Is KKR profitable in 2026?

Yes. KKR reported Q1 2026 EPS of $1.39, beating consensus of $1.26, on revenue of $2.35 billion, up 38.8% year over year. FY2025 net income was approximately $2.25 to $2.37 billion on revenue of $19.46 to $20.58 billion, as of March 31, 2026 and December 31, 2025 respectively.

How much does KKR manage in assets?

KKR's assets under management were approximately $758 billion as of March 31, 2026, up 14% year over year. The firm raised $28 billion in Q1 2026 alone and $127 billion over the trailing twelve months, targeting $1 trillion in AUM by 2030.

Why is KKR stock down in 2026?

KKR shares fell roughly 30.9% over the trailing 52 weeks as of July 10, 2026, despite strong AUM growth. On July 14, 2026, management flagged that 2026 adjusted net income may land below the prior $7-plus per share target due to a 'more challenging near-term monetization environment.'

Who is KKR's biggest competitor?

Apollo Global Management is KKR's closest rival by growth pace, posting a 19.6% AUM CAGR from 2022 to 2025 and targeting $1.5 trillion in AUM by 2029, versus KKR's 18% CAGR since 2010 and $1 trillion target by 2030. Blackstone, Carlyle, and BlackRock (via its GIP and HPS acquisitions) also compete.

Could AI replace KKR's business?

No. KKR's core function is fiduciary capital allocation and decades-long LP relationships that AI cannot replicate, and the firm is instead positioning itself as an AI-infrastructure financier, launching the more than $10 billion Helix Digital Infrastructure venture with Nvidia and Vistra on June 11, 2026.

KKR & Co. Inc. is publicly traded on the NYSE under ticker KKR with no parent company. Co-founders Henry Kravis and George Roberts serve as Co-Executive Chairmen, while Joseph Bae and Scott Nuttall have been Co-CEOs since 2021.

Insurance companies · United States

KKR

kkr.com ↗

Global alternative-asset manager running private equity, credit, infrastructure and insurance capital.

Hard to displace

Assessed 20 July 2026 · Evidence as of 20 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 20 July 2026 · Checkable from July 30, 2026 · Every call on the record Checkpoint: Q2 2026 earnings release, plus FSK class action lead-plaintiff deadline

The call

KKR's fee and carry engine keeps growing even as the stock sells off, with BlackRock circling but still years behind on the parts of the business that are hardest to copy.

KKR buys and manages companies and other investments on behalf of wealthy clients and pension funds. It is hard to replace because it has spent 50 years building trust with these clients, owns an insurance company that provides steady money to invest, and has legal licenses that new competitors cannot easily get. The main thing that could change this picture is if BlackRock, which is much larger, successfully builds its own private investment business and convinces KKR's clients to move their money over.

Why

AI pressure: None apparent. AI does not replace LP relationships or carry rights, but KKR uses it internally and is spending billions building AI data centers and power deals as an asset owner. Could AI do the core job? Unlikely.

Bigger players: BlackRock (via GIP and HPS acquisitions). BlackRock is building a top-3 private markets platform but is a decade behind KKR on carry culture, insurance float, and deal-sourcing depth. Could a giant copy it? No, they are blocked.

What protects it. Fifty years of LP relationships, locked-up fund capital, insurance float from Global Atlantic, and licenses rivals cannot fast-copy.

What would change this call

KKR's Q2 2026 earnings report (after July 30, 2026) on adjusted net income vs prior $7+/share target. Shows whether monetization slowdown is temporary or a deeper earnings problem.
BlackRock's fundraising totals in private equity and credit strategies over the next two cycles. Would show whether BlackRock is closing the gap on KKR in core fundraising.
Any material losses or write-downs disclosed at Global Atlantic's insurance investment portfolio. Would test whether KKR's permanent-capital insurance moat is holding up.

Key numbers

AUM $758B, up 14% year over year (2026-03-31)
Stock down 30.9% over trailing 52 weeks (2026-07-10)
$127B raised over trailing 12 months (2026-Q1)

Named risks

FS KKR Capital Corp securities-fraud class action, deadline 2026-07-06, reputational adjacency. Severity: medium
2026 adjusted net income guided below prior $7+ per share target, flagged 2026-07-14. Severity: medium
Large capital-intensive AI infrastructure bets like Helix (over $10B) carry delay, cost overrun, power-availability risk. Severity: medium
No standing COO since Ryan Stork's departure in January 2026. Severity: low
Stock down 30.9% over trailing 52 weeks despite strong fundamentals, valuation disconnect. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Apollo Global Management	gaining on	19.6% AUM CAGR 2022-2025 vs KKR's 18% since 2010; targets $1.5T AUM by 2029 (2026-05)
BlackRock	contesting	Building top-3 private-markets platform via GIP and HPS acquisitions, described as a decade behind KKR on carry culture
Blackstone	contesting	Peer incumbent in mature alts oligopoly, no evidence of KKR share loss as of 2026-07
Carlyle Group	contesting	Peer competing for institutional and wealth-channel capital across strategies, 2026

Questions people ask

Is KKR profitable in 2026?: Yes. KKR reported Q1 2026 EPS of $1.39, beating consensus of $1.26, on revenue of $2.35 billion, up 38.8% year over year. FY2025 net income was approximately $2.25 to $2.37 billion on revenue of $19.46 to $20.58 billion, as of March 31, 2026 and December 31, 2025 respectively.
How much does KKR manage in assets?: KKR's assets under management were approximately $758 billion as of March 31, 2026, up 14% year over year. The firm raised $28 billion in Q1 2026 alone and $127 billion over the trailing twelve months, targeting $1 trillion in AUM by 2030.
Why is KKR stock down in 2026?: KKR shares fell roughly 30.9% over the trailing 52 weeks as of July 10, 2026, despite strong AUM growth. On July 14, 2026, management flagged that 2026 adjusted net income may land below the prior $7-plus per share target due to a 'more challenging near-term monetization environment.'
Who is KKR's biggest competitor?: Apollo Global Management is KKR's closest rival by growth pace, posting a 19.6% AUM CAGR from 2022 to 2025 and targeting $1.5 trillion in AUM by 2029, versus KKR's 18% CAGR since 2010 and $1 trillion target by 2030. Blackstone, Carlyle, and BlackRock (via its GIP and HPS acquisitions) also compete.
Could AI replace KKR's business?: No. KKR's core function is fiduciary capital allocation and decades-long LP relationships that AI cannot replicate, and the firm is instead positioning itself as an AI-infrastructure financier, launching the more than $10 billion Helix Digital Infrastructure venture with Nvidia and Vistra on June 11, 2026.
Who owns KKR?: KKR & Co. Inc. is publicly traded on the NYSE under ticker KKR with no parent company. Co-founders Henry Kravis and George Roberts serve as Co-Executive Chairmen, while Joseph Bae and Scott Nuttall have been Co-CEOs since 2021.

Timeline

2026-07-15Reuters agrees to sell 51% stake in global print business to KKR for $500 million
2026-07-14KKR flags 2026 adjusted net income may land below prior $7-plus per share target
2026-07-06FS KKR Capital Corp class-action lead-plaintiff deadline
2026-06-15KKR takes equity stake in Crowe Advisory, its first institutional capital partner
2026-06-11KKR launches Helix Digital Infrastructure, over $10B AI data-center venture with Nvidia, Vistra
2026-05-07Q1 2026 earnings: AUM reaches $758 billion, revenue $2.35 billion
2026-05-05KKR closes $1.4 billion Arctos Partners acquisition, forms KKR Solutions
2026-02-26FS KKR Capital Corp stock drops 15.24% in a single day
2026-02KKR leads roughly $10B acquisition of STT GDC data-center assets with Singtel
2024KKR completes acquisition of insurer Global Atlantic

Revision history

20 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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