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Blackstone vs KKR: revenue, profit, margins and growth compared

Blackstone brought in $14.5B of revenue in fiscal 2025, KKR $19.5B in fiscal 2025. Revenue changed by +9.2% at Blackstone and -11.0% at KKR on the year before, so Blackstone grew faster. Blackstone kept 20.9% of its revenue as net profit, KKR 12.2%.

Side by side, latest fiscal year

BXKKR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$14.5B$19.5B
Revenue growth+9.2%-11.0%
Net income$3B$2.4B
Net margin20.9%12.2%
Free cash flow$4.5Bn/a
Free cash flow margin31.5%n/a
Earnings per share (diluted)$3.87n/a
Cash$2.6B$17.2B
Debt$12.6Bn/a
Price to earnings30.6n/a
Market value$88.9B$86.8B
Dividend yield3.96%0.76%
Rank by revenue in sector#46 of 444 · Finance#31 of 444 · Finance

Over the years

Revenue
BX FY2018: $6.8BBX FY2019: $7.3BBX FY2020: $6.1BBX FY2021: $22.6BBX FY2022: $8.5BBX FY2023: $8BBX FY2024: $13.2BBX FY2025: $14.5BKKR FY2018: $2.4BKKR FY2019: $4.2BKKR FY2020: $4.2BKKR FY2021: $16.2BKKR FY2022: $5.7BKKR FY2023: $14.5BKKR FY2024: $21.9BKKR FY2025: $19.5BFY18FY19FY20FY21FY22FY23FY24FY25
BX $14.5BKKR $19.5B
Net income
BX FY2018: $1.5BBX FY2019: $2BBX FY2020: $1BBX FY2021: $5.9BBX FY2022: $1.7BBX FY2023: $1.4BBX FY2024: $2.8BBX FY2025: $3BKKR FY2018: $1.1BKKR FY2019: $2BKKR FY2020: $2BKKR FY2021: $4.7BKKR FY2022: -$521.7MKKR FY2023: $3.7BKKR FY2024: $3.1BKKR FY2025: $2.4BFY18FY19FY20FY21FY22FY23FY24FY25
BX $3BKKR $2.4B
Net margin
BX FY2018: 22.6%BX FY2019: 27.9%BX FY2020: 17.1%BX FY2021: 25.9%BX FY2022: 20.5%BX FY2023: 17.3%BX FY2024: 21.0%BX FY2025: 20.9%KKR FY2018: 47.2%KKR FY2019: 47.5%KKR FY2020: 47.3%KKR FY2021: 29.2%KKR FY2022: -9.1%KKR FY2023: 25.7%KKR FY2024: 14.1%KKR FY2025: 12.2%FY18FY19FY20FY21FY22FY23FY24FY25
BX 20.9%KKR 12.2%
Revenue growth
BX FY2019: +7.4%BX FY2020: -16.8%BX FY2021: +270.0%BX FY2022: -62.3%BX FY2023: -5.8%BX FY2024: +64.9%BX FY2025: +9.2%KKR FY2019: +76.2%KKR FY2020: +0.2%KKR FY2021: +283.5%KKR FY2022: -64.8%KKR FY2023: +154.2%KKR FY2024: +50.9%KKR FY2025: -11.0%FY19FY20FY21FY22FY23FY24FY25
BX +9.2%KKR -11.0%
Free cash flow
BX FY2018: $27.4MBX FY2019: $1.9BBX FY2020: $1.8BBX FY2021: $3.9BBX FY2022: $6.1BBX FY2023: $3.8BBX FY2024: $3.4BBX FY2025: $4.5BKKR FY2018: -$7.7BKKR FY2019: -$5.9BFY18FY19FY20FY21FY22FY23FY24FY25
BX $4.5BKKR -$5.9B

Fiscal years as each company reports them; the two may end in different months.

Questions about Blackstone and KKR

Which is bigger by revenue, Blackstone or KKR?

KKR is bigger by revenue: $19.5B in fiscal 2025, against $14.5B for Blackstone in fiscal 2025.

Which keeps more of its revenue as profit, Blackstone or KKR?

Blackstone had a net margin of 20.9% in fiscal 2025; KKR had 12.2% in fiscal 2025.

Which grew revenue faster, Blackstone or KKR?

In their latest fiscal years revenue changed by +9.2% at Blackstone and -11.0% at KKR.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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