01—Abstract
Summary
Summary of the 10-K filed February 27, 2026. Cited figures are marked; the original filing is the authoritative source.
KKR & Co. Inc. reported robust performance in its 2025 10-K filing, with total revenues reaching $19.46 billiona, a slight decrease from the prior year's $21.88 billion.
This dip was primarily influenced by a significant decline in net premiums within the insurance segment, offset by strong growth in net investment income and higher management fees in the asset management segment. The company's total assets under management (AUM) grew to $743.9 billionb, demonstrating continued expansion. Adjusted Net Income saw a healthy increase to $4.38 billion from $4.20 billion in 2024, reflecting the company's ability to generate earnings across its diverse business lines.
The asset management segment continues to be a key driver of growth, with management fees up 17%c year-over-year, driven by new capital raised across private equity, real assets, and credit strategies. The insurance segment, through Global Atlantic, also demonstrated resilience, with net investment income rising 14% year-over-year, though impacted by a strategic shift in liabilities and assets. KKR's strategic initiatives, including the continued integration of Global Atlantic and expansion into new investment strategies like sports and asset management firms, underscore its commitment to long-term growth.
The company's capital allocation framework prioritizes reinvestment in the business, with strategic M&A, insurance, strategic holdings, and share repurchases being key areas of focus. The company maintained strong capital positions and an attractive dividend policy, signaling confidence in its ongoing operational and financial performance.
02—Key points
Key Highlights
- Total revenues were $19.46 billion for 2025, slightly down from $21.88 billion in 2024, primarily due to a decrease in net premiums from the insurance segment.
- Assets Under Management (AUM) increased to $743.9 billion as of December 31, 2025, from $637.6 billion in the prior year.
- Adjusted Net Income grew to $4.38 billion in 2025, up from $4.20 billion in 2024, indicating strong underlying profitability.
- Asset Management segment earnings increased by 5% year-over-year to $4.55 billion, driven by higher management fees across all business lines.
- Insurance segment operating earnings increased by 9% year-over-year to $1.11 billion, primarily due to increased net investment income.
- The company announced a new annualized dividend of $0.78 per share for common stock, an increase from the prior policy.
- KKR announced an agreement to acquire Arctos Partners in February 2026, a move that expands its capabilities in sports and asset management capital solutions.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 27, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $19.46B$21.88B | −11.0% |
| Net Income | $2.37B$3.08B | −22.9% |
05—Questions
Frequently Asked Questions
What was KKR's total revenue for the fiscal year ended December 31, 2025?
KKR's total revenues for the fiscal year ended December 31, 2025, were $19.46 billion.
How much did KKR's Assets Under Management (AUM) grow in 2025?
KKR's AUM increased by $106.3 billion, reaching $743.9 billion as of December 31, 2025, compared to $637.6 billion as of December 31, 2024.
What is KKR's dividend policy for its common stock?
KKR declared a regular dividend of $0.185 per share for the quarter ended December 31, 2025, and announced an intention to pay an annualized dividend of $0.78 per share, or $0.195 quarterly, starting in the first quarter of 2026.
How did the insurance segment perform in 2025?
The insurance segment, operated by Global Atlantic, showed improved performance with Insurance Operating Earnings of $1.11 billion, up from $1.01 billion in 2024. This growth was driven by a 14% increase in net investment income, although net premiums decreased significantly due to fewer reinsurance transactions with life contingencies.
06—Continue