.51M2024-12-31 | -$16.4M | +127.6% |
| AdditionalLiabilityLongDurationInsuranceCumulativeIncreaseDecreaseOfActualVarianceFromExpectedExperience | $37M2025-12-31 | -$69.1M | +153.6% | -$74M2024-12-31 | -$59.7M | -23.9% |
| AdditionalLiabilityLongDurationInsuranceGrossPremiumIncome | $206M | $154M | +34.2% | $701M | $711M | -1.4% |
| AdditionalLiabilityLongDurationInsuranceIncreaseDecreaseFromDiscountRateChange | -$24.9M | -$1.02M | -2,329.5% | -$81.4M | -$138M | +41.2% |
| AdditionalLiabilityLongDurationInsuranceIssuance | $6.26M | $5.69M | +10.0% | $23.5M | $23.4M | +0.5% |
| AdditionalLiabilityLongDurationInsuranceNetPremiumCollected | $174M | $172M | +0.7% | $699M | $694M | +0.6% |
| AdditionalLiabilityLongDurationInsuranceOriginalDiscountRateBeforeReinsuranceAfterCashFlowChange | $8.04B2025-12-31 | $7.56B | +6.4% | $7.56B2024-12-31 | $7.18B | +5.4% |
| AdditionalLiabilityLongDurationInsuranceReinsuranceRecoverableAfterAllowance | $1.84B | $1.67B | +10.2% | $1.76B | $1.59B | +10.6% |
| Assets | $414B | $381B | +8.8% | $410B | $360B | +13.9% |
| Assets, Fair Value Disclosure | $251B | – | – | $250B | $204B | +22.5% |
| Assumed Premiums Earned | $661M | $658M | +0.4% | $3.37B | $11.9B | -71.7% |
| Assumed Premiums Written | $994M2025-09-30 | $893M | +11.2% | $11.9B2024-12-31 | $4.14B | +187.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $21.2B | $18.1B | +17.4% | $17.2B | $15.4B | +11.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.72B | -$337M | +609.0% | $1.78B | -$5.44B | +132.8% |
| Ceded Premiums Earned | $185M | $299M | -38.3% | $1.8B | $4.66B | -61.5% |
| Ceded Premiums Written | $498M2025-09-30 | $401M | +24.3% | $4.66B2024-12-31 | $2.28B | +104.2% |
| Common Stock, Dividends, Per Share, Declared | $0.20 | $0.19 | +5.4% | $0.73 | $0.69 | +5.8% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 3.5B | 3.5B | 0.0% | 3.5B | 3.5B | 0.0% |
| Common Stock, Shares, Issued | 898M | 891M | +0.8% | 891M | 888M | +0.4% |
| Common Stock, Shares, Outstanding | 898M | 891M | +0.8% | 891M | 888M | +0.4% |
| Common Stock, Value, Issued | $8.98M | $8.91M | +0.8% | $8.91M | $8.88M | +0.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $855M | $916M | -6.6% | $4.83B | $2.81B | +71.7% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.28B | $1.76B | -27.0% | $8.6B | $4.65B | +85.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.11B | $363M | +205.6% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $204M | $189M | +8.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.48B | $646M | +128.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $164M | $93.9M | +74.9% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $479M | $597M | -19.9% | $930M | $256M | +263.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $6.86B | $7.49B | -8.4% | $6.75B | $9.33B | -27.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $34.1B | $32.4B | +5.2% | $34B | $32.8B | +3.6% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $14B | $12.6B | +10.9% | $15.3B | $9.43B | +62.1% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $12.8B | $11.9B | +7.6% | $12B | $12.6B | -5.1% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $770M | $1.26B | -38.7% | $803M | $1.26B | -36.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $20.1B | $24.1B | -16.7% | $22.3B | $33.7B | -33.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $6.13B | $6.97B | -12.1% | $6.39B | $8.69B | -26.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $29.3B | $15.1B | +94.1% | $13.8B | $19.8B | -30.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $735M | $517M | +42.0% | $357M | $647M | -44.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $28.2B | $26B | +8.6% | $28.2B | $25.4B | +11.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $13.8B | $12.6B | +9.6% | $15.4B | $9.08B | +70.1% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $12.7B | $11.8B | +7.3% | $11.9B | $12.4B | -4.1% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $764M | $1.25B | -38.6% | $793M | $1.25B | -36.7% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $61.6B | $58.2B | +5.9% | $62.1B | $56.1B | +10.6% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $55.5B | $51.7B | +7.4% | $56.4B | $48.1B | +17.2% |
| Debt Securities, Available-for-sale, Realized Gain | $27.9M | $21.1M | +32.1% | $169M | $112M | +50.5% |
| Debt Securities, Available-for-sale, Realized Loss | -$213M | -$392M | +45.7% | -$1.87B | -$644M | -189.7% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $49.4B | $39.2B | +25.9% | $36.1B | $53.6B | -32.5% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $6.86B | $7.49B | -8.4% | $6.75B | $9.33B | -27.7% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 5,249 security | 4,605 security | +14.0% | 4,294 security | 5,966 security | -28.0% |
| DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest | $277M | $270M | +2.8% | $289M | $275M | +4.8% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss | $94.4B | $89B | +6.1% | $96.4B | $85.3B | +13.0% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss | $94.7B | $89.3B | +6.1% | $96.7B | $85.6B | +12.9% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $88.1B | $82.1B | +7.3% | $90.6B | $76.3B | +18.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01