KKR (KKR) Q1 2026 earnings summary

Executive summary

• Fee-related earnings per share rose 23% year-over-year to $1.13, with total operating earnings per share up 18% and adjusted net income per share up 20%, marking near-record results.

• Reported net income attributable to common stockholders was $364.8 million for Q1 2026, reversing a loss of $185.9 million in Q1 2025.

• Total revenues rose to $4.32 billion, up from $3.11 billion year-over-year, driven by higher management fees and investment income.

• Assets under management (AUM) reached $758 billion as of March 31, 2026, up 14% year-over-year, with fee-paying AUM at $615 billion.

• Dividend increased to $0.78 per share annualized, with a quarterly dividend of $0.195 per share declared for Q1 2026.

Financial highlights

• Fee-related earnings exceeded $1 billion, with a FRE margin of approximately 69% at quarter-end.

• Management fees reached $1.2 billion, up 30% year-over-year, and net investment income in insurance was $1.99 billion.

• Adjusted Net Income (ANI) was $1.25 billion, up from $1.03 billion in Q1 2025.

• Realized performance income was over $750 million, and realized investment income was $120 million.

• Share repurchases totaled $317 million through May 1, with board authorizing an additional $500 million.

Outlook and guidance

• Management expects continued growth in AUM and fee-paying AUM, supported by new fund launches and strong fundraising.

• Confident in exceeding targets for fundraising, strategic holdings operating earnings, and FRE per share for 2026.

• 2026 adjusted net income (ANI) target of $7+ per share may be difficult to reach due to a more challenging operating environment, but delayed monetizations are expected to shift to 2027 and beyond.

• Strategic focus remains on expanding recurring earnings and leveraging core strengths in investment acumen and capital allocation.

• Strategic Holdings Operating Earnings expected to exceed $350 million in 2026, $700 million by 2028, and $1.1 billion by 2030.