Filing Flows › KKR (KKR) › Q3 2025
KKR (KKR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
KKR (KKR) reported revenue of $5.5B for the third quarter 2025 (Q3 2025), +15% from a year earlier and +9% from the quarter before. Operating margin was 39.8%, net earnings $900M (16.3% of revenue).
KKR, Q3 2025: revenue $5.5B (+15% year over year), operating margin 39.8%, net earnings $900M, operating cash flow $2.4B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.5B | +9% | +15% |
| Operating profit | $2.2B | +44% | +34% |
| Net earnings | $900M | +76% | +50% |
| Operating cash flow | $2.4B | +445% | +27% |
| Free cash flow | $2.4B | — | +28% |
What changed
Revenue was $5.5B in Q3 2025, up 15% year over year and up 9% from the previous quarter. Insurance was the largest line at 68% of revenue. Insurance added $1.3B year over year (up 50%), 172% of the total change. Asset Management and Strategic Holdings declined 23%.
Operating profit was $2.2B, a 39.8% margin (up 5.5 points year over year). Of the extra revenue versus a year earlier, 76% reached operating profit, above the 34% margin then. Total costs grew 6% against revenue growth of 15%. Net earnings were $0.90B, up 50% year over year. The effective tax rate was 16.4%.
Operating cash flow was $2.4B (up 27% year over year), 130% of net income including minority interests. Non-cash charges added back $0.18B of share-based compensation. Working capital and other items added $0.37B. Capital expenditures of $0.04B left free cash flow of $2.4B.
Questions
What was KKR's revenue in the third quarter 2025?
KKR (KKR) reported revenue of $5.5B for the third quarter 2025 (Q3 2025), +15% from a year earlier and +9% from the quarter before.
Was KKR profitable in the third quarter 2025?
Operating profit was $2.2B (39.8% of revenue) and net earnings $900M.
Source: KKR 10-Q on SEC EDGAR.