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KKR

KKR & Co. Inc.

KKR

KKR & Co. Inc. • NYSE
$122.31 ▲ 1.22% (+1.48)
Market Cap $109.02 B
52w High $170.40
52w Low $86.15
Dividend Yield 0.73%
P/E 51.18
Volume 1.16M
Outstanding Shares 891.35M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.526B ▲ $414.891M ▼ $1.84B ▲ 33.294% ▲ $0.97 ▲ $1.791B ▼
Q2-2025 $5.003B ▲ $725.512M ▲ $510.123M ▲ 10.197% ▲ $0.53 ▲ $2.307B ▲
Q1-2025 $3.055B ▼ $622.016M ▼ $-185.924M ▼ -6.086% ▼ $-0.22 ▼ $1.495B ▼
Q4-2024 $3.2B ▼ $656.019M ▼ $1.126B ▲ 35.169% ▲ $1.27 ▲ $2.49B ▲
Q3-2024 $4.732B $821.602M $600.55M 12.693% $0.68 $2.445B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $134.087B ▲ $398.481B ▲ $323.079B ▲ $29.749B ▲
Q2-2025 $41.185B ▼ $380.868B ▲ $309.899B ▲ $28.219B ▲
Q1-2025 $118.613B ▲ $372.373B ▲ $303.416B ▲ $27.47B ▲
Q4-2024 $112.558B ▼ $360.099B ▼ $298.115B ▼ $23.652B ▼
Q3-2024 $116.208B $360.656B $298.857B $24.084B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.84B ▲ $2.39B ▲ $-7.006B ▼ $9.428B ▲ $4.83B ▲ $2.351B ▲
Q2-2025 $1.354B ▲ $438.756M ▼ $-1.89B ▲ $990.819M ▼ $-337.292M ▼ $371.395M ▼
Q1-2025 $684.498M ▼ $2.55B ▲ $-3.147B ▼ $3.603B ▲ $3.026B ▲ $2.529B ▲
Q4-2024 $1.384B ▼ $-111.655M ▼ $-2.253B ▲ $2.894B ▲ $405.514M ▲ $-164.822M ▼
Q3-2024 $1.435B $1.876B $-5.119B $2.077B $-1.107B $1.832B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Asset Management And Strategic Holdings Segments
Asset Management And Strategic Holdings Segments
 $0 ▲$0 ▲$0 ▲$1.84Bn ▲
Asset Management Segment
Asset Management Segment
 $2.27Bn ▲$1.43Bn ▼$2.05Bn ▲$1.00Bn ▼
Insurance Segment
Insurance Segment
 $2.52Bn ▲$1.83Bn ▼$1.06Bn ▼$3.25Bn ▲

Five-Year Company Overview

Income Statement

Income Statement KKR’s income statement shows a business with strong growth but meaningful swings from year to year. Revenue has climbed sharply over the last few years, with 2024 standing out as a particularly strong year. Profitability rebounded well after a weak 2022, when results dipped into a loss, reflecting how sensitive performance is to market conditions and investment marks. When markets are favorable, KKR’s earnings can scale quickly; when conditions turn, profits can compress or briefly turn negative. Overall, the trend suggests a larger, more profitable platform over time, but with inherent volatility typical of alternative asset managers.

Balance Sheet

Balance Sheet The balance sheet has expanded dramatically, reflecting KKR’s growth into a broad investment and insurance platform. Total assets have grown many times over since 2020, while equity has also increased, signaling that the firm has been building its capital base. Debt has risen steadily as well, so leverage is meaningful, which is common in this industry but still important to watch. Cash on hand has grown in absolute terms but remains modest relative to KKR’s total size, implying reliance on steady fee income and financing access rather than large idle cash buffers. In short, this is a scaled, capital-intensive balance sheet with rising financial flexibility, but also higher complexity and leverage.

Cash Flow

Cash Flow Cash flow has historically been choppy, with several years of negative operating cash flow flipping to a strong positive in 2024. Because KKR’s business involves complex fund flows and investment activities, cash generation can diverge from reported earnings in the short term. Capital spending is very low, so free cash flow generally tracks operating cash flow closely. The recent move into solid positive territory suggests healthier cash conversion and better underlying economics, but the track record reminds that cash flows are cyclical and can swing with fundraising trends, investment realizations, and market conditions.

Competitive Edge

Competitive Edge KKR holds a powerful competitive position in alternative asset management. It benefits from a well-known global brand, a long track record in private equity, and deep local teams around the world. Its platform is broad, spanning private equity, credit, infrastructure, real estate, and an integrated insurance operation that provides a large pool of long-term capital. The firm’s “one-firm” approach and in-house operating teams give it the ability to influence portfolio company performance rather than just provide capital. This combination of scale, diversification, operational expertise, and stable capital creates a wide moat, though KKR still faces intense competition from other large alternative managers and must continually prove its performance to maintain fundraising momentum.

Innovation and R&D

Innovation and R&D KKR does not do traditional R&D, but it is investing heavily in technology, data, and new product design. Its Value-Creation Engine uses artificial intelligence and data analytics to improve decision-making and operational performance across portfolio companies. The firm is also deploying capital into the infrastructure behind AI—such as data centers and power assets—positioning itself to benefit from the digital economy’s growth. At the same time, KKR is pushing into sustainability and energy transition investments, expanding in faster-growing regions like Asia-Pacific, and developing products aimed at individual investors rather than just institutions. These initiatives could deepen its moat and open new revenue streams, but they bring execution risk and depend on the long-term success of AI, energy transition, and democratized alternatives.

Summary

Overall, KKR appears to be evolving from a traditional private equity firm into a diversified, tech-enabled investment platform with a sizable insurance arm. The financials show a clear growth trajectory in scale and profitability, offset by earnings and cash flow volatility that is typical for its business model. The balance sheet is larger and more leveraged, reflecting its expanded ambitions and capital needs. Strategically, KKR’s brand, global reach, diversified strategies, and data-driven approach provide meaningful advantages, while its push into AI infrastructure, sustainability, Asia, and private wealth could support future growth. Key uncertainties include market dependence, the stability of cash generation through cycles, regulatory and funding risks, and the challenge of executing on multiple complex growth initiatives at once.

NEWS

November 25, 2025 · 4:32 AM UTC

KKR Further Invests in Lighthouse Learning to Support Next Phase of Growth

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November 21, 2025 · 4:15 PM UTC

KKR to Present at the Goldman Sachs 2025 Financial Services Conference

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November 16, 2025 · 8:06 PM UTC

KKR Provides $750 Million Bespoke Financing Solution to Chandra Asri Group

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November 12, 2025 · 9:30 AM UTC

Sallie Mae Launches Private Credit Strategic Partnership with KKR

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November 10, 2025 · 7:00 AM UTC

Arcline Investment Management to Acquire Novaria Group from KKR for $2.2 Billion

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