KKR (KKR) Q4 2025 earnings summary

Executive summary

• Achieved record annual results in 2025, with all key metrics including Fee Related Earnings (FRE), Adjusted Net Income (ANI), capital raised, and capital invested reaching new highs.

• Reported Q4 2025 fee-related EPS of $1.08, total operating EPS of $1.42, and adjusted net income per share of $1.12; excluding a carried interest repayment obligation, ANI per share was $1.30.

• Announced acquisition of Arctos Partners, expanding into sports franchise stakes, GP solutions, and launching KKR Solutions.

• Assets Under Management (AUM) grew 17% year-over-year to $744 billion, with Fee Paying AUM (FPAUM) up 18% to $604 billion.

• Declared a regular dividend of $0.185 per share for Q4 and plans to increase the annualized dividend to $0.78 per share starting Q1 2026.

Financial highlights

• GAAP Net Income attributable to common stockholders was $2.3 billion for 2025; Q4 net income was $1.1 billion.

• Fee Related Earnings for Q4 were $1.0 billion ($1.08 per adjusted share), up 15% year-over-year; full-year FRE was $3.7 billion ($4.13 per adjusted share), up 14%.

• Adjusted Net Income for Q4 was $1.0 billion ($1.12 per adjusted share); full-year ANI was $4.4 billion ($4.87 per adjusted share).

• Total Operating Earnings for Q4 were $1.3 billion ($1.42 per adjusted share), up 17% year-over-year; full-year TOE was $5.0 billion ($5.54 per adjusted share), up 14%.

• New capital raised was $28 billion in Q4 and $129 billion for the year, both record figures.

Outlook and guidance

• Confident in exceeding fundraising and FRE per share targets for 2026, with a goal of $7+ per share of adjusted net income, contingent on a constructive monetization environment.

• Strategic Holdings Operating Earnings expected to exceed $350 million by 2026, $700 million by 2028, and $1.1 billion by 2030.

• Regular annualized dividend per share to increase from $0.74 to $0.78 beginning with Q1 2026 results.