KKR KKR & Co. Inc.

Overview and Growth

In fiscal 2025, KKR & Co. Inc. recorded $19.46B of revenue, net income of $2.37B, and an operating cash inflow of $477.76M. At $19.46B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line contracted 11.0% from $21.88B in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company employed $410.14B of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.05x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The bottom-line result was net income of $2.37B, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 12.2% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $7.10B of earnings, providing a bridge between the operating result and final net income. The pretax margin was 36.5%, relating income before taxes directly to revenue. The company recognized $953.75M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 13.4%, without assuming a statutory-rate comparison. Return on period-end equity was 3.0%, relating annual net income to the equity capital on the balance sheet. The net-income-to-assets relationship measured 0.6%, showing earnings relative to the full balance sheet. The company moved from fiscal 2024 net income of $3.08B to $2.37B, with the current outcome ending below that comparison.

Liquidity and Capital Structure

At period end, the $410.14B asset base was financed through $328.51B of liabilities and $78.92B of equity. Reported cash and equivalents were $17.15B, separating immediately recognizable cash resources from the rest of the current-asset base. Equity equaled 19.2% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 80.1%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 4.2%, comparing reported cash and equivalents with the full positive asset balance. Compared with $360.10B in fiscal 2024, the current asset base moved 13.9% and finished higher. Book equity was 30.7% higher than fiscal 2024 equity of $60.40B, showing how shareholder capital changed year over year. Cash and equivalents were 11.6% higher than fiscal 2024 cash of $15.37B, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported $477.76M of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 0.2x, showing the relationship between accrual earnings and operating cash. Compared with $6.65B in fiscal 2024, current operating cash flow of $477.76M was below the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.