Revenue growth remains in negative territory, evidenced by an 8.7% decline in 2026Q1, while gross margins continue to exhibit instability, fluctuating between 8.4% and 23.1% over the last ten quarters.
| 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 | Dec'07 |
|---|
| Sales/Revenue | 489.9M | 501M | 531.4M | 562.6M | 540M | 453.6M | 454M | 569.7M | 772.4M | 801.8M | 703.4M | 603.7M | 398.6M | 134.7M | 77.94M | 70.52M | 62.39M | 86.23M | 32.23M | 33.39M |
| Revenue Growth % | -6.38% | -5.72% | -5.55% | 4.19% | 19.05% | -0.09% | -20.31% | -26.24% | -3.67% | 13.99% | 16.51% | 51.46% | 195.92% | 72.82% | 10.53% | 13.03% | -27.65% | 167.6% | -3.5% | - |
| Cost of Goods Sold | 399M | 406.9M | 454.2M | 506.1M | 526.5M | 478M | 508.7M | 589.4M | 747M | 756.7M | 650.2M | 533.1M | 346.1M | 65.2M | 21.15M | 54.42M | 57.05M | 45.32M | 3.3M | 35.2M |
| COGS % of Revenue | - | 81.22% | 85.47% | 89.96% | 97.5% | 105.38% | 112.05% | 103.46% | 96.71% | 94.38% | 92.44% | 88.31% | 86.83% | 48.4% | 27.13% | 77.17% | 91.45% | 52.56% | 10.23% | 105.4% |
| Gross Profit | 90.9M | 94.1M | 77.2M | 56.5M | 13.5M | -24.4M | -54.7M | -19.7M | 25.4M | 45.1M | 53.2M | 70.6M | 52.5M | 69.5M | 56.79M | 16.1M | 5.34M | 40.91M | 28.93M | -1.8M |
| Gross Margin % | 18.55% | 18.78% | 14.53% | 10.04% | 2.5% | -5.38% | -12.05% | -3.46% | 3.29% | 5.62% | 7.56% | 11.69% | 13.17% | 51.6% | 72.87% | 22.83% | 8.55% | 47.44% | 89.77% | -5.4% |
| Gross Profit Growth % | - | 21.89% | 36.64% | 318.52% | 155.33% | 55.39% | -177.67% | -177.56% | -43.68% | -15.23% | -24.65% | 34.48% | -24.46% | 22.37% | 252.82% | 201.67% | -86.96% | 41.43% | 1705.27% | - |
| Operating Expenses | 58.7M | 41.9M | -1.3M | 2.2M | -42.1M | 71.6M | -600K | 10.4M | 19.4M | 14.1M | 41.7M | 39.6M | 57M | 135.6M | 98.94M | 32.14M | 20.52M | 62.48M | 37.21M | 12.97M |
| OpEx % of Revenue | - | 8.36% | -0.24% | 0.39% | -7.8% | 15.78% | -0.13% | 1.83% | 2.51% | 1.76% | 5.93% | 6.56% | 14.3% | 100.67% | 126.94% | 45.57% | 32.88% | 72.46% | 115.48% | 38.84% |
| Selling, General & Admin | 23M | 36.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 7.27% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 32.2M | 52.2M | 78.5M | 54.3M | 55.6M | -96M | -54.1M | -30.1M | 6M | 31M | 11.5M | 31M | -4.5M | -66.1M | -42.15M | -16.04M | -15.18M | -21.57M | -8.29M | -14.77M |
| Operating Margin % | 6.57% | 10.42% | 14.77% | 9.65% | 10.3% | -21.16% | -11.92% | -5.28% | 0.78% | 3.87% | 1.63% | 5.13% | -1.13% | -49.07% | -54.07% | -22.75% | -24.33% | -25.02% | -25.71% | -44.24% |
| Operating Income Growth % | - | -33.5% | 44.57% | -2.34% | 157.92% | -77.45% | -79.73% | -601.67% | -80.65% | 169.57% | -62.9% | 788.89% | 93.19% | -56.84% | -162.76% | -5.67% | 29.63% | -160.36% | 43.92% | - |
| EBITDA | 163.3M | 185.2M | 226.8M | 212.1M | 228.5M | 70.3M | 125.5M | 157.5M | 212.1M | 243.5M | 209.7M | 197.3M | 100M | -48.7M | -37.21M | -13.21M | -13.56M | -20.45M | -7.37M | -14.27M |
| EBITDA Margin % | 33.33% | 36.97% | 42.68% | 37.7% | 42.31% | 15.5% | 27.64% | 27.65% | 27.46% | 30.37% | 29.81% | 32.68% | 25.09% | -36.15% | -47.74% | -18.74% | -21.74% | -23.71% | -22.86% | -42.73% |
| EBITDA Growth % | -26.18% | -18.34% | 6.93% | -7.18% | 225.04% | -43.98% | -20.32% | -25.74% | -12.9% | 16.12% | 6.28% | 97.3% | 305.34% | -30.88% | -181.57% | 2.56% | 33.68% | -177.65% | 48.38% | - |
| D&A (Non-Cash Add-back) | 131.1M | 133M | 148.3M | 157.8M | 172.9M | 166.3M | 179.6M | 187.6M | 206.1M | 212.5M | 198.2M | 166.3M | 104.5M | 17.4M | 4.94M | 2.83M | 1.62M | 1.12M | 920K | 505K |
| EBIT | 322.3M | 277M | 237.6M | -77.5M | 358.9M | 655M | 353.3M | 577.6M | 508.3M | 339.4M | 282.1M | 268.1M | 225.9M | 68.2M | 35.44M | 25.63M | 17.85M | -683.25K | 9.21M | 18.41M |
| Net Interest Income | -174.5M | -239.6M | -261.1M | -259.2M | -220.8M | -192.4M | -201.9M | -214.2M | -238.2M | -217.7M | -192.1M | -152.4M | -93.9M | -51.7M | -28.6M | -10.2M | 5.08M | -12.67M | -8.03M | 0 |
| Interest Income | 4.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.3M | 9.5M | 0 | 12.19M | 2.31M | 854K | 502K | 3.81M | 1.08M |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 84.9M | 37.4M | -23.5M | -336.7M | 138.1M | 462.6M | 151.4M | 362.5M | 270.1M | 121.7M | 90.5M | 112.4M | 122.5M | 16.5M | 6.84M | 5.12M | 10.21M | -13.62M | 1.27M | 13.42M |
| Pretax Margin % | 17.33% | 7.47% | -4.42% | -59.85% | 25.57% | 101.98% | 33.35% | 63.63% | 34.97% | 15.18% | 12.87% | 18.62% | 30.73% | 12.25% | 8.78% | 7.26% | 16.37% | -15.79% | 3.95% | 40.19% |
| Income Tax | 7M | 13.6M | 10.2M | -55.3M | 36.2M | 126.2M | 43.6M | 41.4M | 58M | -16.3M | 14M | 53.4M | 32.4M | 2.9M | -208K | -2.01M | 3.73M | -3.96M | 605K | 4.38M |
| Effective Tax Rate % | 8.24% | 36.36% | -43.4% | 16.42% | 26.21% | 27.28% | 28.8% | 11.42% | 21.47% | -13.39% | 15.47% | 47.51% | 26.45% | 17.58% | -3.04% | -39.33% | 36.5% | 29.09% | 47.56% | 32.67% |
| Net Income | 59.2M | 4.7M | -33M | -303.8M | 93.7M | 330.4M | 110.1M | 226.7M | 150M | 100.5M | 5.6M | 74.7M | 21.9M | -7M | 4.46M | 6.01M | 3.51M | -15.34M | 613K | 9.39M |
| Net Margin % | 12.08% | 0.94% | -6.21% | -54% | 17.35% | 72.84% | 24.25% | 39.79% | 19.42% | 12.53% | 0.8% | 12.37% | 5.49% | -5.2% | 5.72% | 8.52% | 5.62% | -17.78% | 1.9% | 28.13% |
| Net Income Growth % | 158.79% | 114.24% | 89.14% | -424.23% | -71.64% | 200.09% | -51.43% | 51.13% | 49.25% | 1694.64% | -92.5% | 241.1% | 412.86% | -256.88% | -25.77% | 71.45% | 122.86% | -2601.79% | -93.47% | - |
| Net Income (Continuing) | 77.9M | 23.8M | -33.7M | -281.4M | 101.9M | 336.4M | 107.8M | 321.1M | 212.1M | 138M | 76.5M | 59M | 90.1M | 13.6M | 7.05M | 7.13M | 6.49M | -9.66M | 667K | 9.04M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 37.1M | 38.3M | 34.8M | 43.3M | 46.4M | 26.3M | 28.2M | 40.5M | 184.5M | 211.9M | 1.3B | 1.73B | 2.14B | 50.6M | 9.1M | 3.33M | 12.71M | 2.02M | 251K | 0 |
| EPS (Diluted) | 0.43 | -0.28 | -0.56 | -2.46 | 0.47 | 2.24 | 0.66 | 1.58 | 1.03 | 0.83 | 0.01 | 0.62 | 0.14 | -0.21 | -0.07 | -0.06 | -0.03 | -0.57 | 0.03 | 0.44 |
| EPS Growth % | 111.63% | 50% | 77.24% | -623.4% | -79.02% | 239.39% | -58.23% | 53.4% | 24.1% | 8117.82% | -98.37% | 342.86% | 166.67% | -215.32% | -11% | -100% | 94.74% | -2000% | -93.18% | - |
| EPS (Basic) | - | -0.28 | -0.56 | -2.46 | 0.47 | 2.26 | 0.66 | 1.60 | 1.04 | 0.83 | 0.01 | 0.66 | 0.14 | -0.21 | -0.07 | -0.06 | -0.03 | -0.57 | 0.03 | 0.49 |
| Diluted Shares Outstanding | 139.21M | 137.92M | 137.78M | 138.93M | 138.57M | 140.13M | 140.35M | 141.5M | 144.75M | 119.15M | 109.09M | 109.55M | 91.56M | 71.16M | 55.29M | 42.42M | 38.98M | 26.89M | 24.31M | 13.16M |
| Basic Shares Outstanding | 138.6M | 137.92M | 137.78M | 138.93M | 136.9M | 138.55M | 139.74M | 139.73M | 142.9M | 119.15M | 109.09M | 103.26M | 89.2M | 71.16M | 55.29M | 42.42M | 38.98M | 26.89M | 22.89M | 13.16M |
| Dividend Payout Ratio | - | 1446.81% | - | - | 143.65% | 37.38% | 114.53% | 50.68% | 85.6% | 58.91% | 1157.14% | 69.34% | 177.63% | - | 490.81% | 194.64% | 129.29% | - | 369.33% | - |
Transactional Revenue Volatility
As reported in recent financial filings, Kennedy-Wilson has experienced a sustained period of top-line pressure, with revenue growth consistently trending in negative territory, including an 8.7% decline in 2026Q1, reflecting the broader challenges of a cooling transaction environment and reduced asset disposition activity across its portfolio.
The consistent negative revenue growth suggests that the company's reliance on transactional income is currently a significant headwind in the prevailing interest rate environment. Investors should monitor whether the firm can stabilize its core rental income streams to offset the volatility inherent in its investment management and performance fee segments.
Based on the provided income statement data, Kennedy-Wilson's gross margins have exhibited significant instability, fluctuating from a low of 8.4% in 2023Q4 to a peak of 23.1% in 2025Q2, indicating a lack of consistent pricing power within its consolidated real estate operations.
The thin and erratic nature of these margins suggests that the company's cost structure is highly sensitive to property-level expenses and market-driven fluctuations in asset performance. This volatility implies that the firm may struggle to maintain profitability during periods of reduced market liquidity or rising operational costs.
According to the historical income statement, Kennedy-Wilson's net income figures show extreme variance, ranging from a $236.9 million loss in 2023Q4 to a $44.0 million profit in 2024Q4, which appears to be driven by non-operating items rather than core operational performance.
The frequent disconnect between operating income and net income suggests that investors should exercise caution when relying on headline EPS as a measure of recurring profitability. The impact of stock-based compensation and potential asset impairments warrants further investigation to determine the true underlying cash-generating capacity of the business.
While the investment management platform is intended to provide high-margin growth, the recent data indicates that Kennedy-Wilson's reliance on lumpy performance fees may be unsustainable, as evidenced by the erratic quarterly swings in operating margins that have occasionally dipped into negative territory.
Short-term observers may argue that the company's complex structure obscures the true cost of maintaining its global investment platform. If the firm cannot consistently convert its promote pipeline into realized gains, the current cost structure may prove to be an anchor on long-term shareholder value.
Quick answers to the most common questions about buying KW stock.
For fiscal year 2025, Kennedy-Wilson Holdings, Inc. (KW) reported total revenue of $501.0M. This represents a 1400.3% increase compared to $33.4M in 2007.
Kennedy-Wilson Holdings, Inc. (KW) is profitable, generating $4.7M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Kennedy-Wilson Holdings, Inc. (KW) reported an operating income of $52.2M, resulting in an operating profit margin of 10.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Kennedy-Wilson Holdings, Inc. (KW) generated $94.1M in gross profit for the year, representing a gross profit margin of 18.8%. This demonstrates the company's core pricing power and production efficiency.