About these figures. KKR was a partnership until it became a corporation in 2018; before then, shareholders' equity is its partners' capital. KKR's filings tag earnings per share and share counts only for its common stock as a class, which the SEC's company-level data leaves out, so per-share figures are left blank. KKR's 10-Ks tag its total debt only up to 2021; from 2022 its debt is split across its asset management business, its insurer Global Atlantic and the funds it consolidates, with no total, so debt is left blank. From 2020 KKR's cash flow statement doesn't show its spending on property and equipment as a line of its own, so capital spending and free cash flow are left blank.
What KKR does
KKR is a global investment firm. It manages money for institutional and individual investors in areas such as private equity, credit (lending), infrastructure, real estate and energy. It also offers capital markets services and, through Global Atlantic, which it bought in 2021, retirement and life insurance. Founded in 1976, it says it pioneered the leveraged buyout, a purchase of a company funded largely with borrowed money. It has 36 offices around the world.
At the end of 2025 it managed $744 billion of assets, of which $219 billion came from Global Atlantic. It reports three segments: Asset Management, Insurance and Strategic Holdings. In Asset Management it earns recurring management fees for running client money. It also earns transaction and monitoring fees, carried interest (a set share of the investment gains it makes for outside investors) and investment income from its own capital invested alongside clients.
Asset Management has five business lines: Private Equity, Real Assets, Credit and Liquid Strategies, Capital Markets and Principal Activities. The 10-K says traditional private equity was less than 25% of total assets under management at the end of 2025. KKR has about 4,200 employees, plus about 800 more in subsidiary organizations.
- Legal name
- KKR & CO. INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001404912-26-000007
0001404912
Revenue and margins
KKR had $19.5B of revenue in fiscal 2025, down 11.0% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
KKR returned $653M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
Value KKR yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 0.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably KKR can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $10.5B | $13.4B | $20.8B | $15.4B | $17.2B |
| Debt incl. finance leases | $36.9B | — | — | — | — |
| Net debt / EBITDA | 1.7x | — | — | — | — |
| Debt / equity | 2.1x | — | — | — | — |
| Interest coverage | 13.9x | 0.8x | 3.4x | 2.9x | 3.6x |
| Total assets | $264.3B | $275.3B | $317.3B | $360.1B | $410.1B |
| Total liabilities | $206.0B | $220.0B | $258.9B | $298.1B | $328.5B |
| Shareholders' equity | $17.6B | $18.8B | $22.9B | $23.7B | $30.9B |
| Net debt (− = net cash) | $26.4B | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$50.9M
5 insiders
Sold, 12 months
$1.1M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Dane E HolmesChief Administrative Officer | Sold | 10,000 | $108.58 | $1.1M | Form 4 |
| Mar 4, 2026 | Timothy R BarakettDirector | Bought | 50,000 | $94.47 | $4.7M | Form 4 |
| Mar 2, 2026 | Mary N DillonDirector | Bought | 22,225 | $90.96 | $2.0M | Form 4 |
| Feb 27, 2026 | Joseph Y BaeCo-Chief Executive Officer, Director | Bought | 50,000 | $88.56 | $4.4M | Form 4 |
| Feb 27, 2026 | Scott C NuttallCo-Chief Executive Officer, Director | Bought | 50,000 | $87.81 | $4.4M | Form 4 |
| Feb 17, 2026 | Joseph Y BaeCo-Chief Executive Officer, Director | Bought | 125,000 | $102.19 | $12.8M | Form 4 |
| Feb 17, 2026 | Matt CohlerDirector | Bought | 43,872 | $102.90 | $4.5M | Form 4 |
| Feb 17, 2026 | Scott C NuttallCo-Chief Executive Officer, Director | Bought | 125,000 | $102.66 | $12.8M | Form 4 |
| Feb 9, 2026 | Timothy R BarakettDirector | Bought | 50,000 | $104.93 | $5.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | 1.8% | −1.1% | 0.5% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| KKR KKR | — | −11.0% | — | — | — | — | — | |
| Corebridge Financial CRBG | $15.5B | −1.2% | — | — | — | 21.5x | — | Compare → |
| BlackRock BLK | $184.1B | 18.7% | 29.1% | 14.7% | 10.5% | 26.8x | — | Compare → |
| Blackstone BX | $94.4B | 9.2% | — | 31.5% | 22.1% | 26.4x | — | Compare → |
| Apollo Global Management APO | $68.8B | 22.7% | — | — | — | 41.3x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $2.0B | $3.6B | $2.4B | $4.2B | $4.2B | $16.2B | $5.7B | $14.5B | $21.9B | $19.5B |
| Interest expense | $790M | $809M | $876M | $1.0B | $970M | $1.1B | $1.6B | $2.8B | $3.0B | $2.8B |
| Pretax income | $975M | $2.8B | $2.3B | $5.2B | $5.7B | $13.8B | −$292M | $6.6B | $5.9B | $7.1B |
| Income tax | $24.6M | $224M | −$194M | $529M | $609M | $1.4B | $125M | $1.2B | $954M | $954M |
| Net income | $309M | $1.0B | $1.1B | $2.0B | $2.0B | $4.7B | −$522M | $3.7B | $3.1B | $2.4B |
| Cash flow | ||||||||||
| Cash from operations | −$1.4B | −$3.5B | −$7.6B | −$5.7B | −$6.0B | −$7.2B | −$5.3B | −$1.5B | $6.6B | $478M |
| Capital expenditure | $62.7M | $97.1M | $103M | $195M | — | — | — | — | — | — |
| Free cash flow | −$1.5B | −$3.6B | −$7.7B | −$5.9B | — | — | — | — | — | — |
| Depreciation and amortization | $16.0M | $15.3M | $15.0M | $17.7M | $18.6M | $387M | $364M | $68.3M | −$119M | −$163M |
| Stock-based compensation | $265M | $335M | $332M | $298M | $327M | $530M | $730M | $619M | $746M | $722M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $474M | $0.0M | $0.0M | $0.0M | $146M |
| Share buybacks | $297M | $0.0M | $173M | $72.1M | $246M | $270M | $347M | $290M | $0.0M | $3.4M |
| Dividends paid | $285M | $312M | $322M | $272M | $297M | $331M | $444M | $563M | $612M | $650M |
| Dividends and buybacks | $582M | $312M | $495M | $344M | $543M | $601M | $791M | $853M | $612M | $653M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.5B | $1.9B | $1.8B | $2.3B | $5.4B | $10.5B | $13.4B | $20.8B | $15.4B | $17.2B |
| Total debt | $18.7B | $21.4B | $22.6B | $27.2B | $33.5B | $36.9B | — | — | — | — |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $283M | $364M | $451M | $633M | $761M | — | — | — | — | — |
| Total assets | $39.0B | $45.8B | $50.7B | $60.9B | $79.8B | $264.3B | $275.3B | $317.3B | $360.1B | $410.1B |
| Total liabilities | $21.9B | $25.2B | $25.4B | $30.4B | $39.0B | $206.0B | $220.0B | $258.9B | $298.1B | $328.5B |
| Shareholders' equity | $5.9B | $7.2B | $8.6B | $10.8B | $13.7B | $17.6B | $18.8B | $22.9B | $23.7B | $30.9B |
| Margins | ||||||||||
| EBITDA margin | 87.3% | 101.4% | 131.4% | 147.6% | 158.7% | 94.3% | 28.5% | 64.8% | 40.1% | 49.9% |
| Net margin | 15.2% | 28.6% | 47.2% | 47.5% | 47.3% | 29.2% | −9.2% | 25.7% | 14.1% | 12.2% |
| FCF margin | −73.7% | −102.0% | −321.8% | −139.2% | — | — | — | — | — | — |
| Returns | ||||||||||
| Return on capital | 3.5% | 9.2% | 7.4% | 11.1% | 9.6% | 17.5% | — | — | — | — |
| Return on equity | 5.4% | 15.5% | 14.3% | 20.6% | 16.3% | 30.2% | −2.9% | 17.9% | 13.2% | 8.7% |
| Return on assets | 0.6% | 2.4% | 2.3% | 3.6% | 2.9% | 2.8% | −0.2% | 1.3% | 0.9% | 0.6% |
| Growth | ||||||||||
| Revenue growth | — | 74.4% | −32.7% | 76.2% | 0.2% | 283.5% | −64.9% | 154.2% | 50.9% | −11.0% |
| Net income growth | −36.7% | 229.2% | 11.1% | 77.3% | −0.1% | 136.3% | −111.0% | — | −17.6% | −22.9% |
| FCF growth | −796.3% | — | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Net debt / EBITDA | 9.1x | 5.4x | 6.6x | 4.0x | 4.2x | 1.7x | — | — | — | — |
| Debt / equity | 3.1x | 3.0x | 2.6x | 2.5x | 2.4x | 2.1x | — | — | — | — |
| Interest coverage | 2.2x | 4.4x | 3.6x | 6.0x | 6.9x | 13.9x | 0.8x | 3.4x | 2.9x | 3.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.1% | 2.7% | 4.3% | 4.6% | — | — | — | — | — | — |
| Stock comp / revenue | 13.0% | 9.4% | 13.9% | 7.1% | 7.7% | 3.3% | 12.8% | 4.3% | 3.4% | 3.7% |
| Quality scores | ||||||||||
| Accruals ratio | 3.2% | 10.7% | 18.1% | 13.8% | 11.3% | 6.9% | 1.8% | 1.8% | −1.1% | 0.5% |
Source: SEC EDGAR XBRL filings (CIK 0001404912). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.