KKR (KKR) Q1 2026 earnings summary

Executive summary

• Fee-related earnings, total operating earnings, and adjusted net income per share grew approximately 20% year-over-year in Q1 2026, reflecting strong platform durability and near-record results despite market volatility.

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

• Assets under management reached $758 billion, up 14% year-over-year, with fee-paying AUM at $615 billion and $124.9 billion in uncalled commitments.

• Management fees rose to $1.2 billion, up 30% year-over-year, with strong growth across private equity, real assets, and credit.

• Dividend declared at $0.195 per share for Q1 2026, up 5% annualized from 2025, marking the seventh consecutive annual increase.

Financial highlights

• Fee-related earnings exceeded $1 billion for the quarter, up 24% year-over-year, with a FRE margin of 69%.

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

• Insurance segment operating earnings were $260 million, with net investment income at $1.9 billion in Q1 2026.

• Strategic holdings operating earnings were $48 million for the quarter, tracking toward $350+ million for 2026.

• New capital raised totaled $28 billion in the quarter and $127 billion in the last twelve months.

Outlook and guidance

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

• Strategic holdings operating earnings expected to exceed $350 million in 2026, $700 million by 2028, and $1.1 billion by 2030.

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

• Embedded gains remain at or near record levels, supporting future earnings growth.