KKR reported a strong 2025 with record annual figures across key metrics, including Fee Related Earnings and Adjusted Net Income per share. The company announced a strategic acquisition of Arctos Partners, signaling confidence in future growth opportunities, particularly in sports investing and capital solutions.
Fee Related Earnings (FRE) reached a record $1.0 billion for the quarter, up 15% year-over-year, and $3.7 billion for the year, up 14% year-over-year.
positiveTotal Operating Earnings (TOE) increased 14% over the last 12 months, reaching $5.0 billion for the year.
positiveAssets Under Management (AUM) grew 17% year-over-year to $744 billion, with Fee Paying AUM up 18% to $604 billion.
positiveNew Capital Raised reached a record $129 billion for the year.
positiveCapital Invested of $32 billion in the quarter represents the most active investment quarter in KKR's history.
positiveKKR intends to increase its regular annualized dividend per share from $0.74 to $0.78, effective Q1 2026.
positiveNet Income (Loss) - KKR Common Stockholders was $2.3 billion for the full year 2025, a decrease from $3.1 billion in FY2024.
negativeDiluted EPS for FY2025 was $2.34, down from $3.28 in FY2024.
negativeTotal Revenues decreased to $19.5 billion in FY2025 from $21.9 billion in FY2024, primarily driven by a decline in the Insurance segment.
negativeNet Realized Performance Income in the Asset Management segment decreased significantly to $491.7 million in FY2025 from $608.8 million in FY2024.
negativeRealized Performance Income in the Asset Management segment for 4Q'25 was negatively impacted by $207 million due to a carried interest repayment obligation.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Asset Management and Strategic Holdings | N/A | — | — | — |
Insurance | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| dividend | 78 cents per share | FY2026 | — | — |
| operating earnings | 350+ million | FY2026 | — | — |
| adjusted net income per share | 7+ dollars | FY2026 | — | — |
| operating earnings | 1.1 billion | FY2030 | — | — |
| operating earnings | 250+ per quarter | next four quarters | — | — |
| accredited income | 300-350 million | FY2026 | — | — |
| FEE | 450+ | FY2026 | — | — |
| K series AUM | over 35 billion | FY2025 | — | — |
| fee related earnings per share | 18 | Q4 2025 | — | — |
| total operating earnings per share | 142 | Q4 2025 | — | — |
| adjusted net income per share | 112 | Q4 2025 | — | — |
| fee related earnings | 972 million | Q4 2025 | — | — |
| refi margin | 68% | Q4 2025 | — | — |
| refi margin | 69% | FY2025 | — | — |
| insurance operating earnings | 268 million | Q4 2025 | — | — |
| insurance operating earnings | 100 million higher | Q4 2025 | — | — |
| insurance operating earnings | 320 million | Q4 2025 | — | — |
| total insurance economics | 1.9 billion | FY2025 | — | — |
| strategic holdings operating earnings | 44 million | Q4 2025 | — | — |
| total operating earnings | 142 | Q4 2025 | — | — |
| realized performance income | 528 million | Q4 2025 | — | — |
| realized investment income | 27 | Q4 2025 | — | — |
| total monetization activity | 550 million | Q4 2025 | — | — |
| adjusted net income | 1 billion | Q4 2025 | — | — |
| total embedded gains | 19 billion | 12/31 | — | — |
| total embedded gains | 19% | year-over-year | — | — |
| total embedded gains | 50% | two years ago | — | — |
| new capital raised | 28 billion | Q4 2025 | — | — |
| full year capital raised | 129 billion | FY2025 | — | — |
| credit capital raised | 68 billion | FY2025 | — | — |
| IV3 sidecar vehicle capital raised | 4.5 billion | Q4 2025 | — | — |
| third party capital capacity | 6.5 billion | current | — | — |
| IV2 third party capital raised | 2.7 billion | 2023 | — | — |
| feeding AUM | 65 billion | over time | — | — |
| North America private equity fund committed capital | 19 billion | current | — | — |
| global infrastructure flagship fund commitments | 16 billion | current | — | — |
| Asia infrastructure fund capital raised | 4 billion | latest vintage | — | — |
| K series products capital raised | 4.5 billion | Q4 2025 | — | — |
| K series products capital raised | 16 billion | FY2025 | — | — |
| K series vehicles AUM | 35 billion | current | — | — |
| total fundraising target | 300+ billion | 2024-2026 | — | — |
| gross monetization activity | 2.7 billion | FY2025 | — | — |
| gross realized carried interest | 30% | year-on-year | — | — |
| embedded gains | 18.6 billion | current | — | — |
| embedded gains | 19% | year ago | — | — |
| capital invested | 32 billion | Q4 2025 | — | — |
| capital invested | 95 billion | FY2025 | — | — |
| capital invested | 13% | compared to 2024 | — | — |
| dry powder | 118 billion | current | — | — |
| Asia investment activity | 70% | FY2025 vs 2024 | — | — |
| infrastructure investment | 15 billion | FY2025 | — | — |
| credit investment | 44 billion | FY2025 | — | — |
| credit investment | 14% | compared to 2024 | — | — |
| asset-based finance AUM | 85 billion | current | — | — |
| Artos transaction valuation | 1.4 billion | equity and cash | — | — |
| Artos additional equity potential | 550 million | long-term vesting | — | — |
| Artos AUM | 15 billion | current | — | — |
| KKR solutions AUM | 100 billion | over time | — | — |
| management fees | 1.1 billion | Q4 2025 | — | — |
| management fees | 24% | year-over-year | — | — |
| management fees excluding catchup | 22% | Q4 2025 | — | — |
| management fees | 4.1 billion | FY2025 | — | — |
| total transaction and monitoring fees | 269 million | Q4 2025 | — | — |
| capital market fees | 225 million | Q4 2025 | — | — |
| fee related performance revenues | 34 million | Q4 2025 | — | — |
| fee related compensation | 17.5% | midpoint of guided range | — | — |
| other operating expenses | 205 million | Q4 2025 | — | — |
| management fee growth | 18% | FY2025 | — | — |
| monetization revenue visibility | 900 million | first half | — | — |
| monetization revenue visibility | 400 million | this time last year | — | — |
| private equity and real assets deployment | 16 billion | Q4 2025 | — | — |
| private equity deployment | 8 billion | Q4 2025 | — | — |
| real assets deployment | 8 billion | Q4 2025 | — | — |
| credit deployment | 15 billion | Q4 2025 | — | — |
| take privates investment | 30 | since 2022 | — | — |
| real estate carve-out investment | Sapporo | December 24th | — | — |
| renewable space transaction | Europe | a handful of weeks ago | — | — |
| private equity and real assets deployment percentage | 13% | 3 years ago | — | — |
| private equity and real assets deployment percentage | 15% | 4 years ago | — | — |
| private equity and real assets deployment percentage | 16.5% | 5 years ago | — | — |
| private equity and real assets deployment percentage | 12% | 2025 | — | — |
| deployment | up again | this year | — | — |
| European deployment | record | FY2025 | — | — |
| software AUM | 7% | current | — | — |
| Oneream sale premium | 30% | previous investment | — | — |
| Oneream multiple of invested capital | 4.5 times | previous investment | — | — |
| dry powder | 120 billion | current | — | — |
| catchup fees | 26 million | Q4 2025 | — | — |
| management fee growth | 24% | Q4 2025 | — | — |
| management fee growth x catchup | 22% | Q4 2025 | — | — |
| insurance operating earnings | billion dollars | FY2026 | — | — |
| accreted returns economic outcomes | 350 million | FY2026 | — | — |
| KKR Solutions AUM | 100 billion | over time | — | — |
| real estate investment | core real estate | early 2024 | — | — |
| core real estate yield | 4% | originating transactions | — | — |
| liabilities yield | 5-6% | current | — | — |
2025 was a strong year for KKR. We had record annual figures across our key metrics, including Fee Related Earnings and Adjusted Net Income per share, capital raised and capital invested.
This morning, we announced the acquisition of Arctos Partners. Arctos has created a distinctive and scaled platform across sports investing and capital solutions for asset managers, and the team has extensive experience in secondaries — three areas where we see significant long-term opportunity.
As we look ahead to KKR's 50th anniversary on May 1st, we've never been more confident in our team and long-term positioning.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.