KKR & Co. Inc. (KKR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for standing by. Welcome to KKR's fourth quarter 2025 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following management's prepared remarks, the conference will be open for questions. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I will now hand the call over to Craig Larson, Partner and Head of Investor Relations for KKR. Craig, please go ahead. Thank you, Operator. Good morning, everyone. Welcome to our fourth quarter 2025 earnings call. This morning, as usual, I'm joined by Rob Lewin, our Chief Financial Officer, and Scott Null, our Co-Chief Executive Officer. We would like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our press release. which is available on the Investor Center section at KQR.com. And as a reminder, we report our segment numbers on an adjusted share basis. We will refer to forward-looking statements on the call which do not guarantee future events or performance. So please refer to our earnings release and our SEC filings for cautionary factors about these statements. So beginning first with our headline financial metrics. This quarter, we're pleased to be reporting $1.08 of fee-related earnings per share, $1.42 of total operating earnings per share, and $1.12 of adjusted net income per share. The $1.12 figure includes the carried interest repayment obligation we reviewed on our last earnings call, and excluding this, A&I per share for Q4 was $1.30. Management fees in the quarter were $1.1 billion. That's up 24% on a year-over-year basis, and that's driven really by all of our fundr...