Filing Flows › KKR (KKR) › Q1 2025
KKR (KKR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
KKR (KKR) reported revenue of $3.1B for the first quarter 2025 (Q1 2025), -68% from a year earlier and -5% from the quarter before. Operating margin was 24.8%, net earnings $684M (22.0% of revenue).
KKR, Q1 2025: revenue $3.1B (-68% year over year), operating margin 24.8%, net earnings $684M, operating cash flow $2.5B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | -5% | -68% |
| Operating profit | $771M | -53% | -43% |
| Net earnings | $684M | -51% | -37% |
| Operating cash flow | $2.5B | — | +67% |
| Free cash flow | $2.5B | — | +67% |
What changed
Revenue was $3.1B in Q1 2025, down 68% year over year and down 5% from the previous quarter. Asset Management and Strategic Holdings was the largest line at 66% of revenue. Insurance lost $6.6B year over year (down 86%), 101% of the total change.
Operating profit was $0.77B, a 24.8% margin (up 10.7 points year over year). Total costs fell 72% while revenue fell 68%. Net earnings were −$0.19B. The effective tax rate was 11.2%.
Operating cash flow was $2.5B (up 67% year over year), 372% of net income including minority interests. Non-cash charges added back $0.18B of share-based compensation. Working capital and other items added $1.7B. Capital expenditures of $0.02B left free cash flow of $2.5B.
Questions
What was KKR's revenue in the first quarter 2025?
KKR (KKR) reported revenue of $3.1B for the first quarter 2025 (Q1 2025), -68% from a year earlier and -5% from the quarter before.
Was KKR profitable in the first quarter 2025?
Operating profit was $771M (24.8% of revenue) and net earnings $684M.
Source: KKR 10-Q on SEC EDGAR.