Analysis for KKR

📈 Growth & Financial Trajectory

Over the 8 quarters from 2024-Q1 to 2026-Q1, revenue declined from about $9.66B to about $4.32B, roughly a 55% drop. Net income fell from about $1.09B to about $0.28B, with notable quarter-to-quarter volatility. Notably, 2025-Q4 delivered a high operating margin around 45% on roughly $5.74B in revenue, but the most recent quarter saw margins compress to approximately 11%. The trend indicates a shrinking revenue base with uneven profitability.

💰 Margins & Cash Flow

Operating margins were generally robust earlier (mid-30s%) before compressing in 2026-Q1. There are quarters with strong profitability (Q3–Q4 2025) and a sharp dip in 2026-Q1. Cash flow from operations has been positive in most periods, with 2025-Q4 and 2026-Q1 confirming solid cash generation. Investing cash flow has been negative in several quarters, reflecting ongoing deployment; financing activity has fluctuated.

🛡️ Balance Sheet & Liquidity

Total assets hover around $410B–$412B, with current assets matching this level. Current liabilities are near $329B, yielding a current ratio around 1.25x. Liabilities exceed equity, with total equity about $78B and equity attributable to the parent near $30–31B, implying leverage but a substantial asset base.

⚠️ Key Drivers & Risks

• Drivers: Private markets deal activity and AUM trends; capital market volatility affecting fundraising.
• Risks: Cyclicality of private markets and high leverage; valuation sensitivity and cash-flow reliance.