Revenue has experienced significant contraction, falling from $10.6 billion in 2024Q1 to $4.3 billion in 2026Q1, while gross margins remain highly unstable, fluctuating between 3.6% and 82.7% over the same period.
| 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 | 20.67B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 16.24B | 14.75B | 17.55B | 11.39B | 2.01B | 11.74B | 2.08B | 2.1B | 1.02B | 1.59B | 844.28M | -136.82M | -153.84M | -504.05M | -712.41M | 533.09M | 8.23B | 8.09B | -12.63B |
| Gross Margin % | 78.58% | 75.8% | 80.2% | 78.58% | 36.06% | 47.29% | 49.12% | 49.85% | 42.64% | 86.29% | 110.71% | -2.22% | -2.35% | -5.67% | -7.83% | 36.61% | 89.66% | 100% | 100% |
| Gross Profit Growth % | - | -15.92% | 54.02% | 467.73% | -82.9% | 464.78% | -1.22% | 105.98% | -35.63% | 87.94% | 717.06% | 11.06% | 69.48% | 29.25% | -233.64% | -93.52% | 1.8% | 164.01% | - |
| Operating Expenses | 1.56B | 1.48B | 1.31B | 1.06B | 2.35B | 959.08M | 780.64M | 791.54M | 715.11M | 582.48M | 567.04M | 624.95M | 869.65M | 438.83M | 259.73M | 290.97M | 311.15M | -8.62B | 12.65B |
| OpEx % of Revenue | - | 7.6% | 6% | 7.29% | 42.27% | 3.86% | 18.45% | 18.75% | 29.85% | 31.68% | 74.36% | 10.13% | 13.29% | 4.93% | 2.85% | 19.98% | 3.39% | -106.63% | -100.17% |
| Selling, General & Admin | 1.56B | 1.48B | 1.31B | 2.72B | 2.35B | 1.94B | 780.64M | 791.54M | 715.11M | 641.2M | 631.66M | 690.63M | 932.22M | 500.55M | 317.93M | 1.16B | 1.72B | 1.16B | 387.96M |
| SG&A % of Revenue | - | 7.6% | 6% | 18.78% | 42.31% | 7.83% | 18.45% | 18.75% | 29.85% | 34.87% | 82.83% | 11.2% | 14.24% | 5.63% | 3.49% | 79.64% | 18.77% | 14.32% | -3.07% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 14.68B | 13.27B | 16.24B | 6.55B | -292.22M | 10.78B | 1.3B | 1.31B | 306.36M | -497.9M | -932.87M | 4.3B | 4.35B | 7.13B | 7.5B | 242.11M | 7.48B | -536M | 21.84M |
| Operating Margin % | 71.02% | 68.2% | 74.21% | 45.21% | -5.25% | 43.43% | 30.67% | 31.09% | 12.79% | -27.08% | -122.33% | 69.67% | 66.45% | 80.14% | 82.43% | 16.63% | 81.53% | -6.63% | -0.17% |
| Operating Income Growth % | - | -18.24% | 147.7% | 2343.03% | -102.71% | 730.6% | -1.12% | 328.41% | 161.53% | 46.63% | -121.71% | -1.17% | -39.01% | -4.98% | 2999.08% | -96.76% | 1496.24% | -2554.77% | - |
| EBITDA | 12.8B | 13.27B | 16.24B | 6.64B | 0 | 17.05B | 1.34B | 1.36B | 351.35M | -464.76M | -890.44M | 4.34B | 4.65B | 7.25B | 7.53B | 1.04B | 7.9B | -536M | 21.84M |
| EBITDA Margin % | 61.91% | 68.2% | 74.21% | 45.8% | - | 68.69% | 31.58% | 32.3% | 14.67% | -25.28% | -116.76% | 70.36% | 71.13% | 81.46% | 82.68% | 71.32% | 86.12% | -6.63% | -0.17% |
| EBITDA Growth % | 103.62% | -18.24% | 144.5% | - | -100% | 1176.17% | -2% | 288% | 175.6% | 47.81% | -120.52% | -6.76% | -35.77% | -3.7% | 624.66% | -86.86% | 1574.81% | -2554.77% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 86M | 292.22M | 6.27B | 38.27M | 50.77M | 44.99M | 33.14M | 42.43M | 42.42M | 306.27M | 117.5M | 22.26M | 0 | 0 | 0 | 0 |
| EBIT | 3.87B | 0 | 6.13B | 7.83B | 1.3B | 0 | 6.7B | 6.21B | 3.13B | 6.28B | 3.63B | 855.22M | 403.7M | -80.71M | -334.54M | 1.04B | 7.9B | 6.97B | -38.23B |
| Net Interest Income | 2.17B | 2.89B | 3.19B | 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 | 3.14B | 3.18B | 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 | 299.28M | 294.97M | 271.77M | 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 | -308.18M | 0 | 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 % | -1.49% | - | 26.79% | 45.21% | -5.25% | 55.79% | 135.35% | 122.45% | 94.2% | 151.42% | 127.88% | 86.59% | 83.41% | 88.71% | 88.68% | 66.32% | 85.54% | 85.21% | 103.31% |
| Income Tax | -86.57M | 0 | 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 % | 28.09% | - | 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 | -221.61M | 0 | 4.91B | 3.73B | -1.02B | 12.3B | 5.12B | 4.64B | 1.13B | 1.02B | 309.31M | 488.48M | 477.61M | 691.23M | 560.84M | 876.49M | 7.78B | 849.68M | -1.2B |
| Net Margin % | -1.07% | - | 22.42% | 25.74% | -18.39% | 49.54% | 120.96% | 109.92% | 47.21% | 55.38% | 40.56% | 7.92% | 7.3% | 7.77% | 6.16% | 60.19% | 84.72% | 10.51% | 9.54% |
| Net Income Growth % | -105.33% | -100% | 31.45% | 464.65% | -108.32% | 140.25% | 10.3% | 310.19% | 11.07% | 229.22% | -36.68% | 2.28% | -30.9% | 23.25% | -36.01% | -88.73% | 815.22% | 170.54% | - |
| Net Income (Continuing) | -684.5M | 0 | 4.91B | 3.73B | -1.02B | 12.3B | 5.12B | 4.64B | 1.13B | 1.02B | 309.31M | 488.48M | 477.61M | 691.23M | 560.84M | 876.49M | 7.78B | 849.68M | -1.2B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.8B | 0 | 0 | 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) | - | 0.00 | 5.26 | 4.09 | -1.37 | 7.42 | 8.77 | 8.32 | 2.12 | 1.95 | 0.59 | 1.01 | 1.16 | 2.30 | 2.21 | 3.94 | 37.74 | 4.15 | -5.88 |
| EPS Growth % | 7.5% | -100% | 28.61% | 398.54% | -118.46% | -15.39% | 5.41% | 292.45% | 8.72% | 230.51% | -41.58% | -12.93% | -49.57% | 4.07% | -43.91% | -89.56% | 809.4% | 170.58% | - |
| EPS (Basic) | - | 0.00 | 5.53 | 4.24 | -1.37 | 7.95 | 9.09 | 8.51 | 2.20 | 2.10 | 0.64 | 1.09 | 1.25 | 2.51 | 2.35 | 3.98 | 37.74 | 4.15 | -5.88 |
| Diluted Shares Outstanding | 0 | 932.05M | 932.05M | 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 | 0 | 887.39M | 887.39M | 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 | - | - | 12.48% | 16.48% | - | 3.41% | 6.91% | 6.57% | 31.45% | 33.91% | 99.46% | 144.65% | 164.36% | 62.44% | 35.13% | 17.62% | 6.59% | 25.64% | - |
Realization and Valuation Volatility
As indicated by the provided quarterly income statements, KKRS has experienced significant top-line fluctuations, with revenue dropping from $10.6 billion in 2024Q1 to $4.3 billion by 2026Q1, reflecting the inherent sensitivity of the firm's business model to market-driven realization cycles and unrealized investment valuation adjustments.
The erratic revenue trajectory suggests that the firm's reliance on performance-related income remains a primary driver of headline volatility. Investors should monitor whether the ongoing integration of insurance-linked assets can eventually smooth these cyclical swings by providing a more consistent, spread-based revenue floor.
Based on the reported financial data, gross margins have exhibited extreme variance, ranging from a low of 3.6% in 2024Q4 to a peak of 82.7% in 2025Q3, highlighting the difficulty in maintaining consistent profitability when accounting for insurance-related interest expenses and fluctuating investment gains.
The wide dispersion in gross margins appears to be a byproduct of the firm's evolving business mix rather than operational inefficiency. Analysts should investigate whether the recent margin compression is a structural outcome of the Global Atlantic integration or merely a temporary reflection of the current investment environment.
According to the income statement history, net income has swung from a $3.9 billion loss in 2025Q4 to a $1.8 billion profit in 2025Q3, a trend that suggests GAAP figures are heavily influenced by non-cash mark-to-market adjustments rather than core operating performance.
The significant impact of stock-based compensation, which reached $538.5 million in 2025Q4, further complicates the assessment of true earnings power. Investors should prioritize Distributable Earnings over GAAP net income to better understand the cash-generating capacity of the firm's underlying asset management and insurance operations.
As reported in recent filings, SG&A expenses have fluctuated significantly, peaking at $754.9 million in 2023Q4 before moderating to $381.7 million in 2026Q1, which suggests that management is actively adjusting the firm's cost structure in response to the challenging revenue environment.
The firm's ability to scale SG&A downward during periods of revenue contraction indicates a degree of operational flexibility. However, the persistence of high compensation costs warrants further investigation to determine if the firm can maintain its competitive edge in talent acquisition without sacrificing long-term operating margins.
Based on the firm's heavy reliance on principal investing and captive insurance, short-sellers may focus on the potential for balance sheet impairments, as the firm's -11.04% annual revenue growth lags behind peers who maintain more traditional, fee-centric asset management models with lower capital exposure.
The market's tendency to apply a 'balance sheet discount' to KKRS appears to be a direct response to the risks inherent in its principal investment strategy. If regulatory scrutiny of insurance-linked managers intensifies, the firm may face increased pressure on its capital reserves, potentially limiting its future growth trajectory.
Quick answers to the most common questions about buying KKRS stock.
KKR Group Finance Co. IX LLC 4. (KKRS) reported a net loss of $0.0M for the fiscal year ending 2025.
KKR Group Finance Co. IX LLC 4. (KKRS) reported an operating income of $13.27B, resulting in an operating profit margin of 68.2%. This margin reflects the operational efficiency of the business before interest and taxes.
KKR Group Finance Co. IX LLC 4. (KKRS) generated $14.75B in gross profit for the year, representing a gross profit margin of 75.8%. This demonstrates the company's core pricing power and production efficiency.