BACKGROUND: Ketone esters combined with carbohydrate have been reported to enhance physical performance compared to carbohydrate alone. Improvements in physical performance are suggested to result from sparing of glucose for fuel use during exercise; however, no studies have examined the effect of ketone supplementation on glucose kinetics. PURPOSE: Determine the effect of ketone ester plus carbohydrate (KE + CHO) supplementation on physical performance and glucose kinetics during steady-state aerobic exercise. METHODS: Twelve men (mean ± SD; 29 ± 5 y, 26 ± 3 kg/m2) completed this randomized, double-blind, crossover study. After controlling exercise and diet for 48 h, participants consumed a KE + CHO (KE: 573 mg KE/kg body mass, CHO: 110 g glucose) or CHO (110 g glucose) drink before and during 90 min of steady-state treadmill exercise (54 ± 3 % VO2peak) with a weighted vest (30% body mass; 25 ± 3 kg). Glucose kinetics during exercise were determined using indirect calorimetry and tracer techniques ([6,6-2H2] glucose and 13C glucose). Participants performed an unweighted time to exhaustion test (TTE; 85 % VO2peak) following steady-state exercise. After 24 h of controlled feeding, participants consumed a bolus of KE + CHO or CHO and completed a weighted 4-mile time trial (TT; 25 ± 3 kg). RESULTS: β-hydroxybutyrate concentrations were higher (P < 0.05) after exercise (2.3 ± 0.8 vs. 0.1 ± 0.1 mM) and the TT (2.7 ± 0.8 vs. 0.1 ± 0.1 mM) in KE + CHO than CHO. TTE was lower (761 ± 429 vs. 865 ± 458 sec) and TT performance was slower (55.0 ± 7.4 vs. 52.9 ± 6.6 min) in KE + CHO than CHO (P < 0.05). Exogenous (0.5 ± 0.1 vs. 0.5 ± 0.1 g/min) and plasma (0.6 ± 0.1 vs. 0.6 ± 0.1 g/min) glucose oxidation rates in the last 40 min of steady-state exercise were the same between KE + CHO and CHO (P > 0.05). Glucose rate of appearance (6.5 ± 1.4 vs. 7.0 ± 1.6 mg/kg/min) and disappearance (6.7 ± 1.3 vs. 7.2 ± 1.6 mg/kg/min) during steady-state exercise was lower (P < 0.05) in KE + CHO than CHO, and metabolic clearance rate (MCR) did not differ between treatments (10.5 ± 3.0 vs. 10.1 ± 3.4 mL/kg/min; P > 0.05). CONCLUSION: KE + CHO impaired TT and TTE performance compared to CHO alone. Though glucose turnover was lower, similar rates of exogenous glucose oxidation and MCR during steady-state exercise in KE + CHO and CHO suggests performance decrements occur independent of glucose kinetics.