Detailed financial statements for KKR & Co. Inc. (KKR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
KKR & Co. Inc. reported revenue of $19.21B in the most recent fiscal year, growing at a 5-year CAGR of 35.3%. Net income reached $2.37B, with a 3.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 22.5%, operating margin 7.8%, net margin 15.0%.
At $94.39 (closing price, October 30, 2026), KKR trades at a P/E of 29.68 and an ROE of 10.32%. Market capitalisation stands at $84.7B, placing it among large-cap names.
Balance sheet quality for KKR: current ratio of 79.9, net debt of $54.76B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $317.0M represents 13% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.04B | $3.56B | $2.40B | $4.22B | $4.23B | $16.11B | $5.57B | $14.32B | $21.64B | $19.21B |
| Cost of Revenue | $1.06B | $1.70B | $1.37B | $2.12B | $2.15B | $9.21B | $3.56B | $9.46B | $17.80B | $15.75B |
| Gross Profit | $976.2M | $1.86B | $1.02B | $2.10B | $2.08B | $6.90B | $2.01B | $4.86B | $3.84B | $3.46B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $631.7M | $641.2M | $715.1M | $791.5M | $780.6M | $1.94B | $2.35B | $2.72B | $2.92B | $2.97B |
| Operating Expenses | $631.7M | $641.2M | $715.1M | $791.5M | $780.6M | $1.94B | $2.35B | $2.72B | $2.92B | $2.97B |
| Operating Income | $344.5M | $1.22B | $306.4M | $1.31B | $1.30B | $4.95B | -$345.6M | $2.14B | $926.2M | $490.2M |
| EBITDA | $1.77B | $3.59B | $3.13B | $6.21B | $6.70B | $14.98B | $1.35B | $9.50B | $9.17B | $10.17B |
| Interest Expense | $790.0M | $808.9M | $876.0M | $1.04B | $969.9M | $1.13B | $1.64B | $2.95B | $3.31B | $3.07B |
| Pre-tax Income | $975.2M | $2.78B | $2.26B | $5.17B | $5.73B | $13.85B | -$292.2M | $6.55B | $5.86B | $7.10B |
| Income Tax | $24.6M | $224.3M | -$194.1M | $528.8M | $609.1M | $1.39B | $125.4M | $1.20B | $954.4M | $953.7M |
| Net Income | $309.3M | $1.02B | $1.13B | $2.01B | $2.00B | $4.73B | -$521.7M | $3.73B | $3.08B | $2.37B |
| EPS | $0.64 | $2.10 | $2.14 | $3.62 | $3.45 | $7.95 | $-0.79 | $4.24 | $3.47 | $2.51 |
| EPS (Diluted) | $0.59 | $1.95 | $2.06 | $3.54 | $3.37 | $7.42 | $-0.79 | $4.09 | $3.28 | $2.34 |
| Shares Outstanding (Diluted) | 483.4 M | 506.3 M | 533.7 M | 557.7 M | 583.7 M | 633.1 M | 749.5 M | 911.8 M | 938.9 M | 955.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $5.46B | $5.69B | $4.25B | $5.66B |
| Gross Profit | $1.35B | $1.14B | $1.18B | $1.07B |
| Operating Income | $512.7M | $356.9M | $456.5M | $325.7M |
| EBITDA | $2.99B | $3.37B | $1.21B | $2.15B |
| Net Income | $900.4M | $1.15B | $405.2M | $700.5M |
| EPS | $0.97 | $1.24 | $0.41 | $0.74 |
| EPS (Diluted) | $0.90 | $1.16 | $0.42 | $0.70 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.13B | $3.68B | $2.45B | $3.16B | $6.51B | $10.09B | $12.82B | $20.35B | $14.88B | $6.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $88.22B | $97.68B | 0 |
| Receivables | $1.69B | $1.70B | $1.42B | $1.05B | $1.94B | $29.01B | $30.12B | $82.15B | $105.20B | $54.10B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $6.10B | $5.54B | $4.16B | $4.39B | $9.03B | $39.66B | $43.65B | $191.49B | $218.75B | $71.25B |
| Property, Plant & Equipment | $560.0M | $616.6M | $676.5M | $969.4M | $951.4M | $1.21B | $1.38B | $1.39B | $1.77B | 0 |
| Goodwill | $89.0M | $83.5M | $83.5M | $83.5M | $83.5M | $585.0M | $1.10B | $1.06B | $1.02B | 0 |
| Intangible Assets | $135.0M | $129.2M | $9.9M | 0 | 0 | $1.71B | $4.36B | $6.33B | $7.00B | $8.78B |
| Total Assets | $39.00B | $45.83B | $50.74B | $60.90B | $79.81B | $264.29B | $275.35B | $317.29B | $360.10B | $410.14B |
| Accounts Payable | $1.10B | $1.37B | $1.05B | $1.57B | $2.05B | $3.86B | $2.11B | $2.92B | $4.63B | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | $300.4M | $400.0M | $200.0M | 0 | $892.2M |
| Total Current Liabilities | $2.40B | $2.79B | $2.11B | $2.60B | $3.49B | $30.83B | $29.28B | $40.63B | $53.07B | $892.2M |
| Long-term Debt | $18.54B | $21.19B | $22.34B | $27.01B | $33.42B | $38.88B | $43.13B | $48.63B | $49.91B | $52.94B |
| Total Liabilities | $21.88B | $25.17B | $25.36B | $30.40B | $39.01B | $206.15B | $219.98B | $258.92B | $298.11B | $328.51B |
| Retained Earnings | 0 | 0 | $92.0M | $1.79B | $3.44B | $7.67B | $6.70B | $9.82B | $12.28B | $13.88B |
| Total Equity | 0 | 0 | $8.65B | $10.81B | $13.72B | $17.58B | $18.81B | $22.86B | $23.65B | $30.90B |
| Total Debt | $18.54B | $21.19B | $22.34B | $27.14B | $33.62B | $39.59B | $44.07B | $49.39B | $50.82B | $54.77B |
| Net Debt | $14.41B | $17.51B | $19.90B | $23.98B | $27.11B | $29.50B | $31.25B | -$59.18B | -$61.74B | $54.76B |
| Working Capital | $3.70B | $2.76B | $2.05B | $1.79B | $5.54B | $8.82B | $14.37B | $150.86B | $165.67B | $70.35B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $22.89B | $6.2M | $9.32B | $10.51B |
| Total Assets | $398.48B | $410.14B | $412.08B | $414.46B |
| Total Liabilities | $323.08B | $328.51B | $331.28B | $334.01B |
| Total Equity | $29.75B | $30.90B | $30.50B | $31.05B |
| Total Debt | $55.64B | $54.77B | $54.85B | $50.49B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $950.7M | $2.56B | $2.45B | $4.64B | $5.12B | $12.45B | -$417.6M | $5.36B | $4.91B | $6.15B |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $264.9M | $334.8M | $331.7M | $297.7M | $326.8M | $529.8M | $730.2M | $618.5M | $746.4M | $722.1M |
| Change in Working Capital | -$310.8M | $1.38B | -$37.5M | $1.06B | $410.6M | $2.24B | -$1.43B | $1.43B | $1.09B | $2.85B |
| Operating Cash Flow | -$1.44B | -$3.53B | -$7.61B | -$5.68B | -$5.95B | -$7.18B | -$5.28B | -$1.49B | $6.65B | $477.8M |
| Capital Expenditure | -$64.8M | -$98.1M | -$105.2M | -$207.4M | -$153.4M | -$102.0M | -$85.1M | -$108.4M | -$141.5M | -$160.8M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -$473.8M | -$1.69B | 0 | 0 | -$146.3M |
| Stock Repurchased | -$296.8M | 0 | -$173.1M | -$72.1M | -$246.2M | -$269.7M | -$346.7M | -$289.8M | -$125.0M | -$122.9M |
| Dividends Paid | -$307.6M | -$345.3M | -$355.7M | -$304.9M | -$353.9M | -$419.6M | -$513.3M | -$615.0M | -$612.1M | -$768.5M |
| Free Cash Flow | -$1.51B | -$3.63B | -$7.71B | -$5.89B | -$6.11B | -$7.28B | -$5.36B | -$1.60B | $6.51B | $317.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $2.39B | -$4.90B | $1.75B | $3.25B |
| Capital Expenditure | -$38.7M | -$33.8M | -$27.4M | -$48.6M |
| Free Cash Flow | $2.35B | -$4.93B | $1.72B | $3.20B |
| Dividends Paid | -$205.2M | -$205.3M | -$205.2M | -$215.5M |
| Stock-based Compensation | $182.2M | $182.7M | $180.1M | $225.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +74.4% | -32.6% | +76.2% | +0.2% | +280.7% | -65.4% | +157.4% | +51.1% | -11.2% | |
| Net Income Growth (YoY) | +229.2% | +11.1% | +77.3% | -0.1% | +136.3% | -111.0% | +815.5% | -17.6% | -22.9% | |
| EPS Growth (YoY) | +228.1% | +1.9% | +69.2% | -4.7% | +130.4% | -109.9% | +636.7% | -18.2% | -27.7% | |
| Shares Change (YoY) | +4.7% | +5.4% | +4.5% | +4.7% | +8.5% | +18.4% | +21.7% | +3.0% | +1.8% | |
| FCF Growth (YoY) | -141.1% | -112.4% | +23.6% | -3.7% | -19.2% | +26.3% | +70.1% | +506.2% | -95.1% | |
| Gross Margin | 47.9% | 52.3% | 42.6% | 49.8% | 49.1% | 42.8% | 36.1% | 33.9% | 17.8% | 18.0% |
| Operating Margin | 16.9% | 34.3% | 12.8% | 31.1% | 30.7% | 30.8% | -6.2% | 14.9% | 4.3% | 2.6% |
| EBITDA Margin | 86.5% | 101.0% | 130.8% | 147.2% | 158.3% | 93.0% | 24.2% | 66.3% | 42.4% | 53.0% |
| Net Margin | 15.2% | 28.6% | 47.2% | 47.5% | 47.3% | 29.4% | -9.4% | 26.1% | 14.2% | 12.3% |
| FCF Margin | -73.8% | -102.1% | -321.9% | -139.5% | -144.3% | -45.2% | -96.4% | -11.2% | 30.1% | 1.7% |
| Effective Tax Rate | 2.5% | 8.1% | -8.6% | 10.2% | 10.6% | 10.1% | -42.9% | 18.3% | 16.3% | 13.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-3.12 | $-7.17 | $-14.45 | $-10.56 | $-10.46 | $-11.50 | $-7.16 | $-1.76 | $6.93 | $0.33 |
| Dividends Per Share | $0.64 | $0.68 | $0.67 | $0.55 | $0.61 | $0.66 | $0.68 | $0.67 | $0.65 | $0.80 |
| Shares Outstanding (Basic) | 448.9 M | 468.3 M | 514.1 M | 545.1 M | 562.8 M | 582.3 M | 749.5 M | 867.5 M | 887.0 M | 890.3 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 10.32% |
| Return on Invested Capital | 0.93% |
| Return on Assets | 0.76% |
| Gross Margin | 22.49% |
| Operating Margin | 7.84% |
| Net Margin | 14.97% |
Financial Health
| Debt / Equity | 1.63 |
| Current Ratio | 9.17 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.51 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 24.05 | 10.03 | 9.17 | 8.06 | 11.74 | 9.37 | -58.76 | 19.54 | 42.63 | 50.79 |
| P/B | 0.00 | 0.00 | 1.17 | 1.47 | 1.66 | 2.47 | 1.85 | 3.14 | 5.55 | 3.67 |
| P/S | 3.39 | 2.77 | 4.21 | 3.77 | 5.39 | 2.69 | 6.25 | 5.02 | 6.06 | 5.91 |
| Gross Margin | 47.9% | 52.3% | 42.6% | 49.8% | 49.1% | 42.8% | 36.1% | 33.9% | 17.8% | 18.0% |
| Operating Margin | 16.9% | 34.3% | 12.8% | 31.1% | 30.7% | 30.8% | -6.2% | 14.9% | 4.3% | 2.6% |
| Net Margin | 15.2% | 28.6% | 47.2% | 47.5% | 47.3% | 29.4% | -9.4% | 26.1% | 14.2% | 12.3% |
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Explore sector: Financial Services · Asset Management
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