Free cash flow remains erratic with margins fluctuating between -5.2% and 82.8%, reflecting a heavy dependence on the timing of performance fee realizations and portfolio exits.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | 7.06B | 9.68B | 6.65B | -1.49B | -5.28B | -7.18B | -5.95B | -5.68B | -7.61B | -3.53B | -1.44B | 385.4M | 1.49B | 2.58B | 6.2B | -208.58M | 733.4M | -347.31M | -2.45B |
| Operating CF Margin % | - | 50.27% | 30.73% | -10.43% | -94.86% | -44.56% | -140.72% | -134.62% | -317.49% | -99.29% | -70.65% | 36.92% | 134.11% | 338.05% | 1091.01% | -28.82% | 168.45% | -4.3% | 19.37% |
| Operating CF Growth % | 2077.97% | 45.62% | 545.16% | 71.7% | 26.44% | -20.54% | -4.78% | 25.3% | -115.35% | -145.08% | -473.95% | -74.11% | -42.25% | -58.44% | 3073.36% | -128.44% | 311.16% | 85.8% | - |
| Net Income | 2.96B | 2.37B | 4.91B | 5.36B | -417.61M | 12.45B | 5.12B | 4.64B | 2.45B | 2.56B | 950.66M | 5.28B | 5.4B | 7.85B | 8.03B | 876.49M | 7.78B | 6.85B | -13.06B |
| Depreciation & Amortization | 39.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 507.92M | 616.91M | 746.44M | 618.47M | 730.24M | 529.82M | 326.76M | 297.71M | 331.71M | 334.82M | 264.89M | 261.58M | 310.4M | 307.51M | 400.21M | 470.22M | 824.19M | 562.37M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 23.9M | 3.85B | -91.71M | -8.9B | -4.16B | -22.4B | -11.81B | -11.68B | -10.35B | -7.81B | -2.35B | -5.42B | -3.74B | -6.55B | -2.83B | -1.31B | -7.52B | -7.51B | 11.04B |
| Working Capital Changes | 1.74B | 2.85B | 1.09B | 1.43B | -1.43B | 2.24B | 410.58M | 1.06B | -37.52M | 1.38B | -310.82M | 272.82M | -475.95M | 968.29M | 601.54M | -244.9M | -348.48M | -255.65M | -435.46M |
| Change in Receivables | 202.17M | 0 | 565.78M | 1.06B | 685.49M | 685.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -21.83M | 14.08M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -9.97B | -13.06B | -19.05B | -3.88B | -13.65B | -9.61B | -153.39M | -207.36M | -78.6M | -98.12M | -63.93M | -425.15M | -22.88M | 15.46M | -220.87M | -47.56M | -1.26M | -42.96M | -61.75M |
| Capital Expenditures | -167.34M | -160.76M | -141.54M | -108.39M | -85.06M | -102.05M | -153.39M | -207.36M | -105.23M | -98.12M | -64.78M | -265.38M | -245.94M | -14.4M | -36.97M | -18.21M | -13.08M | -21.05M | -13.1M |
| CapEx % of Revenue | 0.84% | 0.83% | 0.65% | 0.76% | 1.53% | 0.63% | 3.63% | 4.91% | 4.39% | 2.76% | 3.18% | 25.42% | 22.16% | 1.89% | 6.5% | 2.52% | 3% | 0.26% | -0.1% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 317.08B | 320.45B | 221.31B | 198.11B | 216.57B | 212.54B | 69.27B | 54.94B | 44.91B | 39.01B | 31.41B | 65.31B | 60.17B | 47.38B | 40.7B | 37.5B | 36.45B | 28.97B | 20.88B |
| Other Investing | -135.67M | 9K | 34.71M | 59.46M | -36.47M | 20.49M | 0 | 0 | 26.63M | 0 | 858K | -159.77M | 71.57M | 29.85M | 2.95M | -29.35M | 11.82M | -21.91M | -4.47M |
| Cash from Financing | 3.94B | 5.01B | 7.08B | 12.77B | 22.06B | 20.36B | 9.8B | 6.48B | 6.62B | 2.94B | 3.09B | 169.41M | -1.85B | -2.52B | -5.59B | 360.7M | -540.18M | 738.36M | 2.43B |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -313.53M | 2.42B | -125.01M | -289.84M | -346.65M | -731.25M | 869.63M | -72.12M | -173.14M | 0 | 185.71M | -161.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -818.33M | -768.54M | -612.07M | -615.03M | -513.34M | -419.63M | -353.88M | -304.85M | -355.7M | -345.34M | -307.64M | -706.61M | -785M | -431.58M | -197.02M | -154.47M | -91.92M | -211.07M | -250.36M |
| Share Repurchases | -313.53M | -122.92M | -125.01M | -289.84M | -346.65M | -269.71M | -246.16M | -72.12M | -173.14M | 0 | -296.84M | -161.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.98B | 1.46B | 4.35B | 10.06B | 16.39B | 12.62B | 3.96B | 1.36B | 1.74B | 1.14B | 794.61M | -7.05B | -2.77B | -2.87B | -4.95B | 424.12M | 124.36M | 1.3B | 2.89B |
| Net Change in Cash | 1.09B | 1.78B | -5.44B | 7.42B | 2.86B | 3.53B | 3.76B | 595.9M | -1.09B | -610.45M | 1.56B | 129.66M | -388.3M | 75.92M | 387.2M | 104.57M | 191.95M | 348.09M | -73.4M |
| Free Cash Flow | 6.89B | 9.52B | 6.51B | -1.6B | -5.36B | -7.28B | -6.11B | -5.89B | -7.71B | -3.63B | -1.51B | 120.03M | 1.24B | 2.56B | 6.16B | -226.79M | 720.32M | -368.36M | -2.46B |
| FCF Margin % | 34.48% | 49.44% | 30.08% | -11.19% | -96.39% | -45.19% | -144.34% | -139.53% | -321.88% | -102.05% | -73.82% | 11.5% | 111.95% | 336.16% | 1084.51% | -31.34% | 165.44% | -4.56% | 19.47% |
| FCF Growth % | -8.43% | 46.32% | 506.21% | 70.13% | 26.3% | -19.19% | -3.69% | 23.63% | -112.43% | -141.05% | -1354.73% | -90.34% | -51.52% | -58.42% | 2818.27% | -131.49% | 295.55% | 85.02% | - |
| FCF per Share | 7.22 | 9.96 | 6.93 | -1.76 | -7.16 | -11.50 | -10.46 | -10.56 | -14.45 | -7.17 | -3.12 | 0.25 | 3.02 | 8.54 | 24.26 | -1.02 | 3.50 | -1.80 | -12.00 |
| FCF Conversion (FCF/Net Income) | 2.33x | 4.09x | 2.16x | -0.40x | 10.12x | -1.52x | -2.97x | -2.83x | -6.73x | -3.47x | -4.66x | 0.79x | 3.12x | 3.73x | 11.06x | -108.58x | 2.20x | -0.41x | 2.03x |
| Interest Paid | 1.34B | 0 | 2.94B | 2.69B | 1.5B | 1.24B | 1.05B | 1.03B | 788.22M | 773.88M | 773.03M | 485.74M | 195.06M | 74.83M | 154.41M | 44.45M | 66.11M | 0 | 0 |
| Taxes Paid | 821.11M | 0 | 781.55M | 981.42M | 764.97M | 658.58M | 179.91M | 129.93M | 148.14M | 55.22M | 33.53M | 40.47M | 47.14M | 81.42M | 95.95M | 96.73M | 91.11M | 0 | 0 |
Realization velocity and volatility
As reported in financial statements, KKR's operating cash flow frequently decouples from net income, with OCF/NI ratios swinging from -13.71 in 2025Q1 to 5.03 in 2024Q2, suggesting that GAAP net income is a poor proxy for the firm's actual cash-generating capacity during periods of market dislocation.
The extreme variance in the OCF/NI ratio highlights the impact of non-cash mark-to-market adjustments and insurance-related accounting consolidation. Investors should interpret these figures with caution, as the cash flow statement appears heavily influenced by the timing of investment realizations rather than core operational performance.
Based on recent SEC filings, KKR's free cash flow trajectory remains highly erratic, with margins fluctuating between -5.2% and 82.8% over the last ten quarters, underscoring the firm's dependence on the unpredictable timing of portfolio exits and performance fee realizations within its private equity segment.
The lack of a consistent FCF trend suggests that the firm's cash generation is inherently cyclical and sensitive to broader M&A and IPO environments. This volatility may complicate dividend sustainability assessments, as cash availability does not track linearly with the firm's reported earnings growth.
According to quarterly data, KKR's working capital changes have been a primary driver of cash flow variance, with swings as large as $1.3B in a single quarter, indicating that the firm's cash position is significantly impacted by the timing of fund-level capital calls and distributions.
These massive fluctuations in working capital suggest that the firm's operating cash flow is heavily influenced by the mechanics of its investment funds rather than just its management fee business. Analysts should monitor these movements to distinguish between core operational liquidity and temporary fund-level cash movements.
Based on reported figures, KKR consistently utilizes its cash flow to fund dividends and share repurchases, with dividend payments totaling over $200M in recent quarters, even as the firm navigates periods of negative free cash flow, suggesting a commitment to returning capital despite earnings volatility.
The firm's willingness to maintain dividend payouts during periods of negative FCF, such as 2024Q4, indicates a management preference for shareholder returns over cash preservation. This strategy warrants further investigation into the long-term sustainability of these payouts if realization activity remains sluggish for an extended period.
Quick answers to the most common questions about buying KKR stock.
KKR & Co. Inc. (KKR) generated $9.68B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
KKR & Co. Inc. (KKR) generated $9.52B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
KKR & Co. Inc. (KKR) spent $160.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, KKR & Co. Inc. (KKR) returned $768.5M to shareholders via cash dividends and spent $122.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.