Short answer
KKR & Co. (KKR) filed its fiscal 2024 10-K annual report with the SEC on Feb 28, 2025. It reported revenue of $21.9B (+50.9% year over year) and net income of $3.1B.
- Top risk flagged: Regulatory risk from expanded Russia sanctions post-2022 Ukraine invasion impacting KKR’s portfolio companies and compliance costs
FY2024 key financial metrics · XBRL
- Revenue
- $21.9B
- +50.9% YoY
- Net income
- $3.1B
- −17.6% YoY
- ROE
- 13.0%
- −3.3 pp YoY
- Operating cash flow
- $6.6B
- +545.2% YoY
Source: XBRL data from the KKR & Co. (KKR) FY2024 10-K on SEC EDGAR. USD.
KKR & Co. FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: diversified asset management with significant insurance operations via Global Atlantic, including Strategic Holdings segment
- No new standalone product lines; emphasis on growth in insurance and Strategic Holdings businesses alongside core asset management
- Strategic shift: adoption of two-tiered financial presentation separately reporting insurance versus asset management to enhance transparency
- Quantitative highlight: $11.0B unfunded investment commitments across Private Equity, Real Assets, Credit, plus $4.5B capital markets risk-sharing arrangements
- Noteworthy: termination of tax receivable agreement May 2022, with $379M payable relating to pre-termination unit exchanges reflected at 2024 year-end
Management Discussion & Analysis
- MDA section focused on accounting policies, valuation impacts from interest rate, credit, and equity price risks; no revenue or profitability data disclosed
- Global Atlantic hedge program mitigates interest rate and equity price risk affecting net income and shareholders’ equity sensitivity, e.g., +50 bps interest rates impact net income by $217.6M (2024) vs $163.0M (2023)
- Credit spread sensitivity impact on net income and equity $330.3M (+50 bps, 2024) vs $181.7M (2023), with associated AOCI impact $113.4M (2024)
- Equity price risk sensitivity results small net income impacts, e.g., ~$(3.6)M (+10% equity, 2024) vs $(14.9)M (2023) at point-in-time; impacts fluctuating year-over-year
- No cash flow, capital allocation, revenue, operating margin, segment profit, or forward guidance data provided in this section
Risk Factors
- Regulatory risk from expanded Russia sanctions post-2022 Ukraine invasion impacting KKR’s portfolio companies and compliance costs
- Geopolitical exposure in Asia-Pacific with investments in China, South Korea, Japan amid US-China trade tensions and sanctions risk
- Operational vulnerability from headquarters concentration in NYC, risking disruption from security, public health crises, or weather events
- Competitive threat from volatility in equity markets reducing carried interest realization tied to portfolio performance and financing availability
- Financial liquidity risk due to significant debt maturities and unfunded commitments potentially forcing asset sales under unfavorable terms
Generated from the filing text; verify against the original. How to read a 10-K
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