Key Takeaways
- • KKR reported record quarterly adjusted net income of USD 1.6 billion, up 29 percent, or USD 1.78 per share, beating the USD 1.59 per share analyst estimate compiled by LSEG.
- • Fee-related earnings rose 27 percent to a record USD 1.3 billion, and the firm raised USD 25 billion in new capital, mainly in credit, liquid strategies and real assets.
- • KKR expects to return more than USD 40 billion to clients this year, more than 50 percent above its previous annual record, per co-CEOs Joseph Bae and Scott Nuttall.
- • The pending USD 17 billion sale of USI Insurance Services to Aon is expected to close in the fourth quarter and add roughly USD 2 billion to adjusted profit.
- • Total assets under management passed USD 800 billion, and KKR still targets USD 1 trillion in assets by 2030.
Summary
KKR reported record quarterly profit on Monday, November 9, 2026, as the New York-based investment firm closed a run of asset sales and earned higher fees on managed client capital. Adjusted net income rose 29 percent to USD 1.6 billion, or USD 1.78 per share, ahead of the USD 1.59 per share analysts had expected, according to LSEG. Shares rose about 3 percent in premarket trading. The firm has accelerated exits this year even as higher interest rates have slowed asset sales across the industry.
Co-CEOs Joseph Bae and Scott Nuttall said KKR continues to sell investments and is "returning capital to our clients at record levels." The firm expects to distribute more than USD 40 billion to clients this year, over 50 percent above its previous annual record. Transactions in the quarter included the sale of data center cooling firm CoolIT Systems and private aviation platform Atlantic Aviation.
Fee-related earnings, the steady income derived from management fees, rose 27 percent to USD 1.3 billion, a record. KKR raised USD 25 billion in new capital, primarily in credit, liquid strategies and real assets, and total assets passed USD 800 billion. The firm repurchased USD 567 million of its shares between June 30 and November 4 and last week raised its buyback authorization by USD 500 million.
The USD 17 billion sale of USI Insurance Services to Aon is expected to close in the fourth quarter and add roughly USD 2 billion to adjusted profit, positioning KKR for a strong finish to the year. Returns were mixed across strategies: the infrastructure portfolio returned a gross 4 percent, traditional private equity was flat, and leveraged credit and alternative credit returned 1 percent and 3 percent, respectively. KKR still aims to surpass USD 1 trillion in assets by 2030.
Co-CEOs Joseph Bae and Scott Nuttall said KKR continues to sell investments and is "returning capital to our clients at record levels." The firm expects to distribute more than USD 40 billion to clients this year, over 50 percent above its previous annual record. Transactions in the quarter included the sale of data center cooling firm CoolIT Systems and private aviation platform Atlantic Aviation.
Fee-related earnings, the steady income derived from management fees, rose 27 percent to USD 1.3 billion, a record. KKR raised USD 25 billion in new capital, primarily in credit, liquid strategies and real assets, and total assets passed USD 800 billion. The firm repurchased USD 567 million of its shares between June 30 and November 4 and last week raised its buyback authorization by USD 500 million.
The USD 17 billion sale of USI Insurance Services to Aon is expected to close in the fourth quarter and add roughly USD 2 billion to adjusted profit, positioning KKR for a strong finish to the year. Returns were mixed across strategies: the infrastructure portfolio returned a gross 4 percent, traditional private equity was flat, and leveraged credit and alternative credit returned 1 percent and 3 percent, respectively. KKR still aims to surpass USD 1 trillion in assets by 2030.
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