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KKR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is KKR & Co. Inc. (KKR) stock moving?
KKR beat Q3 2026 estimates on November 9, with adjusted EPS of $1.78 versus about $1.58 expected and assets under management above $804 billion, which management framed as a second straight record-profit quarter. The stock responded: it closed at $100.85 on November 10, up about 8% from the $93.04 close on October 28, and it has traded in a roughly $95 to $104 range since October 29. Volume was heavy into the results, at 8.15 million shares on November 9 against roughly 3 to 4 million in late October, and it stayed elevated at 5.0 million on November 10. Analyst reaction was mostly constructive: Morgan Stanley (Overweight, $140), Evercore ISI (Outperform, $115), RBC (Outperform, $134), Goldman Sachs ($131) and Oppenheimer (Outperform, $156, trimmed from $163) all hold targets above the share price, while Wells Fargo stays Equal-Weight at $105. Deal flow adds to the picture, including the Deep Blue Midland Basin stake with Diamondback Energy and the Canopius buyout, though the Deep Blue cash price is undisclosed and the ContourGlobal sale process is only at the investor-search stage. Management's comments that AI will create both winners and losers are a reminder of sector risk. Part of the earnings beat already appears in the price, since the stock sits about 3% below its November 5 intraday high of $103.84.
News behind the analysis
- KKR Delivers Record Profits for Second Straight Quarter As Assets Top $800 BillionKKR reported Q3 2026 adjusted EPS of $1.78, above the roughly $1.58 consensus, with assets under management topping $804 billion. The stock rose on the results.
- KKR Reports Third Quarter 2026 Financial ResultsKKR's Q3 2026 release showed adjusted EPS of $1.78, above analyst expectations of $1.58, with profit growth driven by fee-related earnings.
- Morgan Stanley Maintains Overweight on KKR, Raises Price Target to $140Morgan Stanley kept its Overweight rating and lifted its price target to $140 after the quarter.
- Oppenheimer Maintains Outperform on KKR, Lowers Price Target to $156Oppenheimer kept its Outperform rating but cut its price target to $156, which still sits well above the current share price.
- Wells Fargo Maintains Equal-Weight on KKR, Raises Price Target to $105Wells Fargo kept an Equal-Weight rating and raised its price target to $105, close to the current share price and a cautious counterpoint to the Street.
- Multiple Analysts Adjust Price Targets for KKR & Co. Inc.Goldman Sachs, Evercore ISI, Morgan Stanley and Deutsche Bank all updated their price targets on KKR on November 10, 2026; Goldman's new target is $131, up from $125.
- KKR and Diamondback Energy to Acquire 70% Stake in Deep Blue Midland BasinKKR and Diamondback Energy agreed to jointly acquire Five Point Infrastructure's 70% interest in the produced-water platform Deep Blue Midland Basin for an undisclosed cash sum.
- KKR, Samsung Fire & Marine Insurance, and KIC to Acquire Additional Stake in Canopius GroupKKR, Samsung Fire & Marine and the Korea Investment Corporation agreed to buy the remaining 59.97% of Canopius Group for KRW 2.3 trillion, with KKR funds taking a 12.1% stake.
- 'KKR Seeks Investor in Power Firm ContourGlobal at £4 Billion Value' - Bloomberg ExclusiveBloomberg reports KKR is looking for an investor in its power firm ContourGlobal at a valuation of about £4 billion.
- 'Money Will Be Made and Money Will Be Lost': KKR Sounds Off on AI Boom and Private CreditKKR expects a record year for private credit fundraising, while co-CEO Scott Nuttall warned that AI investment will create both winners and losers.
About KKR & Co. Inc.
KKR is one of the world's largest alternative asset managers. It runs private equity, credit, infrastructure and real estate funds, managing roughly $800 billion as of mid-2026. What sets it apart is that it also owns a large retirement and life insurer, Global Atlantic, and keeps long-term stakes in companies on its own balance sheet (its 'Strategic Holdings').
How it makes money
Most of its steady earnings come from management and other fees charged on client money in its funds. These fee-related earnings were about $4.2 billion over the 12 months to mid-2026, with a margin of around 70%. Global Atlantic adds insurance earnings by investing policyholder premiums and annuity money, and the Strategic Holdings add a smaller but growing stream. On top of that, KKR earns more volatile 'performance income' (a share of investment profits, called carried interest) and gains on its own investments when it sells assets. KKR says about 85% of its segment earnings come from the more recurring parts of the business.
What usually moves KKR
- Fundraising pace and growth in assets under management
- Deal activity, exits and IPO market conditions
- Interest rates and credit market conditions
- Insurance (Global Atlantic) annuity flows and investment spreads
- Private-market valuations and performance fees