Filing Flows › KKR (KKR) › Q2 2025
KKR (KKR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
KKR (KKR) reported revenue of $5.1B for the second quarter 2025 (Q2 2025), +22% from a year earlier and +64% from the quarter before. Operating margin was 30.0%, net earnings $510M (10.0% of revenue).
KKR, Q2 2025: revenue $5.1B (+22% year over year), operating margin 30.0%, net earnings $510M, operating cash flow $439M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.1B | +64% | +22% |
| Operating profit | $1.5B | +98% | +26% |
| Net earnings | $510M | — | -24% |
| Operating cash flow | $439M | -83% | -87% |
| Free cash flow | $371M | -85% | -89% |
What changed
Revenue was $5.1B in Q2 2025, up 22% year over year and up 64% from the previous quarter. Insurance was the largest line at 64% of revenue. Insurance added $0.64B year over year (up 25%), 70% of the total change.
Operating profit was $1.5B, a 30.0% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 35% reached operating profit, above the 29% margin then. Total costs grew 20% against revenue growth of 22%. Net earnings were $0.51B, down 24% year over year. The effective tax rate was 11.4%.
Operating cash flow was $0.44B (down 87% year over year), 32% of net income including minority interests. Non-cash charges added back $0.17B of share-based compensation. Working capital and other items used $1.1B. Capital expenditures of $0.07B left free cash flow of $0.37B.
Questions
What was KKR's revenue in the second quarter 2025?
KKR (KKR) reported revenue of $5.1B for the second quarter 2025 (Q2 2025), +22% from a year earlier and +64% from the quarter before.
Was KKR profitable in the second quarter 2025?
Operating profit was $1.5B (30.0% of revenue) and net earnings $510M.
Source: KKR 10-Q on SEC EDGAR.