Short answer
KKR & Co. (KKR) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $19.5B (−11.0% year over year) and net income of $2.4B.
- Top risk flagged: NAIC/state insurance regulators intensifying scrutiny of CLO capital charges, affiliated investments, and investment management agreements tied to alternative asset manager-owned insurers
FY2025 key financial metrics · XBRL
- Revenue
- $19.5B
- −11.0% YoY
- Net income
- $2.4B
- −22.9% YoY
- ROE
- 7.7%
- −5.3 pp YoY
- Operating cash flow
- $478M
- −92.8% YoY
Source: XBRL data from the KKR & Co. (KKR) FY2025 10-K on SEC EDGAR. USD.
KKR & Co. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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)
Generated from the filing text; verify against the original. How to read a 10-K
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