KKR & Co. Inc.KKR
KKR & Co. Inc. Financial Overview 2021–2025
Updated Jul 10, 2026KKR absorbed a steep $1.02 billion net loss in FY2022 due to broad market depreciation, yet the firm’s adjusted net income surged to $4.38 billion by FY2025. This stark turnaround underscores the central investment thesis: KKR has successfully insulated its profitability from market shocks by transforming into a diversified manager powered by predictable fee streams. Rather than relying solely on performance-based carried interest, the firm now leverages a recurring revenue base anchored by its wholly-owned Global Atlantic insurance subsidiary.
The engine driving this stability is steady capital accumulation. Assets Under Management (AUM) expanded from $470.6 billion in FY2021 to $743.9 billion in FY2025, fueling consistent fee growth even through turbulent macroeconomic environments. While total revenues declined slightly to $19.46 billion in FY2025 due to lower insurance net premiums, the firm's Asset Management segment earnings climbed 5% year-over-year to $4.55 billion, directly supported by a 17% increase in management fees. Global Atlantic provided additional ballast, delivering a 14% year-over-year increase in net investment income that pushed insurance operating earnings up to $1.11 billion. Wall Street has rewarded this structural shift toward reliable cash generation. At the close of FY2025, the market valued the enterprise at a $113.6 billion market capitalization, with shares trading at $127.48.
Recent Developments (Q4 2025 and Q1 2026)
KKR sustained its growth into Q1 2026, pushing Assets Under Management to $757.9 billion. The firm expanded its sports investment capabilities by acquiring Arctos Partners in February 2026 for $1.4 billion, utilizing $900 million in equity. Meanwhile, Global Atlantic fortified liquidity with a new $3.00 billion credit facility. KKR authorized a higher annualized dividend of $0.78 per share and repurchased 2.17 million shares during the quarter.
Bulls highlight surging Fee Related Earnings and a rebound in Private Equity realized performance income that drove net income positive year-over-year. Bears warn that rising compensation expenses and increased net insurance costs could compress operating margins. Trading at 20.9x trailing earnings as of the May 8, 2026 valuation date, shares appear reasonably valued relative to recent asset accumulation.
What to watch: Arctos Partners integration milestones; updates on the pending Kentucky and DOJ legal proceedings.
Rev
$19.46B
FY2025
NI
$2.37B
FY2025
OCF
$477.8M
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
KKR & Co. Inc. 8-K Report, Executive Changes (May 29, 2026)
KKR & Co. Inc. (KKR) filed an 8-K on May 29, 2026, reporting on the election of directors to its Board. The filing confirms that eleven individuals, including key leadership like Henry R. Kravis, George R. Roberts, Joseph Y. Bae, and Scott C. Nuttall, alongside other existing directors, were re-elected by KKR Management LLP. This action maintains the current composition of the board and suggests continuity in leadership and governance strategy. For investors, this filing signifies stability at the highest levels of the company. The re-election of existing directors, many of whom are deeply involved in KKR's management and investment strategies, indicates a consistent approach to the firm's operations and oversight. The compensation structure for these non-employee directors remains unchanged, as detailed in KKR's 2025 10-K, and their existing indemnification agreements continue to be in place, which are standard practices for corporate governance.
KKR & Co. Inc. 8-K Report, Shareholder Vote Results (May 28, 2026)
KKR & Co. Inc. filed an 8-K on May 28, 2026, to report on the outcome of its reconvened special meeting of stockholders held on May 21, 2026. The primary focus was Proposal 1, which aimed to eliminate a supermajority (90%) voting requirement for amending certain provisions of the Company's charter. While other proposals (2, 3, and 4) were approved at an earlier meeting, Proposal 1 did not proceed to a vote due to a lack of quorum.
KKR & Co. Inc. 8-K Report, Financial Results (May 5, 2026)
KKR & Co. Inc. (KKR) has filed an 8-K report on May 5, 2026, to furnish its earnings release for the first quarter ended March 31, 2026. This filing provides investors with key financial and operational updates directly from the company. The earnings release itself, furnished as Exhibit 99.1, contains the specific details regarding the company's performance during the quarter, including financial results and potentially strategic commentary from management. Investors should consult this exhibit for a comprehensive understanding of KKR's results.
KKR & Co. Inc. 8-K Report, Shareholder Vote Results (Apr 24, 2026)
KKR & Co. Inc. (KKR) held a special meeting of stockholders on April 21, 2026, where four out of five proposals related to amendments to its Certificate of Incorporation were approved. Key among these approvals are changes that will grant the Board sole authority to fill director vacancies and streamline the charter, along with establishing stockholder meetings as the sole mechanism for approving matters requiring a vote. These amendments are contingent on filing with the Secretary of State of Delaware and are expected to become effective by the Sunset Date. However, a significant proposal to remove supermajority voting requirements for amending certain charter provisions (Proposal 1) did not pass at the initial meeting, receiving 85.97% of outstanding common stock support, which falls short of the required 90% threshold. Consequently, the meeting has been adjourned to May 21, 2026, to solicit additional proxies for Proposal 1. This adjournment provides an opportunity for KKR to seek the necessary votes to lower this high threshold, which could impact future governance flexibility.
KKR & Co. Inc. 8-K Report, Unregistered Securities Sale (Feb 5, 2026)
KKR & Co. Inc. (KKR) has announced a significant strategic move with the definitive agreement to acquire 100% of Arctos Partners, LP, an investment firm specializing in capital and liquidity solutions for sports franchises and private investment fund sponsors. This acquisition is set to be completed upon satisfaction of regulatory and sports-specific approvals, alongside other customary closing conditions. The total consideration for Arctos is substantial, with an initial payment of $1.4 billion. This includes a mix of cash ($300 million) and KKR equity securities ($1.1 billion). A significant portion of the equity consideration, totaling $900 million initially and an additional $200 million allocated by 2028, will be subject to vesting schedules extending through 2030 and 2033, respectively. Furthermore, KKR has structured potential earn-out provisions of up to $550 million, tied to both KKR's share price and Arctos' business performance, with vesting through 2031.
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