01—Abstract
Summary
Summary of the 10-Q filed November 7, 2025. Cited figures are marked; the original filing is the authoritative source.
KKR & Co. Inc. (KKR) reported solid financial performance for the nine months ended September 29, 2025.
Total revenues reached $13.725 billiona, a decrease from $18.620 billion in the same period last year, primarily due to lower net premiums in the insurance segment, reflecting a strategic shift or change in business mix. However, the Asset Management and Strategic Holdings segment demonstrated resilience, with total revenues of $5.625 billion, showing growth in Fee Related Earnings and strong Realized Performance Income, indicating effective management of its investment portfolio and fee-generating businesses. Net income attributable to KKR & Co. Inc. common stockholders saw a decrease to $1.146 billion for the nine months ended September 30, 2025, from $1.951 billion in the prior year, impacted by lower capital allocation-based income and higher tax expenses.
The company's balance sheet remains robust with total assets of $398.5 billionb as of September 30, 2025, up from $360.1 billion at year-end 2024. Total equity also increased to $73.0 billion from $60.4 billion, reflecting retained earnings and capital contributions.
The company managed its debt effectively, with debt obligations increasing slightly but remaining well within manageable levels. KKR continues to execute its growth strategy, evidenced by capital redeployments and strategic acquisitions, demonstrating a focus on long-term value creation for its investors.
02—Key points
Key Highlights
- Total Assets grew to $398.5 billion as of September 30, 2025, up from $360.1 billion at December 31, 2024.
- Total Equity increased to $73.0 billion as of September 30, 2025, from $60.4 billion at December 31, 2024.
- Asset Management and Strategic Holdings revenues were $5.625 billion for the nine months ended September 30, 2025, with Fee Related Earnings showing strong growth.
- Insurance segment revenues decreased significantly to $3.782 billion for the three months ended September 30, 2025, from $2.523 billion in the prior year, primarily due to lower Net Premiums.
- Net Income Attributable to KKR & Co. Inc. Common Stockholders decreased to $1.146 billion for the nine months ended September 30, 2025, from $1.951 billion for the same period in 2024.
- The company had $125.776 billion in Uncalled Commitments as of September 30, 2025, indicating continued fundraising capacity and dry powder for future investments.
- KKR & Co. Inc. ended the period with $13.561 billion in Cash and Cash Equivalents in its Asset Management and Strategic Holdings segment.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 7, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $5.53B$4.79B | +15.3% |
| Net Income | $900.36M$600.55M | +49.9% |
05—Questions
Frequently Asked Questions
What was the overall financial performance of KKR for the nine months ended September 30, 2025?
KKR reported total revenues of $13.725 billion for the nine months ended September 30, 2025, a decrease from $18.620 billion in the same period of the prior year. The company's net income attributable to KKR & Co. Inc. common stockholders was $1.146 billion, a decrease from $1.951 billion in the prior year. Total assets increased to $398.5 billion, and total equity rose to $73.0 billion, indicating continued growth in the company's overall financial position.
How did the different business segments perform?
The Asset Management and Strategic Holdings segment showed strength with revenues of $5.625 billion and growth in Fee Related Earnings. However, the Insurance segment experienced a revenue decrease to $3.782 billion for the three months ended September 30, 2025, mainly due to lower Net Premiums. This suggests a strategic shift or change in business mix within the insurance operations.
What is KKR's liquidity position as of September 30, 2025?
KKR maintained a strong liquidity position. As of September 30, 2025, the company had $13.561 billion in Cash and Cash Equivalents within its Asset Management and Strategic Holdings segment. Furthermore, KKR reported $125.776 billion in Uncalled Commitments, providing significant capacity for future investments and strategic initiatives.
How did KKR manage its debt and equity levels?
Total debt obligations for Asset Management and Strategic Holdings increased slightly to $49.233 billion as of September 30, 2025, from $45.934 billion at December 31, 2024, but remained within manageable levels. Total Equity saw a substantial increase to $73.0 billion, up from $60.4 billion at year-end 2024, driven by retained earnings and capital contributions, indicating a healthy balance sheet.
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