Skip to main content

Go Premium in Our Biggest Sale Ever

UPGRADE NOW
TipRanks
Go Ultimate75% OFF

KKR & Co (KKRC) Q3 2026 Earnings Report

0 Followers

MX:KKRC Q3 2026 EPS Results

Actual EPS
MXN 33.11
Consensus EPS
MXN 29.34
Beat/Miss
Beat by +MXN 3.78
One Year Ago EPS
MXN 26.23

MX:KKRC Q3 2026 Revenue Results

Actual Revenue
MXN 129.98B
Expected Revenue
MXN 49.42B
Beat/Miss
Beat by +MXN 80.57B
YoY Revenue Growth
+16.57%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/09/2026
Time
Before Open
Conference Call
Monday, November 9, 2026
MX:KKRC Upcoming Earnings

KKR & Co's next earnings date is estimated for February 9, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

MX:KKRC Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 09, 2026|% Change Since:1.68%|
Earnings Call Sentiment|Positive

The call was strongly positive. KKR reported consecutive record results, more than 20% year-over-year growth across its key headline metrics, substantial fundraising and deployment, record client monetizations, strong private-wealth growth, significant dry powder and a potentially transformative USI sale. Management also highlighted continued progress in insurance, Strategic Holdings, capital markets, infrastructure and KKR Solutions. The main negatives were market volatility, a 2% decline in opportunistic real estate, competitive conditions in insurance, difficult real-estate capital formation, modest negative flows in two wealth strategies and acknowledged uncertainty surrounding AI and the broader private-markets cycle. These challenges were outweighed by the breadth and strength of the reported operating performance.

Company Guidance

KKR expects Strategic Holdings operating earnings of more than $350 million for full year 2026 and reiterated $350-plus million and $1.1-plus billion guidance for 2026 and 2030, respectively; it expects Strategic Holdings to be a $100-plus billion AUM business over time, insurance-related capital markets revenues to be several hundred million of capital markets revenues a year, and the railcar equipment lessor sale to generate over $200 million of operating earnings when it closes, which we expect in the first quarter of 2027. KKR expects to return over $40 billion to clients in 2026, believes it is well positioned to deliver a third consecutive quarter with record ANI per share to close out the year, and expects to receive approximately $3.3 billion of after-tax proceeds and generate approximately $2 billion of adjusted net income from the USI sale, which translates to a little over $2 per share. The company expects its $15-plus per share of ANI goal in 10 years or less, expects new Strategic Holdings investments to generate roughly half of USI's anticipated operating earnings by 2028 and nearly match it by 2030, and does not expect investors to adjust models for Q4 of '26 for the 401(k) opportunity.

  • Record Quarterly and Trailing-Twelve-Month ResultsFor the second consecutive quarter, KKR reported record fee-related earnings, total operating earnings and adjusted net income per share. Q3 fee-related earnings per share were $1.42, up 24% year-over-year; total operating earnings per share were $1.88, up 21%; and adjusted net income per share was $1.78, up 26%. Trailing-twelve-month results for all three metrics also reached historic highs.
  • Strong Management Fee Growth and VisibilityManagement fees were $1.2 billion in the quarter. Excluding catch-up fees in all periods, management fees grew 16% year-over-year and 19% in the first nine months of 2026 versus the first nine months of 2025. AUM not yet paying management fees ended the quarter at $75 billion with a blended fee rate of approximately 90 basis points, up 24% since the start of the year.
  • Real Assets Fee-Paying AUM ExpansionReal-assets fee-paying AUM increased from $108 billion to $176 billion over the last three years, representing an 18% CAGR. The blended fee rate excluding catch-up fees increased each year alongside the AUM growth.
  • Record Fee-Related Earnings and MarginFee-related earnings reached a record $1.3 billion, or $1.42 per share. Fee-related compensation was at the midpoint of the guided range at 17.5%, other operating expenses were $215 million, and the fee-related earnings margin was approximately 71%, the highest in KKR's history.
  • Capital Markets and Transaction Fee ActivityTotal transaction and monitoring fees were $328 million. Capital markets fees reached $290 million, KKR's third-highest quarterly result on record, with insurance-related capital markets activity picking up in the quarter. KKR also generated approximately $50 million of insurance-related capital markets revenue in Q3 and expects that opportunity to reach several hundred million dollars of annual capital markets revenue.
  • Insurance Earnings and Renewed Allocation MomentumInsurance segment operating earnings were $230 million, or $257 million excluding the impact of Global Atlantic's annual actuarial assumption review and related items. After being more selective during the first half because of the competitive environment, KKR began leaning back into insurance opportunities in Q3. Total insurance capital raised was just over $9 billion, up 42% from Q2 and 53% from Q1.
  • Insurance Business Growth and Portfolio QualityGlobal Atlantic's new retail business volumes reached $3.4 billion in Q3 versus $4.5 billion for the entire first half of 2026. September and October activity was running at approximately $20 billion annually. Global Atlantic was affirmed or upgraded by all four rating agencies over the prior 18 months, maintained a strong capital position and liquidity, and had 94% of its portfolio rated NAIC 1 or 2.
  • Strategic Holdings Earnings ProgressStrategic Holdings delivered $192 million of operating earnings in Q3 and $277 million year-to-date, putting KKR firmly on track to achieve more than $350 million of operating earnings for full-year 2026. KKR reiterated guidance of more than $350 million for 2026 and more than $1.1 billion for 2030.
  • USI Sale Expected to Generate Significant ValueThe announced USI sale is expected to deliver approximately a 6x multiple of KKR's cost on the original 2017 investment, a 3.4x multiple on all KKR balance-sheet capital and an approximately 33% premium to USI's unaffected valuation last quarter. The investment generated approximately $550 million of earnings over its life, and closing is expected to provide approximately $3.3 billion of after-tax proceeds or incremental liquidity and approximately $2 billion of adjusted net income, or a little over $2 per share. These results do not yet reflect the transaction because it remains subject to closing.
  • Recurring Earnings Mix and Investment IncomeTotal operating earnings were $1.88 per share, up 21% year-over-year. Over the last 12 months, 84% of total pretax segment earnings came from the more recurring earnings streams. Realized performance and investment income totaled $824 million, including $71 million of net realized investment income in Strategic Holdings, while adjusted net income was approximately $1.6 billion.
  • Resilient Investment Performance Amid Market VolatilityDespite a volatile Q3 in which the 10-year Treasury yield rose 80 basis points, the Russell 2000 declined 7% and the S&P 500 excluding the Magnificent 7 declined 2%, KKR's private equity portfolio was flat. Infrastructure increased 4%, leveraged credit composites increased 1% and alternative credit composites increased 3%.
  • High Deployment and Dry PowderKKR deployed $20 billion of capital in Q3 and $98 billion over the trailing 12 months, up 15% from the prior period. Record dry powder of $146 billion was available at quarter-end, and deployment was broad-based across geographies and asset classes.
  • Strong Fundraising and Infrastructure MomentumKKR raised $25 billion of new capital in Q3 and $116 billion over the trailing 12 months. The latest flagship global infrastructure fund closed at $19.2 billion, exceeding the prior fund's $17 billion. KKR's Asia infrastructure efforts represented more than $25 billion of combined committed capital to date.
  • AI Infrastructure CommitmentsSamsung committed $1 billion to KKR's Helix AI infrastructure strategy, contributing to more than $11 billion of total commitments to date.
  • Private Wealth and K-Series GrowthKKR brought in $3 billion of wealth capital in Q3, up 11% from the prior quarter. K-Series AUM reached $45 billion, up 55% year-over-year and 32% year-to-date. K-Series private equity and infrastructure vehicles reached $22 billion and $17 billion, respectively, within three years.
  • Credit Fundraising StrengthKKR raised $14 billion of credit capital in Q3 and continued to expect a record fundraising year for total third-party credit and private credit specifically.
  • Record Client MonetizationsKKR had already returned more capital to clients in 2026 than in any prior year, excluding Q4 activity and the announced USI transaction. Year-to-date returns totaled $31 billion, and KKR expects the figure to exceed $40 billion in 2026, more than 50% above its previous annual record.
  • Share Repurchases and Capital AllocationKKR repurchased or retired $567 million of stock from the beginning of Q3 through November 4 and more than $900 million since the start of the year, at an average price of $92 per share. Management stated that buybacks, Strategic Holdings and insurance all currently appear accretive, with capital allocation focused on maximizing durable, growth-oriented earnings per share.
  • Strategic Holdings ReplenishmentKKR identified Integer, Gen 2 Fund Services and A1 as new Strategic Holdings companies. Together, these three investments are expected to generate roughly half of USI's anticipated operating earnings by 2028 and nearly match it by 2030, while using less capital than USI will return.
  • KKR Solutions and Arctos ProgressThe Arctos acquisition was completed in May and was tracking well ahead of budget. Keystone closed at approximately $6 billion of total commitments, the largest first-time fund in the broader GP solutions space. KKR expects its new KKR Solutions investing vertical to become a $100-plus billion AUM business over time.
  • Management Fee Growth Translating to FRE GrowthSince the end of 2022, management fees have compounded at roughly 17%, while operating expenses compounded at 10% and fee-related compensation at 2%. KKR stated that this translated into 22% compounded fee-related earnings growth over the period.
  • AI Infrastructure Exposure Managed ConservativelyKKR reported roughly $45 billion of equity investments in digital infrastructure and roughly $40 billion of equity investments in power deals. Its seven data-center platforms represented 6% of infrastructure AUM and 1% to 2% of total firm AUM. Ninety percent of long-term lease exposures were to governments or investment-grade hyperscalers, while 3% were to neoclouds.
  • Insurance Duration and Alternatives ExpansionBy 2026 year-to-date, 93% of Global Atlantic's liabilities had durations of five-plus years and 63% had durations of seven-plus years, compared with 75% and 37%, respectively, in 2024. Approximately 2% of the portfolio was allocated to alternatives, with management stating that this could move closer to the 5% to 8% industry average over time in a prudent manner.
  • Governance TransitionBy the next earnings call, KKR expects to have fully transitioned to a traditional one-share, one-vote governance structure following the sunset of the super-voting rights held by co-founders Henry Kravis and George Roberts.
  • Long-Term Retirement and 401(k) OpportunityKKR welcomed efforts by the Department of Labor to provide greater clarity on access to private investments in 401(k) plans. Management said the opportunity will take time but remains constructive about its potential to become a meaningful long-term tailwind.

MX:KKRC Earnings History

MX:KKRC earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 09, 20272026 (Q4)66.60-20.84――
Nov 09, 20262026 (Q3)29.3433.1126.2326.24% (+6.88)
Jul 30, 20262026 (Q2)26.5630.3221.9538.14% (+8.37)
May 05, 20262026 (Q1)23.4825.8621.3920.87% (+4.46)
Feb 05, 20262025 (Q4)21.1920.8424.56-15.15% (-3.72)
Nov 07, 20252025 (Q3)24.1526.2325.672.17% (+0.56)
Jul 31, 20252025 (Q2)21.1921.9520.288.26% (+1.67)
May 01, 20252025 (Q1)20.9521.3918.0418.56% (+3.35)
Feb 04, 20252024 (Q4)23.7624.5618.632.00% (+5.95)
Oct 24, 20242024 (Q3)22.2925.6716.3756.82% (+9.30)

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.

Beat Missed