KKR & Co. Inc. Q3 2026 Earnings Recap

KKR reported higher year-over-year earnings and record fee-related earnings, but the shares rose a modest 1.7%, a roughly flat reaction. The quarter also included mixed portfolio performance and insurance earnings that were reduced by actuarial review items.

Key Takeaways

• Fee-related earnings per share rose 24% year-over-year to $1.42; total operating earnings per share increased 21% to $1.88, and adjusted net income per share increased 26% to $1.78.
• Management fees were $1.2 billion. Excluding catch-up fees, they grew 16% year-over-year; fee-related earnings margin was around 71%.
• Insurance segment operating earnings were $230 million, or $257 million excluding the impact of GA’s annual actuarial assumption review and related items.
• Portfolio returns were mixed in a volatile quarter: private equity was flat, infrastructure gained 4%, and opportunistic real estate declined 2%; leveraged credit and alternative credit composites gained 1% and 3%, respectively.
• KKR invested $20 billion in the quarter and raised $25 billion; trailing-12-month figures were $98 billion invested and $116 billion raised. Dry powder stood at a record $146 billion.