KKR & Co. Inc. (KKR) Q3 2025 Financial Results Summary
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KKR & Co. Inc. (KKR) Q3 2025 Financial Results Summary
KKR & Co. Inc. (NYSE: KKR) released its financial results for the third quarter of 2025 on November 7, 2025. The report highlights significant achievements and operational metrics, marking another robust period for the company.
Financial Highlights
- Total Revenue: Reported revenue reached $5.53 billion, a 15% increase compared to $4.79 billion in Q3 2024.
- GAAP Net Income: KKR recorded a net income attributable to common stockholders of $0.86 billion (or $0.97 per share), up from $0.6 billion (or $0.68 per share) in the same quarter last year, representing a 29% increase.
- Fee Related Earnings (FRE):
- FRE was at $1.03 billion (or $1.15 per adjusted share), an increase of 3% year-over-year.
- Annual FRE reached $3.6 billion for the last twelve months (LTM), representing a 16% increase.
- Total Operating Earnings (TOE): Reported at $1.40 billion (or $1.55 per adjusted share), a 12% increase from $1.25 billion in Q3 2024.
- Adjusted Net Income (ANI): KKR’s ANI for Q3 was $1.27 billion, reflecting an 8% increase from $1.18 billion a year prior.
- Assets Under Management (AUM): Increased to $723 billion, a 16% growth from $624 billion in the previous year.
- Fee Paying Assets Under Management (FPAUM): Grew to $585 billion, also a 16% increase year-over-year.
Capital Raising and Investments
- New Capital Raised: KKR raised $43 billion during the quarter — the highest in over four years, and a significant contributor to the firm’s current momentum.
- Capital Invested: The company invested $26 billion during the quarter, contributing to a total of $85 billion YTD, marking the highest investment activity in the firm’s history.
- Dry Powder: KKR has $126 billion of dry powder remaining to deploy.
Dividend Declaration and Share Repurchase
- A regular quarterly dividend of $0.185 per share was declared for common stock, with payment scheduled for December 2, 2025.
- As of October 31, 2025, KKR repurchased approximately 1.1 million shares, utilizing $129 million from its share repurchase plan.
Segment Breakdown
Asset Management Segment
- The Asset Management segment reported total revenues of $2.40 billion, a 22% increase from $1.96 billion in Q3 2024.
- Management Fees: Increased to $1.06 billion, a 19% increase year-over-year.
- Insurance Operating Earnings: Reported earnings of $305 million, benefiting from $41 million attributed to Global Atlantic’s actuarial assumption review.
Insurance Segment
- Net Investment Income: Reached $1.84 billion, reflecting robust growth due to net inflows and higher average yields.
- Net Cost of Insurance: Totaled $1.31 billion, which included costs due to higher funding rates and business growth.
Strategic Holdings Segment
- Earnings: The segment contributed $57.7 million to operating earnings, reflecting strong dividends and realized gains during the quarter.
Summary of Growth Metrics
- Total Segment Earnings: Increased to $1.70 billion, compared to $1.56 billion in the same quarter last year.
- LTM Adjusted Net Income: Reached $4.56 billion, indicating a 17% increase compared to the LTM of $3.91 billion.
Through robust growth in management fees, strategic investments, and capital deployment, KKR continues to adapt successfully to the changing economic landscape, demonstrating solid operational performance across its diverse business segments. The substantial capital raised and increased assets under management further position KKR to navigate future investment opportunities effectively.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands)
| 3Q’24 | 3Q’25 | 3Q’24 YTD | 3Q’25 YTD | |
|---|---|---|---|---|
| Revenues | ||||
| Asset Management and Strategic Holdings Fees and Other | $1,105,666 | $1,105,238 | $2,621,516 | $2,916,482 |
| Capital Allocation-Based Income (Loss) | 1,163,424 | 638,764 | 3,164,491 | 2,708,601 |
| Asset Management and Strategic Holdings | $2,269,090 | $1,744,002 | $5,786,007 | $5,625,083 |
| Insurance Net Premiums | 621,218 | 1,059,610 | 7,593,534 | 2,113,216 |
| Policy Fees | 375,371 | 339,735 | 1,038,218 | 1,013,182 |
| Net Investment Income | 1,701,826 | 1,969,779 | 4,802,226 | 5,616,405 |
| Net Investment-Related Gains (Losses) | (235,971) | 351,800 | (780,077) | (845,386) |
| Other Income | 60,162 | 61,049 | 180,436 | 202,501 |
| Total Revenues | $4,791,696 | $5,525,975 | $18,620,344 | $13,725,001 |
| Expenses | ||||
| Asset Management and Strategic Holdings Compensation and Benefits | $1,374,840 | $954,983 | $3,586,453 | $3,365,683 |
| Occupancy and Related Charges | 35,837 | 30,597 | 82,683 | 99,702 |
| General, Administrative and Other | 367,666 | 414,891 | 950,136 | 1,039,220 |
| Total Expenses | $4,746,005 | $5,024,271 | $18,005,278 | $13,601,670 |
| Investment Income (Loss) | ||||
| Asset Management and Strategic Holdings Net Gains (Losses) from Investment Activities | $1,314,626 | $1,197,827 | $2,345,455 | $3,032,152 |
| Dividend Income | 151,260 | 416,233 | 867,666 | 1,026,266 |
| Interest Income | 854,927 | 806,711 | 2,648,890 | 2,402,451 |
| Interest Expense | (721,940) | (722,914) | (2,259,257) | (2,084,804) |
| Total Investment Income (Loss) | $1,598,873 | $1,697,857 | $3,602,754 | $4,376,065 |
| Income Tax Expense (Benefit) | 209,896 | 359,739 | 696,066 | 620,612 |
| Redeemable Noncontrolling Interests | (4,798) | 34,058 | 57,546 | 110,727 |
| Noncontrolling Interests | 838,916 | 905,407 | 1,513,518 | 2,543,501 |
| Preferred Stock Dividends | — | 40,430 | — | 78,166 |
| Net Income (Loss) – KKR Common Stockholders | $600,550 | $859,927 | $1,950,690 | $1,146,390 |
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
| 3Q’24 | 3Q’25 | |
|---|---|---|
| Assets | ||
| Cash and Cash Equivalents | $13,561,041 | $7,577,624 |
| Investments – Asset Management and Strategic Holdings | 118,617,813 | 8,949,289 |
| Total Assets | $132,178,136 | $16,526,913 |
| Liabilities | ||
| Debt Obligations | $49,232,778 | $9,652,523 |
| Total Liabilities | $49,232,778 | $9,652,523 |
| Stockholders’ Equity | ||
| KKR & Co. Inc. Common Stock – GAAP | $27,205,798 | — |
| Total Stockholders’ Equity | $27,205,798 | $10,390,207 |