KKR 1 Quarter 2025 Earnings Analysis

KKR & Co Inc reported a rare 186 million USD net loss in 1Q 2025, compared to a profit of 682 million USD in 1Q 2024.

1Q 2025 revenue was 3.11 billion USD compared to 9.66 billion USD in 1Q 2024.

Fee Related Earnings (“FRE”) of $823 million ($0.92/adj. share) in the quarter, up 23% year-
over-year
• FRE was $3.4 billion in the LTM ($3.82/adj. share), up 37% year-over-year

Adjusted Net Income (“ANI”) of $1.0 billion ($1.15/adj. share) in the quarter, up 20% year-
over-year
• ANI was $4.4 billion in the LTM ($4.88/adj. share), up 37% year-over-year

KKR has 664 billion USDs assets under management with 526 billion USDs in fee paying assets under management. 

New Capital Raised of $31 billion in the quarter and $114 billion in the LTM
• Capital Invested of $19 billion in the quarter and $88 billion in the LTM 

KKR's main investment theme is artificial intelligence, AI infrastructure and the related data centers infrastructure and energy producers. KKR also heavily invests in infrastructure assets related to online merchandising and also large part of KKR's private equity and private credit investments go into technology companies.

KKR's market capitalization is currently 109.91 billion USD.

KKR's intrinsic value is 270 billion USDs, according to Wolfteam Ltd.'s projections and estimates.

Here is KKR's 1Q 2025 earnings statement: 

$ in thousands, except per share data) 1Q'24 1Q'25 1Q'24 LTM 1Q'25 LTM
Revenues
Asset Management and Strategic Holdings $ 1,956,468 $ 2,045,915 $ 6,637,740 $ 7,301,693
Insurance 7,700,270 1,064,268 14,390,828 8,030,450
Total Revenues $ 9,656,738 $ 3,110,183 $ 21,028,568 $ 15,332,143
Expenses
Asset Management and Strategic Holdings $ 1,617,969 $ 1,667,900 $ 4,969,438 $ 5,809,685
Insurance 7,694,975 2,163,055 13,842,028 9,694,186
Total Expenses $ 9,312,944 $ 3,830,955 $ 18,811,466 $ 15,503,871
Total Investment Income (Loss) - Asset Management and Strategic Holdings $ 1,019,257 $ 1,491,839 $ 5,292,123 $ 5,440,177
Income Tax Expense (Benefit) 269,201 86,569 1,317,977 771,764
Redeemable Noncontrolling Interests 32,678 8,494 34,576 48,965
Noncontrolling Interests 378,958 861,928 2,082,191 2,239,613
Preferred Stock Dividends — — 34,497 —
Net Income (Loss) - KKR Common Stockholders $ 682,214 $ (185,924) $ 4,039,984 $ 2,208,107
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock
Basic $ 0.77 $ (0.22) $ 4.63 $ 2.47
Diluted $ 0.74 $ (0.22) $ 4.46 $ 2.32
Weighted Average Shares of Common Stock Outstanding
Basic 885,005,824 888,246,698 873,421,040 887,826,075
Diluted 925,141,166 888,246,698 914,564,951 946,906,375