KKR Q2 2025 Earnings
Reported Jul 31, 2025 at 6:50 AM ET · SEC Source
Q2 25 EPS
$1.18
BEAT +3.64%
Est. $1.14
Q2 25 Revenue
$5.09B
BEAT +176.16%
Est. $1.84B
vs S&P Since Q2 25
-44.0%
TRAILING MARKET
KKR -30.0% vs S&P +14.0%
Market Reaction
Did KKR Beat Earnings? Q2 2025 Results
KKR & Co. Delivered a strong second quarter for 2025, with adjusted earnings per share of $1.18 beating the $1.14 consensus estimate by 3.64%, while revenue of $5.09 billion came in well ahead of expectations and grew 23.9% year-over-year. The firm's… Read more KKR & Co. Delivered a strong second quarter for 2025, with adjusted earnings per share of $1.18 beating the $1.14 consensus estimate by 3.64%, while revenue of $5.09 billion came in well ahead of expectations and grew 23.9% year-over-year. The firm's outperformance was anchored by broad-based momentum across its platform, with Fee Related Earnings climbing 17% year-over-year to $886.75 million and Assets Under Management reaching $685.81 billion, up 14% from a year ago, as KKR raised $27.99 billion in organic new capital during the quarter alone. The Insurance segment, operating through Global Atlantic, contributed meaningfully with $277.93 million in operating earnings, while the firm's perpetual capital base, now at $289 billion, or 42% of total AUM, continues to underscore the durability of its earnings profile. KKR's co-CEOs stated they "remain highly constructive" entering the second half of 2025, and the firm's long-term roadmap targets Strategic Holdings Operating Earnings scaling from $350 million by 2026 to $1.1 billion by 2030, a trajectory that reflects growing confidence in the alternatives platform's compounding power.
Key Takeaways
- • Management fees grew 16% to $3.7 billion LTM driven by organic growth in Fee Paying AUM
- • FRE margin expanded from 65% to 69% LTM reflecting operating leverage
- • Insurance net investment income growth driven by portfolio expansion and higher average yields
- • Organic new capital raised of $28 billion in the quarter and $109 billion LTM
- • Perpetual capital grew 16% YoY to $289 billion, representing 42% of AUM
- • 79% of total segment earnings derived from more durable and recurring sources
KKR YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
KKR Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are active globally across investing, monetizing and fundraising. This momentum is flowing through our financial results, with greater than 25% growth in Fee Related Earnings, Total Operating Earnings and Adjusted Net Income on a trailing 12-month basis. We remain highly constructive as we enter the second half of the year.”
— Joseph Y. Bae, Q2 2025 Earnings Press Release
KKR Earnings Trends
KKR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
KKR EPS Trend
Earnings per share: estimate vs actual
KKR Revenue Trend
Quarterly revenue: estimate vs actual
KKR Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $1.14 | $1.12 | -1.75% | $5.74B | — |
| FY Full Year | $4.96 | $4.87 | -1.87% | $19.46B | +150.01% |
| Q3 25 BEAT | $1.30 | $1.41 | +8.64% | $5.53B | +144.75% |
| Q2 25 BEAT | $1.14 | $1.18 | +3.64% | $5.09B | +176.16% |
| Q1 25 BEAT | $1.13 | $1.15 | +1.66% | — | — |