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Sep 30, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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