Revenue performance remains highly unpredictable, with quarterly figures swinging between $3.1B and $9.6B, contributing to a volatile operating margin that reached a low of -23.1% in 2025Q1.
| 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 |
|---|
| Sales/Revenue | 19.99B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 8.35B | 8.06B | 3.84B | 4.86B | 2.01B | 6.9B | 2.08B | 2.1B | 1.02B | 1.86B | 976.21M | -136.82M | -153.84M | -504.05M | -712.41M | -145.13M | -909.07M | 8.09B | -12.63B |
| Gross Margin % | 41.75% | 41.82% | 17.75% | 33.94% | 36.06% | 42.81% | 49.12% | 49.85% | 42.64% | 52.34% | 47.85% | -13.11% | -13.86% | -66.1% | -125.33% | -20.06% | -208.8% | 100% | 100% |
| Gross Profit Growth % | - | 109.66% | -20.96% | 142.21% | -70.9% | 231.77% | -1.22% | 105.98% | -45.13% | 90.72% | 813.48% | 11.06% | 69.48% | 29.25% | -390.88% | 84.04% | -111.24% | 164.01% | - |
| Operating Expenses | 5.09B | 7.59B | 2.92B | 2.72B | 2.35B | 1.94B | 780.64M | 791.54M | 715.11M | 641.2M | 631.66M | 690.63M | 932.22M | 500.55M | 317.93M | 345.26M | 418.21M | 8.09B | -12.63B |
| OpEx % of Revenue | - | 39.42% | 13.47% | 19.01% | 42.27% | 12.06% | 18.45% | 18.75% | 29.85% | 18.03% | 30.96% | 66.17% | 83.98% | 65.64% | 55.93% | 47.71% | 96.05% | 100% | 100% |
| Selling, General & Admin | 1.56B | 2.18B | 2.92B | 2.72B | 2.35B | 1.94B | 780.64M | 791.54M | 715.11M | 641.2M | 631.66M | 690.63M | 932.22M | 500.55M | 317.93M | 345.26M | 418.21M | 1.16B | 387.96M |
| SG&A % of Revenue | - | 11.33% | 13.47% | 19.01% | 42.27% | 12.06% | 18.45% | 18.75% | 29.85% | 18.03% | 30.96% | 66.17% | 83.98% | 65.64% | 55.93% | 47.71% | 96.05% | 14.32% | -3.07% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 3.26B | 461.96M | 926.2M | 2.14B | -345.58M | 4.95B | 1.3B | 1.31B | 306.36M | 1.22B | 344.54M | -827.46M | -1.09B | -1B | -1.03B | -490.38M | -1.33B | 0 | 0 |
| Operating Margin % | 16.29% | 2.4% | 4.28% | 14.93% | -6.21% | 30.75% | 30.67% | 31.09% | 12.79% | 34.31% | 16.89% | -79.28% | -97.84% | -131.74% | -181.26% | -67.77% | -304.85% | - | - |
| Operating Income Growth % | - | -50.12% | -56.68% | 718.72% | -106.98% | 281.68% | -1.12% | 328.41% | -74.9% | 254.26% | 141.64% | 23.81% | -8.11% | 2.5% | -110.11% | 63.05% | - | - | - |
| EBITDA | 7.76B | 7.13B | 9.17B | 9.5B | 1.35B | 14.98B | 6.7B | 6.21B | 3.13B | 3.59B | 1.77B | 5.91B | 5.78B | 7.99B | 8.14B | 1.04B | 7.9B | 6.97B | -12.92B |
| EBITDA Margin % | 38.84% | 36.99% | 42.36% | 66.33% | 24.18% | 93% | 158.28% | 147.17% | 130.76% | 101.01% | 86.53% | 566.69% | 520.35% | 1048.04% | 1432.13% | 143.51% | 1815.61% | 86.2% | 102.32% |
| EBITDA Growth % | -8.55% | -22.27% | -3.52% | 605.98% | -91.02% | 123.68% | 7.8% | 98.28% | -12.81% | 103.56% | -70.16% | 2.41% | -27.73% | -1.83% | 683.91% | -86.86% | 13.43% | 153.93% | - |
| D&A (Non-Cash Add-back) | 46.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 9.92B | 7.13B | 9.17B | 9.5B | 1.35B | 14.98B | 6.7B | 6.21B | 3.13B | 3.59B | 1.77B | 5.91B | 5.78B | 7.99B | 8.14B | 1.04B | 7.9B | 6.97B | -12.92B |
| Net Interest Income | 2.29B | 105.18M | 152.61M | 423.48M | 257.32M | 353.44M | 433.57M | 374.96M | 520.5M | 433.52M | 231.86M | 645.97M | 592.01M | 375.14M | 289.43M | 249.19M | 173.72M | 62.48M | 4.04M |
| Interest Income | 5.42B | 2.4B | 3.46B | 3.37B | 1.9B | 1.49B | 1.4B | 1.42B | 1.4B | 1.24B | 1.02B | 1.22B | 909.21M | 474.76M | 358.6M | 321.94M | 226.82M | 142.12M | 129.6M |
| Interest Expense | 3.13B | 2.3B | 3.31B | 2.95B | 1.64B | 1.13B | 969.87M | 1.04B | 876.03M | 808.9M | 789.95M | 573.23M | 317.19M | 99.62M | 69.16M | 72.76M | 53.1M | 79.64M | 125.56M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 6.79B | 7.1B | 5.86B | 6.55B | -292.22M | 13.85B | 5.73B | 5.17B | 2.26B | 2.78B | 975.23M | 5.34B | 5.46B | 7.89B | 8.07B | 965.73M | 7.85B | 6.89B | -13.05B |
| Pretax Margin % | 33.97% | 36.86% | 27.08% | 45.76% | -5.25% | 85.97% | 135.35% | 122.45% | 94.2% | 78.27% | 47.8% | 511.77% | 491.77% | 1034.97% | 1419.96% | 133.46% | 1803.42% | 85.21% | 103.31% |
| Income Tax | 1.05B | 953.75M | 954.4M | 1.2B | 125.39M | 1.39B | 609.1M | 528.75M | -194.1M | 224.33M | 24.56M | 66.64M | 63.67M | 37.93M | 43.41M | 89.25M | 75.36M | 37M | 6.79M |
| Effective Tax Rate % | 15.5% | 13.43% | 16.29% | 18.27% | -42.91% | 10.07% | 10.64% | 10.23% | -8.6% | 8.06% | 2.52% | 1.25% | 1.17% | 0.48% | 0.54% | 9.24% | 0.96% | 0.54% | -0.05% |
| Net Income | 2.96B | 2.37B | 3.08B | 3.73B | -521.66M | 4.73B | 2B | 2.01B | 1.13B | 1.02B | 309.31M | 488.48M | 477.61M | 691.23M | 560.84M | 1.92M | 333.18M | 849.68M | -1.2B |
| Net Margin % | 14.82% | 12.31% | 14.22% | 26.06% | -9.37% | 29.38% | 47.33% | 47.5% | 47.21% | 28.63% | 15.16% | 46.8% | 43.03% | 90.65% | 98.66% | 0.27% | 76.52% | 10.51% | 9.54% |
| Net Income Growth % | 34.12% | -22.94% | -17.58% | 815.45% | -111.02% | 136.32% | -0.13% | 77.27% | 11.07% | 229.22% | -36.68% | 2.28% | -30.9% | 23.25% | 29095% | -99.42% | -60.79% | 170.54% | - |
| Net Income (Continuing) | 5.74B | 6.15B | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 50.31B | 50.73B | 38.33B | 35.52B | 36.56B | 40.56B | 27.08B | 19.69B | 16.73B | 13.48B | 11.18B | 43.92B | 46.32B | 43.86B | 39.4B | 36.36B | 34.67B | 26.35B | 19.7B |
| EPS (Diluted) | 3.10 | 2.34 | 3.28 | 4.09 | -0.79 | 7.42 | 3.37 | 3.54 | 2.06 | 1.95 | 0.59 | 1.01 | 1.16 | 2.30 | 2.21 | 0.01 | 1.62 | 4.15 | -5.88 |
| EPS Growth % | 28.45% | -28.66% | -19.8% | 617.72% | -110.65% | 120.18% | -4.8% | 71.84% | 5.64% | 230.51% | -41.58% | -12.93% | -49.57% | 4.07% | 22000% | -99.38% | -60.96% | 170.58% | - |
| EPS (Basic) | - | 2.51 | 3.47 | 4.24 | -0.79 | 7.95 | 3.45 | 3.62 | 2.14 | 2.10 | 0.64 | 1.09 | 1.25 | 2.51 | 2.35 | 0.01 | 1.62 | 4.15 | -5.88 |
| Diluted Shares Outstanding | 954.22M | 955.76M | 938.9M | 911.79M | 749.5M | 633.09M | 583.69M | 557.69M | 533.71M | 506.29M | 483.43M | 482.7M | 412.05M | 300.25M | 254.09M | 222.52M | 206.04M | 204.9M | 204.9M |
| Basic Shares Outstanding | 891.15M | 890.34M | 887.02M | 867.5M | 749.5M | 582.26M | 562.81M | 545.1M | 514.1M | 468.28M | 448.91M | 448.88M | 381.09M | 274.91M | 238.5M | 220.24M | 206.03M | 204.9M | 204.9M |
| Dividend Payout Ratio | - | 32.42% | 19.9% | 15.09% | - | 7% | 14.85% | 13.54% | 28.5% | 30.64% | 92.27% | 144.65% | 164.36% | 62.44% | 35.13% | 8040.86% | 27.59% | - | - |
Realization velocity and volatility
As evidenced by the quarterly data, KKR's top-line performance exhibits significant fluctuations, with revenue ranging from $3.1B to $9.6B over the last ten quarters, reflecting the inherent unpredictability of performance-based carry and investment income within the firm's diversified asset management and insurance business model.
The wide variance in quarterly revenue suggests that KKR's growth trajectory is heavily tethered to the timing of portfolio exits and market-driven investment gains rather than steady fee-based accumulation. Investors should interpret these swings as a structural feature of the firm's balance-sheet-intensive strategy, which prioritizes long-term capital appreciation over consistent, linear revenue growth.
Based on reported financial statements, KKR's gross margins have demonstrated extreme volatility, plummeting to -2.8% in 2025Q1 before recovering, a trend that highlights the impact of consolidating insurance-related accounting and non-cash mark-to-market adjustments on the firm's core profitability metrics.
The erratic nature of these margins suggests that GAAP-based profitability figures may be poor indicators of the firm's underlying operational efficiency. Analysts should focus on the divergence between these headline figures and the more stable fee-related earnings, as the current margin profile appears heavily distorted by the integration of Global Atlantic's insurance liabilities.
According to recent income statement filings, KKR's operating income has fluctuated wildly, reaching a low of -$706.7M in 2025Q1, which indicates that the firm's cost structure does not yet provide the consistent operating leverage typically expected from a scaled alternative asset manager.
The lack of a clear, positive correlation between revenue growth and operating income suggests that SG&A expenses, while variable, are not scaling efficiently relative to the firm's complex investment activities. This may imply that the costs associated with managing a massive, integrated insurance float are creating a persistent drag on core operating profitability.
As reported in financial statements, KKR's net income is subject to significant quarterly swings, with EPS ranging from -$0.22 to $1.18, a pattern that underscores the difficulty in assessing the quality of earnings without adjusting for non-operating investment gains and insurance-related accounting noise.
The reliance on non-operating items to drive bottom-line results warrants further investigation into the sustainability of current dividend-paying capacity. Investors should monitor whether the firm's reliance on balance sheet investments creates a disconnect between reported net income and the actual cash available for distribution to shareholders.
Based on the provided data, KKR's aggressive use of its own capital to seed strategies introduces significant downside risk, as evidenced by the sharp negative operating income observed in early 2025, which challenges the narrative that the firm's balance sheet is a source of stability.
Short-sellers may focus on the potential for mark-to-market write-downs in the firm's private equity and real estate portfolios to erode capital buffers during market downturns. The firm's integrated model appears to trade off higher potential returns for increased exposure to cyclical volatility, which may not be fully captured in current valuation multiples.
Quick answers to the most common questions about buying KKR stock.
KKR & Co. Inc. (KKR) is profitable, generating $2.37B in net income for the fiscal year ending 2025 with a net profit margin of 12.3%.
KKR & Co. Inc. (KKR) reported an operating income of $462.0M, resulting in an operating profit margin of 2.4%. This margin reflects the operational efficiency of the business before interest and taxes.
KKR & Co. Inc. (KKR) generated $8.06B in gross profit for the year, representing a gross profit margin of 41.8%. This demonstrates the company's core pricing power and production efficiency.