Filing Flows › KKR (KKR) › Q1 2026
KKR (KKR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
KKR (KKR) reported revenue of $4.3B for the first quarter 2026 (Q1 2026), +39% from a year earlier and -25% from the quarter before. Operating margin was 10.7%, net earnings $405M (9.4% of revenue).
KKR, Q1 2026: revenue $4.3B (+39% year over year), operating margin 10.7%, net earnings $405M, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | -25% | +39% |
| Operating profit | $463M | -82% | -40% |
| Net earnings | $405M | -65% | — |
| Operating cash flow | $1.7B | — | -31% |
| Free cash flow | $1.7B | — | -32% |
What changed
Revenue was $4.3B in Q1 2026, up 39% year over year and down 25% from the previous quarter. Insurance was the largest line at 53% of revenue. Insurance added $1.2B year over year (up 115%), 101% of the total change. Asset Management and Strategic Holdings declined 1%.
Operating profit was $0.46B, a 10.7% margin (down 14.1 points year over year). Operating profit fell $0.31B even though revenue rose $1.2B versus Q1 2025, so costs grew faster than sales. Total costs grew 65% against revenue growth of 39%. Net earnings were $0.41B ($0.28B including minority interests, which bore $0.13B of losses). The effective tax rate was 40.0%.
Operating cash flow was $1.7B (down 31% year over year), 629% of net income including minority interests. Non-cash charges added back $0.18B of share-based compensation. Working capital and other items added $1.3B. Capital expenditures of $0.03B left free cash flow of $1.7B.
Questions
What was KKR's revenue in the first quarter 2026?
KKR (KKR) reported revenue of $4.3B for the first quarter 2026 (Q1 2026), +39% from a year earlier and -25% from the quarter before.
Was KKR profitable in the first quarter 2026?
Operating profit was $463M (10.7% of revenue) and net earnings $405M.
Source: KKR 10-Q on SEC EDGAR.