KKR & Co. Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data KKR & Co. Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,040	3,557	2,396	4,221	4,231	16,226	5,704	14,499	21,879	19,464
Interest expense	790	809	876	1,044	970	1,070	1,551	2,772	3,034	2,777
Interest income	1,022	1,242	1,397	1,419	1,403	1,485	1,895	3,369	3,459	3,182
Pre-tax income	975	2,784	2,257	5,168	5,727	13,847	-292	6,555	5,860	7,099
Income tax	24.6	224	-194	529	609	1,395	125	1,198	954	954
Net income to minority interests	650	1,468	1,357	2,634	3,115	7,625
Net income	309	1,018	1,131	2,005	2,003	4,732	-522	3,732	3,076	2,370
Dividend per share		0.67	0.30	0.50	0.53	0.58	0.61	0.65	0.69	0.73

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,509	1,877	1,751	2,347	5,363	10,526	13,385	20,808	15,368	17,152
Property, plant and equipment	283	364	451	633	761
Lease right-of-use assets				121	191
Goodwill	89	83.5	83.5	83.5	83.5
Intangible assets	135	129	9.86
Total assets	39,003	45,835	50,743	60,899	79,807		275,347	317,294	360,099	410,144
Total liabilities	21,885	25,172	25,361	30,397	39,007	206,047	219,976	258,915	298,115	328,512
Total debt	18,663	21,435	22,639	27,152	33,501	36,914
Paid-in capital		0	8,106	8,566	8,688	8,997	16,284	17,549	18,407	19,041
Retained earnings		0	92	1,792	3,441	7,670	6,701	9,818	12,283	13,884
Other comprehensive income		-19.5	-39.6	-41.6	-18.6	-210	-5,302	-4,518	-7,047	-4,576
Shareholders' equity		7,186	8,650	10,807	13,717	17,582	18,808	22,859	23,652	30,903
Minority interests		12,866	15,610	19,695	27,083	40,475	36,411	34,905	36,748	48,019
Total equity		20,052	24,260	30,502	40,800	58,238	55,219	57,763	60,400	78,922
Total liabilities and equity	39,003	45,835	50,743	60,899	79,807	264,285	275,347	317,294	360,099	410,144
Shares outstanding				560	573	596	861	885	888	891

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	951	2,560	2,451	4,640	5,118	12,452	-418	5,357	4,906	6,145
Depreciation and amortization	16	15.3	15	-34.5	-64.2	387	364	68.3	-119	-163
Stock-based compensation	265	335	332	298	327	530	730	618	746	722
Deferred income tax	-9.61	174	-358	424	348	929	-804	573	308	-525
Cash from operations	-1,441	-3,532	-7,606	-5,682	-5,954	-7,177	-5,279	-1,494	6,650	478
Capital expenditures	-62.7	-97.1	-103	-195
Acquisitions				0	0	-474		0	0	-146
Purchases of investments	-20,824	-39,616	-35,663	-36,678
Sales and maturities of investments						17,946	12,050	6,687	19,370	33,443
Cash from investing	-63.9	-98.1	-78.6	-207	-153	-9,606	-13,647	-3,883	-19,047	-16,282
Debt issued	7,895	11,658	17,118	14,812	16,620	30,369	20,439	16,383	29,137	27,075
Debt repaid	-5,482	-9,515	-11,712	-9,311	-11,294	-21,474	-13,911	-12,764	-25,677	-25,123
Stock issued				0	0	38.5	0	0
Share buybacks	-297	0	-173	-72.1	-246	-270	-347	-290	0	-3.36
Dividends paid	-285	-312	-322	-271	-297	-331	-444	-563	-612	-650
Cash from financing	3,086	2,940	6,616	6,485	9,804	20,364	22,055	12,774	7,076	17,432
Exchange rate effect	-22.4	79.8	-24.7	0.43	59.4	-48.9	-270	25.4	-119	156
Net change in cash	1,558	-610	-1,094	596	3,756	3,533	2,859	7,423	-5,440	1,784
Free cash flow	-1,504	-3,629	-7,709	-5,877
Interest paid	773	774	788	1,033	1,045	1,242	1,500	2,691	2,937	2,661
Income taxes paid	33.5	55.2	148	130	180	659	765	981	782	1,209

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $96.67 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	31.1%	Pre-tax income / revenue.
Net margin	14.8%	Net income / revenue.
Operating cash flow margin	11.7%	Cash from operations / revenue.
Effective tax rate	16.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.8%	Net income / average total assets.
Stock-based pay / revenue	3.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	-0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-11.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	50.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	35.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-22.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	3.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-92.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	5.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	30.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	38.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	80.6%	Total liabilities / total assets.
Tangible book value	$31.05B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.05x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
Book value per share	$34.58	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$34.58	Tangible book value / shares outstanding.
Cash per share	$23.62	(Cash + short-term investments) / shares outstanding.
Payout ratio	21.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$86.77B	Share price x shares outstanding.
Enterprise value	$65.57B	Market cap + total debt - cash - short-term investments.
P/E	27.5x	Market cap / net income. Only when net income is positive.
P/S	4.07x	Market cap / revenue.
P/B	2.79x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.79x	Market cap / tangible book value, when positive.
P/OCF	34.9x	Market cap / cash from operations, when positive.
EV/Sales	3.08x	Enterprise value / revenue.
Earnings yield	3.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	1.0%	(Dividends paid + share buybacks) / market cap.

What was KKR & Co. Inc.'s revenue in fiscal 2025?

KKR & Co. Inc. reported revenue of $19.46B for fiscal 2025, 11% lower than the year before.

Was KKR & Co. Inc. profitable in fiscal 2025?

Yes. Net income was $2.37B, a net margin of 12.2%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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