Kennedy-Wilson Holdings, Inc. (KW) FY2025 10-K Annual Report
Kennedy-Wilson Holdings, Inc. (KW) 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.
Kennedy-Wilson Holdings, Inc. FY2025 10-K Analysis
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
Kennedy-Wilson Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$501M
▼ -5.7% YoY
Net Income
-$39M
▲ +49.3% YoY
Net Margin
-7.7%
▲ +665bp YoY
ROE
-2.5%
▲ +225bp YoY
Total Assets
$6.6B
▼ -4.9% YoY
EPS (Diluted)
$-0.28
▲ +50.0% YoY
Operating Cash Flow
$11M
▼ -79.3% YoY
Source: XBRL data from Kennedy-Wilson Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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