KKR & Co. Inc. Earnings Summary — Q1 2026

• Revenue grew 38.8% year-over-year to $4.3 billion, driven by strength in transaction-based fees.
• GAAP Net Income saw a sharp decline both YoY and QoQ, primarily influenced by non-operating income volatility and minority interest adjustments.
• The firm reported a positive operating income of $522 million, a significant recovery from the operating loss reported in Q1 2025.
• Transaction-based revenues remain a core pillar, contributing over $2.0 billion despite broader market uncertainty.
• Net income attributable to preferred dividends remained stable at approximately $40 million for the quarter.
• Interest income surged to $1.01 billion, reflecting the higher rate environment and expanded insurance operations through Global Atlantic.
• Operating expenses were managed effectively, with SG&A increasing moderately relative to the scale of revenue growth.

Management remains focused on reaching $1 trillion in Assets Under Management (AUM) by expanding into insurance and retail wealth channels.

Stable

While GAAP earnings show volatility, the core operating income and management fee base continue to demonstrate structural improvement and growth.

KKR is positioned for long-term growth as it pivots toward 'Fee Related Earnings' (FRE) and scales its capital base through strategic insurance integration. However, short-term net income remains highly sensitive to mark-to-market valuations.