KKR & Co. Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$19.5B
Gross margin	— not reported
Operating income	— not reported
Net income	$2.4B
Diluted EPS	— not reported
Cash & equivalents	— not reported
Total assets	$410.1B
Long-term debt	— not reported

Key takeaway

KKR reported $744 billion in assets under management as of year-end 2025, including $219 billion from its Global Atlantic insurance business.

🔒 4 more takeaways in the full analysis

Beneath the surface

Operating cash flow was only $478 million versus net income of $2.37 billion, a large gap suggesting significant non-cash gains or working-capital/insurance reserve movements drove reported earnings.

🔒 4 more insights a headline reader would miss