Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
KKR's FY2025 10-K shows revenue declining 11.0% to $19.5B and net income falling 22.9% to $2.4B, while total assets grew 13.9% to $410.1B and stockholders' equity surged 30.7%, reflecting the firm's continued balance sheet expansion amid softer earnings.
Revenue
$19.46B
-11.04% YoY
Source: SEC XBRL
KKR & Co (KKR) reported FY2025 revenue of $19.46B, down 11.0% year over year. Operating cash flow was $477.76M, down 92.8% year over year.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 1.63 | 1.43 | Beat +14.3% |
| Mar 2026 | 1.39 | 1.30 | Beat +6.6% |
| Dec 2025This filing | 1.30 | 1.17 | Beat +10.7% |
| Sep 2025 | 1.41 | 1.31 | Beat +7.7% |
Reported EPS of $1.30 versus the $1.17 analyst consensus — a +10.7% beat for Dec 2025.
Compiled by AI from this SEC filing
KKR reported FY2025 revenue of $19.46B, down 11.0% from $21.88B in the prior year, suggesting lower fee income, realized gains, or mark-to-market adjustments across its investment portfolios compared to the prior period.
Source: 10-K Income Statement
Net income fell 22.9% year-over-year to $2.37B from $3.08B, compressing the net margin to approximately 12.2%, which may reflect lower investment realizations or increased expenses relative to revenue.
Source: 10-K Income Statement
Total assets grew 13.9% to $410.1B, driven in part by $17.4B in net financing cash inflows, indicating continued capital raising and deployment activity across KKR's fund platform.
Source: 10-K Balance Sheet & Cash Flow Statement
Stockholders' equity increased 30.7% to $30.9B from $23.7B, suggesting meaningful retained earnings accumulation and/or equity issuances that strengthened KKR's own balance sheet even as earnings declined.
Source: 10-K Balance Sheet
Operating cash flow plummeted 92.8% to $477.8M from $6.65B in the prior year, a significant deterioration that may reflect timing of realizations, working capital changes, or consolidation of fund-level cash flows, warranting close investor attention.
Source: 10-K Cash Flow Statement
Compiled by AI from this SEC filing · 3 high, 1 medium, 1 low
KKR's debt-to-equity ratio stands at approximately 10.6x, reflecting the firm's use of significant leverage across its consolidated entities. While common for alternative asset managers that consolidate fund-level debt, this level of leverage amplifies downside risk in adverse market conditions and could constrain financial flexibility.
Source: 10-K Balance Sheet, Key Ratios
Operating cash flow dropped 92.8% year-over-year to just $477.8M, compared to $6.65B in the prior year. This extreme variability is characteristic of alternative asset managers whose cash flows depend heavily on the timing of investment realizations, but it creates uncertainty around the firm's ability to fund operations and distributions from internal sources in any given year.
Source: 10-K Cash Flow Statement
Revenue declined 11.0% and net income fell 22.9% in FY2025, underscoring KKR's sensitivity to capital markets activity, asset valuations, and the pace of fundraising and deployment. A prolonged downturn in private equity or credit markets could further compress fee income and carried interest realizations.
Source: 10-K Income Statement
KKR generated $17.4B in financing cash flows in FY2025, up 146.3% year-over-year, indicating heavy reliance on external capital raising to fund investing activities of -$16.3B. Any disruption to capital markets access or investor appetite for alternative assets could materially impair the firm's growth strategy.
Source: 10-K Cash Flow Statement
ROA of approximately 0.58% reflects the asset-intensive nature of KKR's consolidated balance sheet, where a large portion of assets are fund investments not directly owned by KKR shareholders. While structurally expected, this metric highlights that reported asset base may overstate the capital base generating returns for KKR equity holders.
Source: 10-K Balance Sheet, Key Ratios
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 19.46 $B | 21.88 $B | -11.04% |
Net Income $B | 2.37 $B | 3.08 $B | -22.94% |
Answers draw on this SEC filing and the data on this page
KKR reported robust second-quarter fiscal 2026 results with revenue up 12.5% and net income surging 37.3%, driven by strong asset management and insurance contributions, while significantly boosting share buybacks.
KKR delivered strong Q1 FY2026 results with revenue surging 38.8% YoY to $4.32B and a return to profitability with net income of $405.2M, though operating cash flow declined 31.5% and the firm carries a high debt-to-equity ratio of 10.86x.
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