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KKR

KKR Q4 2025 Earnings

Reported Feb 5, 2026 at 6:50 AM ET · SEC Source

Q4 25 EPS

$1.12

MISS 1.75%

Est. $1.14

Q4 25 Revenue

$5.74B

vs S&P Since Q4 25

-2.5%

TRAILING MARKET

KKR +3.8% vs S&P +6.4%

Full Year 2025 Results

FY 25 EPS

$4.87

MISS 1.87%

Est. $4.96

FY 25 Revenue

$19.46B

BEAT +150.01%

Est. $7.79B

Market Reaction

Did KKR Beat Earnings? Q4 2025 Results

KKR delivered a mixed fourth quarter for 2025, posting adjusted earnings per share of $1.12 against a consensus estimate of $1.14, a narrow 1.75% miss, even as revenue surged 79.3% year-over-year to $5.74 billion, underscoring the firm's sweeping sca… Read more KKR delivered a mixed fourth quarter for 2025, posting adjusted earnings per share of $1.12 against a consensus estimate of $1.14, a narrow 1.75% miss, even as revenue surged 79.3% year-over-year to $5.74 billion, underscoring the firm's sweeping scale across its alternative asset platform. The EPS shortfall was largely attributable to a previously disclosed carried interest repayment obligation; stripped of that item, adjusted net income per share would have stood at $1.30. Beneath the headline numbers, the strategic picture looked considerably stronger: assets under management climbed 17% to $743.86 billion, full-year Fee Related Earnings hit a record $3.71 billion, and Q4 marked the most active deployment quarter in KKR's history at $31.84 billion invested. The firm also announced its acquisition of sports-focused investor Arctos Partners, with its $15 billion AUM, anchoring a new KKR Solutions business. Looking ahead, management projects Strategic Holdings Operating Earnings to exceed $350 million by 2026 and $1.10 billion by 2030, while insider buying following the print signaled internal conviction in the firm's trajectory.

Key Takeaways

  • • Record annual new capital raised of $129 billion
  • • Management fees grew 18% to $4.1 billion for the year driven by FPAUM growth
  • • Most active investment quarter in KKR history with $32 billion deployed in Q4
  • • AUM grew 17% year-over-year to $744 billion
  • • Fee Paying AUM grew 18% year-over-year to $604 billion
  • • Perpetual capital grew 20% to $321 billion, representing 43% of AUM
  • • K-Series AUM more than doubled to $34 billion from $16 billion a year prior
  • • Insurance net investment income growth driven by portfolio expansion and higher yields
  • • 85% of total segment earnings from more durable and recurring sources (TOE)

KKR Forward Guidance & Outlook

KKR expects Strategic Holdings Operating Earnings to exceed $350 million by 2026, $700 million by 2028, and $1.1 billion by 2030. Beginning Q1 2026, the firm intends to increase its regular annualized common stock dividend from $0.74 to $0.78 per share. KKR has $60 billion of committed AUM not yet paying fees with a weighted average management fee rate of approximately 80 bps, providing embedded future fee revenue as capital is deployed. The acquisition of Arctos Partners will establish KKR Solutions as a new investing business focused on sports investing, capital solutions for asset managers, and multi-asset class secondaries.

24/7 Wall St

KKR YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

KKR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“2025 was a strong year for KKR. We had record annual figures across our key metrics, including Fee Related Earnings and Adjusted Net Income per share, capital raised and capital invested. This morning, we announced the acquisition of Arctos Partners. Arctos has created a distinctive and scaled platform across sports investing and capital solutions for asset managers, and the team has extensive experience in secondaries — three areas where we see significant long-term opportunity. As we look ahead to KKR's 50th anniversary on May 1st, we've never been more confident in our team and long-term positioning.”

— Joseph Y. Bae, Q4 2025 Earnings Press Release

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