Published
{
"ticker": "KKR",
"cik": "0001404912",
"company": "KKR & Co. Inc.",
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"income_statement": {
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"net_income_attributable_to_common_stockholders": 2990256000
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"segment_and_non_gaap_measures": {
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"notes": [
"KKR is reported here as an alternative asset manager with a consolidated insurance segment. Its own statements split every line between \"Asset Management and Strategic Holdings\" and \"Insurance\" (the Global Atlantic business), so this record keeps that split and adds the company's segment measures - fee related earnings, segment earnings, assets under management - rather than a revenue/cost-of-revenue/capex frame, which does not describe this business.",
"GAAP results consolidate investment funds, collateralized financing entities and other vehicles that KKR manages but does not wholly own. Most of the resulting income belongs to outside investors: of $6.15 billion of consolidated net income in FY2025, $3.62 billion was attributable to noncontrolling interests and $0.16 billion to redeemable noncontrolling interests, leaving $2.37 billion attributable to KKR & Co. Inc. Earnings per share is struck on net income attributable to common stockholders, which is that figure less preferred stock dividends.",
"Except where a note below states otherwise, figures are taken from the consolidated statements of operations, financial condition and cash flows and from Note 21 (segment reporting) of the FY2025 10-K (accession 0001404912-26-000007) for the annual periods, and from the corresponding condensed consolidated statements and Note 21 of the Q2 2026 10-Q (accession 0001404912-26-000027) for the quarterly, six-month and as-of-June-30-2026 figures. Every one of those statements is stated in thousands of dollars; assets under management and fee paying assets under management are printed in millions. All figures in this record are converted to actual dollars.",
"The condensed consolidated statements of cash flows in the Q2 2026 10-Q are presented on a six-month basis only. The quarterly entries therefore carry no cash flow figures; cash flow for the six months ended June 30, 2026 and June 30, 2025 is reported in the year-to-date blocks.",
"The Q2 2026 10-Q does not present a balance sheet as of June 30, 2025. The Q2 2025 entry therefore carries only the equity figures that the condensed consolidated statement of changes in equity prints for that date, and no total assets or total liabilities.",
"The FY2025 10-K presents balance sheets as of December 31, 2025 and 2024 only. FY2023 therefore carries an income statement, cash flow statement and segment measures but no balance sheet. For the same reason FY2023 shows fee related earnings and segment earnings from the segment footnote but no total operating earnings, adjusted net income, assets under management or book value: the 10-K does not present those measures for 2023.",
"total_debt_obligations is the sum of the two debt obligations lines the balance sheet prints - Asset Management and Strategic Holdings plus Insurance. A large part of it is non-recourse debt of consolidated variable interest entities, whose noteholders and creditors have no recourse to any other KKR entity: $36.28 billion (asset management) plus $0.23 billion (insurance) of the $53.48 billion total as of June 30, 2026, and $36.89 billion plus $0.20 billion of the $52.94 billion total as of December 31, 2025.",
"Fee related earnings, segment earnings, total operating earnings, adjusted net income, assets under management, fee paying assets under management and KKR book value are the company's own segment and non-GAAP performance measures, defined in the filings cited above. They are reported here as the company presents them and are not a substitute for the GAAP figures alongside them.",
"The 2026 columns of the non-GAAP measures differ between two tables in the Q2 2026 10-Q. The \"Analysis of Non-GAAP Performance Measures\" table and the segment footnote both give total segment earnings of $1.9426 billion for the quarter and $3.5684 billion for the six months, with adjusted net income of $1.4927 billion and $2.7422 billion; the MD&A table headed \"Reconciliations to GAAP Measures\" gives figures exactly $393.0 million higher in both the quarter and the six-month column, at $2.3356 billion of total segment earnings and $1.8857 billion of adjusted net income for the quarter. The 2025 columns agree across all three tables. This record uses the figures that the segment footnote and the analysis table agree on. KKR's second quarter 2026 earnings release, furnished on Form 8-K (accession 0001404912-26-000022), independently prints fee related earnings of $1,214,148 thousand, total operating earnings of $1,539,404 thousand, total segment earnings of $1,942,613 thousand and adjusted net income of $1,492,694 thousand for the quarter - the same set carried here.",
"Two segment presentation changes affect comparability. Effective the first quarter of 2026, certain Insurance operating expenses were reclassified from \"General, Administrative and Other\" to \"Net Cost of Insurance\" and prior periods were recast, with no effect on insurance operating earnings. Effective the second quarter of 2026, performance revenues from KKR's K-Series private equity vehicles of approximately $160 million were reported within fee related performance revenues in fee related earnings; approximately $80 million of such revenues were reported in net realized performance income for both the three and six months ended June 30, 2025, and prior periods were not recast. The company states this had no effect on total segment revenues, total segment earnings or consolidated net income.",
"Assets under management of $796.5 billion as of June 30, 2026 includes the funds of Arctos Partners, which KKR acquired on May 4, 2026, at their value on closing.",
"The assets under management and fee paying assets under management shown for Q2 2025 come from KKR's second quarter 2026 earnings release, furnished on Form 8-K (accession 0001404912-26-000022), rather than from the Q2 2026 10-Q, which prints neither measure as of June 30, 2025. That release's \"Asset Management Segment\" table, stated in thousands of dollars, gives Assets Under Management of $685,806,000 and Fee Paying Assets Under Management of $556,247,000 in its 2Q'25 column, and describes the June 30, 2026 assets under management as up 16% year-over-year and fee paying assets under management as up 15%. Every other figure in the Q2 2025 entry is from the Q2 2026 10-Q (accession 0001404912-26-000027).",
"The trailing twelve months ended June 30, 2026 is not a filed period. It is full year 2025 as reported in the FY2025 10-K, plus the six months ended June 30, 2026, less the six months ended June 30, 2025, both as reported in the Q2 2026 10-Q. Per-share amounts and weighted average share counts are omitted from that block because they cannot be summed across periods.",
"Per-share amounts and weighted average share counts are reported exactly as the company prints them. Net income attributable to common stockholders divided by the reported diluted share count differs from reported diluted earnings per share by a cent or two in some periods because the diluted calculation adjusts the numerator; the printed figure is the one carried here.",
"KKR has had no stock splits over the period covered, is not an American depositary receipt issuer, and reports in US dollars, so no split, depositary-ratio or currency adjustment was applied."
],
"uncertainties": [
"The $393.0 million disagreement between the Q2 2026 10-Q's \"Reconciliations to GAAP Measures\" table and both its \"Analysis of Non-GAAP Performance Measures\" table and its segment footnote is not explained in the filing. Three independently typeset presentations - the analysis table, the segment footnote, and the second quarter 2026 earnings release furnished on Form 8-K (accession 0001404912-26-000022) - agree on the figures reported here; only the MD&A reconciliation table differs. The adjusted net income, total operating earnings and total segment earnings reported here for Q2 2026 and for the six months ended June 30, 2026 follow the analysis table and the segment footnote, whose components add up to the totals shown. A reader comparing against the reconciliation table will find the higher figures there.",
"No three-month cash flow figures are reported for either quarter: the Q2 2026 10-Q presents cash flows on a six-month basis only, and a first-quarter figure to difference against is not in either of the two filings this record is drawn from.",
"The Q2 2025 entry has no total assets, total liabilities, cash, investments or policy liabilities, because the Q2 2026 10-Q prints no balance sheet as of June 30, 2025.",
"KKR book value is absent for Q2 2025 and FY2024, and assets under management, fee paying assets under management and KKR book value are all absent for FY2023. The FY2025 10-K (accession 0001404912-26-000007) presents its asset management metrics as of December 31, 2025 and 2024 only, and the second quarter 2026 earnings release (accession 0001404912-26-000022) reconciles book value in a single column, as of June 30, 2026.",
"Preferred stock dividends are recorded as zero for FY2024. The Series D mandatory convertible preferred stock was issued in March 2025 and the FY2025 10-K prints a dash in the 2024 column; the FY2023 figure of $51.7 million is the Series C mandatory convertible preferred stock dividend, a different security.",
"The trailing-twelve-month figures are arithmetic on filed periods rather than a period any filing presents, and the two segment presentation changes described in the notes fall inside that window."
],
"headline": {
"period": "Q2 FY2026",
"period_end_words": "June 30, 2026",
"metrics": [
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"format": "usd",
"value": 5725891000,
"text": "$5.73 billion",
"exact": "$5,725,891,000",
"compact": "$5.73B",
"abs": "$5.73 billion",
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"yoy": "up 12.5%",
"source": {
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{
"label": "Net income to common stockholders",
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"value": 660053000,
"text": "$660.05 million",
"exact": "$660,053,000",
"compact": "$660.05M",
"abs": "$660.05 million",
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"prior": "$472.39 million",
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"yoy": "up 39.7%",
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},
{
"label": "Diluted EPS",
"format": "eps",
"value": 0.7,
"text": "$0.70",
"exact": "$0.70",
"compact": "$0.70",
"abs": "$0.70",
"prior_value": 0.5,
"prior": "$0.50",
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"yoy": "up 40.0%",
"source": {
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"field": "income_statement.diluted_eps",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
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},
{
"label": "Fee related earnings",
"format": "usd",
"value": 1214148000,
"text": "$1.21 billion",
"exact": "$1,214,148,000",
"compact": "$1.21B",
"abs": "$1.21 billion",
"prior_value": 886754000,
"prior": "$886.75 million",
"priorabs": "$886.75 million",
"yoy": "up 36.9%",
"source": {
"array": "quarterly",
"field": "segment_and_non_gaap_measures.fee_related_earnings",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001404912-26-000027",
"prior_index": 1,
"prior_period_label": "Q2 2025",
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"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001404912-26-000027",
"gap_days": 365
}
},
{
"label": "Assets under management",
"format": "usd",
"value": 796487000000,
"text": "$796.49 billion",
"exact": "$796,487,000,000",
"compact": "$796.49B",
"abs": "$796.49 billion",
"prior_value": 685806000000,
"prior": "$685.81 billion",
"priorabs": "$685.81 billion",
"yoy": "up 16.1%",
"source": {
"array": "quarterly",
"field": "segment_and_non_gaap_measures.assets_under_management",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001404912-26-000027",
"prior_index": 1,
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"prior_span_days": 90,
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"gap_days": 365
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}
],
"summary": "KKR & Co. Inc. reported $5.73 billion in total revenues for Q2 FY2026, the quarter ended June 30, 2026, up 12.5% from a year earlier, and net income to common stockholders of $660.05 million, up 39.7%, or $0.70 per diluted share. The earnings increase came even as consolidated income before taxes declined, because far less of the consolidated result was attributable to noncontrolling interests. Fee related earnings, the recurring core of KKR's asset management economics, were $1.21 billion, and assets under management stood at $796.49 billion at the end of the quarter, helped by the completion of the Arctos Management Company acquisition in May 2026.",
"qa": [
{
"q": "How much revenue did KKR report in Q2 FY2026?",
"a": "KKR & Co. Inc. reported $5.73 billion in total revenues for Q2 FY2026, the quarter ended June 30, 2026. That is up 12.5% from $5.09 billion in the same quarter a year earlier, with the increase coming from both asset management and Global Atlantic insurance revenues."
},
{
"q": "What was KKR's net income in Q2 FY2026?",
"a": "KKR & Co. Inc. reported net income to common stockholders of $660.05 million for Q2 FY2026, up 39.7% from $472.39 million a year earlier, or $0.70 per diluted share against $0.50. The gain came despite a decline in consolidated income before taxes, and reflects a much smaller share of the consolidated result being attributable to noncontrolling interests."
},
{
"q": "How much money does KKR manage?",
"a": "KKR & Co. Inc. reported $796.49 billion of assets under management as of June 30, 2026, the end of Q2 FY2026. That is up 16.1% from $685.81 billion a year earlier, growth that came from new capital raised across KKR's private markets strategies and from the acquisition of Arctos Management Company, which closed in May 2026."
},
{
"q": "What were KKR's fee related earnings in Q2 FY2026?",
"a": "KKR & Co. Inc. reported fee related earnings of $1.21 billion for Q2 FY2026, up 36.9% from $886.75 million a year earlier, on higher management fees across private equity, real assets and credit. Beginning in the second quarter of 2026 KKR reports performance revenues from its K-Series private equity vehicles inside fee related earnings, where a year earlier they sat in net realized performance income, and prior periods were not recast, so part of that increase reflects the change in presentation rather than underlying growth."
}
]
},
"company_details": {
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"SIC": "6282",
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