Filing Flows › KKR (KKR) › Q4 2025
KKR (KKR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
KKR (KKR) reported revenue of $5.7B for the fourth quarter 2025 (Q4 2025), +76% from a year earlier and +4% from the quarter before. Operating margin was 45.3%, net earnings $1.1B (20.0% of revenue).
KKR, Q4 2025: revenue $5.7B (+76% year over year), operating margin 45.3%, net earnings $1.1B, operating cash flow −$4.9B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.7B | +4% | +76% |
| Operating profit | $2.6B | +18% | +58% |
| Net earnings | $1.1B | +27% | +2% |
| Operating cash flow | −$4.9B | -305% | — |
What changed
Revenue was $5.7B in Q4 2025, up 76% year over year and up 4% from the previous quarter. Insurance was the largest line at 61% of revenue.
Operating profit was $2.6B, a 45.3% margin (down 5.1 points year over year). Of the extra revenue versus Q4 2024, 39% reached operating profit, below the 50% margin then. Total costs grew 94% against revenue growth of 76%. Net earnings were $1.1B, up 2% year over year. The effective tax rate was 12.8%.
Operating cash flow was −$4.9B. Non-cash charges added back $0.18B of share-based compensation. Working capital and other items used $7.3B. Capital expenditures of $0.03B exceeded it, leaving free cash flow of −$4.9B.
Questions
What was KKR's revenue in the fourth quarter 2025?
KKR (KKR) reported revenue of $5.7B for the fourth quarter 2025 (Q4 2025), +76% from a year earlier and +4% from the quarter before.
Was KKR profitable in the fourth quarter 2025?
Operating profit was $2.6B (45.3% of revenue) and net earnings $1.1B.
Source: KKR 10-K on SEC EDGAR.