KKR & Co. Inc.

KKR · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007
Valuation
Market cap	$113,630	$131,378	$73,323	$39,973	$43,583	$23,687	$17,065	$11,484	$12,320	$9,003	$9,120	$8,845	$6,691	$3,632	$2,826	$2,926	–	–	–
Enterprise value	$199,263	$105,895	$48,588	$107,073	$113,122	$79,022	$61,551	$47,684	$44,504	$35,584	$70,519	$64,796	$50,529	$42,464	$39,628	$38,347	–	–	–
P/E (TTM) at period end	50.46×	42.71×	19.92×	–	9.42×	12.17×	8.65×	10.46×	12.51×	31.36×	18.67×	18.52×	9.68×	6.48×	1470.91×	8.78×	–	–	–
P/S (TTM) at period end	5.84×	6.00×	5.06×	7.01×	2.69×	5.60×	4.04×	4.79×	3.46×	4.41×	8.74×	7.97×	8.77×	6.39×	3.90×	6.72×	–	–	–
P/B at period end	3.68×	5.55×	3.21×	2.13×	2.48×	1.73×	1.58×	1.33×	1.71×	0.55×	0.19×	0.17×	0.15×	0.09×	0.08×	0.08×	–	–	–
EV / EBITDA (TTM)	608.12×	131.24×	22.02×	5761.59×	21.18×	64.06×	48.16×	148.38×	36.01×	98.68×	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	10.24×	4.84×	3.35×	18.77×	6.97×	18.68×	14.58×	19.90×	12.51×	17.44×	67.56×	58.37×	66.26×	74.70×	54.76×	88.08×	–	–	–
Returns
Return on equity	7.3%	13.0%	16.1%	(3.1%)	26.3%	14.2%	18.2%	12.7%	13.7%	1.7%	1.0%	0.9%	1.5%	1.4%	0.0%	0.9%	83.8%	(793.0%)	–
Return on invested capital	0.4%	0.8%	2.0%	(0.4%)	5.1%	1.7%	2.1%	0.7%	2.9%	1.0%	(1.2%)	(1.7%)	(2.1%)	(2.5%)	(1.2%)	(3.6%)	23.7%	(59.2%)	–
Dividend yield	0.6%	0.5%	0.8%	1.1%	0.8%	1.3%	1.6%	2.8%	2.5%	3.2%	7.7%	8.9%	6.4%	5.4%	5.5%	3.1%	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.34×	6.43×	–
Debt / equity	–	–	–	–	–	2.44×	2.51×	2.62×	2.98×	1.13×	0.38×	0.21×	0.04×	0.03×	0.00×	0.04×	2.03×	15.84×	–
Effective tax rate	13.4%	16.3%	18.3%	(42.9%)	10.1%	10.6%	10.2%	(8.6%)	8.1%	2.5%	1.2%	1.2%	0.5%	0.5%	9.2%	1.0%	0.5%	(0.1%)	0.5%
Share count
Diluted shares outstanding	956	939	912	750	633	584	558	534	506	483	483	412	300	254	223	206	205	205	205

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007
Revenue and gross profit
Revenue	$21,309	$19,464	$21,879	$14,499	$5,704	$16,226	$4,231	$4,221	$2,396	$3,557	$2,040	$1,044	$1,110	$763	$568	$724	$435	$8,165	($12,504)	$2,940
Cost of revenue	($16,324)	($15,751)	($17,798)	($9,462)	($3,558)	($9,210)	($2,152)	($2,117)	($1,374)	($1,695)	($1,064)	($1,181)	($1,264)	($1,267)	($1,281)	($869)	($1,344)	($80)	–	($86)
Gross profit	$4,736	$3,457	$3,842	$4,861	$2,007	$6,896	$2,078	$2,104	$1,021	$1,862	$976	($137)	($154)	($504)	($712)	($145)	($909)	$8,085	–	$2,854
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,961)	($2,236)	($2,057)	($1,803)	($1,713)	($1,514)	($2,861)	($2,846)	($2,030)	($2,278)	($1,631)	($1,806)	($2,134)	($1,705)	($1,541)	($1,160)	($1,723)	($1,158)	($388)	($421)
Total operating expenses	($3,084)	($2,966)	($2,916)	($2,723)	($2,352)	($1,942)	($781)	($792)	($715)	($641)	($632)	($691)	($932)	($501)	($318)	($345)	($418)	($1,196)	–	($441)
Total costs and expenses	($19,657)	($18,974)	($20,953)	($12,361)	($6,050)	($11,273)	($2,933)	($2,908)	($2,089)	($2,337)	($1,695)	($1,871)	($2,196)	($1,767)	($1,599)	($1,214)	($1,763)	($1,275)	($544)	($527)
Operating income	$1,652	$490	$926	$2,138	($346)	$4,953	$1,298	$1,312	$306	$1,221	$345	($827)	($1,086)	($1,005)	($1,030)	($490)	($1,327)	$6,889	($13,048)	$2,413
Earnings
EBITDA	$1,455	$328	$807	$2,206	$19	$5,340	$1,234	$1,278	$321	$1,236	$361	($812)	($1,070)	($990)	($1,018)	($480)	($1,316)	$6,899	–	–
Interest income	$3,556	$3,182	$3,459	$3,369	$1,895	$1,485	$1,403	$1,419	$1,397	$1,242	$1,022	$1,219	$909	$475	$359	$322	$227	$142	$130	$219
Interest expense	($2,945)	($2,777)	($3,034)	($2,772)	($1,551)	($1,070)	($970)	($1,044)	($876)	($809)	($790)	($573)	($317)	($100)	($69)	($73)	($53)	($80)	($126)	($86)
Pre-tax income	$6,636	$7,099	$5,860	$6,555	($292)	$13,847	$5,727	$5,168	$2,257	$2,784	$975	$5,342	$5,459	$7,892	$8,072	$966	$7,852	$6,889	($13,048)	$2,413
Income tax expense	($1,124)	($954)	($954)	($1,198)	($125)	($1,395)	($609)	($529)	$194	($224)	($25)	($67)	($64)	($38)	($43)	($89)	($75)	($37)	($7)	($12)
Net income	$3,152	$2,370	$3,076	$3,732	($522)	$4,732	$2,003	$2,005	$1,131	$1,018	$309	$488	$478	$691	$561	$2	$333	$850	($1,204)	$803
Per share
Diluted EPS (GAAP)	$3.14	$2.34	$3.28	$4.09	($0.79)	$7.42	$3.37	$3.54	$2.12	$1.95	$0.59	$1.01	$1.16	$2.30	$2.21	$0.01	$1.62	$4.15	($5.88)	$3.92
Basic EPS (GAAP)	$3.36	$2.51	$3.47	$4.24	($0.79)	$7.95	$3.45	$3.62	$2.20	$2.10	$0.64	$1.09	$1.25	$2.51	$2.35	$0.01	$1.62	$4.15	($5.88)	$3.92
Basic shares outstanding	892	890	887	867	750	582	563	545	514	468	449	449	381	275	239	220	206	205	205	205
Margins
Gross margin	22.2%	17.8%	17.6%	33.5%	35.2%	42.5%	49.1%	49.8%	42.6%	52.3%	47.9%	(13.1%)	(13.9%)	(66.1%)	(125.3%)	(20.1%)	(208.8%)	99.0%	–	97.1%
Operating margin	7.8%	2.5%	4.2%	14.7%	(6.1%)	30.5%	30.7%	31.1%	12.8%	34.3%	16.9%	(79.3%)	(97.8%)	(131.7%)	(181.3%)	(67.8%)	(304.9%)	84.4%	104.4%	82.1%
Net margin	14.8%	12.2%	14.1%	25.7%	(9.1%)	29.2%	47.3%	47.5%	47.2%	28.6%	15.2%	46.8%	43.0%	90.6%	98.7%	0.3%	76.5%	10.4%	9.6%	27.3%

Analyst consensus

Buy27 analysts

Bearish · 0 · Hold · 3 · Bullish · 24

Earnings history

	EPS	Estimate
Q3 2024	$1.38	$1.20	Beat
Q4 2024	$1.32	$1.30	Beat
Q1 2025	$1.15	$1.13	Beat
Q2 2025	$1.18	$1.14	Beat
Q3 2025	$1.41	$1.30	Beat
Q4 2025	$1.12	$1.14	Miss
Q1 2026	$1.39	$1.26	Beat
Q2 2026	$1.63	$1.43	Beat

Peers

Company overview

IPO dateJul 15, 2010

CEOJoseph Y. Bae

Employees5,043

SectorFinancial Services

IndustryAsset Management

CountryUS

ExchangeNew York Stock Exchange

Websitewww.kkr.com

KKR & Co. Inc. is a prominent global investment powerhouse, deeply engaged in both private equity and real estate. The firm's diverse investment strategies encompass direct capital deployment as well as fund-of-funds approaches, specializing in corporate acquisitions, leveraged and management buyouts, growth equity, and a range of special situations including credit, distressed assets, and turnarounds. They also target mature and mezzanine financing opportunities, spanning companies across the lower and middle market segments. While opportunistic across all industries, KKR exhibits a keen focus on technology sectors, including software, cybersecurity, semiconductors, consumer electronics, the Internet of Things (IoT), internet services, IT infrastructure, and FinTech. Their extensive portfolio also encompasses energy, infrastructure, and a broad array of real estate ventures. Furthermore, the firm actively invests in a wide range of service industries, such as business services, intelligence, and leading franchises in natural resources, containers, packaging, agriculture, transportation infrastructure (airports, ports), forestry, utilities, textiles, luxury goods, digital media, insurance, various distribution and retail formats (including supermarkets and grocery stores), food, beverage, tobacco, healthcare facilities, entertainment, publishing, capital goods, and specialized financial services. Specifically within energy and infrastructure, KKR targets upstream oil and gas operations, equipment, minerals, royalties, and related service verticals. In the real estate domain, the firm pursues investments in both private and public securities, covering property equity, debt, special situations, companies with substantial real estate assets, and oil and natural gas properties. Additionally, they allocate capital to the expansive asset services sector, which includes a wide range of B2B, B2C, and B2G offerings such as asset-based services, transport, logistics, hospitality, resource and utility support, and mission-critical environmental services. KKR's geographic investment strategies often feature tailored sector focuses. In the Americas, key interests lie in consumer products, chemicals, metals, mining, energy, natural resources, financial services, healthcare, industrials, media, communications, retail, and technology. European investments concentrate on consumer and retail, energy, financial services, healthcare, industrials, chemicals, media, digital, and telecom technologies. Across Asia, their portfolio interests span consumer products, energy, resources, financial services, healthcare, industrials, logistics, media, telecom, retail, real estate, and technology. Beyond traditional investments, KKR is also committed to impact investing, identifying and backing enterprises with a demonstrably positive social or environmental footprint. In Mainland China, the firm actively targets mid to high-end residential developments, and undertakes other projects through direct ownership, joint ventures, or mergers. Demonstrating a truly global reach, KKR's investment activity spans Australia, developed and emerging markets across Asia (including Southeast Asia, Japan, Taiwan, India, Vietnam, Malaysia, Singapore, Indonesia, and South Korea), the Middle East, Africa, the Nordics, Ireland, France, Germany, the Netherlands, the United Kingdom, the Caribbean, Mexico, Brazil, the broader Latin America, and North America, with a particular focus on the United States. In the United States and Europe, KKR frequently engages in buyouts of substantial publicly traded companies. The typical investment size ranges from $30 million to $717 million, targeting entities with enterprise values between $500 million and $2.389 billion. The firm is flexible, participating in both debt and public equity instruments, and often co-invests with strategic partners. KKR actively pursues board representation in its portfolio companies, aiming for controlling ownership or significant strategic minority stakes, especially in Asian private equity deals or when forming large investor consortia. Investments are generally held for a duration of five to seven years, or longer, with exit strategies commonly involving initial public offerings (IPOs), secondary market sales, or divestments to strategic purchasers. Founded in 1976, KKR & Co. Inc. is headquartered in New York, New York, supported by a global network of offices throughout North America, Europe, Australia, Sweden, and Asia.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.