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Side-by-side financial comparison of KKR & Co. (KKR) and Royal Caribbean Group (RCL). Click either name above to swap in a different company.
KKR & Co. is the larger business by last-quarter revenue ($5.7B vs $4.3B, roughly 1.3× Royal Caribbean Group). KKR & Co. runs the higher net margin — 20.0% vs 17.9%, a 2.1% gap on every dollar of revenue. On growth, KKR & Co. posted the faster year-over-year revenue change (76.1% vs 13.2%). Over the past eight quarters, Royal Caribbean Group's revenue compounded faster (1.8% CAGR vs -22.9%).
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global private equity and investment company. As of December 31, 2024, the firm had completed 770 private-equity investments with approximately $790 billion of total enterprise value. Its assets under management (AUM) and fee paying assets under management (FPAUM) were $553 billion and $446 billion, respectively.
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd ...
KKR vs RCL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.7B | $4.3B |
| Net Profit | $1.1B | $762.0M |
| Gross Margin | — | — |
| Operating Margin | 45.3% | 21.9% |
| Net Margin | 20.0% | 17.9% |
| Revenue YoY | 76.1% | 13.2% |
| Net Profit YoY | 1.8% | 36.3% |
| EPS (diluted) | — | $2.76 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $4.3B | ||
| Q4 25 | $5.7B | $4.3B | ||
| Q3 25 | $5.5B | $5.1B | ||
| Q2 25 | $5.1B | $4.5B | ||
| Q1 25 | $3.1B | $4.0B | ||
| Q4 24 | $3.3B | $3.8B | ||
| Q3 24 | $4.8B | $4.9B | ||
| Q2 24 | $4.2B | $4.1B |
| Q1 26 | — | $762.0M | ||
| Q4 25 | $1.1B | $753.0M | ||
| Q3 25 | $900.4M | $1.6B | ||
| Q2 25 | $510.1M | $1.2B | ||
| Q1 25 | $-185.9M | $730.0M | ||
| Q4 24 | $1.1B | $552.0M | ||
| Q3 24 | $600.5M | $1.1B | ||
| Q2 24 | $667.9M | $854.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
| Q1 26 | — | 21.9% | ||
| Q4 25 | 45.3% | 21.9% | ||
| Q3 25 | 39.8% | 33.1% | ||
| Q2 25 | 30.0% | 29.3% | ||
| Q1 25 | 24.8% | 23.6% | ||
| Q4 24 | 50.4% | 16.6% | ||
| Q3 24 | 34.3% | 33.4% | ||
| Q2 24 | 29.0% | 26.7% |
| Q1 26 | — | 17.9% | ||
| Q4 25 | 20.0% | 17.7% | ||
| Q3 25 | 16.3% | 30.6% | ||
| Q2 25 | 10.0% | 26.7% | ||
| Q1 25 | -6.0% | 18.3% | ||
| Q4 24 | 34.5% | 14.7% | ||
| Q3 24 | 12.5% | 22.7% | ||
| Q2 24 | 16.0% | 20.8% |
| Q1 26 | — | $2.76 | ||
| Q4 25 | — | $2.76 | ||
| Q3 25 | — | $5.74 | ||
| Q2 25 | — | $4.41 | ||
| Q1 25 | — | $2.70 | ||
| Q4 24 | — | $2.27 | ||
| Q3 24 | — | $4.21 | ||
| Q2 24 | — | $3.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $825.0M |
| Total DebtLower is stronger | — | $21.3B |
| Stockholders' EquityBook value | $30.9B | $10.2B |
| Total Assets | $410.1B | $41.6B |
| Debt / EquityLower = less leverage | — | 2.08× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $825.0M | ||
| Q4 25 | — | $825.0M | ||
| Q3 25 | — | $432.0M | ||
| Q2 25 | — | $735.0M | ||
| Q1 25 | — | $386.0M | ||
| Q4 24 | — | $388.0M | ||
| Q3 24 | — | $418.0M | ||
| Q2 24 | — | $391.0M |
| Q1 26 | — | $21.3B | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B |
| Q1 26 | — | $10.2B | ||
| Q4 25 | $30.9B | $10.0B | ||
| Q3 25 | $29.7B | $10.1B | ||
| Q2 25 | $28.2B | $9.2B | ||
| Q1 25 | $27.5B | $8.0B | ||
| Q4 24 | $23.7B | $7.6B | ||
| Q3 24 | $24.1B | $7.0B | ||
| Q2 24 | $21.7B | $6.0B |
| Q1 26 | — | $41.6B | ||
| Q4 25 | $410.1B | $41.6B | ||
| Q3 25 | $398.5B | $40.1B | ||
| Q2 25 | $380.9B | $38.5B | ||
| Q1 25 | $372.4B | $37.5B | ||
| Q4 24 | $360.1B | $37.1B | ||
| Q3 24 | $360.7B | $37.1B | ||
| Q2 24 | $348.5B | $37.0B |
| Q1 26 | — | 2.08× | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-4.9B | $6.5B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -4.28× | 8.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $6.5B | ||
| Q4 25 | $-4.9B | $1.6B | ||
| Q3 25 | $2.4B | $1.5B | ||
| Q2 25 | $438.8M | $1.7B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | $-111.7M | $1.5B | ||
| Q3 24 | $1.9B | $897.0M | ||
| Q2 24 | $3.4B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $116.0M | ||
| Q3 25 | — | $-989.0M | ||
| Q2 25 | — | $910.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | — | $-567.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | -13.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 35.4% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 52.1% |
| Q1 26 | — | 8.48× | ||
| Q4 25 | -4.28× | 2.16× | ||
| Q3 25 | 2.65× | 0.93× | ||
| Q2 25 | 0.86× | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | -0.10× | 2.66× | ||
| Q3 24 | 3.12× | 0.81× | ||
| Q2 24 | 5.03× | 1.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KKR
| Insurance Segment | $3.5B | 61% |
| Asset Management1 | $703.7M | 12% |
| Transaction Fee | $512.0M | 9% |
| Transaction And Monitoring Fees | $268.7M | 5% |
| Fee Credit | $230.1M | 4% |
| Other | $201.5M | 4% |
| Fixed Annuity | $77.0M | 1% |
| Asset Management Segment | $56.9M | 1% |
| Monitoring Fee | $53.5M | 1% |
| Investment Advice | $40.6M | 1% |
| Fee Related Performance | $33.6M | 1% |
| Interest Sensitive Life | $21.7M | 0% |
| Incentive Fee | $11.0M | 0% |
RCL
Segment breakdown not available.
