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KKR (KKR) investor relations material
KKR Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Record management fees, fee-related earnings (FRE), and adjusted net income (ANI) achieved in Q3 2025, with $43 billion in new capital raised—the second-highest quarterly figure ever.
Net income attributable to common stockholders was $860 million for Q3 2025, up 44% year-over-year, with diluted EPS of $0.90.
Assets under management reached $723 billion, up 16% year-over-year, with $585 billion in fee-paying AUM.
The insurance segment contributed $1.84 billion in net investment income and $305 million in operating earnings for the quarter.
Strategic acquisitions included HealthCare Royalty Partners and a $2 billion partnership with Japan Post Insurance.
Financial highlights
Adjusted net income for Q3 2025 was $1.27 billion ($1.41 per share), up 8% year-over-year.
Fee-related earnings hit a record $1.03 billion ($1.15 per share), up 3% year-over-year.
Total operating earnings were $1.4 billion ($1.55 per share), up 12% year-over-year.
Realized performance and investment income totaled $935 million in asset management, with $70 million in strategic holdings.
Management fees reached $1.1 billion, up 19% year-over-year.
Outlook and guidance
Management expects continued strong performance, supported by $126 billion in dry powder and robust capital raising momentum.
Confident in achieving 2026 guidance of $4.50+ in FRE per share and $7+ in after-tax ANI per share, contingent on a constructive monetization environment.
Monetization pipeline remains strong, with $17 billion in embedded gains and $800 million to $1 billion in expected monetizations over the next two quarters.
If monetization slows, earnings may shift to 2027 and beyond, but current conviction in guidance remains high.
Strategic Holdings Operating Earnings are projected to exceed $350 million by 2026, $700 million by 2028, and $1.1 billion by 2030.
Detail Q3's record capital deployment drivers
Explain the Japan Post Insurance partnership's role
What underpins Strategic Holdings' long-term earnings growth?
Quantify future impact of accrued insurance income
How KKR's PE strategy avoids market pitfalls
Detail credit platform's record fundraising drivers
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Frequently asked questions
The O.G of Private Equity
KKR, or Kohlberg Kravis Roberts & Co., has consistently been a leader in the private equity industry. The company was founded in 1976 to create and manage private equity funds that acquired underperforming businesses. The trio had previously worked together at Bear Stearns, where they actually pioneered in completing some of the earliest leveraged buyouts that were made.
Stable performance through tough times
KKR has performed well in historical periods of high volatility and came out of the; 2000s recession with a gross IRR of 47 percent compared to 8 percent for the S&P 500. The Great Financial Crisis with a gross IRR of 32 percent compared to 15 percent for the S&P 500. And the COVID-19 Pandemic with a gross IRR of 16 percent compared to 4 percent for the S&P 500.
Still room left to grow
The company's segments, including private equity, growth, real estate, infrastructure, alternative credit, leveraged credit, and hedge funds, possess gigantic addressable markets. KKR is a leading player in many of these markets but only has market shares of low to mid-single digits, giving them much room to grow.
Consistently beating the S&P 500
Having completed private equity transactions with more than $690 billion as of summer 2022, KKR’s portfolio companies employ over 800 000 people worldwide. The company has generated a cumulative gross IRR of 26 percent since its inception, compared to the 12 percent achieved by the S&P 500 over the same period. Some of KKR’s competitors include Apollo Global Management, Brookfield Asset Management, and Blackstone.
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