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
All KKR Financial Metrics(38)
Income Statement
Balance Sheet
Cash Flow
Per Share
Recent SEC Filings
KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (Aug 31, 2026)
KKR & Co. Inc. (KKR) has filed an 8-K report to disclose the posting of a presentation on its website regarding the sale of its USI Insurance Services business to Aon plc. This filing serves primarily as a Regulation FD disclosure, informing the public about material information that is being made available through KKR's investor relations website. Investors should note that the information presented in this external document is not being officially incorporated into the SEC filing itself, meaning it is not deemed 'filed' under securities laws. While the specific details of the transaction are contained within the presentation, the core purpose of this 8-K is to ensure transparency and equal access to information for all investors. The sale of a significant business unit like USI Insurance Services would typically have implications for KKR's future revenue streams, profitability, and strategic focus, making the presentation a key resource for understanding the implications of this divestiture and the rationale behind it. Investors are encouraged to visit KKR's investor center to access this presentation for a comprehensive understanding of the transaction.
KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (Aug 27, 2026)
KKR & Co. Inc. (KKR) has entered into a Stipulation and Order with the U.S. Department of Justice's Antitrust Division to resolve a civil antitrust complaint filed in January 2025. The complaint concerned certain premerger notification requirements under the Hart-Scott-Rodino (HSR) Act for transactions in 2021 and 2022. The settlement requires a subsidiary of KKR to pay $250.0 million to the Antitrust Division, contingent on a proposed final judgment being approved by the court.
KKR & Co. Inc. 8-K Report, Material Agreement (Jul 31, 2026)
KKR & Co. Inc. (KKR) has entered into a Fourth Amended and Restated Credit Agreement, establishing a new $3.0 billion senior unsecured multicurrency revolving credit facility. This facility, which can be increased by an additional $750 million under certain conditions, provides KKR with significant financial flexibility for general corporate purposes. The agreement is a five-year term, maturing in July 2031, with options for borrowers to extend, and allows for prepayment without penalty, underscoring the company's proactive debt management strategy. The new credit facility is guaranteed by KKR & Co. Inc. and includes key financial covenants, such as a maximum leverage ratio (excluding Global Atlantic Financial Group) of 4.0x covenant EBITDA and a minimum of $195 billion in fee-paying assets under management. These covenants demonstrate KKR's commitment to maintaining a strong balance sheet and operational scale. The facility's pricing is tied to KKR's corporate ratings, offering favorable terms as ratings improve.
KKR & Co. Inc. 8-K Report, Financial Results (Jul 30, 2026)
KKR & Co. Inc. (KKR) has filed a Form 8-K on July 30, 2026, to report its financial results for the second quarter and the first six months of 2026. The primary purpose of this filing is to furnish the earnings release that details these results, which is attached as Exhibit 99.1. While this filing provides timely updates to investors, it's important to note that the information furnished, including the earnings release, is not considered 'filed' for purposes of Section 18 of the Exchange Act and is not incorporated by reference into other SEC filings unless expressly stated. Investors should refer directly to the furnished earnings release (Exhibit 99.1) for comprehensive details on KKR's performance during the period. This report serves as a notification of the availability of that information, highlighting the company's latest financial condition and operational outcomes for the quarter and year-to-date. Key metrics and management commentary will be found within the earnings release itself.
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.
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