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Analysis

KKR 10-K Analysis: Two Sets of Books Tell Opposite Stories About Growth

KKR reported a 27% decline in net income, a 93% collapse in operating cash flow, and a 49% drop in operating income in its FY 2025 10-K. And its core fee business grew 14%. Both statements are true — because 56% of KKR's GAAP pre-tax income belongs to third-party fund investors, the OCF 'collapse' was a $9.2 billion co-investment deployment, and insurance spread compression threatens the flywheel economics. This filing reveals two fundamentally different companies inside one set of financial statements.

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15 min

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