Filing Flows › KKR (KKR) › Q1 2026 › vs Q1 2025
KKR (KKR) Q1 2026 vs Q1 2025 (year over year)
KKR's revenue rose $1.2B (+39%) from $3.1B in Q1 2025 to $4.3B in Q1 2026. The biggest changes: Insurance +$1.2B (+115%); Asset Management and Strategic Holdings −$17.2M (-0.8%). Operating margin 10.7% against 24.8% (-14.1 pts).
KKR, Q1 2026: revenue $4.3B (+39% year over year), operating margin 10.7%, net earnings $405M, operating cash flow $1.7B. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 10.7% | 24.8% | -14.1 pts |
| Net margin | 9.4% | -6.0% | +15.4 pts |
| Free cash flow margin | 39.8% | 81.3% | -41.5 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Insurance | $2.3B | $1.1B | $1.2B | +115% |
| Asset Management and Strategic Holdings | $2.0B | $2.0B | −$17.2M | -0.8% |
| Revenue | $4.3B | $3.1B | $1.2B | +39% |
| Operating profit | $463M | $771M | −$308M | -40% |
| Costs & expenses | $3.9B | $2.3B | $1.5B | +65% |
| Pre-tax earnings | $463M | $771M | −$308M | -40% |
| Loss borne by minority interests | $128M | −$870M | $998M | — |
| Net earnings | $405M | −$186M | $591M | — |
| Income tax | $185M | $86.6M | $98.8M | +114% |
| Share-based compensation | $180M | $184M | −$3.5M | -2% |
| Working capital & other | $1.2B | $2.6B | −$1.4B | -54% |
| Operating cash flow | $1.7B | $2.5B | −$803M | -31% |
| Free cash flow (OCF − capex) | $1.7B | $2.5B | −$810M | -32% |
| Capital expenditures | $27.4M | $20.8M | $6.6M | +32% |
Questions
How much did KKR's revenue grow year over year in Q1 2026?
KKR's revenue rose $1.2B (+39%) from $3.1B in Q1 2025 to $4.3B in Q1 2026.
What drove KKR's revenue change in Q1 2026?
Insurance +$1.2B (+115%); Asset Management and Strategic Holdings −$17.2M (-0.8%).