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.
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.