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Mar 31
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.
KKR
KKR
KKR Revenue by Segment
KKR Revenue by Geographic Location
Revenue by Segment
Asset Management Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com 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.
- Ongoing macroeconomic uncertainty and potential credit market headwinds.