KKR Reports $472.4 Million Net Income and $5.09 Billion Revenue for Q2 2025

KKR & Co. Inc. reported net income attributable to common stockholders of $472.4 million, or $0.53 per basic share and $0.50 per diluted share, for the three months ended June 30, 2025. This compares to $667.9 million, or $0.75 per basic share and $0.72 per diluted share, for the same period in 2024. Total revenues reached $5.09 billion, up from $4.17 billion year-over-year, while total expenses increased to $4.75 billion from $3.95 billion. The company's assets under management (AUM) stood at $685.8 billion as of June 30, 2025.

The increase in revenues was driven by strong performance in both the Asset Management and Insurance segments. Asset Management and Strategic Holdings revenues increased to $1.84 billion from $1.56 billion, while Insurance revenues rose to $3.25 billion from $2.61 billion. However, the rise in expenses, particularly in compensation and benefits within the Asset Management segment, and net policy benefits and claims in the Insurance segment, partially offset the revenue gains. Investment income for Asset Management and Strategic Holdings also increased, reaching $1.19 billion compared to $984.6 million in the prior year.

Strategic developments during the quarter included the issuance of 51.75 million shares of Series D Mandatory Convertible Preferred Stock, resulting in proceeds of $2.54 billion, net of issuance costs. The company also continued its share repurchase program, buying back 36,411 shares of common stock. In addition, KKR acquired the remaining minority interests of Global Atlantic on January 2, 2024, for approximately $2.6 billion in cash and $41 million in securities exchangeable for shares of KKR & Co. Inc. common stock.

Looking ahead, KKR expects to continue to execute its strategic initiatives, including growing its AUM, deploying capital, and realizing unrealized investment appreciation. The company also anticipates future financial results from its Strategic Holdings segment, with expectations of dividend payments and compounding earnings over a longer period. KKR's ability to manage investments in and operations of acquired companies and businesses, as well as the timing and expected impact of new investment fund, vehicle, or product launches, will also be key factors in its future performance. The company also anticipates that the amount of gains/losses in accumulated other comprehensive income (loss) to be reclassified into earnings in the next 12 months will not be material.