KKR's strategic pivot toward insurance-driven fee income, with non-interest fees comprising over 100% of total revenue in recent quarters, appears to be creating a more durable earnings base, as evidenced by record Fee Related Earnings.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue is overwhelmingly fee-driven with non-interest income representing 100.9% of total revenue in Q2 2026, yet operating margin remains highly volatile, ranging from -26.7% to 15.2% over the past ten quarters due to dominant and unpredictable loan loss provisions.
KKR raised a record $129 billion in 2025, surpassing its fundraising goals. With approximately $118 billion of dry powder, the firm is well positioned to deploy capital into attractive opportunities.
Management fees have grown year‑over‑year, driven by strong fundraising activity. KKR expects continued margin expansion in fee‑related earnings through operating leverage and a higher mix of capital‑light, recurring fee streams.
KKR’s private credit and insurance assets exceed $250 billion, with direct lending growth fueled by bank disintermediation. This asset class is a key driver of high‑single to low‑double‑digit AUM CAGR.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q3 2026Latest Jul 30, 2026 | $1.63+14.0% vs $1.43 | $2.8B+8.4% vs $2.5B |
Q2 2026 May 5, 2026 | $1.39+10.3% vs $1.26 | $2.3B+7.6% vs $2.2B |
Q1 2026 Feb 5, 2026 | $1.12-1.8% vs $1.14 | $1.6B-10.2% vs $1.8B |
Q4 2025 Nov 7, 2025 | $1.41+8.5% vs $1.30 | $5.5B+153.3% vs $2.2B |
KKR & Co.'s Q3 earnings are expected to rise on stronger AUM, robust client inflows and deal exits, while elevated expenses are likely to have been a key headwind.
PHILADELPHIA and NEW YORK, Nov. 5, 2026 /PRNewswire/ -- FS KKR Capital Corp. (NYSE: FSK), or the Company, today announced its financial and operating results for the quarter ended September 30, 2026, and that its board of directors previously, on October 7, 2026, declared a fourth quarter 2026 distribution of $0.44 per share to common stockholders and a special distribution of $0.20 per share to common stockholders. Financial and Operating Highlights for the Quarter Ended September 30, 2026 (1) Net investment income of $0.46 per share, compared to $0.44 per share for the quarter ended June 30, 2026 Adjusted net investment income(2) of $0.46 per share, compared to $0.43 per share for the quarter ended June 30, 2026 Net asset value of $18.28 per share as of September 30, 2026, compared to $18.30 per share as of June 30, 2026 Total net realized and unrealized loss of $0.19 per share, compared to a total net realized and unrealized loss of $0.56 per share for the quarter ended June 30, 2026 Adjusted net realized and unrealized loss(2) of $0.18 per share, compared to adjusted net realized and unrealized loss of $0.55 per share for the quarter ended June 30, 2026 Earnings (Loss) per share of $0.26, compared to Earnings (Loss) per share of ($0.13) for the quarter ended June 30, 2026 Total purchases of $335 million versus $442 million of sales and repayments Debt to equity ratio as of September 30, 2026 was 127%, compared to 127% as of June 30, 2026 Net debt to equity ratio(3) as of September 30, 2026 was 125%, compared to 122% as of June 30, 2026 Paid a third quarter 2026 distribution of $0.44 per share to common stockholders(4) "During the third quarter, FSK continued making progress toward our previously stated strategic goals," said Michael C.
Beyond analysts' top-and-bottom-line estimates for KKR & Co. (KKR), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended September 2026.
KKR & Co. (KKR) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Benchmark KKR against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for KKR & Co. Inc. (KKR)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $96.48 | $86.63B | 41.23 | -7.47% | 13.97% | 3.3% | 0.83% | |
| $119.50 | $94.14B | 30.80 | 21.87% | 22.58% | 16.4% | 6.44% | |
| $116.75 | $67.24B | 16.08 | 15.78% | 8.54% | 7.06% | 1.83% | |
| $39.70 | $14.29B | 18.21 | 40.31% | 10% | 5.11% | 3.43% | |
| $133.98 | $44B | 68.36 | 96.21% | 9.97% | 7.43% | 6.03% | |
| $46.50 | $17.83B | 38.43 | 79.63% | 5.3% | 5.95% | 6.94% |
KKR & Co. Inc. (KKR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
KKR & Co. Inc. (KKR) SEC filings — annual & quarterly reports (10-K, 10-Q)
Aug 31, 2026·SEC
Aug 27, 2026·SEC
Jul 31, 2026·SEC
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KKR & Co. Inc. (KKR) stock FAQ — growth, dividends, profitability & financials explained
KKR & Co. Inc. (KKR) revenue fell by 7.5% in fiscal year 2025, compared with the prior fiscal year.
Yes. KKR & Co. Inc. (KKR) earned $3.15B in net income over the trailing twelve months (a 18.0% net margin).
Yes. KKR & Co. Inc. (KKR) pays a dividend that yields 0.83% at the current price, a small yield.
KKR & Co. Inc. (KKR) had a return on equity (ROE) of 3.3% in fiscal year 2025. That is below the market's typical 10-15%.
KKR & Co. Inc. (KKR) has a net interest margin (NIM) of 0.0%. NIM has been under pressure due to interest rate environment.
KKR & Co. Inc. (KKR) has an efficiency ratio of 44.8%. This is excellent, indicating strong cost control.
