Filing Flows › KKR (KKR) › Q3 2026 › vs Q3 2025
KKR (KKR) Q3 2026 vs Q3 2025 (year over year)
KKR's revenue fell $962M (-17%) from $5.5B in Q3 2025 to $4.6B in Q3 2026. The biggest changes: Insurance −$980M (-26%); Asset Management and Strategic Holdings +$17.8M (+1%). Operating margin 33.1% against 39.8% (-6.7 pts).
KKR, Q3 2026: revenue $4.6B (-17% year over year), operating margin 33.1%, net earnings $1.2B, operating cash flow $2.1B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 33.1% | 39.8% | -6.7 pts |
| Net margin | 25.5% | 16.3% | +9.2 pts |
| Free cash flow margin | 46.1% | 42.5% | +3.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Insurance | $2.8B | $3.8B | −$980M | -26% |
| Asset Management and Strategic Holdings | $1.8B | $1.7B | $17.8M | +1% |
| Revenue | $4.6B | $5.5B | −$962M | -17% |
| Operating profit | $1.5B | $2.2B | −$689M | -31% |
| Costs & expenses | $3.1B | $3.3B | −$273M | -8% |
| Pre-tax earnings | $1.5B | $2.2B | −$689M | -31% |
| Net earnings | $1.2B | $900M | $261M | +29% |
| Minority interests | $76.3M | $939M | −$863M | -92% |
| Income tax | $273M | $360M | −$87.2M | -24% |
| Share-based compensation | $230M | $182M | $48.2M | +26% |
| Working capital & other | $752M | $1.3B | −$555M | -42% |
| Operating cash flow | $2.1B | $2.4B | −$246M | -10% |
| Free cash flow (OCF − capex) | $2.1B | $2.4B | −$246M | -10% |
| Capital expenditures | $39.4M | $38.7M | $658K | +2% |
Questions
How much did KKR's revenue grow year over year in Q3 2026?
KKR's revenue fell $962M (-17%) from $5.5B in Q3 2025 to $4.6B in Q3 2026.
What drove KKR's revenue change in Q3 2026?
Insurance −$980M (-26%); Asset Management and Strategic Holdings +$17.8M (+1%).