KKR Posts Record Quarterly Profit; Constellation Energy Raises Its Outlook Again

KKR's adjusted net income rose 29 percent to a record $1.78 a share in the third quarter. Constellation Energy lifted its full-year earnings guidance for the second time this year and agreed to buy a Rhode Island gas plant.

By Diego Marro, Small Business Correspondent

November 10, 2026New York2 min read

Mentioned: KKR, CEG, CRWV

KKR reported record third-quarter adjusted net income of $1.78 a share on Monday, Nov. 9, up 29 percent, according to the firm's earnings release. A year earlier the figure was $1.41 a share, FinancialMarkets.com reported.

Constellation Energy (CEG), which reported the same day, raised its full-year profit outlook for the second time this year.

KKR

Fee-related earnings were $1.3 billion, or $1.42 a share, up 27 percent, the release said. Total operating earnings were $1.7 billion, or $1.88 a share, up 25 percent. GAAP net income attributable to common shareholders was $1.1 billion.

Assets under management reached $804 billion, up 11 percent, and fee-paying assets were $648 billion, also up 11 percent. KKR raised $25 billion of new capital in the quarter and $116 billion over the past 12 months, and invested $20 billion in the quarter.

Insurance was the soft spot. Operating earnings in that segment were $230 million, including a $26 million charge from Global Atlantic's annual actuarial review, according to the release. FinancialMarkets.com reported the year-earlier figure as $305 million.

KKR said it expects to return more than $40 billion to clients in 2026, a record that would exceed its prior annual high by more than 50 percent. Its board approved a $500 million increase to the share buyback on Nov. 6, FinancialMarkets.com reported.

Constellation

Constellation reported third-quarter GAAP net income of $5.19 a share, up from $2.97 a year earlier, and adjusted operating earnings of $5.06 a share, up from $3.04, according to its results release. The company said adjusted earnings reflected favorable market and portfolio conditions and the addition of Calpine.

Adjusted earnings beat the Wall Street estimate of $3.72 a share, and revenue of $9.55 billion topped the $9.21 billion expected, according to Investing.com.

The company narrowed its full-year adjusted operating earnings guidance to $12.50 to $12.80 a share, raising the midpoint. The previous range was $11.50 to $12.50, FinancialMarkets.com reported.

"This strong performance allowed us to raise the midpoint of our adjusted operating earnings guidance range for the second time this year," Chief Financial Officer Shane Smith said on the earnings call.

Constellation also agreed to acquire the Rhode Island State Energy Center, a 609-megawatt gas plant. FinancialMarkets.com reported the price as $715 million, paid to Shell Energy North America. The company disclosed a conditional Department of Energy loan commitment of up to $5 billion for nuclear uprates, a long-term collaboration with Google on new nuclear capacity, an agreement at Calvert Cliffs and a 20-year, 270-megawatt Peak+ deal. It has spent about $3.0 billion on share repurchases so far this year, according to its investor presentation.

Constellation shares rose 5.12 percent in premarket trading on Monday to $262.75, from a prior close of $249.95, according to Investing.com.

Next up

CoreWeave (CRWV) reports results after the bell on Tuesday, Yahoo Finance reported. Applied Materials and Cisco report later this week, according to Reuters.