KKR (KKR) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly and trailing twelve-month results in fee-related earnings, total operating earnings, and adjusted net income per share, with all headline metrics at historic highs.

• Significant AUM growth driven by strong capital raising, acquisitions (notably Arctos), and investment appreciation, with AUM reaching $796 billion.

• Closed the strategic acquisition of Arctos Partners, expanding presence in professional sports franchise investments and fund sponsor solutions.

• Continued momentum in infrastructure, private equity, credit, and insurance, with notable growth in AUM across all segments.

• Strategic focus on secular growth drivers: global CapEx cycle, AI/digital infrastructure, demographic shifts, and geographic expansion, especially in Asia.

Financial highlights

• Total revenues for Q2 2026 were $5.73 billion, up from $5.09 billion in Q2 2025.

• GAAP Net Income attributable to common stockholders was $0.7 billion for the quarter; diluted EPS was $0.70.

• Fee-related earnings for Q2 2026 were $1.21 billion, up from $848 million in Q2 2025; LTM FRE of $4.2 billion, up 19%.

• Assets under management reached $796 billion as of June 30, 2026, up 16% year-over-year; fee-paying AUM at $638 billion.

• New capital raised was $34 billion in the quarter and $133 billion in the LTM.

Outlook and guidance

• Management expects continued strong management fee and recurring earnings growth, driven by new fund launches, capital deployment, and insurance premium growth.

• Dividend policy reaffirmed at $0.195 per share quarterly; $0.78125 per share for Series D preferred stock.

• Strategic Holdings Operating Earnings targeted at $350+ million for 2026, with a path to $1.1+ billion by 2030.