KKR & Co LP

KKRInvestment AdviceNYSE
Revenue (FY2025)$19.46B
Net margin12.2%
Revenue growth-11.0%
Dividend / share$0.73
Held by ETFs191
1 week+7.0%
1 month+8.6%
3 months-3.2%
6 months-4.8%
YTD-22.4%
1 year-16.3%
3 years*+19.6%
5 years*+4.9%
10 years*+23.3%

Total returns with dividends reinvested; * a year. Prices as of Nov 2, 2026 · filings through Jun 30, 2026 · page updated Nov 3, 2026

At a glance

KKR & Co LP is worth $87.98B. Revenue fell 11.0% to $19.46B in fiscal 2025, with 12.2% kept as profit; over 5 years it has grown 35.7% a year. It pays a 1.09% dividend yield, raised every year for at least 7 years, and returned $3.51B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −16.3% over the past year with dividends reinvested and +4.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 45.5% in the 2020 crash (S&P 500: 33.7%) and 41.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 14 months after the lows.

The business in plain English

KKR & Co. Inc. is a global investment firm. Founded in 1976, it pioneered the leveraged buyout: taking over a company mostly with borrowed money. It has since expanded into other alternative assets, meaning investments outside publicly traded stocks and bonds. As of December 31, 2025, it managed $744 billion for institutional and individual investors: $322 billion in credit and liquid strategies, $229 billion in private equity and $192 billion in real assets such as infrastructure, real estate and energy.

Its asset management arm earns management fees on client money. These came to $4.1 billion in fiscal 2025. It also earns carried interest, which is a share of the gains its funds make for clients. On top of that, it collects fees for arranging financing and earns returns on its own money invested alongside clients. About 92% of its managed assets is long-term money. That money is committed for at least eight years at the outset or has no set end date, so KKR has flexibility over when to exit investments.

KKR acquired Global Atlantic, a retirement and life insurer, in 2021. Global Atlantic accounted for $219 billion of managed assets as of December 31, 2025. Insurance was the bigger revenue source in fiscal 2025, bringing in $11.6 billion, about 60% of KKR's $19.5 billion total. Asset management and strategic holdings (company stakes KKR owns on its balance sheet) made up the other 40%.

Price history

The interactive chart needs JavaScript.

KKR -16.3% over the year to Nov 2, 2026, total return with dividends reinvested.

Prices through Nov 2, 2026. Total return: the price with dividends reinvested.

How it makes money

By business segment

Insurance$11.63B59.7%
Asset Management and Strategic Holdings$7.84B40.3%
Fiscal year ended Dec 31, 2025, from the 10-K's XBRL data; shares of total revenue ($19.46B).

Latest results

  • In Q2 FY2026 (ended Jun 30, 2026), revenue was $5.73B, up 12.5% from a year earlier, and net income was $700.5M (+37.3%).
  • For fiscal 2025, revenue was $19.46B (-11.0% year over year; +35.7% a year from FY2020 to FY2025) with a 12.2% net margin.

Financial health check

Revenue growth a year (FY2020–FY2025)+35.7% good
Return on equity (FY2025)7.7% weak
Return on assets (FY2025)0.6% weak
Cash and investments$21.20B (debt isn’t tagged in a standard way in the filings, so net cash can’t be shown)
Fiscal yearRevenueNet incomeFree cash flow
FY2020$4.23B$2.00B—
FY2021$16.23B$4.73B—
FY2022$5.70B$-521.7M—
FY2023$14.50B$3.73B—
FY2024$21.88B$3.08B—
FY2025$19.46B$2.37B—

Cash returned to shareholders

  • Over FY2021–FY2025: $909.6M in buybacks and $2.60B in dividends.
  • Regular dividend per share increased 7 years in a row.
  • Regular dividends per share grew +6.6% a year over 5 years (FY2020–FY2025).
  • Dividends took 27.4% of earnings in the latest fiscal year.
  • Shares outstanding changed +53.4% from Nov 4, 2021 to Aug 5, 2026.
$0.672017$0.292018$0.502019$0.532020$0.582021$0.612022$0.652023$0.692024$0.732025
$0.672017$0.292018$0.502019$0.532020$0.582021$0.612022$0.652023$0.692024$0.732025
Dividends per share by fiscal year, from the 10-K filings, adjusted for stock splits.
Show as a table
Fiscal yearPer shareChange
FY2025$0.73+5.8%
FY2024$0.69+6.2%
FY2023$0.65+6.6%
FY2022$0.61+5.2%
FY2021$0.58+9.4%
FY2020$0.53+6.0%
FY2019$0.50+69.5%
FY2018$0.29-56.0%
FY2017$0.67

Valuation snapshot

Market value$87.98B
P/E ratio—
Dividend yield1.09%
As of Nov 2, 2026.

Rank among 1514 US companies

Market value at each year end

End of 2016: $6.92B$6.9B2016End of 2017: $10.06B$10.1B2017End of 2018: $10.39B$10.4B2018End of 2019: $16.06B$16.1B2019End of 2020: $23.05B$23.0B2020End of 2021: $43.58B$43.6B2021End of 2022: $39.97B$40.0B2022End of 2023: $73.32B$73.3B2023End of 2024: $131.38B$131B2024End of 2025: $113.63B$114B2025Nov 2, 2026: $87.98B$88.0BNow
End of 2021: $43.58B$43.6B2021End of 2022: $39.97B$40.0B2022End of 2023: $73.32B$73.3B2023End of 2024: $131.38B$131B2024End of 2025: $113.63B$114B2025Nov 2, 2026: $87.98B$88.0BNow

KKR & Co LP’s market value went from $6.92B at the end of 2016 to $87.98B on Nov 2, 2026, about 12.7 times as much; since the end of 2025 it is down 23%.

Show as a table
Year endMarket valueChange
Nov 2, 2026$87.98B-22.6%
2025$113.63B-13.5%
2024$131.38B+79.2%
2023$73.32B+83.4%
2022$39.97B-8.3%
2021$43.58B+89.1%
2020$23.05B+43.5%
2019$16.06B+54.6%
2018$10.39B+3.3%
2017$10.06B+45.4%
2016$6.92B
The year-end close times the shares outstanding on the latest 10-K or 10-Q cover before it. Changes in market value include new shares issued and shares bought back, so they differ from the stock’s return.

Price behavior

Volatility (1 year)38.2%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-41.1%3 years: -49.4% · all history: -53.1%
Beta vs S&P 5001.49moves more than the market
Sharpe ratio (1 year)-0.53return above cash per unit of risk
Since price data starts+18.9%a year over 16.3 years
Total over 5 years+27%10 years: +712%
52-week range$83.88 – $142.77
Last price $98.01 on Nov 2, 2026, 31.4% below the 52-week high · below its 200-day average ($99.20).
YTD1 yr3 yr5 yr10 yr
KKR price data to Nov 2, 2026-22.4%-16.3%+19.6%+4.9%+23.3%
Multi-year figures are annualized total returns with dividends reinvested, computed from daily prices.
-5%201126%201273%20134%2014-28%20153%201642%2017-4%201852%201941%202086%2021-37%202281%202380%2024-13%2025-22%2026*
42%2017-4%201852%201941%202086%2021-37%202281%202380%2024-13%2025-22%2026*
Calendar-year total returns from price data, dividends reinvested. * 2026 is year to date.
Show as a table
YearPrice data
2026 (to date)-22.4%
2025-13.3%
2024+79.7%
2023+80.6%
2022-37.0%
2021+85.8%
2020+41.2%
2019+51.7%
2018-4.2%
2017+41.8%
2016+3.4%
2015-27.9%
2014+4.2%
2013+73.5%
2012+25.7%
2011-5.4%
2008 financial crisis
stocks fell Oct 9, 2007 – Mar 9, 2009
Before this security existed
2020 COVID crash
stocks fell Feb 19, 2020 – Mar 23, 2020
Lost 45.5% over that stretch · deepest drop along the way 45.5%, back to its old high 3.5 months after the low
2022 bear market
stocks fell Jan 3, 2022 – Oct 12, 2022
Lost 39.1% over that stretch · deepest drop along the way 41.6%, back to its old high 14 months after the low

Insider activity

Form 4 filings from 2025-10-28 to 2026-10-28 (12 read): 9 open-market purchases ($32.9M) and 1 sales ($1.1M).

DateInsiderTypeValue
Feb 17, 2026Joseph Y Bae Co-Chief Executive Officer, Directorbuy$6.5M
Mar 4, 2026Timothy R Barakett Directorbuy$4.7M
Feb 17, 2026Matt Cohler Directorbuy$4.5M
Feb 27, 2026Joseph Y Bae Co-Chief Executive Officer, Directorbuy$4.4M
Feb 27, 2026Scott C Nuttall Co-Chief Executive Officer, Directorbuy$4.4M

Who owns it

Large shareholders (13G filings)

Vanguard Capital Management5.68%Mar 31, 2026
BlackRock, Inc.4.96%Mar 31, 2026

ETFs with the most weight in KKR

FMCX FM Focus Equity ETF7.34%
LBO WHITEWOLF Publicly Listed Private Equity ETF6.17%
PSP Invesco Global Listed Private Equity ETF4.67%
JHAC John Hancock Fundamental All Cap Core ETF3.98%
GGRW Gabelli Growth Innovators ETF3.72%
BAFE Brown Advisory Flexible Equity ETF3.3%
GABF Gabelli Financial Services Opportunities ETF2.35%
AMOM QRAFT AI-Enhanced U.S. Large Cap Momentum ETF1.73%
Held by 191 ETFs in our database.

What could go wrong

  1. Profits swing with deal timing. Carried interest, KKR's share of fund gains, and investment income depend on exiting investments at a profit, which is hard to time. If funds later fall short, KKR may have to return significant cash.
  2. Private holdings are hard to value. Many investments are private companies and properties that don't trade on an exchange. Their values are estimates, profits may take years to arrive, and eventual sale prices can differ from the values on the books.
  3. Insurance arm brings heavy regulation. Insurance produced about 60% of fiscal 2025 revenue. It is heavily regulated, rules aimed at insurers owned by alternative asset managers could hurt it, and in downturns policyholders may stop paying premiums or surrender policies.
  4. Deals lean on borrowed money. KKR uses a significant amount of leverage, or borrowed money, in its investing, and its portfolio companies can have large credit needs. Tighter lending markets or higher interest rates could hurt their results.
  5. Raising new money could get harder. Growth depends on attracting fresh capital from institutions and individuals. Poor returns or market stress could slow fundraising, and offering products to individual investors brings extra regulatory, legal and reputational risk.
  6. Downturns hit several businesses at once. Weak markets can cut investment values, delay profitable exits, shrink capital markets fees and raise the cost of guaranteed insurance benefits together, tying many of KKR's income streams to the same economic cycle.

Recent events

  • Executive or board change; Shareholder vote results; Investor presentation or announcement
  • Investor presentation or announcement
  • Investor presentation or announcement; Other company announcement
  • Major agreement signed; New debt or financial obligation
  • Quarterly results released
  • Executive or board change; Shareholder vote results
  • Shareholder vote results
  • Quarterly results released
  • Shareholder vote results
  • Quarterly results released

For income and retirement investors

KKR pays a modest dividend. Its regular dividend has risen for seven straight years through fiscal 2025, reaching $0.73 per share, up from $0.53 in fiscal 2020 (about 6.6% a year). It even rose in fiscal 2022, when KKR reported a net loss. The fiscal 2025 dividend used about 27% of earnings. The yield was 1.15% as of October 28, 2026, so most of any return would have to come from the share price. Buybacks totaled about $910 million over fiscal 2021–2025 but were close to zero in 2024 and 2025. The share count rose 53% between November 2021 and August 2026, spreading ownership over more shares.

The shares have fallen hard in market slumps. They dropped 45.5% in the 2020 COVID crash but recovered by July 2020. In the 2022 bear market they fell 41.6% and took about 14 months to recover. Single stocks like KKR carry more risk than diversified funds.

Questions investors ask

How does KKR make money?

KKR makes money by managing investments for clients and through its insurance business, Global Atlantic. In fiscal 2025, insurance brought in $11.6 billion, about 60% of revenue, and asset management and strategic holdings brought in $7.8 billion, about 40%. On the investment side, KKR earns management fees ($4.1 billion in fiscal 2025) and carried interest (a share of fund gains). It also earns fees for arranging financing and overseeing portfolio companies, plus returns on its own money invested alongside clients.

Does KKR raise its dividend every year?

Yes, for seven straight years through fiscal 2025. The regular dividend grew from $0.53 per share in fiscal 2020 to $0.73 in fiscal 2025, about 6.6% a year. KKR even raised it in fiscal 2022, when it reported a net loss. The fiscal 2025 dividend used about 27% of earnings. The yield was 1.15% as of October 28, 2026, which is modest for income-focused investors. Past increases do not guarantee future ones.

How much money does KKR manage?

KKR managed $744 billion as of December 31, 2025. That included $322 billion in credit and liquid strategies, $229 billion in private equity and $192 billion in real assets such as infrastructure, real estate and energy. Its insurer, Global Atlantic, accounted for $219 billion of the total. About 92% was long-term capital. It was committed for at least eight years at the outset or had no set end date, so KKR has flexibility over when to exit investments.

Is KKR stock volatile?

Yes, more than the broad market. As of October 28, 2026, KKR's one-year beta was 1.51, meaning its shares tended to move about 1.5 times as much as the market, and they were down 26.4% year to date. They fell 45.5% in the 2020 COVID crash and 41.6% in the 2022 bear market. Over the 10 years to October 28, 2026, the share price rose about 22.4% a year.

Have KKR executives been purchasing shares?

Yes. Insider filings from October 28, 2025 to October 28, 2026 included nine purchases worth about $32.9 million and one sale of about $1.1 million. Co-CEO Joseph Bae made the largest, about $6.5 million on February 17, 2026, and added about $4.4 million on February 27. Fellow co-CEO Scott Nuttall bought about $4.4 million the same day. Directors Timothy Barakett and Matt Cohler bought about $4.7 million and $4.5 million. Insider purchases can signal confidence but do not guarantee returns.

Sources

  • SEC company facts (XBRL financial data), filed Aug 6, 2026 — SEC EDGAR
  • 10-K annual report, filed Feb 27, 2026 — SEC EDGAR
  • Prices: daily prices and dividends through Nov 2, 2026

For education only, not investment advice. Past performance does not predict future results.