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Kohlberg Kravis Roberts (KKR)
NYSE:KKR
Earnings Data
Report Date
May 05, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.47Last Year’s EPS
1.15Same Quarter Last Year
Strong Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strong set of operational and financial highlights: robust fee growth and diversification, record fundraising ($129B in 2025), meaningful deployment momentum ($95B invested in 2025) and record embedded gains ($19B). FRE grew 15% YoY with healthy margins and the firm signaled confidence in exceeding 2026 FRE and fundraising targets. Insurance economics and strategic holdings show accelerating contribution, and the Arctos acquisition expands strategic M&A optionality. Key headwinds and uncertainties include the carried-interest repayment drag on ANI, lower realized investment income versus peak years, the timing effects of cash accounting for insurance returns (which understates near-term P&L), and market/AI/tariff-driven investor sentiment risk. Overall, positive fundamentals and multiple growth levers outweigh the near-term accounting and market‑sentiment headwinds.Company Guidance
Strong Quarterly EPS and Adjusted Net Income
Fee-related earnings per share of $1.08 in Q4; total operating earnings per share of $1.42; adjusted net income (ANI) per share of $1.12 including the carried interest repayment obligation (ANI ex-repayment $1.30).
Management Fee Growth and Diversification
Management fees of $1.1 billion in Q4, up 24% year-over-year (22% ex catch-up fees); full-year 2025 management fees of $4.1 billion with private equity, real assets and credit each contributing roughly one-third of total fees.
Fee-Related Earnings and Margins
Fee-related earnings (FRE) were $972 million in Q4, up 15% year-over-year, with an FRE margin of ~68% for the quarter and just over 69% for full-year 2025.
Record Embedded Gains
Total embedded gains across carry and balance-sheet gains were a record $19 billion at December 31, up 19% versus one year ago and more than 50% versus two years ago.
All‑time High Fundraising
Raised $28 billion of new capital in the quarter and $129 billion in full-year 2025 (the highest fundraising year in KKR's history). Credit platform raised a record $68 billion in 2025; K Series private-wealth products raised $4.5 billion in Q4 and over $16 billion for the year (nearly 2x 2024).
Progress Toward 2024–2026 Fundraising Target
Firm has raised over $240 billion to date — roughly 80% of the $300+ billion fundraising target established for the 2024–2026 period.
Deployment and Dry Powder Positioning
Invested $32 billion in the quarter and $95 billion for full-year 2025 (up 13% versus 2024); record infrastructure investment of nearly $15 billion; credit deployments of $44 billion (up 14% YoY); dry powder of $118 billion providing significant capacity to deploy into opportunities.
Insurance Economics and Growth
Insurance segment operating earnings of $268 million in Q4; management reports total insurance economics (including GA-related asset-manager economics) of $1.9 billion for 2025, up 15% year-over-year. Management also notes an incremental ~$100 million of Q4 mark-related returns not captured under cash accounting (i.e., insurance operating earnings would have been ~ $320 million).
Monetizations, Realized Performance and Carry
Realized performance income of $528 million in Q4 (ex the carried-interest repayment obligation) and realized investment income of $27 million, with monetization activity north of $550 million in the quarter. Gross monetization activity in 2025 was ~$2 billion and gross realized carried interest increased ~30% year-over-year.
Strategic M&A and Capital Allocation — Arctos Acquisition
Announced acquisition of Arctos (AUM ~$15 billion) valued at $1.4 billion in equity and cash with up to $550 million in additional long-term vesting equity contingent on performance; expected to be immediately accretive and to form a new KKR Solutions vertical targeting $100+ billion AUM over time. Strategic holdings operating earnings doubled year-over-year and Q4 was $44 million; tracking toward $350M+ in 2026.
Capital Markets and Fee Income Streams
Capital markets fees of $225 million and transaction & monitoring fees of $269 million in the quarter; fee-related performance revenue of $34 million in Q4, highlighting multiple revenue drivers beyond base management fees.
Dividend Increase
Announced increase in annual dividend from $0.74 to $0.78 per share, marking the seventh consecutive year of dividend growth since the C Corp conversion.
KKR Earnings History
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
KKR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Nov 07, 2025 | $119.31 | $121.32 | +1.68% |
Jul 31, 2025 | $150.23 | $146.39 | -2.56% |
May 01, 2025 | $113.94 | $114.16 | +0.19% |
Feb 04, 2025 | $162.55 | $148.68 | -8.53% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Kohlberg Kravis Roberts (KKR) report earnings?
Kohlberg Kravis Roberts (KKR) is schdueled to report earning on May 05, 2026, Before Open (Confirmed).
What is Kohlberg Kravis Roberts (KKR) earnings time?
Kohlberg Kravis Roberts (KKR) earnings time is at May 05, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is KKR EPS forecast?
KKR EPS forecast for the fiscal quarter 2026 (Q1) is 1.47.
