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
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KKR -16.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Insurance | $11.63B | 59.7% |
| Asset Management and Strategic Holdings | $7.84B | 40.3% |
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 year | Revenue | Net income | Free 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 | — |
Valuation snapshot
| Market value | $87.98B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.09% |
Rank among 1514 US companies
Market value at each year end
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 end | Market value | Change |
|---|---|---|
| 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 |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| KKR price data to Nov 2, 2026 | -22.4% | -16.3% | +19.6% | +4.9% | +23.3% |
Show as a table
| Year | Price 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).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 17, 2026 | Joseph Y Bae Co-Chief Executive Officer, Director | buy | $6.5M |
| Mar 4, 2026 | Timothy R Barakett Director | buy | $4.7M |
| Feb 17, 2026 | Matt Cohler Director | buy | $4.5M |
| Feb 27, 2026 | Joseph Y Bae Co-Chief Executive Officer, Director | buy | $4.4M |
| Feb 27, 2026 | Scott C Nuttall Co-Chief Executive Officer, Director | buy | $4.4M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.68% | Mar 31, 2026 |
| BlackRock, Inc. | 4.96% | Mar 31, 2026 |
ETFs with the most weight in KKR
| FMCX FM Focus Equity ETF | 7.34% |
| LBO WHITEWOLF Publicly Listed Private Equity ETF | 6.17% |
| PSP Invesco Global Listed Private Equity ETF | 4.67% |
| JHAC John Hancock Fundamental All Cap Core ETF | 3.98% |
| GGRW Gabelli Growth Innovators ETF | 3.72% |
| BAFE Brown Advisory Flexible Equity ETF | 3.3% |
| GABF Gabelli Financial Services Opportunities ETF | 2.35% |
| AMOM QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | 1.73% |
What could go wrong
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.