KKR & Co. Inc. (KKR) Earnings
KKR & Co. Inc. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $1.38. KKR has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +5.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $1.26 | $1.39 | +10.3% | $2.3B | +7.6% |
| Feb 5, 2026 | $1.14 | $1.12 | -1.8% | $5.7B | +215.3% |
| Nov 7, 2025 | $1.30 | $1.41 | +8.5% | $5.5B | +153.3% |
| Jul 31, 2025 | $1.14 | $1.18 | +3.5% | $5.0B | +181.3% |
| May 1, 2025 | $1.13 | $1.15 | +1.8% | $3.1B | +78.6% |
| Feb 4, 2025 | $1.30 | $1.32 | +1.5% | $3.2B | +60.7% |
| Oct 24, 2024 | $1.20 | $1.38 | +15.0% | $4.7B | +164.1% |
| Jul 31, 2024 | $1.06 | $1.09 | +2.8% | $4.1B | +146.5% |
| May 1, 2024 | $0.96 | $0.97 | +1.0% | $9.6B | +544.0% |
| Feb 7, 2023 | $0.86 | $0.92 | +7.0% | $2.5B | +78.8% |
| Nov 1, 2022 | $0.84 | $0.93 | +10.7% | $1.8B | +16.4% |
| Aug 2, 2022 | $0.93 | $0.95 | +2.2% | $291M | -83.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Strategic rationale of merger with Equitable: Bringing together franchises for diversified financial services, ~12 million customers, $1.5 trillion AUM, formidable distribution capabilities, $500 million expense synergies and upside from other synergies, robust balance sheet with earnings and cash generation targets. • Progress on merger: Vast majority of regulatory filings completed, Form S4 with proxy statement to be filed, executive team determination ongoing, integration management offices working on seamless integration. • First quarter performance: Strong performance driven by industry demographics and customer demand, despite market volatility, operating earnings per share up 13%, adjusted ROE up 120 basis points, ranked number one by J.D. Power for partner satisfaction in annuity distribution, strong momentum in group retirement NPS. • Customer focus initiatives: Launched customer council, modernizing new business onboarding, launching new wealth management digital experience, moving permanent life products to digital submission platform, launching new payroll platform for group retirement plan sponsors.
Guidance
• Merger expected to immediately be accretive to earnings per share and cash generation, both to increase to 10+% by year end 2028. • 2026 guidance on insurance company dividends: Expecting ~$2.3 billion in total, with normalized dividends around $2 billion, directionally lower for rest of year in 450 - 500 range. • Expect base spread income for individual retirement to be approximately $2.55 billion, with spread compression expected to level off by end of 2026 assuming current market outlook and two additional Fed rate cuts. • Group retirement transition expected to take 12 - 24 months for earnings to stabilize as it shifts from spread to fee-based business. • Long-term expectation for alternative investment returns is 8% - 9%, with current market-driven headwinds.
Segment performance
Individual Retirement: Premiums and deposits were $4.3 billion, maintained market share of total annuity sales, net flows into general account positive at ~$500 million, APTOI increased 1% year over year. Group Retirement: Advisory and brokerage assets at all-time highs, grew 14% year-over-year, net inflows over $300 million, APTOI decreased 17% year-over-year due to lower spread income partially offset by fee income growth. Life: Delivered earnings within guided range, sales $850 million, APTOI declined 5% year over year. Institutional Markets: Reserves up 18%, assets under management and administration up 13%, APTOI increased 15% year-over-year, issued $1 billion of GICs including first Canadian dollar denominated GIC. Revenue contribution % not explicitly detailed in absolute terms per segment but overall business has diversified sources of earnings.
Risks & headwinds
• Forward-looking statements subject to risks and uncertainties where actual results may differ from expectations, as per SEC filings. • Potential challenges in integrating different platforms and IT systems post-merger, although aim is to enhance customer experience without disruption. • Market volatility and competition could impact financial performance. • Uncertainty in pension risk transfer volume variability from quarter to quarter. • Risks associated with private debt investments such as middle market lending and BDC debt, although CoreBridge has rigorous processes to manage them.
Analyst Q&A
Q: Sunit Kamet with Jefferies on distribution post-merger announcement, concerns about limitations on product from distribution partners.
A: Mark responded that they haven't heard apprehension, products are complimentary, scale and manufacturing depth matter, advisors find it value-add.
Q: Sunit Kamet on $4 billion cash and $5 billion earnings, free cash flow conversion.
A: Mark stated it's pro forma guidance reflecting transaction synergies.
Q: Alex Scott with Barclays on wealth management strategy evolution.
A: Mark mentioned bullishness on wealth management, equity has successful model, working on cross-selling and up-selling into plan participants, investment in infrastructure.
Q: Alex Scott on AI investment and coordination with Equitable.
A: Mark said firms operate independently until close, accelerating AI investment for differentiated outcomes, examples like digital agents for group retirement plans.
Q: Tom Gallagher with Evercore ISI on deal revenue synergies.
A: Mark said ample revenue synergies expected, too early to put number, investor day next year for more guidance.
Q: Tom Gallagher on BDC debt exposure.
A: Lisa Longino explained BDC debt is investment grade, portfolios are cash generative, diversified, low LTV, with significant risk mitigants.
Q: Ryan Kruger with KBW on individual retirement sales slowdown.
A: Mark said sales relatively flat but demographic trends positive, share likely increased, temporary slowdown, robust demand expected.
Q: Ryan Kruger on Japan commercial partnership.
A: Mark said ongoing discussions with Nippon Life, working on co-manufacturing products, timeline involves regulatory and filing processes, taking 9 - 12 months after announcement to be in market.
Q: Wes Carmichael with Wells Fargo on individual retirement surrender rate and insurance company cash distributions.
A: Mark said surrender rate due to product maturity, natural behavior, no unexpected revenue headwind; Chris explained insurance company dividends guidance, expecting lower run rate for rest of year.
Q: Cave Montazeri with Deutsche Bank on customer council and integration of platforms.
A: Mark said customer council shares best practices, deploys digital assets for easier business, integration of platforms will be done considering customer experience, not immediate but aimed to enhance over time.
Q: Joel Hurwitz with Dowling and Partners on variable investment income and buybacks.
A: Lisa said variable investment income impact from non-recurring marks reversed, VII slightly better in Q2 but still may be below expectations; Mark said plan to be active in buybacks between filing and mailing of proxies, no insight on AIG's stake plans.
Q: Jack Matten with BMO Capital Markets on group retirement earnings stabilization timeline and annuities marketplace competition.
A: Mark said group retirement transition expected to take 12 - 24 months, execution to take place in first half of 2027; on competition, intensity ebbs and flows, capital deployed judiciously, spreads expected to level off towards year end 2026 and then expand.
Q: Wilma Burtis with Raymond James on wealth business self-clearing and capital tax benefits.
A: Mark said not ready to guide on wealth business self-clearing yet, and capital tax benefits not specifically guided but firm believes transaction will be double-digit accretive over next 24 months.
Q: Mike Ward with UBS on Corbridge brand in merger and RBC factors.
A: Mark said will go forward with Equitable brand post-merger, no business ramifications expected; Lisa said proposed changes to RBC factors for CLOs have minimal impact on Corbridge's CLO portfolio.