The earnings call reflects a strong performance with significant growth in fee-related earnings, management fees, and successful fundraising efforts. While there are minor concerns regarding the insurance segment and deployment timing, they do not overshadow the overall positive developments.

Company Guidance -

Q3 2025

During KKR's Second Quarter 2025 Earnings Conference Call, the company reported robust financial metrics, highlighting fee-related earnings of $0.98 per share, total operating earnings of $1.33 per share, and adjusted net income of $1.18 per share, marking some of the highest figures in the firm's history. Management fees reached $996 million, up 18% year-over-year, bolstered by initiatives such as the Americas XIV fund. Total transaction and monitoring fees were $234 million, with capital markets transaction fees at $200 million, largely driven by infrastructure and private equity activities, notably in Europe. The fee-related performance revenues grew by 45% year-over-year to $54 million, primarily fueled by performance allocations from the offshore Infrastructure K-Series vehicle. The firm's fee-related earnings (FRE) stood at $887 million with a margin of 69%, showing a 33% increase per share over the past 12 months. Other key metrics included insurance segment operating earnings of $278 million, strategic holdings operating earnings of $29 million, and realized performance income of $419 million. Investment performance was strong across various portfolios, with the private equity portfolio up 5% for the quarter and 13% over the past 12 months.

Strong Fee-Related Earnings

Reported fee-related earnings of $0.98 per share, total operating earnings of $1.33 per share, and adjusted net income of $1.18 per share, among the highest in KKR's history.

Significant Management Fee Growth

Management fees increased by 18% year-over-year, driven by fund activations and continued fundraising initiatives.

Robust Investment Performance

Private equity portfolio up 5% in the quarter and 13% over the last 12 months; Infrastructure appreciated 14% over the last 12 months.

Strong Capital Deployment

Deployed nearly $37 billion of capital year-to-date, with a healthy pipeline for the second half of 2025.

Successful Fundraising

Raised $28 billion in Q2 across asset classes, with significant growth in the asset-based finance drawdown fund.

Strategic Expansion in Life Sciences

Acquisition of a majority stake in HealthCare Royalty Partners, enhancing biopharma royalty investing capabilities.

KKR & Co (KKR) Earnings, Revenues Date & History

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KKR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 04, 2025	2025 (Q3)	1.29 / -	1.38	―	―	―
Jul 31, 2025	2025 (Q2)	1.14 / 1.18	1.09	8.26% (+0.09)
May 01, 2025	2025 (Q1)	1.13 / 1.15	0.97	18.56% (+0.18)
Feb 04, 2025	2024 (Q4)	1.28 / 1.32	1	32.00% (+0.32)
Oct 24, 2024	2024 (Q3)	1.20 / 1.38	0.88	56.82% (+0.50)	―
Jul 31, 2024	2024 (Q2)	1.06 / 1.09	0.73	49.32% (+0.36)	―
May 01, 2024	2024 (Q1)	0.95 / 0.97	0.81	19.75% (+0.16)	―
Feb 06, 2024	2023 (Q4)	0.92 / 1.00	0.92	8.70% (+0.08)	―
Nov 07, 2023	2023 (Q3)	0.83 / 0.88	0.93	-5.38% (-0.05)
Aug 07, 2023	2023 (Q2)	0.71 / 0.73	0.95	-23.16% (-0.22)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

KKR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$150.43	$146.58	-2.56%
May 01, 2025	$114.09	$114.31	+0.19%
Feb 04, 2025	$162.76	$148.88	-8.53%
Oct 24, 2024	$137.98	$142.69	+3.41%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.