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KKR cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.3B in Q2 2026 · $2.5B over twelve months

Operating cash flow$3.3B
Free cash flow+$3.3B
Cash / net income2.9×

Analysis

In Q2 2026, KKR generated $3.3B of operating cash flow. That is $2.8B more than in Q2 2025 ($439M).

Over the twelve months to Jun 30, 2026, operating cash flow was $2.5B; the largest uses were other investing ($7.9B), dividends ($670M), acquisitions ($323M); besides operations, cash came from other financing ($6.6B), net borrowing (+) / repaid (−) ($3.2B); the cash balance rose by $3.1B.

Operating cash flow was $3.3B against net income of $1.1B — 2.9× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets −$522M, stock-based pay +$226M, other non-cash +$156M.

Free cash flow

KKR: free cash flow by quarterKKR: free cash flow by quarter$1.9BQ3 2024−$112MQ4 2024$2.5BQ1 2025$439MQ2 2025$2.4BQ3 2025−$4.9BQ4 2025$1.7BQ1 2026$3.3BQ2 2026
Operating cash flow less capital spending.
KKR: operating cash flow against capital spendingKKR: operating cash flow against capital spendingOperating cash flowCapital spending$1.9B$0Q3 2024−$112M$0Q4 2024$2.5B$0Q1 2025$439M$0Q2 2025$2.4B$0Q3 2025−$4.9B$0Q4 2025$1.7B$0Q1 2026$3.3B$0Q2 2026
Latest (Q2 2026): Operating cash flow $3.3B, Capital spending $0.

Capital allocation, year by year

KKR: where the cash came from (up) and went (down), by fiscal yearKKR: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsBuybacksDividendsFY2021: Operating cash flow −$7.2BFY2021: Net borrowing $8.9BFY2021: Shares issued $38.5MFY2021: Acquisitions −$474MFY2021: Buybacks −$270MFY2021: Dividends −$331M$8.9BFY2021FY2022: Operating cash flow −$5.3BFY2022: Net borrowing $6.5BFY2022: Buybacks −$347MFY2022: Dividends −$444M$6.5BFY2022FY2023: Operating cash flow −$1.5BFY2023: Net borrowing $3.6BFY2023: Buybacks −$290MFY2023: Dividends −$563M$3.6BFY2023FY2024: Operating cash flow $6.6BFY2024: Net borrowing $3.5BFY2024: Dividends −$612M$10.1BFY2024FY2025: Operating cash flow $478MFY2025: Net borrowing $2.0BFY2025: Shares issued $2.5BFY2025: Acquisitions −$146MFY2025: Buybacks −$3.4MFY2025: Dividends −$650M$5.0BFY2025
Over these 5 years operating cash flow totalled −$6.8B; the largest uses were operating cash flow ($13.9B) and dividends ($2.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$21.2B
Debtnone
Net cash$21.2B

KKR funds itself: free cash flow was $2.5B over the last twelve months, with $21.2B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

KKR: sources (+) and uses (−) of cash, Q2 2026KKR: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$3.3BOther financing−$2.6BCash drawn (+) / kept (−)−$1.7BOther investing$774MNet borrowing (+) / repaid (−)$678MDividends−$175MAcquisitions−$139MBuybacks−$42.0MExchange rates$15.7M
KKR: sources (+) and uses (−) of cash, TTM to Q2 2026KKR: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$7.9BOther financing$6.6BNet borrowing (+) / repaid (−)$3.2BCash drawn (+) / kept (−)−$3.1BOperating cash flow$2.5BDividends−$670MAcquisitions−$323MBuybacks−$233MExchange rates−$40.3M

From profit to cash

KKR: net income to operating cash flow, Q2 2026KKR: net income to operating cash flow, Q2 2026Net income$1.1BDepreciation & amortization−$42.0MStock-based pay$226MOther non-cash$156MPrepaid and other assets−$522MOperating cash flow$3.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$3.3B−$139M−$42.0M−$175M$678M—−$1.7B$3.3B
Q1 2026$1.7B−$37.9M−$191M−$165M$655M—−$2.3B$1.7B
Q4 2025−$4.9B——−$165M−$201M—$5.7B−$4.9B
Q3 2025$2.4B−$146M—−$165M$2.1B—−$4.8B$2.4B
Q2 2025$439M—−$3.4M−$165M$559M—$337M$439M
Q1 2025$2.5B——−$155M−$506M$2.5B−$3.0B$2.5B
Q4 2024−$112M——−$155M$1.0B—−$406M−$112M
Q3 2024$1.9B——−$155M$520M—$1.1B$1.9B

KKR: income statement and cash flow

KKR, Q2 2026: revenue $5.7B (+12% year over year), operating margin 24.0%. The chart follows the revenue to costs, profit and cash.

KKR: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.