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Sep 30
KKR Q3 2025 Earnings Report
KKR reported solid performance in Q3 2025 with record fee-related earnings and capital raised.
Key Takeaways
KKR delivered strong third quarter results, highlighted by $1 billion in Fee Related Earnings, $43 billion in capital raised, and $860 million in net income. The firm’s Asset Management segment posted $2.4 billion in revenue, supported by a growing AUM base and record deployment activity.
Fee Related Earnings reached a record $1.03 billion in Q3.
KKR raised $43 billion in new capital during the quarter, its second-highest ever.
Dry powder stood at a record $126 billion, positioning the firm well for future investments.
Assets Under Management rose to $723 billion, up 16% YoY.
KKR
KKR
KKR Revenue by Segment
Revenue by Segment
Asset Management Revenue
CapyFin.com Forward Guidance
KKR expects continued strength across its platform, driven by robust fundraising, strong dry powder reserves, and durable earnings growth.
Positive Outlook
- Record dry powder provides flexibility for future investments.
- Strong growth in perpetual capital base.
- New strategic partnerships such as Japan Post Insurance add AUM momentum.
- Management fees and FRE at record levels.
- Strategic acquisitions expanding product offering and scale.
Challenges Ahead
- Macroeconomic volatility may affect fundraising pace.
- Insurance segment exposed to interest rate fluctuations.
- Transaction fee revenue declined versus prior year.
- Strategic Holdings earnings still relatively small contributor.
- Potential headwinds from global regulatory and geopolitical risk.