Filing Flows › Horizon Kinetics Holding (HKHC) › Q1 2026
Horizon Kinetics Holding (HKHC) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 15, 2026
Horizon Kinetics Holding (HKHC) reported revenue of $18.3M for the first quarter 2026 (Q1 2026), -4% from a year earlier and +7% from the quarter before. Operating margin was -23.7%.
Horizon Kinetics Holding, Q1 2026: revenue $18.3M (-4% year over year), operating margin -23.7%, net earnings $208M, operating cash flow −$6.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.3M | +7% | -4% |
| Operating profit | −$4.3M | -257% | -432% |
| Net earnings | $208M | — | +812% |
| Operating cash flow | −$6.8M | — | — |
What changed
Revenue was $18.3M in Q1 2026, down 4% year over year and up 7% from the previous quarter. Management and Advisory Fees was the largest line at 100% of revenue. Management and Advisory Fees lost $704K year over year (down 4%), 96% of the total change.
Operating costs exceeded revenue by $4.3M, an operating margin of -23.7%. Total costs grew 31% against a revenue fall of 4%. The fastest-growing cost line was Other operating costs (+35%). Net earnings were $72.5M, up 218% year over year. The effective tax rate was 12.6%. Non-operating items added $242.7M, 102% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$6.8M. Non-cash charges added back $198K of depreciation and amortization. Working capital and other items used $215.2M. Capital expenditures of $599K exceeded it, leaving free cash flow of −$7.4M.
Questions
What was Horizon Kinetics Holding's revenue in the first quarter 2026?
Horizon Kinetics Holding (HKHC) reported revenue of $18.3M for the first quarter 2026 (Q1 2026), -4% from a year earlier and +7% from the quarter before.
Was Horizon Kinetics Holding profitable in the first quarter 2026?
Operating loss was $4.3M (-23.7% of revenue) and net earnings $208M.