KKR & Co. is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $21.3bn, up 31.1% on a year earlier, slower than 34.8% a quarter earlier. That growth ranks 3 of 12 among the asset management & custody banks companies we cover.
Our model value for KKR & is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
KKR & Co.'s trailing-twelve-month revenue grew 31.1% year on year, with a free-cash-flow margin of 12.6%. Where it lags: change in growth rate of -3.7pp ranks 36 of 43 asset management & custody banks companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 45.4% while net income grew 53.7%: a 99pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No model value for KKR & Co. at the moment. Current status: valuation models disagree too widely to rate. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value KKR & Co. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.09 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$65 ~$55–$82 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$25 ~$18–$37 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$22 ~$19–$25 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$52 ~$53–$150 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$23 ~$20–$28 | Included |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare KKR & Co. with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 9, 2026, before the open. Analysts expect revenue of $2.6bn and EPS of $1.58 (range $1.51 to $1.68) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $7.92 | +63% | $11.9bn | +56% |
| Next | $7.21 | −9% | $12.4bn | +4% |
Next year's EPS estimate has moved −1.9% in 90 days, across 22 analysts.
The consensus EPS forecast for the current fiscal year is +29.5% on 90 days ago. In the last 30 days, 0 analysts raised KKR & Co.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $6.12 | $7.35 |
| 60 days ago | $6.31 | $7.39 |
| 30 days ago | $6.67 | $7.37 |
| 7 days ago | $7.68 | $7.23 |
| Now | $7.92 | $7.21 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $1.43 | $1.63 | +14.2% |
| Mar 2026 | $1.26 | $1.39 | +10.3% |
| Dec 2025 | $1.14 | $1.12 | −1.6% |
| Sept 2025 | $1.30 | $1.41 | +8.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| KKR | +86% | −37% | +81% | +80% | −13% | −23% |
| Industry peers (median) | +33% | −17% | +19% | +15% | −4% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| KKR | 67% | 33% | 67% | 83% | 50% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| KKR | −15% | −42% | −19% | −14% | −44% | −38% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 3, 2015: 49% from January 31, 2025 to March 12, 2026. Getting back needed a 98% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| July 30, 2026 | +2.2% | +2.4% | +4.1% | +9.7% |
| May 5, 2026 | −2.5% | +2.2% | −3.7% | −7.4% |
| February 5, 2026 | −1.5% | +0.6% | −3.5% | −13.0% |
| November 7, 2025 | +0.7% | +1.7% | +0.5% | +14.0% |
| July 31, 2025 | −5.2% | −2.0% | −5.5% | −7.2% |
| May 1, 2025 | +2.3% | +2.2% | +3.9% | +6.8% |
| February 4, 2025 | −5.8% | +1.1% | −12.7% | −28.8% |
| October 24, 2024 | +1.0% | +0.2% | −0.2% | +14.6% |
| July 31, 2024 | −0.2% | +0.2% | −9.3% | +2.0% |
| May 1, 2024 | +4.4% | +0.6% | +7.1% | +10.7% |
| February 6, 2024 | +7.1% | +1.1% | +8.4% | +11.0% |
| November 7, 2023 | +5.1% | +0.4% | +12.2% | +27.4% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $12.6B |
| FY23 Q4 | $14.5B |
| FY24 Q1 | $21B |
| FY24 Q2 | $21.6B |
| FY24 Q3 | $23.1B |
| FY24 Q4 | $21.9B |
| FY25 Q1 | $15.3B |
| FY25 Q2 | $16.2B |
| FY25 Q3 | $17B |
| FY25 Q4 | $19.5B |
| FY26 Q1 | $20.7B |
| FY26 Q2 | $21.3B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 74.4% |
| FY23 Q4 | 154.2% |
| FY24 Q1 | 168.5% |
| FY24 Q2 | 93.7% |
| FY24 Q3 | 83.0% |
| FY24 Q4 | 50.9% |
| FY25 Q1 | -27.1% |
| FY25 Q2 | -24.7% |
| FY25 Q3 | -26.3% |
| FY25 Q4 | -11.0% |
| FY26 Q1 | 34.8% |
| FY26 Q2 | 31.1% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -26.5% |
| FY23 Q4 | -10.8% |
| FY24 Q1 | 9.2% |
| FY24 Q2 | 37.0% |
| FY24 Q3 | 34.5% |
| FY24 Q4 | 30.9% |
| FY25 Q1 | 51.1% |
| FY25 Q2 | 30.3% |
| FY25 Q3 | 31.9% |
| FY25 Q4 | 3.3% |
| FY26 Q1 | -0.7% |
| FY26 Q2 | 12.6% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 2.0 | 3.6 | 2.4 | 4.2 | 4.2 | 16.2 | 5.7 | 14.5 | 21.9 | 19.5 | 21.3 |
| Net income | 0.3 | 1.0 | 1.1 | 2.0 | 2.0 | 4.7 | −0.5 | 3.7 | 3.1 | 2.4 | 3.2 |
| Growth (year on year) | |||||||||||
| Revenue | — | +74.4% | −32.6% | +76.2% | +0.2% | +283.5% | −64.8% | +154.2% | +50.9% | −11.0% | +31.1% |
| Net income | — | +229.2% | +11.1% | +77.3% | −0.1% | +136.3% | −111.0% | — | −17.6% | −22.9% | +53.7% |
| Margins | |||||||||||
| Net margin | 15.2% | 28.6% | 47.2% | 47.5% | 47.3% | 29.2% | −9.1% | 25.7% | 14.1% | 12.2% | 14.8% |
| Free-cash-flow margin | −73.7% | −102.0% | −321.8% | −139.2% | −140.7% | −44.2% | −92.6% | −10.3% | 30.4% | 2.5% | 11.7% |
| Cash flow | |||||||||||
| Cash from operations | −1.4 | −3.5 | −7.6 | −5.7 | −6.0 | −7.2 | −5.3 | −1.5 | 6.6 | 0.5 | 2.5 |
| Capital spending | 0.1 | 0.1 | 0.1 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Free cash flow | −1.5 | −3.6 | −7.7 | −5.9 | −6.0 | −7.2 | −5.3 | −1.5 | 6.6 | 0.5 | 2.5 |
| Stock-based pay | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.7 | 0.6 | 0.7 | 0.7 | 0.8 |
| Free cash flow after stock pay | −1.8 | −4.0 | −8.0 | −6.2 | −6.3 | −7.7 | −6.0 | −2.1 | 5.9 | −0.2 | 1.7 |
| Balance sheet | |||||||||||
| Cash | 2.5 | 1.9 | 1.8 | 2.3 | 5.4 | 10.5 | 13.4 | 20.8 | 15.4 | 17.2 | 21.2 |
| Total debt | 18.7 | 21.4 | 22.6 | 27.2 | 33.5 | 36.9 | — | 0.0 | 0.0 | 0.0 | 0.0 |
| Net debt (negative = net cash) | 16.2 | 19.6 | 20.9 | 24.8 | 28.1 | 26.4 | −13.4 | −20.8 | −15.4 | −17.2 | −21.2 |
| Returned to shareholders | |||||||||||
| Dividends | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.6 | 0.6 | 0.6 | 0.7 |
| Buybacks | 0.3 | 0.0 | 0.2 | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 | 0.0 | 0.0 | 0.2 |
| Total returned | 0.6 | 0.3 | 0.5 | 0.3 | 0.5 | 0.6 | 0.8 | 0.9 | 0.6 | 0.7 | 0.9 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 4,792 | 3,258 | 3,110 | 5,089 | 5,526 | 5,739 | 4,318 | 5,726 |
| Net income | 601 | 1,126 | −186 | 510 | 900 | 1,146 | 405 | 700 |
| Growth (year on year) | ||||||||
| Revenue | +44.5% | −26.4% | −67.8% | +22.0% | +15.3% | +76.1% | +38.8% | +12.5% |
| Net income | −59.7% | +8.2% | −127.3% | −23.6% | +49.9% | +1.8% | — | +37.3% |
| Margins | ||||||||
| Net margin | 12.5% | 34.5% | −6.0% | 10.0% | 16.3% | 20.0% | 9.4% | 12.2% |
| Free-cash-flow margin | 39.2% | −3.4% | 82.0% | 8.6% | 43.2% | −85.4% | 40.5% | 56.8% |
| Cash flow | ||||||||
| Cash from operations | 1,876 | −112 | 2,550 | 439 | 2,390 | −4,900 | 1,747 | 3,253 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 1,876 | −112 | 2,550 | 439 | 2,390 | −4,900 | 1,747 | 3,253 |
| Stock-based pay | 185 | 193 | 184 | 174 | 182 | 183 | 180 | 226 |
| Free cash flow after stock pay | 1,692 | −305 | 2,366 | 265 | 2,207 | −5,083 | 1,567 | 3,027 |
| Last 12 months unless stated | KKR | BNY | AMP | BLK | BX | STT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $21.3bn | $22.0bn | $20.1bn | $27.3bn | $16.1bn | $15.5bn | $858m |
| Revenue growth, last 12 months | 31.1% | 11.2% | 8.8% | 95.6% | 17.2% | 13.3% | 17.2% |
| Revenue growth, 3-year average | 24.2% | 8.4% | 8.9% | — | 32.3% | 8.8% | 10.2% |
| Revenue growth, latest quarter | 12.5% | 11.7% | 6.1% | 30.6% | 35.9% | 12.9% | 14.4% |
| Net margin | 14.8% | 29.8% | 20.7% | 24.1% | 21.8% | 23.8% | 15.2% |
| Cash from operations / revenue | 11.7% | 42.7% | 37.2% | 14.4% | 34.7% | −14.0% | 26.4% |
| Free-cash-flow margin | 12.6% | 32.5% | 36.4% | 12.9% | 34.1% | −24.1% | 21.9% |
| Free-cash-flow margin, 3-year average | 26.6% | 5.7% | 38.5% | — | 32.1% | −31.0% | 17.6% |
| Stock pay / revenue | 3.6% | 0.0% | 1.0% | 5.4% | 9.8% | — | 3.7% |
| Change in share count | — | −3.8% | −5.8% | 6.6% | 1.9% | −3.4% | −0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 31.1% | 17.2% | 16 of 43 |
| Change in growth rate Growth | -3.7pp | +1.0pp | 36 of 43 |
| Net margin Profitability | 14.8% | 15.2% | 23 of 43 |
| Stock pay as % of revenue Cash generation | 3.6% | 4.3% | 19 of 40 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Insurance | $11.6B | ▼ 20.7% |
| Asset Management and Strategic Holdings Segments | $4.1B | ▲ 11.2% |
These categories overlap or exclude eliminations, so shares aren't shown.
From KKR & Co.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $4.1B | 45.2M | 8.3% | ▲ 1.3% |
| Vanguard Capital Management LLC | $4.1B | 44.6M | 8.2% | ▲ 1.2% |
| Capital International Investors | $3.3B | 36.4M | 6.7% | ▲ 3.6% |
| State Street Corp | $2.7B | 29.3M | 5.4% | ▲ 2.7% |
| FMR LLC | $2B | 21.6M | 4.0% | ▲ 17.7% |
| Principal Financial Group Inc | $1.8B | 19.7M | 3.6% | ▲ 0.9% |
| Geode Capital Management, LLC | $1.4B | 15.6M | 2.9% | ▲ 1.3% |
| Capital Research Global Investors | $1.3B | 14.7M | 2.7% | ▼ 12.3% |
| Wellington Management Group LLP | $1.3B | 14.6M | 2.7% | ▼ 18.6% |
| Norges Bank | $1.3B | 13.8M | 2.5% | — |
| Massachusetts Financial Services Co | $978M | 10.6M | 2.0% | ▼ 26.0% |
| Invesco Ltd. | $943M | 10.3M | 1.9% | ▲ 2.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not KKR & Co.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Holmes Dane E Chief Administrative Officer | September 3, 2026 | Sell | 10,000 | $108.58 | $1.1M |
| Kkr Group Partnership L.P. 10% owner | June 5, 2026 | Sell | 14,669,771 | $58.45 | $857M |
| Kkr Group Partnership L.P. 10% owner | March 4, 2026 | Sell | 19,715,000 | $40.96 | $808M |
| Barakett Timothy R Director | March 4, 2026 | Buy | 50,000 | $94.47 | $4.7M |
| Dillon Mary N Director | March 2, 2026 | Buy | 22,225 | $90.96 | $2M |
| Bae Joseph Y Co-Chief Executive Officer | February 27, 2026 | Buy | 50,000 | $88.56 | $4.4M |
| Nuttall Scott C Co-Chief Executive Officer | February 27, 2026 | Buy | 50,000 | $87.81 | $4.4M |
| Nuttall Scott C Co-Chief Executive Officer | February 17, 2026 | Buy | 112 | $103.41 | $11,582 |
| Nuttall Scott C Co-Chief Executive Officer | February 17, 2026 | Buy | 90,127 | $102.87 | $9.3M |
| Nuttall Scott C Co-Chief Executive Officer | February 17, 2026 | Buy | 34,761 | $102.13 | $3.6M |
| Bae Joseph Y Co-Chief Executive Officer | February 17, 2026 | Buy | 30,082 | $103.17 | $3.1M |
| Bae Joseph Y Co-Chief Executive Officer | February 17, 2026 | Buy | 63,467 | $102.49 | $6.5M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 2 members of Congress disclosed 0 purchases and 2 sales of KKR & Co. shares.
Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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