Cash flow generation remains inconsistent, with the OCF/NI ratio dropping to 0.53 in 2025Q4, reflecting the impact of timing differences in transaction settlements and significant stock-based compensation expenses of $538.5 million.
| 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 | -325.3M | 477.76M | 6.65B | -1.49B | -5.28B | -7.18B | -5.95B | -5.68B | -7.61B | -3.63B | -1.56B | 385.4M | 1.49B | 2.58B | 6.2B | -208.58M | 733.4M | -347.31M | -2.45B |
| Operating CF Margin % | - | 2.45% | 30.39% | -10.3% | -94.86% | -28.91% | -140.72% | -134.62% | -317.49% | -197.41% | -204.85% | 6.25% | 22.75% | 28.97% | 68.14% | -14.32% | 7.99% | -4.3% | 19.37% |
| Operating CF Growth % | -350.11% | -92.82% | 545.16% | 71.7% | 26.44% | -20.54% | -4.78% | 25.3% | -109.54% | -132.37% | -505.34% | -74.11% | -42.25% | -58.44% | 3073.36% | -128.44% | 311.16% | 85.8% | - |
| Net Income | -221.61M | 6.15B | 4.91B | 5.36B | -1.02B | 12.3B | 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 | -186.28M | -162.53M | -119.31M | 86M | 364.16M | 386.87M | 38.27M | 50.77M | 44.99M | 33.14M | 42.43M | 42.42M | 306.27M | 117.5M | 22.26M | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 718.65M | 722.11M | 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 | -386.87M | -38.27M | -50.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -6.6B | -6.23B | 1.12B | -8.98B | 6.51B | -22.28B | -11.81B | -11.68B | -10.35B | -7.81B | -2.36B | -5.42B | -3.74B | -6.55B | -2.83B | -1.06B | -7.78B | -8.75B | 11.04B |
| Working Capital Changes | 0 | 0 | 0 | 1.43B | -11.86B | 2.28B | 410.58M | 1.06B | -37.52M | 1.29B | -421.72M | 272.82M | -475.95M | 968.29M | 601.54M | -490.9M | -91.2M | 990.85M | -435.46M |
| Change in Receivables | 0 | 0 | 0 | 1.06B | 685.49M | -431.29M | -214.23M | -82.51M | -201.2M | -285.56M | -79.37M | 15.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 214.23M | 82.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 1.19B | 327.43M | 93.54M | 1.58B | 648.74M | -187.66M | -156.18M | 578.72M | 254.98M | 273.62M | 266.97M | 0 | 0 |
| Cash from Investing | -10.79B | -16.28B | -19.05B | -3.88B | -13.65B | -9.61B | -153.39M | -207.36M | -78.6M | 57.73M | -62.52M | -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 | 0.81% | 0.83% | 0.65% | 0.75% | 1.53% | 0.41% | 3.63% | 4.91% | 4.39% | 5.34% | 8.5% | 4.3% | 3.76% | 0.16% | 0.41% | 1.25% | 0.14% | 0.26% | -0.1% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 1.33M | 0 | 240.01B | 216.57B | 212.54B | 69.27B | 54.94B | 44.91B | 39.01B | 31.41B | 65.31B | 60.17B | 47.38B | 40.7B | 0 | 0 | 0 | 0 |
| Other Investing | -10.62B | -16.12B | -18.91B | 59.46M | -36.47M | 20.49M | -3.35B | 1.37B | 26.63M | 155.85M | 2.27M | -27.42B | -10.85M | -33.18B | 2.95M | -10.86B | -5.64B | -21.91M | -4.47M |
| Cash from Financing | -3.6B | 0 | 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) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -155.44M | 0 | -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 | -512.32M | -217.83M | -250.36M |
| Share Repurchases | 0 | 0 | 0 | -331.52M | -346.65M | -769.71M | -246.16M | -72.12M | -173.14M | -58.68M | -296.84M | -161.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.45B | 0 | 7.69B | 13.39B | 22.57B | 20.78B | 10.16B | 6.79B | 6.97B | 3.29B | 3.39B | 876.02M | -1.07B | -2.09B | -5.4B | 515.17M | -27.86M | 956.19M | 2.68B |
| Net Change in Cash | 0 | 0 | 0 | 7.42B | 2.86B | 3.53B | 3.76B | 595.9M | -1.09B | -632.22M | 1.46B | 129.66M | -388.3M | 75.92M | 387.2M | 104.57M | 191.95M | 348.09M | -73.4M |
| Free Cash Flow | -492.64M | 317M | 6.51B | -1.6B | -5.36B | -7.28B | -6.11B | -5.89B | -7.71B | -3.73B | -1.63B | 120.03M | 1.24B | 2.56B | 6.16B | -226.79M | 720.32M | -368.36M | -2.46B |
| FCF Margin % | -2.38% | 1.63% | 29.75% | -11.05% | -96.39% | -29.33% | -144.34% | -139.53% | -321.88% | -202.75% | -213.34% | 1.95% | 18.99% | 28.81% | 67.73% | -15.58% | 7.85% | -4.56% | 19.47% |
| FCF Growth % | -105.91% | -95.13% | 506.21% | 70.13% | 26.3% | -19.19% | -3.69% | 23.63% | -106.85% | -129.15% | -1455.51% | -90.34% | -51.52% | -58.42% | 2818.27% | -131.49% | 295.55% | 85.02% | - |
| FCF per Share | - | 0.34 | 6.98 | -1.76 | -7.16 | -11.50 | -10.46 | -10.56 | -14.45 | -7.36 | -3.37 | 0.25 | 3.02 | 8.54 | 24.26 | -1.02 | 3.50 | -1.80 | -12.00 |
| FCF Conversion (FCF/Net Income) | 2.22x | - | 1.36x | -0.40x | 5.16x | -0.58x | -1.16x | -1.22x | -6.73x | -3.56x | -5.05x | 0.79x | 3.12x | 3.73x | 11.06x | -0.24x | 0.09x | -0.41x | 2.03x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Realization and Valuation Volatility
According to the provided quarterly data, the OCF/NI ratio has fluctuated wildly, reaching a high of 3.99 in 2024Q2 and dropping to 0.53 in 2025Q4, which suggests that GAAP net income is a poor proxy for the firm's actual cash-generating capacity during periods of market stress.
The significant divergence between net income and operating cash flow indicates that non-cash mark-to-market adjustments on the investment portfolio frequently distort the bottom line. Investors should monitor this gap closely, as it implies that reported earnings may not reflect the firm's ability to fund dividends or debt obligations in volatile environments.
As reported in financial statements, free cash flow has exhibited extreme instability, swinging from a $2.2 billion outflow in 2025Q4 to a $2.5 billion inflow in 2025Q1, highlighting the firm's sensitivity to the timing of asset realizations and the cyclical nature of its principal investment strategy.
The erratic FCF trajectory suggests that the firm's cash flow profile is heavily dependent on the realization environment rather than steady-state fee income. This inconsistency warrants further investigation into whether the firm can maintain consistent cash distributions to stakeholders without relying on lumpy, unpredictable exit events.
Based on reported figures, working capital changes have been highly irregular, including a significant $2.1 billion outflow in 2024Q4 followed by historical periods of positive inflows, which suggests that the firm's cash position is subject to substantial timing differences in its complex, multi-asset class transaction settlements.
These large swings in working capital appear to be a byproduct of the firm's balance-sheet-heavy approach and the integration of insurance-linked assets. Such volatility may indicate that liquidity management is a critical operational challenge, particularly when the firm is actively scaling its principal investment commitments.
Data from recent filings reveals that stock-based compensation remains a persistent non-cash expense, peaking at $538.5 million in 2025Q4, which suggests that the firm's reported cash flow figures may be artificially bolstered by the exclusion of these significant, equity-linked compensation costs from operating cash flow calculations.
While SBC is a standard industry practice, its magnitude relative to net income suggests that the true economic cost of talent acquisition is not fully captured in the headline cash flow metrics. Analysts should adjust for these figures to better understand the firm's underlying cash-based profitability and the potential for future shareholder dilution.
Quick answers to the most common questions about buying KKRS stock.
KKR Group Finance Co. IX LLC 4. (KKRS) generated $477.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
KKR Group Finance Co. IX LLC 4. (KKRS) generated $317.0M 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 Group Finance Co. IX LLC 4. (KKRS) 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.