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Horizon Kinetics Holding (HKHC) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Horizon Kinetics Holding (HKHC) Q2 2026 earnings results →
Q2 2026 Revenue up 1% year over year to $19.0M · 593¢ of every $1 of revenue lost · operating margin 15.6%
Horizon Kinetics Holding made $19.0M in Q2 2026 (+0.7% Y/Y): Management and Advisory Fees $18.8M, Other Income and Fees $227K. Operating margin 15.6%, net loss $113M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $19.0M in Q2 2026, up 1% year over year and up 4% from the previous quarter. Mutual Fund Management Fees was the largest line at 43% of revenue. Etf Management Fees added $815K year over year (up 30%), 591% of the total change. Mutual Fund Management Fees declined 17%.
Operating profit was $3.0M, a 15.6% margin (down 3.8 points year over year). Operating profit fell $693K even though revenue rose $138K versus Q2 2025, so costs grew faster than sales. Total costs grew 5% against revenue growth of 1%. The fastest-growing cost line was SG&A (+219%). The quarter ended with a net loss of $112.9M, after a profit of $208.3M the previous quarter. Minority interests bore $94.5M of it: to shareholders the quarter was a loss of $18.4M. Net interest and other expense of $122.5M was the main reason.
Operating cash flow was −$2.0M. Non-cash charges added back $193K of depreciation and amortization. Working capital and other items added $110.7M. Capital expenditures of $597K exceeded it, leaving free cash flow of −$2.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $19.0M | +0.7% | 15.6% | −$113M | −$2.0M |
| Q1 2026 | 10-Q | May 15, 2026 | $18.3M | -4% | -23.7% | $208M | −$6.8M |
| Q4 2025 | 10-K | Mar 12, 2026 | $17.0M | -7% | 16.2% | −$189M | −$2.8M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $17.9M | +37% | 16.5% | $137M | −$17.9M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $18.9M | +65% | 13.3% | −$23.4M | −$7.8M |
| Q1 2025 | 10-Q | May 14, 2025 | $19.0M | +57% | 6.9% | $22.8M | −$14.5M |
| Q4 2024 | 10-K | Mar 31, 2025 | $18.2M | +73% | -78.0% | $376M | $23.0M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Horizon Kinetics Holding
Horizon Kinetics Holding Corporation (“Horizon Kinetics” or the “Company”), through its wholly-owned registered investment advisor, Horizon Kinetics Asset Management LLC, is an investment advisory and independent research firm. Horizon Kinetics is a fundamental value, contrarian-oriented investment advisor. It was founded on the belief that a short-term investment approach, widely adopted with the modernization of financial markets, ultimately produces sub-optimal returns. Horizon Kinetics believes that investors are better served not by taking more risk, but by extending their investment time horizon, which affords far wider ranges of opportunity and valuation than are available to time-constrained investors.
In its own words, from its 10-K, filed Mar 12, 2026.
Horizon Kinetics Holding against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.7% against the peers' median +6%. Operating margin: 15.6% against the peers' median 24.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HKHC Horizon Kinetics Holding | Q2 2026 | $19.0M | +0.7% | 15.6% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
Source: Horizon Kinetics Holding 10-Q on SEC EDGAR · CIK 88000 · Investment Advice
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results