10-QPeriod: Q3 FY2025

KKR & Co. Inc. Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 7, 2025For Securities:KKRKKRTKKR-PDKKRS

Summary

KKR & Co. Inc. (KKR) reported solid financial performance for the nine months ended September 29, 2025. Total revenues reached $13.725 billion, 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 billion 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.

Financial Highlights

28 data points
Beta

Revenue

$5.53B

Net Income

$900.36M

16.3% Net Margin

Total Assets

$398.48B

Cash & Equivalents

$22.89B

Free Cash Flow

$2.39B

Financial Statements
Beta
Revenue$5.53B
Net Income$900.36M

Key Highlights

  • 1Total Assets grew to $398.5 billion as of September 30, 2025, up from $360.1 billion at December 31, 2024.
  • 2Total Equity increased to $73.0 billion as of September 30, 2025, from $60.4 billion at December 31, 2024.
  • 3Asset Management and Strategic Holdings revenues were $5.625 billion for the nine months ended September 30, 2025, with Fee Related Earnings showing strong growth.
  • 4Insurance 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.
  • 5Net 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.
  • 6The company had $125.776 billion in Uncalled Commitments as of September 30, 2025, indicating continued fundraising capacity and dry powder for future investments.
  • 7KKR & Co. Inc. ended the period with $13.561 billion in Cash and Cash Equivalents in its Asset Management and Strategic Holdings segment.

Frequently Asked Questions

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.

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.

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.

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.