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KKR vs Blackstone: KKR and BX compared
KKR is the larger company: $5.7B of revenue in its latest quarter (Q2 2026) against $3.1B for Blackstone (Q3 2026). KKR is growing faster (+12% against -0.8% a year earlier). Blackstone is more profitable, with an operating margin of 46.9% against 24.0%.
Where the money goes: KKR and BX
KKR (KKR) · Q2 2026
KKR, Q2 2026: revenue $5.7B (+12% year over year), operating margin 24.0%, net earnings $700M, operating cash flow $3.3B. The chart follows the revenue to costs, profit and cash.
Blackstone (BX) · Q3 2026
Blackstone, Q3 2026: revenue $3.1B (-0.8% year over year), operating margin 46.9%, net earnings $662M, operating cash flow $2.0B. The chart follows the revenue to costs, profit and cash.
| KKR (KKR) | Blackstone (BX) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $5.7B | $3.1B |
| Revenue growth, Y/Y | +12% | -0.8% |
| Operating margin | 24.0% | 46.9% |
| Net earnings | $700M | $662M |
| Net margin | 12.2% | 21.6% |
| Operating cash flow | $3.3B | $2.0B |
| Free cash flow | $3.2B | $1.9B |
| Market value | $88.2B | $95.6B |
| P/E | 16.0× | 13.9× |
| Analysts’ mean target | $120.57 | $138.86 |
Where the revenue comes from
KKR
- Insurance: $3.5B (62%)
- Asset Management and Strategic Holdings: $2.2B (38%)
Questions
Which is bigger, KKR or Blackstone?
KKR is the larger company: $5.7B of revenue in its latest quarter (Q2 2026) against $3.1B for Blackstone (Q3 2026).
Is KKR or Blackstone growing faster?
KKR is growing faster (+12% against -0.8% a year earlier).
Which is more profitable, KKR or Blackstone?
Blackstone is more profitable, with an operating margin of 46.9% against 24.0%.
More: KKR earnings · how KKR makes money · Blackstone earnings · how Blackstone makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 6, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.