KKR Q3 2025 Earnings
Reported Nov 7, 2025 at 6:50 AM ET · SEC Source
Q3 25 EPS
$1.41
BEAT +8.64%
Est. $1.30
Q3 25 Revenue
$5.53B
BEAT +144.75%
Est. $2.26B
vs S&P Since Q3 25
-19.2%
TRAILING MARKET
KKR -11.8% vs S&P +7.4%
Market Reaction
Did KKR Beat Earnings? Q3 2025 Results
KKR delivered a standout third quarter for fiscal 2025, posting adjusted EPS of $1.41 against a consensus estimate of $1.30, an 8.64% beat, while revenue of $5.53 billion ran 144.75% ahead of the $2.26 billion Wall Street had anticipated and rose 16.… Read more KKR delivered a standout third quarter for fiscal 2025, posting adjusted EPS of $1.41 against a consensus estimate of $1.30, an 8.64% beat, while revenue of $5.53 billion ran 144.75% ahead of the $2.26 billion Wall Street had anticipated and rose 16.8% year-over-year. The engine behind the outperformance was a record $1.03 billion in Fee Related Earnings, powered by a 19% year-over-year jump in management fees as assets under management climbed 16% to $723.19 billion. Capital raising was equally impressive, with KKR pulling in $42.61 billion during the quarter, the second-highest in its history, pushing last-twelve-month inflows to $128.00 billion and dry powder to a record $126.00 billion. The firm also renewed its European pay-later receivables agreement with PayPal, underscoring the breadth of its credit deployment capabilities. Looking ahead, KKR's Strategic Holdings segment is targeting operating earnings of $350 million or more by 2026, scaling toward $1.1 billion or more by 2030, signaling confidence in the durability of its long-term earnings trajectory.
Key Takeaways
- • Record management fees growing 19% year-over-year to $1.064 billion driven by growth in Fee Paying AUM
- • Record Fee Related Earnings of $1.033 billion with 69% FRE margin
- • $43 billion of new capital raised — the second-highest quarter in KKR's history
- • $26 billion of capital invested — the most active investment quarter in KKR's history
- • Insurance Operating Earnings of $305 million benefitting from $41 million actuarial assumption review impact
- • Perpetual capital grew 19% year-over-year to $309 billion, representing 43% of AUM
- • K-Series AUM doubled year-over-year to $29 billion across asset classes
- • Global Atlantic Net Investment Income of $1.835 billion reflecting portfolio growth and higher average yields
KKR YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
KKR Revenue by Segment
With YoY comparisons, source: SEC Filings
“KKR's strong performance continued in Q3 with latest twelve month management fees, Fee Related Earnings and Adjusted Net Income all at record levels. New capital raised reached $43 billion – the highest quarterly figure for KKR in over four years – reflecting the trust we've built with our investors and continued momentum across our businesses. With a record $126 billion of dry powder, we remain incredibly well positioned to help our clients navigate the current environment.”
— Joseph Y. Bae, Q3 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% | — | — |