KKR & Co. Inc. (KKR) Q4 2025 Financial Results Summary
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KKR & Co. Inc. (KKR) Q4 2025 Financial Results Summary
Date of Report Release: February 5, 2026
KKR & Co. Inc. (KKR) has reported strong financial results for the fourth quarter of 2025, highlighting record annual figures across key metrics. Below is a summary of the reported financial data and essential highlights from the report.
Financial Highlights
- Total Revenues:
- Q4 2025: $5.74 billion, up 76% compared to $3.26 billion in Q4 2024.
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FY 2025: $19.46 billion, a decrease of 11% from $21.88 billion in FY 2024.
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Total Expenses:
- Q4 2025: $5.41 billion, increasing 81% from $2.98 billion in Q4 2024.
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FY 2025: $19.01 billion, decreasing 9% from $20.99 billion in FY 2024.
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Net Income (Loss) Attributable to KKR:
- Q4 2025: $1.11 billion (a decrease of 2% compared to $1.13 billion in Q4 2024).
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FY 2025: $2.25 billion, down 27% from $3.08 billion in FY 2024.
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Earnings Per Share:
- Q4 2025: Basic EPS of $1.24, slightly down from $1.27 in Q4 2024.
- FY 2025: $2.51 per share, down 27% from $3.47 in FY 2024.
Capital Metrics
- Fee Related Earnings (FRE):
- Q4 2025: $1.0 billion ($1.08 per adjusted share), up 15% from $842 million in Q4 2024.
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FY 2025: $3.7 billion, increasing 14% from $3.27 billion in FY 2024.
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Total Operating Earnings (TOE):
- Q4 2025: $1.3 billion ($1.42 per adjusted share), up 17% from $1.1 billion in Q4 2024.
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FY 2025: $5.0 billion, up 14% from $4.36 billion in FY 2024.
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Adjusted Net Income (ANI):
- Q4 2025: $1.0 billion ($1.12 per adjusted share), which is not directly comparable to Q4 2024.
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FY 2025: $4.4 billion, up 3% from $4.2 billion in FY 2024.
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Assets Under Management (AUM):
- As of Q4 2025: $744 billion, up 17% from $638 billion in Q4 2024.
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Fee Paying AUM: $604 billion, up 18% compared to $512 billion in Q4 2024.
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New Capital Raised:
- Q4 2025: $28 billion, up 5.8% from $26.71 billion in Q4 2024.
- FY 2025: $129 billion, a record amount for KKR.
Other Key Developments
- Acquisition:
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KKR has announced the acquisition of Arctos Partners, enhancing its market position in sports investing.
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Dividend Declaration:
- A quarterly dividend of $0.185 per share declared for Q4 2025.
- KKR will increase its regular annualized dividend from $0.74 to $0.78 starting with the dividends announced for the quarter ending March 31, 2026.
Conclusion
KKR’s financial results for Q4 2025 demonstrate positive growth in several key areas, particularly in total revenues and fee-related earnings. The company’s strategic acquisition of Arctos Partners is anticipated to amplify these trends as KKR moves towards its 50th anniversary, reflecting a robust position in the investment landscape. The combination of strong AUM growth and a consistent dividend increase underscores a commitment to shareholder value.
| 4Q’24 | 4Q’25 | FY’24 | FY’25 | |
|---|---|---|---|---|
| Revenues | ||||
| Asset Management and Strategic Holdings Fees and Other | 1,032,446 | 1,147,791 | 3,653,962 | 4,064,273 |
| Capital Allocation-Based Income (Loss) | 393,793 | 1,062,634 | 3,558,284 | 3,771,235 |
| Total Asset Management and Strategic Holdings | 1,426,239 | 2,210,425 | 7,212,246 | 7,835,508 |
| Insurance | ||||
| Net Premiums | 305,300 | 1,283,970 | 7,898,834 | 3,397,186 |
| Policy Fees | 339,468 | 337,632 | 1,377,686 | 1,350,814 |
| Net Investment Income | 1,772,382 | 2,048,701 | 6,574,608 | 7,665,106 |
| Net Investment-Related Gains (Losses) | (643,009) | (195,684) | (1,423,086) | (1,041,070) |
| Other Income | 57,974 | 54,262 | 238,410 | 256,763 |
| Total Revenues | 3,258,354 | 5,739,306 | 21,878,698 | 19,464,307 |
| Expenses | ||||
| Asset Management and Strategic Holdings Compensation and Benefits | 744,514 | 1,344,711 | 4,330,967 | 4,710,394 |
| Occupancy and Related Charges | 34,428 | 36,239 | 117,111 | 135,941 |
| General, Administrative and Other | 361,540 | 440,576 | 1,311,676 | 1,479,796 |
| Total Asset Management and Strategic Holdings | 1,140,482 | 1,821,526 | 5,759,754 | 6,326,131 |
| Insurance | ||||
| Net Policy Benefits and Claims | 1,411,358 | 3,155,793 | 13,293,282 | 10,731,153 |
| Amortization of Policy Acquisition Costs | 95,747 | 43,586 | 174,163 | 309,319 |
| Interest Expense | 72,944 | 82,504 | 271,769 | 294,969 |
| Insurance Expenses | 86,458 | 144,824 | 741,796 | 594,724 |
| General, Administrative and Other | 173,593 | 162,412 | 745,096 | 756,019 |
| Total Insurance | 1,840,100 | 3,589,119 | 15,226,106 | 12,686,184 |
| Total Expenses | 2,980,582 | 5,410,645 | 20,985,860 | 19,012,315 |
| Investment Income (Loss) – Asset Management and Strategic Holdings | ||||
| Net Gains (Losses) from Investment Activities | 1,097,398 | 1,769,301 | 3,442,853 | 4,801,453 |
| Dividend Income | 232,695 | 414,524 | 1,100,361 | 1,440,790 |
| Interest Income | 809,636 | 779,420 | 3,458,526 | 3,181,871 |
| Interest Expense | (774,888) | (692,142) | (3,034,145) | (2,776,946) |
| Total Investment Income (Loss) | 1,364,841 | 2,271,103 | 4,967,595 | 6,647,168 |
| Income Tax Expense (Benefit) | 258,330 | 333,136 | 954,396 | 953,748 |
| Redeemable Noncontrolling Interests | 15,603 | 44,376 | 73,149 | 155,103 |
| Noncontrolling Interests | 243,125 | 1,076,345 | 1,756,643 | 3,619,846 |
| Preferred Stock Dividends | — | 40,430 | — | 118,596 |
| Net Income (Loss) – KKR Common Stockholders | 1,125,555 | 1,105,477 | 3,076,245 | 2,251,867 |
| 4Q’24 | 4Q’25 | |
|---|---|---|
| ASSETS | ||
| Cash and Cash Equivalents | 5,236,110 | 9,380,874 |
| Investments – Asset Management and Strategic Holdings | 34,515,003 | 127,948,305 |
| Total Assets | 39,751,113 | 137,329,179 |
| LIABILITIES | ||
| Debt Obligations | 6,413,184 | 49,117,744 |
| Other Liabilities | 1,963,773 | 17,758,399 |
| Total Liabilities | 8,376,957 | 66,876,143 |
| STOCKHOLDERS’ EQUITY | ||
| Common Stock | 1,932,823 | 2,235,916 |
| Additional Paid-In Capital | 15,244,431 | 19,886,979 |
| Accumulated Other Comprehensive Income | (340,448) | (4,098,704) |
| Retained Earnings | 14,538,350 | 53,429,845 |
| Total Stockholders’ Equity | 31,374,156 | 71,453,036 |
| Total Liabilities and Stockholders’ Equity | 39,751,113 | 137,329,179 |