KKR US S&P 500Russell 1000 Earnings call
KKR & Co. (KKR) · Q2 2026 results and valuation
Share price: $100.05 · 2026-11-11
KKR & Co. is an investment firm providing asset management, capital markets, and insurance solutions. The company manages private equity, real assets, and credit strategies for institutional and individual investors across global markets. Source: 10-K annual report (2026-02-27)
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 5 May 2026
Net income up 72.9% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
+72.9%
Net income vs Q1 2026
Outlook given
Net income 700.5M vs 405.2M
Revenue +32.6%
Against the same quarter last year (Q2 2025) it is +37.3%, so it is not just seasonal.
Why Against the same quarter last year (+37.3%), net income rose mainly because fee-related performance revenues were up meaningfully year-over-year, driven by offshore infrastructure and private equity K Series vehicles, while the company reported record results across all headline financial metrics.
2 · How management spoke
Typical
Less upbeat than 57% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
KKR reported a record $72 billion in committed capital on which it is not yet earning fees, an increase of almost 30% since this time last year.
Valuation
Is KKR & Co. undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $57.09 a share — the stock trades 75% above it. Today's price assumes 17.1% growth a year.
Current price
$100.05
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+17.1% for 10 yrs
Fair value / share
$57.09
Buy below
$42.82
Price vs fair value
Overvalued 75%
Price vs buy-below price
Overvalued 134%
Read between the lines
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Guidance
KKR raised $305 billion in capital since the beginning of 2024, including $34 billion in Q2, beating its three-year target in just 2.5 years.
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Guidance
KKR launched a $10-plus billion initiative with founding investors and expects to continue seeking large-scale participation to capture an opportunity in the tens of billions of dollars.
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Figure
The acquisition of Arctos allows KKR to target scaling KKR solutions to over $100 billion of AUM over time.
Source quote
“And with our acquisition of Arctos, we believe we can scale KKR solutions to over $100 billion of AUM over time.”
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Figure
KKR reported a record $72 billion in committed capital on which it is not yet earning fees, an increase of almost 30% since this time last year.
Source quote
“We have a record amount of capital on which we are not yet earning fees with $72 billion committed, and that is up almost 30% since this time last year.”
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Figure
KKR expects to scale strategic holdings operating earnings from $187 million over the LTM period to $1.1-plus billion by 2030.
Source quote
“Our existing portfolio and activity gives us confidence that we could scale strategic holdings operating earnings from $187 million over the LTM period, to $1.1-plus billion by 2030.”
3 more
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Figure
KKR brought in $3 billion in capital in Q2, bringing K-Series AUM to $42 billion, up almost 70% from approximately $25 a year ago.
Source quote
“In total, we brought in $3 billion of capital in Q2, and K-Series AUM now stands at $42 billion compared to approximately 25 a year ago, so up almost 70% year-over-year.”
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Figure
Total insurance economics were $2 billion net of compensation over the LTM, an increase of 13% over the prior period.
Source quote
“So considering all of these pieces, total insurance economics were $2 billion net of compensation over the LTM that's up 13% versus the prior period, and that growth rate would have been higher, including the impact of mark-to-market on our office portfolio.”
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Figure
KKR achieved its highest monetization quarter in history with realized performance income of $848 million and realized investment income of $220 million.
Source quote
“We had the highest monetization quarter in our history with realized performance income of $848 million and realized investment income of $220 million, which includes $30 million of investment gains generated from our strategic holdings segment.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“So if we are successful at executing on our business plan, and we have a lot of confidence as a management team that we will be, we are going to...”
“And despite our heightened level of monetization activity over the last 3 years, the remaining unrealized gains in our portfolio have continued to grow and today stands at roughly $18...”
“And even with all of the realization activity, total remaining unrealized gains so again, that's gross carry together with the gains that sit on our balance sheet across asset management...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 5.73B | 4.32B | +32.6% | 5.09B | +12.5% |
| Operating income | 1.37B | 462.9M | +196.8% | 1.53B | −10.1% |
| Net income | 700.5M | 405.2M | +72.9% | 510.1M | +37.3% |
| P/E | — | — | — | — | — |
Topics
Most discussed now
- As a firm, KKR & feels better positioned than ever to drive differentiated earnings growth.
- As a reminder, KKR & reports its segment numbers on an adjusted share basis.
- KKR &'s confidence here comes from 4 key secular and structural growth drivers.
- The Asia Pac region today is 1 of the most dynamic parts of the world and represents roughly 60% of...
- The alternative asset management industry has been growing at a healthy rate, and KKR & expects that to continue well into...
Faded since Q1 2026
- Fading Excluding catch-up fees in both periods, management fee growth was strong at a touch north of 20%.
- Fading This is a nonprofit that KKR &'s partner, Pete Stavros, who co-runs its global Private Equity business founded a number of...
- Fading The other thing KKR & has talked about in prior calls, one thing that makes it a bit different is by virtue...
- Dropped You've got higher retention rates, working capital efficiency is up, margins are up, and ultimately, profitability is up.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Regulation FD disclosure · SEC 8-K
- Director or officer change; Shareholder vote results; Regulation FD disclosure · SEC 8-K
KKR & Co. Inc. appointed Brian J. Lee to its Board of Directors on October 26, 2026, increasing the number of independent directors to eight out of twelve total seats.
- Regulation FD disclosure · SEC 8-K
KKR & Co. Inc. posted a presentation regarding the sale of USI Insurance Services to Aon plc on its website.
- Regulation FD disclosure; Other events · SEC 8-K
KKR & Co. Inc. entered into a settlement with the Department of Justice to resolve antitrust complaints regarding 2021 and 2022 filings, involving a $250.0 million civil penalty to be reimbursed by law firms.
- Material agreement; New financial obligation · SEC 8-K
The company entered into a credit agreement providing a $3.0 billion senior unsecured multicurrency revolving credit facility with an option to increase the amount by up to $750 million.
- Results of operations · SEC 8-K
KKR reported record Fee Related Earnings, Total Operating Earnings, and Adjusted Net Income per share for the second quarter of 2026.
- Director or officer change; Shareholder vote results · SEC 8-K
On May 29, 2026, KKR & Co. Inc. elected eleven directors to its Board of Directors, all of whom were already serving as directors at the time of election.
- Shareholder vote results · SEC 8-K · routine
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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well into the future
growth of the alternative asset management industry
Source quote
“The alternative asset management industry has been growing at a healthy rate, and we expect that to continue well into the future.”
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between now and 2050
doubling of the number of people aged 65 and up around the world
Source quote
“The number of people aged 65 and up around the world is expected to roughly double between now and 2050, and more individuals are investing for their own retirement.”
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over the next 10 to 20 years
taking full advantage of the broader KKR ecosystem
Source quote
“In our Asset Management business, there is substantial growth in front of us, and we have been intentional about creating additional ways to take full advantage of the broader KKR ecosystem over the next 10 to 20 years.”
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over the coming decade
trillions of dollars of investment for AI and infrastructure build-out
Source quote
“AI and the need for infrastructure build-out behind it will require trillions of dollars of investment over the coming decade.”
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by 2030
scale strategic holdings operating earnings to $1.1-plus billion
Source quote
“Our existing portfolio and activity gives us confidence that we could scale strategic holdings operating earnings from $187 million over the LTM period, to $1.1-plus billion by 2030.”