KKR & Co (KKR) Q2 2026 (USD): EPS 1.63 (exp. 1.43), Revenue 5.73bln (exp. 2.95bln)

• AUM USD 796.49bln
• Q2 fee earnings USD 1.2bln

Beats on adjusted EPS from a large alternatives manager have historically been received as confirmation of the fee-related earnings machine rather than as pure surprises, and the detail tends to matter more than the headline: fee earnings against AUM tells whether growth is coming from fundraising or from performance, and episodes where fee revenue outpaces the asset base have typically been read as the higher quality print. The revenue line at a manager of this type is not directly comparable to consensus in the way an industrial's would be, since it captures fund appreciation and balance sheet items that swing with marks; the peer set has long been judged on fee-related earnings and distributable earnings instead. Beats of this kind across the listed alternatives complex have tended to be read together, with read-across to peers reporting later in the cycle. The follow-ons are the call detail on realizations, deployment pace, and fundraising momentum, which in past reporting cycles have driven the post-print move more durably than the EPS gap itself.