Short answer
Kennedy-Wilson Holdings, Inc. (KW) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $501M (−5.7% year over year) and net income of −$39M.
- Top risk flagged: Interest rate risk: 7% of debt is floating rate without caps, causing $11.3M expense rise if rates increase 100 bps in 2026
FY2025 key financial metrics · XBRL
- Revenue
- $501M
- −5.7% YoY
- Net income
- −$39M
- +49.3% YoY
- EPS (diluted)
- −$0.28
- +50.0% YoY
- ROE
- -2.5%
- +2.3 pp YoY
- Operating cash flow
- $11M
- −79.3% YoY
Source: XBRL data from the Kennedy-Wilson Holdings, Inc. (KW) FY2025 10-K on SEC EDGAR. USD.
Kennedy-Wilson Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Real estate investment and fund management with carried interests from real estate funds and equity method investments
- Emphasis on carried interests recognized based on cumulative performance per ASC 606 and Topic 323, included in income from unconsolidated investments
- Real estate acquisitions recorded with allocation to land, buildings, improvements, and intangible lease values
- Use of income and market valuation approaches for real estate assets and indebtedness, with management estimates impacting future revenues and expenses
Management Discussion & Analysis
- Net loss $38.8M in 2025 vs loss $76.5M in 2024; comprehensive loss $16.3M vs $78.0M benefiting from foreign currency gains
- Euro strengthened 13.4% and GBP 7.5% vs USD in 2025 reversing 2024 currency losses
- Cash $184.5M (including $56.3M foreign currency), unconsolidated cash $115.7M, $265.3M credit availability, restricted cash $88.6M
- Capital uses: property acquisitions, development, loan draws, dividends, interest, capex; financing via operations, equity, debt, and refinancing
- Risks: macroeconomic volatility, inflation, interest rates, lender market conditions, geopolitical conflicts, and debt ratings S&P B+/B & Moody’s B2 stable
Risk Factors
- Interest rate risk: 7% of debt is floating rate without caps, causing $11.3M expense rise if rates increase 100 bps in 2026
- Geopolitical exposure: 42% of investment account in foreign currencies, with 96% euro and 83% GBP hedged, $19.5M net asset value decline on 5% currency move
- Operational vulnerability: Significant foreign operations subject to currency fluctuations impacting consolidated results despite hedging strategies
- Competitive risk: No specific named competitor risk detailed; next material risk is market disruption from macroeconomic volatility and capital market illiquidity affecting fair value estimates
- Financial risk: Concentrated leverage with $4.54B total borrowings, majority fixed rate but sizeable floating debt potentially increasing interest expenses
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