Kennedy-Wilson (KW) Q4 2025 earnings summary

Executive summary

• Reported GAAP net income to common shareholders of $29.6 million ($0.21 per diluted share) for Q4-25 and a net loss of $38.8 million ($-0.28 per share) for FY-25, compared to $33.1 million and $-76.5 million, respectively, in 2024.

• Adjusted EBITDA was $179.0 million for Q4-25 and $549.5 million for FY-25, down 6% and up 2% year-over-year, respectively.

• Completed the acquisition of the Toll Brothers Apartment Living platform, adding $5 billion in AUM and expanding the development pipeline.

• Entered into a merger agreement in February 2026 to be acquired by a consortium for $10.90 per share in cash, expected to close in Q2-26.

Financial highlights

• Total revenue for Q4-25 was $120.6 million, down from $135.5 million in Q4-24; FY-25 revenue was $501.0 million, down from $531.4 million in FY-24.

• Adjusted net income was $68.0 million for Q4-25 and $119.8 million for FY-25, compared to $75.3 million and $94.3 million in 2024.

• Investment management fees grew 16% year-over-year to $115 million in FY-25; AUM reached $36 billion.

• Baseline EBITDA for Q4-25 was $87 million, down from $98 million in Q4-24.

• Q4-25 asset sales and recapitalizations generated $65 million in cash; $1.4 billion in asset sales for FY-25.

Outlook and guidance

• The merger transaction is expected to close in Q2-26, subject to shareholder and regulatory approvals.

• The company expects continued growth in investment management and development activities, with a robust pipeline from recent acquisitions.