KKR & Co. (KKR) FY2025 10-K Annual Report
KKR & Co. (KKR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
KKR & Co. FY2025 10-K Analysis
Business Overview
- • Global alternative asset manager with integrated insurance (Global Atlantic), capital markets, and Strategic Holdings segments; earns management fees, carried interest, and insurance spread income
- • Capital Group partnership launched two fixed income public-private solutions in April 2025; additional offerings in development targeting retirement savers via target date funds and public-private model portfolios
- • Strategic Holdings segment (first reported Q1 2024) now holds stakes in 19 companies with $4.4B adjusted revenue and $1.1B adjusted EBITDA (LTM as of Sept 30, 2025)
- • AUM reached $744B at year-end 2025; infrastructure AUM grew from $17B (2020) to $100B; ABF AUM grew from $7B (2020) to $85B; K-Series AUM reached $34B
- • KKR employees own ~30% of outstanding common stock; corporate governance "Sunset Date" no later than Dec 31, 2026 will convert Series I preferred to one-share-one-vote structure
Management Discussion & Analysis
- • Asset Management revenue $7.84B, up $623M YoY; management fees surged $639M to $4.1B driven by North America Fund XIV and infrastructure K-Series
- • Asset Management Segment Earnings $4.55B vs $4.33B; FRE margin not explicitly stated but FRE rose $447M to $3.71B; Insurance Operating Earnings $1.11B vs $1.01B; net income attributable to KKR common stockholders fell to $2.25B from $3.08B due to higher insurance realized losses
- • Best segment: Credit & Liquid Strategies AUM +$45.8B to $322B; worst: Strategic Holdings Operating Earnings modest at $162M, though up from $76M
- • Operating cash flow collapsed to $0.5B from $6.6B; capex $160.8M; common dividends $649.9M; Series D preferred stock issued raising $2.5B; no share buyback amounts disclosed
- • Management flagged $900M+ in pending realized performance/investment income expected H1 2026; key risks include tariff-driven market volatility, elevated geopolitical uncertainty, and trade tensions impacting deal pace and valuations
Risk Factors
- • NAIC/state insurance regulators intensifying scrutiny of CLO capital charges, affiliated investments, and investment management agreements tied to alternative asset manager-owned insurers
- • Ongoing Russia-Ukraine war, China geopolitical tensions, and rising tariffs threaten cross-border capital flows and portfolio company margins globally
- • Key-person provisions in fund agreements allow LPs to reduce capital commitments if Co-CEOs or key managers depart, with no guaranteed waiver
- • OECD Pillar Two 15% global minimum tax adopted by all 27 EU states; Bermuda also enacted corporate income tax, raising compliance costs and effective tax rates
- • OBBBA enacted July 4, 2025, amending 2017 Tax Cuts and Jobs Act with uncertain impact on carried interest taxation and deductibility under Section 162(m)
KKR & Co. FY2025 Key Financial MetricsXBRL
Revenue
$19.5B
▼ -11.0% YoY
Net Income
$2.4B
▼ -22.9% YoY
Net Margin
12.2%
▼ -188bp YoY
ROE
7.7%
▼ -534bp YoY
Total Assets
$410.1B
▲ +13.9% YoY
Operating Cash Flow
$478M
▼ -92.8% YoY
Source: XBRL data from KKR & Co. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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