--- title: "KKR & Co. Inc. | 8-K: FY2026 Q1 Revenue: USD 4.318 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/285190571.md" datetime: "2026-05-05T10:52:55.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285190571.md) - [en](https://longbridge.com/en/news/285190571.md) - [zh-HK](https://longbridge.com/zh-HK/news/285190571.md) --- # KKR & Co. Inc. | 8-K: FY2026 Q1 Revenue: USD 4.318 B Revenue: As of FY2026 Q1, the actual value is USD 4.318 B. EPS: As of FY2026 Q1, the actual value is USD 0.38. #### Overview of Financial Performance KKR & Co. Inc. reported its first quarter 2026 financial results on May 5, 2026, showing growth in several key metrics, and invested more capital on behalf of clients over the past 12 months than ever before . #### GAAP Results ##### Net Income (Loss) - KKR & Co. Inc. Common Stockholders Net income was $364,799 thousand for the first quarter of 2026, an increase from -$185,924 thousand in the first quarter of 2025 . For the last twelve months (LTM) ended March 31, 2026, net income was $2,802,590 thousand, up from $2,208,107 thousand for the LTM ended March 31, 2025 . ##### Total Revenues Total revenues for the first quarter of 2026 were $4,317,983 thousand, up from $3,110,183 thousand in the first quarter of 2025 . For the LTM ended March 31, 2026, total revenues were $20,672,107 thousand, compared to $15,332,143 thousand for the LTM ended March 31, 2025 . - **Asset Management and Strategic Holdings Revenues:** $2,028,695 thousand for the first quarter of 2026, a decrease from $2,045,915 thousand for the first quarter of 2025 . - **Insurance Revenues:** $2,289,288 thousand for the first quarter of 2026, an increase from $1,064,268 thousand for the first quarter of 2025 . ##### Total Expenses Total expenses were $3,870,135 thousand for the first quarter of 2026, compared to $3,830,955 thousand for the first quarter of 2025 . For the LTM ended March 31, 2026, total expenses were $19,051,495 thousand, up from $15,503,871 thousand for the LTM ended March 31, 2025 . - **Asset Management and Strategic Holdings Expenses:** $1,471,247 thousand for the first quarter of 2026, down from $1,667,900 thousand for the first quarter of 2025 . - **Insurance Expenses:** $2,398,888 thousand for the first quarter of 2026, up from $2,163,055 thousand for the first quarter of 2025 . ##### Total Investment Income (Loss) - Asset Management and Strategic Holdings Total investment income was $15,042 thousand for the first quarter of 2026, significantly down from $1,491,839 thousand for the first quarter of 2025 . ##### Income Tax Expense (Benefit) Income tax expense was $185,385 thousand for the first quarter of 2026, up from $86,569 thousand for the first quarter of 2025 . #### Key Financial and Operational Metrics - **Fee Related Earnings (FRE):** $1.0 billion ($1.13/adjusted share) in the first quarter of 2026, marking a 24% year-over-year increase . LTM FRE was $3.9 billion ($4.34/adjusted share), up 14% year-over-year . Management fees, a component of FRE, increased by 23% to $4.4 billion in the LTM period . - **Total Operating Earnings (TOE):** $1.3 billion ($1.47/adjusted share) in the first quarter of 2026, representing a 19% year-over-year increase . LTM TOE was $5.2 billion ($5.77/adjusted share), up 15% year-over-year . - **Adjusted Net Income (ANI):** $1.2 billion ($1.39/adjusted share) in the first quarter of 2026, up 21% year-over-year . LTM ANI was $4.6 billion ($5.10/adjusted share), up 5% year-over-year . - **Assets Under Management (AUM):** $758 billion as of March 31, 2026, an increase of 14% year-over-year . - **Fee Paying Assets Under Management (FPAUM):** $615 billion as of March 31, 2026, up 17% year-over-year . - **New Capital Raised:** $28 billion in the first quarter of 2026 and $127 billion in the LTM . Organic new capital raised for AUM was $27,750 million in the quarter and $126,609 million in the LTM . Organic new capital raised for FPAUM was $26 billion in the quarter and $133 billion in the LTM . - **Capital Invested:** $22 billion in the first quarter of 2026 and $97 billion in the LTM . - **Uncalled Commitments (Dry Powder):** $125 billion as of March 31, 2026, diversified across investment strategies, up from $116 billion in the prior year . KKR & Co. Inc.’s portion of uncalled commitments includes $9.1 billion across Private Equity, Real Assets, and Credit and Liquid Strategies . - **AUM Not Yet Paying Fees:** $64 billion of committed capital at quarter-end, with a weighted average management fee rate of approximately 80 basis points . - **Performance Fee Eligible AUM:** $450 billion, up 13% year-over-year . - **Perpetual Capital:** $326 billion, up 17% year-over-year, representing 43% of AUM and 51% of FPAUM . - **Gross Unrealized Performance Income:** $10.2 billion as of March 31, 2026 . - **Embedded Gains (Unrealized) in Asset Management:** Totaled $2.8 billion on the balance sheet at quarter-end . - **Cash and Short-term Investments:** $4,968 million as of March 31, 2026 (excluding Global Atlantic) . - **Investments - Asset Management Segment:** $7,999 million as of March 31, 2026 . - **Outstanding Debt (at par):** $9,340 million as of March 31, 2026, with an average maturity of approximately 15 years and an after-tax weighted average fixed coupon of 3% . KKR & Co. Inc. also has a $2.75 billion undrawn revolving credit facility . - **Net Cash and Investments:** $3,627 million as of March 31, 2026 . - **Share Repurchase Program:** KKR & Co. Inc. repurchased and retired 3.5 million shares for $317 million (average price of $91.08 per share) from year-end through May 1st . The program was increased by an additional $500 million, leaving $122 million remaining availability as of May 1, 2026 . - **Dividends:** A regular dividend of $0.195 per share of common stock was declared for the first quarter of 2026, representing an annualized increase of 5% from the 2025 dividend . A dividend of $0.78125 per share of Series D Mandatory Convertible Preferred Stock was also declared . - **Acquisition:** Subsequent to quarter-end, on May 5th, KKR & Co. Inc. announced the closing of its acquisition of Arctos Partners, which had $16 billion in AUM . #### Segment-Specific Metrics - **Private Equity:** AUM increased 10% year-over-year to $231 billion . New capital raised was $4,697 million in the quarter and $20,884 million in the LTM . Capital invested was $2,198 million in the quarter and $21,980 million in the LTM . The traditional private equity portfolio appreciated 10% in the LTM . - **Real Assets:** AUM increased 16% year-over-year to $198 billion . New capital raised was $7,805 million in the quarter and $36,322 million in the LTM . Capital invested was $8,333 million in the quarter and $29,437 million in the LTM . The infrastructure portfolio appreciated 10% and the opportunistic real estate portfolio appreciated 2% in the LTM . - **Credit and Liquid Strategies:** AUM increased 16% year-over-year to $329 billion . New capital raised was $15,248 million in the quarter and $69,403 million in the LTM . Capital invested was $11,241 million in the quarter and $45,991 million in the LTM . The leveraged credit composite appreciated 5% and the alternative credit composite appreciated 4% in the LTM . - **Capital Markets Transaction Fees:** Totaled $223,647 thousand in the first quarter of 2026 and $924,446 thousand in the LTM . - **Principal Activities Realized Investment Income:** $121,901 thousand in the first quarter of 2026 and $307,399 thousand in the LTM . - **Insurance Segment Operating Earnings:** $260,330 thousand for the first quarter of 2026, compared to $258,772 thousand for the first quarter of 2025 . For the LTM ended March 31, 2026, it was $1,110,953 thousand, up from $1,000,478 thousand for the LTM ended March 31, 2025 . Net Investment Income was $1,900,612 thousand and Net Cost of Insurance was -$1,453,334 thousand in the first quarter of 2026 . Global Atlantic AUM totaled $220 billion, with $164 billion in Credit AUM . - **Strategic Holdings Operating Earnings:** $48,296 thousand for the first quarter of 2026, up from $31,486 thousand for the first quarter of 2025 . For the LTM ended March 31, 2026, it was $178,906 thousand, up from $86,977 thousand for the LTM ended March 31, 2025 . #### Outlook / Guidance KKR & Co. Inc. expects Strategic Holdings Operating Earnings to exceed $350 million in 2026, $700 million by 2028, and $1.1 billion by 2030 . 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