Company file · KKR

KKR

KKR's revenue fell 11.0% in FY2025, to $19.5B, and net income fell 22.9% to $2.4B

Revenue fell 11.0% to $19.5B in FY2025, from $21.9B in FY2024. Net income fell 22.9% to $2.4B. Insurance was the largest segment, at 60% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 27, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026) · Data pulled Oct 29, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, KKR (NYSE: KKR) took in $19.5B of revenue (down 11.0% on fiscal 2024); net income was $2.4B (down 22.9%). The most recent quarter, ended Jun 30, 2026, brought revenue of $5.7B, up 12.5% year over year, with net income of $700M. Insurance was the biggest single line by segment: 60% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 27, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026).

Revenue$19.5BFY2025 · −11.0% vs FY2024

Net income$2.4BFY2025 · −22.9% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 27, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 8, 2026 · 10-Q filed Aug 6, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Insurance$11.6B60%−20.7%
Asset Management and Strategic Holdings$7.8B40%+8.6%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Insurance (60%) and Asset Management and Strategic Holdings (40%), as shares of total revenue. Total revenue was $19.5B.

By segment: three-year mixShare of the total each fiscal year

FY2023

60%40%

FY2024

67%33%

FY2025

60%40%

InsuranceAsset Management and Strategic Holdings

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$5.7B Q2 2026

$5.1B Q2 2025

12.5% increase

Net income

$700M Q2 2026

$510M Q2 2025

37.3% increase

Source: KKR 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026

By segment

Insurance

$3.5B Q2 2026

$3.3B Q2 2025

8.3% increase

Asset Management and Strategic Holdings

$2.2B Q2 2026

$1.8B Q2 2025

20.0% increase

Source: KKR 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026

The bull case and the bear case

The bull case

Revenue in the quarter ended Jun 30, 2026 was $5.7B, up 12.5% on a year earlier. 10-Q, quarter ended Jun 30, 2026
Net income in the quarter ended Jun 30, 2026 was $700M, up 37.3% on a year earlier. 10-Q, quarter ended Jun 30, 2026
Asset Management and Strategic Holdings revenue grew 8.6% in FY2025 to $7.8B. 10-K, FY2025

The bear case

Revenue fell 11.0% in FY2025 to $19.5B, from $21.9B a year earlier. 10-K, FY2025
Net income fell 22.9% in FY2025 to $2.4B, from $3.1B. 10-K, FY2025
Insurance revenue fell 20.7% in FY2025 to $11.6B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

KKR is in the asset management & custody banks industry, part of the financials sector. The SEC files it under Investment Advice.

KKR reports 2 segments: Insurance and Asset Management and Strategic Holdings.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the asset management & custody banks industry. They are not a summary of KKR’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Credit lossesBorrowers who can't repay cause losses, especially in a downturn.
Interest ratesChanges in rates move what it earns on loans and pays on deposits.
Regulation and capitalCapital, liquidity and conduct rules affect what it can do and what it costs.
Deposits and fundingCustomers can move deposits, which raises funding costs.
Competition and technologyBanks, fintech firms and card networks compete for customers.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$14.5B	$21.9B	$19.5B
Net income	$3.7B	$3.1B	$2.4B

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

KKR's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.

What we left out

Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Diluted shares: the company's filing data doesn't carry them for all the years shown, so they aren't shown.

Recent filings

Form	Filed	Period
10-Q	Aug 6, 2026	Jun 30, 2026
10-Q	May 8, 2026	Mar 31, 2026
DEF 14A	Feb 27, 2026	Apr 21, 2026
10-K	Feb 27, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about KKR

How does KKR make money?

In fiscal 2025, revenue totaled $19.5B. By segment in FY2025: Insurance (60%) and Asset Management and Strategic Holdings (40%), as shares of total revenue. Total revenue was $19.5B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

What was KKR's revenue in fiscal 2025?

Revenue came to $19.5B in the year ended Dec 31, 2025. Going back two years, it was $14.5B in fiscal 2023 and $21.9B in fiscal 2024, so the latest year was down 11.0%. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

Is KKR profitable?

Yes, by US accounting rules (GAAP): net income was $2.4B in fiscal 2025, down 22.9% from $3.1B a year earlier. For the quarter ended Jun 30, 2026, net income was $700M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

What did KKR report in its latest quarterly filing?

The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $5.7B, against $5.1B in the same quarter a year before (up 12.5%), and net income of $700M, against $510M (up 37.3%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026.

What are the main risks KKR faces?

KKR's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 27, 2026. Risks that are common among companies in the asset management & custody banks industry include Credit losses; interest rates; regulation and capital; deposits and funding; competition and technology. The first: Borrowers who can't repay cause losses, especially in a downturn. Source: 10-K, Item 1A Risk Factors.

Where do these KKR numbers come from?

Two filings KKR made with the SEC: its fiscal 2025 10-K, filed Feb 27, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in KKR: The editor holds no position in KKR (KKR). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell KKR from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 29, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold KKR, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
KKR	FY2025	$19.5B	−11.0%	$2.4B
BlackRockBLK	FY2025	$24.2B	+18.7%	$5.6B
BlackstoneBX	FY2025	$14.5B	+9.2%	$3.0B
BNY	FY2025	$20.1B	+7.8%	$5.5B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.