FS KKR Capital earnings date
FS KKR Capital (FS5A) Q3 2026 Earnings Report
DE:FS5A Q3 2026 EPS Results
- Actual EPS
- EUR 0.41
- Consensus EPS
- EUR 0.36
- Beat/Miss
- Beat by +EUR 0.05
- One Year Ago EPS
- EUR 0.51
DE:FS5A Q3 2026 Revenue Results
- Actual Revenue
- EUR 148.69M
- Expected Revenue
- EUR 247.47M
- Beat/Miss
- Missed by -EUR 98.78M
- YoY Revenue Growth
- -48.44%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
FS KKR Capital's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was cautiously constructive. Management highlighted progress on share repurchases, shareholder distributions, portfolio positioning, liquidity, fee waivers, and strategic portfolio actions, while acknowledging continued work related to leverage, nonaccruals, portfolio rotation, software exposure, limited deal flow, and macroeconomic uncertainty.
Management expects fourth-quarter 26 GAAP net investment income per share to be in the range of 8% to 9% of net asset value per share on an annualized basis, with the quarter positively impacted by a dividend from JW Aluminum approximating $17 million and affected by FSK’s annual excise tax provision; the third quarter Belk dividend was nonrecurring. FSK expects its quarterly distribution level will fluctuate as net investment income varies on a quarter to quarter basis, while continuing to target a per share annualized dividend rate of 8% to 9% of net asset value per share, and its asset-backed finance portfolio is expected to remain in the range of 10% to 15%. The company expects the Toorak acquisition to close in the fourth quarter of 2026, subject to satisfactory closing conditions, and said approximately 25% of the portfolio would mature between now and 2028.
- Net Investment Income and Shareholder DistributionsFSK generated third-quarter net investment income and adjusted net investment income of $0.46 per share. The board declared a fourth-quarter distribution of $0.44 per share and a special distribution of $0.20 per share, both payable in December.
- Share Repurchase ProgressSince the $300 million common stock repurchase program began on June 29, FSK repurchased approximately $90 million of common stock, or approximately 8 million shares, through October 30. Third-quarter repurchases totaled 6.2 million shares, or approximately $69 million, at an average price of $11.24 per share and were accretive to NAV per share by $0.06. FSK repurchased an additional 1.5 million shares, or approximately $17 million, from the beginning of the fourth quarter through October 30.
- NAV and Dividend-Rate ObjectiveNet asset value per share was $18.28 as of September 30. Management said it continues to pursue an annualized dividend rate of 8% to 9% of NAV per share for common shareholders.
- Fee Waiver BenefitKKR waived its portion of the subordinated income incentive fee for the second of four consecutive quarters. The waiver had a positive $12 million impact on third-quarter net investment income.
- Portfolio Scale and DiversificationFSK's investment portfolio had a fair value of $11.3 billion across 234 portfolio companies. The 10 largest portfolio companies represented approximately 21% of portfolio fair value, in line with prior quarters.
- Senior-Secured Portfolio PositioningAs of September 30, approximately 59% of the portfolio consisted of first-lien loans and 63% consisted of senior-secured debt. Including investments held through the joint venture, first-lien loans represented approximately 69% and senior-secured investments represented approximately 73% of the total portfolio.
- Portfolio Credit MetricsPortfolio companies reported approximately 4% weighted-average year-over-year EBITDA growth across companies in which FSK has invested since April 2018. Median third-quarter interest coverage remained 2x. The weighted-average EBITDA of the portfolio was $235 million and median EBITDA was $131 million.
- Investment Income and Yield MetricsTotal investment income was $294 million in the third quarter, an increase of $4 million from the second quarter. Dividend and fee income increased by $15 million quarter over quarter to $88 million, while the weighted-average yield on accruing debt investments increased to 10.0% from 9.8%.
- Liquidity and Borrowing ProfileFSK had $3.4 billion of available liquidity as of September 30. Approximately 73% of its drawn balance sheet and 49% of its committed balance sheet consisted of unsecured debt.
- Belk Dividend ContributionA $25 million nonrecurring dividend from portfolio company Belk increased third-quarter net investment income by $0.08 per share.
- Q4 Net Investment Income GuidanceManagement expects fourth-quarter 2026 GAAP net investment income per share to be in the range of 8% to 9% of NAV per share on an annualized basis. The fourth quarter is expected to benefit from an approximately $17 million dividend from JW Aluminum.
- Toorak Investment Performance and Expected TransactionKKR originally invested in Toorak in 2016, and management said the platform grew considerably and beyond expectations. The acquisition of Toorak by Velocity Financial was expected to close in the fourth quarter of 2026, subject to satisfactory closing conditions.
- Lender-Friendly Market ConditionsManagement said the market was more lender-friendly than earlier in the year. Spreads were described as approximately 50 basis points wider than at the start of the year, after having been approximately 100 basis points wider including upfront fees. Institutional investor interest in the private-credit space remained strong.
- Asset-Backed Finance StrategyManagement said the asset-backed finance strategy had performed well and remained attractive from a risk-adjusted return perspective. The company expects this portion of the portfolio to remain within its historically discussed range of 10% to 15%.
- JW Aluminum Operating PerformanceManagement said JW Aluminum had performed well and that its fourth-quarter dividend was its fourth or fifth dividend over the last handful of years. Although not paid every quarter, management said the dividend was becoming more consistent.
DE:FS5A Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 01, 2027 | 2026 (Q4) | 0.36- | 0.47 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.360.41 | 0.51 | -19.30% (-0.10) | |
| Aug 06, 2026 | 2026 (Q2) | 0.380.39 | 0.54 | -28.33% (-0.15) | |
| May 11, 2026 | 2026 (Q1) | 0.400.37 | 0.59 | -36.92% (-0.22) | |
| Feb 25, 2026 | 2025 (Q4) | 0.490.47 | 0.59 | -21.21% (-0.13) | |
| Nov 05, 2025 | 2025 (Q3) | 0.520.51 | 0.67 | -22.97% (-0.15) | |
| Aug 06, 2025 | 2025 (Q2) | 0.560.54 | 0.68 | -20.00% (-0.14) | |
| May 07, 2025 | 2025 (Q1) | 0.580.59 | 0.66 | -10.96% (-0.07) | |
| Feb 26, 2025 | 2024 (Q4) | 0.600.59 | 0.68 | -12.00% (-0.08) | |
| Nov 06, 2024 | 2024 (Q3) | 0.630.67 | 0.76 | -11.90% (-0.09) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
