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Mar 31, 2025
KKR Q1 2025 Earnings Report
KKR reported a quarterly net loss despite strong performance in asset management and record fundraising.
Key Takeaways
KKR posted a net loss of $186 million in Q1 2025 under GAAP due to volatility in insurance income, while adjusted net income rose to over $1 billion, driven by strong growth in fee-related earnings and total operating income.
Adjusted Net Income (ANI) reached $1.03 billion, with $1.15 per adjusted share.
Asset Management segment revenue was $1.77 billion for the quarter.
Fee Related Earnings rose to $823 million, with $0.92 per adjusted share.
KKR raised $31 billion in new capital and invested $19 billion during the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
KKR remains confident in its long-term strategy, citing strong capital inflows, durable revenue growth, and expanded product offerings, but acknowledges market volatility and insurance headwinds.
Positive Outlook
- $31B in new capital raised, supporting future growth.
- Strong pipeline with $13B in signed but not yet closed deals.
- Expected growth in Strategic Holdings earnings to over $1B by 2030.
- Increased ownership of Global Atlantic to 100%, enhancing recurring income.
- Expansion into retail with new fixed income and equity-oriented products through Capital Group partnership.
Challenges Ahead
- GAAP net loss of $186M due to insurance-related volatility.
- Insurance segment revenues dropped significantly year-over-year.
- Unrealized investment losses impacted reported earnings.
- Higher general and administrative costs in the insurance business.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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