Filing Flows › KKR (KKR) › Q1 2026 › vs Q4 2025
KKR (KKR) Q1 2026 vs Q4 2025 (quarter over quarter)
KKR's revenue fell $1.4B (-25%) from $5.7B in Q4 2025 to $4.3B in Q1 2026. The biggest changes: Insurance −$1.2B (-35%); Asset Management and Strategic Holdings −$182M (-8%). Operating margin 10.7% against 45.3% (-34.6 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 10.7% | 45.3% | -34.6 pts |
| Net margin | 9.4% | 20.0% | -10.6 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Insurance | $2.3B | $3.5B | −$1.2B | -35% |
| Asset Management and Strategic Holdings | $2.0B | $2.2B | −$182M | -8% |
| Revenue | $4.3B | $5.7B | −$1.4B | -25% |
| Operating profit | $463M | $2.6B | −$2.1B | -82% |
| Costs & expenses | $3.9B | $3.1B | $716M | +23% |
| Pre-tax earnings | $463M | $2.6B | −$2.1B | -82% |
| Loss borne by minority interests | $128M | −$1.1B | $1.2B | — |
| Net earnings | $405M | $1.1B | −$741M | -65% |
| Income tax | $185M | $333M | −$148M | -44% |
| Share-based compensation | $180M | $183M | −$2.6M | -1% |
| Working capital & other | $1.2B | −$6.2B | $7.4B | — |
| Operating cash flow | $1.7B | −$4.9B | $6.6B | — |
Questions
How much did KKR's revenue grow quarter over quarter in Q1 2026?
KKR's revenue fell $1.4B (-25%) from $5.7B in Q4 2025 to $4.3B in Q1 2026.
What drove KKR's revenue change in Q1 2026?
Insurance −$1.2B (-35%); Asset Management and Strategic Holdings −$182M (-8%).