KKR Q3 2026 earnings review

KKR posted record adjusted net income of $1.78 per share, up 26.2%.

KKR & Co. Inc. · Q3 2026 · Published Nov 9, 2026 · By DeepCell AI · Sources

KKR Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · KKR (KKR) Q3 2026 earnings review

KKR posted record adjusted net income of $1.78 per share, up 26.2%

  1. 1.ANI per share of $1.78 beat the LSEG consensus of $1.59 by 11.9%
  2. 2.Fee related earnings rose 27.4%, helped by higher performance fees
  3. 3.Insurance earnings fell 24.4%, including a $26M actuarial charge
  4. 4.The USI sale should add about $2.0B of ANI in Q4 2026
  5. 5.Shares rose 0.7% in pre-market trading by 8:39 AM ET (Nasdaq)

Note: LSEG is London Stock Exchange Group; USI is USI Insurance Services. Consensus is LSEG, as reported by Reuters. Reuters tied a 3% pre-market rise to the record profit; Nasdaq showed a smaller gain at 8:39 AM ET.Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; Reuters via StreetInsider, Nov 9, 2026; Nasdaq, Nov 9, 2026 8:39 AM ET

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2 · Executive summary

Adjusted net income per share beat the LSEG consensus by $0.19, a record for KKR as a public company

Q3 2026 adjusted net income per adjusted share vs. LSEG consensus (via Reuters, Nov 9, 2026)

MetricActualConsensusVarianceResult
Adjusted net income per share$1.78$1.59+$0.19 / +11.9%Beat

Share price, Nov 6 close to Nov 9 pre-market

KKR (Nasdaq)Nov 6 closeNov 9, 8:39 AM ETChange ($)Change (%)
KKR$96.48$97.12+$0.64+0.7%

Both prices are from the Nasdaq quote page. The Nov 9 price is a pre-market trade, not a close.

Note: LSEG is London Stock Exchange Group. KKR gives no formal earnings guidance. No revenue consensus is shown, as segment revenues are not comparable with GAAP revenues.Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; Reuters via StreetInsider, Nov 9, 2026; Nasdaq, Nov 9, 2026 8:39 AM ET

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3 · Q3 results vs. consensus

KKR expects the USI sale to add over $2.00 of adjusted net income per share in Q4 2026

Company outlook items, Nov 9, 2026

ItemCompany statementTiming
USI gain to adjusted net incomeAbout $2.0BQ4 2026, subject to closing
Capital returned to clientsOver $40BFull year 2026, a record
Buyback authorization added$500MApproved Nov 6, 2026

Last twelve months, records as a public company

MetricLTM totalLTM per adjusted share
Fee related earnings$4.5B$4.96
Total operating earnings$5.9B$6.46
Adjusted net income$5.4B$5.92

Note: USI is USI Insurance Services. KKR does not issue EPS guidance. The USI figures are company estimates and depend on the sale closing.Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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4 · Q4 2026 signposts

Total operating earnings rose 24.6% to $1,738M, and adjusted net income reached $1,645M

  1. Fees grewManagement fees rose 12.9% to $1,201M.
  2. GAAP profit roseNet income to common rose 30.4% to $1,121M.
  3. GAAP EPSDiluted EPS was $1.19, up from $0.90.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Fee related earnings$1,033M$1,316M+27.4%
Total operating earnings$1,395M$1,738M+24.6%
Adjusted net income$1,274M$1,645M+29.2%
GAAP total revenues$5,526M$4,564Mn.m.

Note: FRE, TOE and ANI are non-GAAP. GAAP revenues swing with consolidated fund and insurance results; n.m. means not meaningful.Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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5 · Q3 key financials

Investing earnings of $349M and Strategic Holdings lifted adjusted net income above fee related earnings

Build from fee related earnings to adjusted net income

$M, Q3 2026

$M · Fee related earnings: $1,316M$M · Insurance: $230M$M · Strategic Holdings: $192M$M · Investing: $349M$M · Interest and tax: -$442M$M · Adjusted net income: $1,645MFee relatedearningsInsuranceStrategicHoldingsInvestingInterest andtaxAdjusted netincome$0M$500M$1,000M$1,500M$2,000M$2,500M$1,316M$230M$192M$349M-$442M$1,645M
Interest and taxes took $442M off segment earnings

Note: Investing is net realized performance and investment income. Interest and tax is interest expense, net and other plus taxes on adjusted earnings.Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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6 · Building adjusted net income

Fee related performance revenues added $253M to fee related earnings

Fee related earnings bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $1,033M$M · Management fees: $138M$M · Performance fees: $253M$M · Compensation: -$68M$M · Other: -$39M$M · Q3 2026: $1,316MQ3 2025ManagementfeesPerformancefeesCompensationOtherQ3 2026$0M$500M$1,000M$1,500M$1,033M$138M$253M-$68M-$39M$1,316M
Fee related compensation rose by $68M as fees grew

Note: Higher costs are shown as reductions. Other is transaction and monitoring fees plus other operating expenses.Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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7 · Fee related earnings bridge

Fee related earnings per share rose 23.5% to $1.42

Earnings per adjusted share

$ per adjusted share, Q3 2025 vs. Q3 2026

Fee related earnings · Q3 2025: $1.15Fee related earnings · Q3 2026: $1.42Total operating earnings · Q3 2025: $1.55Total operating earnings · Q3 2026: $1.88Adjusted net income · Q3 2025: $1.41Adjusted net income · Q3 2026: $1.78Q3 2025Q3 2026$0.00$0.50$1.00$1.50$2.00$2.50$1.15$1.42$1.55$1.88$1.41$1.78Fee related earningsTotal operating earningsAdjusted net income
Total operating earnings per share rose 21.3% to $1.88

Note: Per adjusted share figures are non-GAAP and use KKR adjusted shares.Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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8 · Per share earnings

Credit and Liquid Strategies is the largest business line, with AUM up 7.0%

Assets under management by business line

$B, Sep 30, 2026

$B · Private Equity: $256.1B$B · Real Assets: $211.7B$B · Credit and Liquid: $336.6BPrivate EquityReal AssetsCredit and Liquid$0.0B$100.0B$200.0B$300.0B$400.0B$256.1B$211.7B$336.6B
Private Equity AUM rose 15.3% and Real Assets AUM rose 13.6%

Note: Business line AUM is from the Asset Management segment pages of the release.Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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9 · Assets by business line

AUM rose 11.2% to $804B, while new capital raised slowed from a year earlier

Capital metrics

$B, Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026YoY
Fee paying AUM$585.0B$647.9B+10.7%
New capital raised$42.6B$25.2B-40.9%
Capital invested$26.1B$20.1B-22.9%
Uncalled commitments$125.8B$145.6B+15.8%
Perpetual capital$309B$344B+11.3%
New capital raised was $116B over the last twelve months

Note: AUM is assets under management. Uncalled commitments are dry powder. Perpetual capital is capital of indefinite term.Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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10 · Capital metrics

Insurance operating earnings fell to $230M, as actuarial reviews swung from a gain to a charge

Insurance segment

$M, Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026YoY
Insurance operating earnings$305M$230M-24.4%
Excluding actuarial items$264M$257MLower
Net investment income$1,835M$1,947M+6.1%
Global Atlantic book value rose to $11,985M

Note: Actuarial items: a $26M charge in Q3 2026 and a $41M benefit in Q3 2025 from annual assumption reviews.Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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11 · Insurance

Net realized investment income rose to $199M, offsetting lower performance income

Investing and Strategic Holdings earnings

$M, Q3 2025 vs. Q3 2026

$MQ3 2025Q3 2026
Net realized performance income$233M$151M
Net realized investment income$74M$199M
Total investing earnings$306M$349M
Strategic Holdings earnings$58M$192M
Gross unrealized carried interest stood at $9.7B at quarter end

Note: Strategic Holdings earnings are mainly dividends from the Strategic Holdings businesses.Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

12

12 · Investing and Strategic Holdings

Q4 depends on closing the USI sale and on keeping fee momentum

Indicator
What to watch
Implication
Latest reading
USI sale
Closing in Q4 2026
Large one-off ANI gain
Expected, not closed
Fundraising
New capital raised
Future management fees
$25.2B in Q3
Insurance
Spread and actuarial items
Earnings volatility
Net investment income 6.1% higher
Realizations
Exit markets
Performance income
Performance income $151M

ANI is adjusted net income; USI is USI Insurance Services. Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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13 · Key risks

14 · Appendix: Fee detail

Appendix: buybacks and dividend

ClaimEvidenceCalculation
Share repurchases, Jun 30 to Nov 4$567M6.2 million shares at about $92
Remaining authorization, Nov 4$33MBefore the Nov 6 increase
Authorization after Nov 6 increase$533MDeepCell calculation
Quarterly dividend$0.195 per shareRegular dividend, common stock

Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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15 · Appendix: Capital returns

Appendix: new capital raised by business line

ClaimEvidenceCalculation
Private Equity$4.1BK-Series, Asian Fund V, Arctos Sports Fund III
Real Assets$6.7BInfrastructure and real estate
Credit and Liquid Strategies$14.4BLed by Global Atlantic inflows
K-Series AUM$45BUp from $29B a year earlier

AUM is assets under management. Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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16 · Appendix: Fundraising

Appendix: GAAP results

ClaimEvidenceCalculation
Net income to common stockholders$860M to $1,121MGAAP
GAAP diluted EPS growth32.2%Diluted EPS, GAAP
Capital invested, LTM$98BLast twelve months
Global Atlantic AUM$223BOf which $170B is Credit AUM

AUM is assets under management. Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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17 · Appendix: GAAP

Appendix: segment earnings detail

Operating earnings

$M unless notedQ3 2025Q3 2026YoY
Fee related compensation-$256M-$325M—
Other operating expenses-$176M-$215M—
Strategic Holdings$58M$192M+232%
Insurance$305M$230M-24.4%

Below segment earnings

$M unless notedQ3 2025Q3 2026YoY
Net realized performance income$233M$151M—
Interest expense, net and other-$103M-$130M—
Taxes on adjusted earnings-$325M-$312M—
Investing earnings$306M$349M+14.1%

Note: Segment figures are non-GAAP, from the release. Costs are shown as negatives.Source: KKR Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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18 · Appendix: Segment earnings

Appendix: sources

  • Filing: KKR Form 8-K, Nov 9, 2026 — https://www.sec.gov/Archives/edgar/data/1404912/000140491226000030/0001404912-26-000030-index.htm
  • Earnings release (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1404912/000140491226000030/q326earningsrelease_vf.htm
  • Press release on Business Wire, Nov 9, 2026 — https://www.businesswire.com/news/home/20261109283743/en/KKR-Co.-Inc.-Reports-Third-Quarter-2026-Results
  • Consensus: LSEG, as reported by Reuters via StreetInsider, Nov 9, 2026 — https://www.streetinsider.com/Reuters/KKR+profit+hits+record+as+asset+sales%2C+fees+surge/27310822.html
  • Share price: Nasdaq KKR quote, pre-market last sale at Nov 9, 2026 8:39 AM ET; Nov 6 close — https://www.nasdaq.com/market-activity/stocks/kkr
  • Company figures are in U.S. dollars; release figures in thousands are shown in millions. Chart and table values link to the model in the spreadsheet tabs of this file.

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19 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from KKR's Form 8-K of November 9, 2026 (Exhibit 99.1). The consensus estimate (LSEG via Reuters) and share prices (Nasdaq) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are GAAP unless labelled as segment or adjusted (non-GAAP) measures, in U.S. dollars, for the quarters ended September 30, 2026 and 2025.

Forward-looking statements. Company outlook items, including the USI sale, the consensus estimate and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by KKR & Co. Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The share price is the Nasdaq pre-market last sale at 8:39 AM ET on November 9, 2026, compared with the November 6 close. It is not a closing price.

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20 · Disclosures

Sources

Not investment advice; no rating or price target.

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