KKR & Co. Inc.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations ($417.6m) $5.4b $4.9b $6.1b
Net Income (Loss) Attributable to Parent $309.3m $1.0b $1.1b $2.0b $2.0b $4.7b ($841.1m) $3.7b $3.1b $2.4b
Net Income (Loss) Available to Common Stockholders, Basic $287.1m $984.9m $1.1b $4.6b $5.1b $4.6b ($910.1m) $3.7b $3.1b $2.3b
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $950.7m $2.6b $2.5b $4.6b $5.1b $12.3b ($1.0b) $5.4b $4.9b $6.1b
Net Income (Loss) Attributable to Noncontrolling Interest $649.8m $1.5b $1.4b $2.6b $3.1b $7.6b
Depreciation and amortization $16.0m $15.3m $15.0m $17.7m $18.6m
Amortization of Intangible Assets $26.4m $17.8m $7.7m
Deferred Policy Acquisition Costs, Amortization Expense $23.5m $84.4m $150.4m $235.3m $328.7m
Results of Operations, Depreciation, Depletion, Amortization and Accretion $38.9m $24.7m $22.3m $31.4m $18.1m
Net Accretion and Amortization ($34.5m) ($64.2m) $386.9m $364.2m $68.3m ($119.3m) ($162.5m)
Depreciation, Amortization and Accretion, Net $386.9m $364.2m $68.3m ($119.3m) ($162.5m)
Deferred Income Tax Expense (Benefit) ($9.6m) $174.3m ($358.1m) $423.5m $348.3m $887.5m ($965.0m) $573.3m $308.4m ($524.9m)
Share-based Payment Arrangement, Noncash Expense $264.9m $334.8m $331.7m $297.7m $326.8m $529.8m $730.2m $618.5m $746.4m $722.1m
Share-based Payment Arrangement, Expense $578.5m $518.3m $746.4m $722.1m
Equity Method Investment, Other than Temporary Impairment $88.3m $0
Goodwill, Impairment Loss $0
Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal $369.3m $210.7m $305.8m $126.4m
Income Tax Expense (Benefit) $24.6m $224.3m ($194.1m) $528.8m $609.1m $1.4b ($35.7m) $1.2b $954.4m $953.7m
Interest Expense Nonoperating $3.0b $2.8b
Operating Lease, Expense $62.7m $72.1m
Payments for Operating Lease Liabilities $0 $0 $50.6m $54.1m $46.6m $52.2m $58.7m $66.5m $67.9m
Earnings (Loss)es From Equity Investments $1.7b ($914.9m) ($23.2m) $658.0m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Other Operating Assets $555.7m ($86.5m) ($24.2m) ($954.6m) $571.3m ($465.3m) ($874.5m) ($188.7m) $1.0b $729.7m
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded $58.5m
Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded $69.7m $143.8m $108.8m $92.0m
Gain (Loss) on Investments $1.2b $1.3b $3.2b $3.6b
Goodwill $89.0m $83.5m $83.5m $83.5m $83.5m
Investment Income, Interest $1.0b $1.2b $1.4b $1.4b $1.4b $1.5b $1.9b $3.4b $3.5b $3.2b
Market Risk Benefit, Change in Fair Value, Gain (Loss) ($224.4m) ($312.4m)
Payments of Financing Costs $16.8m $9.4m $55.8m $47.8m $42.2m $128.8m $33.3m $14.8m $20.1m $51.2m
Financing Receivable, Credit Loss, Expense (Reversal) $253.0m
Realized Investment Gains (Losses) $347.1m $38.3m $534.7m $497.3m $162.9m $2.4b $1.3b ($776.5m) $246.8m $202.9m
Unrealized Gain (Loss) on Investments ($4.2m) $1.2b $720.2m $2.7b $3.5b $5.3b ($3.0b) $3.8b $3.2b $4.6b
Equity-Based Compensation $264.9m $334.8m $331.7m $297.7m $326.8m $529.8m $730.2m $618.5m $746.4m $722.1m
Net Realized (Gains) Losses – Asset Management and Strategic Holdings $776.5m ($246.8m) ($202.9m)
Change in Unrealized (Gains) Losses – Asset Management and Strategic Holdings $4.2m ($1.2b) ($720.2m) ($2.7b) ($3.5b) ($5.3b) $3.0b ($3.8b) ($3.2b) ($4.6b)
Capital Allocation-Based (Income) Loss – Asset Management and Strategic Holdings $2.5b ($2.8b) ($3.6b) ($3.8b)
Net Investment and Policy Liability-Related (Gains) Losses – Insurance $0 $0 $860.2m $1.0b $2.6b $3.3b $3.3b
Interest Credited to Policyholder Account Balances (net of Policy Fees) – Insurance $0 $0 $1.7b $1.2b $2.8b $4.2b $5.0b
Other Non-Cash Amounts ($34.6m) ($51.3m) ($23.2m) ($45.2m) ($53.3m) ($102.9m) $77.8m $101.5m $312.8m $443.7m
Reinsurance Transactions and Acquisitions, Net of Cash Provided – Insurance $0 $0 $1.4b $1.3b $840.2m $1.0b $920.3m
Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of Reinsurance Premiums Payable – Insurance $0 $0 $685.8m $685.5m $1.1b $565.8m $408.5m
Change in Deferred Policy Acquisition Costs – Insurance $0 $0 ($412.7m) ($483.4m) ($534.5m) ($840.7m) ($1.1b)
Change in Policy Liabilities and Accruals, Net – Insurance $0 $0 ($1.2b) ($160.8m) ($717.8m) ($466.6m) $1.8b
Change in Consolidation ($324.5m) $1.8m $45.9m ($137.5m) $8.6m ($373.8m) ($66.6m) ($354.1m) $77.3m ($145k)
Change in Due from / to Affiliates ($79.4m) ($285.6m) ($201.2m) ($82.5m) ($214.2m) ($431.3m) ($459.2m) $402.5m ($346.0m) ($509.9m)
Change in Other Assets ($555.7m) $86.5m $24.2m $954.6m ($571.3m) $465.3m $874.5m $188.7m ($1.0b) ($729.7m)
Change in Accrued Expenses and Other Liabilities $648.7m $1.6b $93.5m $327.4m $1.2b $2.1b ($3.1b) $542.8m $2.1b $2.0b
Proceeds from Investments – Asset Management and Strategic Holdings $19.6b $34.8b $27.1b $30.6b $41.7b $62.9b $28.5b $28.8b $45.7b $33.7b
Acquisitions, Net $0 $0 ($473.8m) ($1.7b) $0 $0 ($146.3m)
Purchases of Fixed Assets ($62.7m) ($97.1m) ($102.7m) ($194.6m) ($142.3m) ($102.0m) ($85.1m) ($108.4m) ($141.5m) ($160.8m)
Proceeds from Investments – Insurance $0 $0 $49.6b $35.4b $25.7b $56.9b $76.8b
Issuance of Series D Mandatory Convertible Preferred Stock (net of issuance costs) $0 $0 $2.5b
2024 GA Acquisition - Cash consideration $0 $0 ($2.6b) $0
Net Delivery of Common Stock (Equity Incentive Plan) ($50.5m) ($58.7m) ($98.8m) ($91.0m) ($78.3m) ($166.8m) ($65.7m) ($41.7m) ($125.0m) ($126.3m)
Financing Costs Paid ($16.8m) ($9.4m) ($55.8m) ($47.8m) ($42.2m) ($128.8m) ($33.3m) ($14.8m) ($20.1m) ($51.2m)
Additions to Contractholder Deposit Funds – Insurance $0 $0 $14.7b $22.6b $19.3b $28.5b $28.5b
Withdrawals from Contractholder Deposit Funds – Insurance $0 $0 ($8.8b) ($13.3b) ($17.4b) ($20.6b) ($21.5b)
Reinsurance Transactions, Net of Cash Provided – Insurance $0 $0 $610.3m $69.6m $1.2b $47.8m $193.6m
Payments for Interest $773.0m $773.9m $788.2m $1.0b $1.0b $1.2b $1.5b $2.7b $2.9b $2.7b
Payments for Income Taxes, Net of Refunds $33.5m $55.2m $148.1m $129.9m $179.9m $658.6m $765.0m $981.4m $781.6m $1.2b
Debt Obligations - Net Gains (Losses), Translation and Other $228.4m ($512.7m) $779.5m ($262.5m) ($849.2m) $593.7m $2.0b ($1.0b) $541.4m ($1.6b)
Contractholder Deposit Funds Acquired through Reinsurance Agreements $0 $0 $14.8b $5.5b $8.5b $2.0b $2.7b
Investments ($35.7b) ($75.8m) ($2.3b) ($2.0b) $3.5m ($5.3b) ($57.4m) ($8.8b) ($82.0m) $2.4b
Other Assets ($532.2m) ($298.1m) ($94.9m) ($19.7m) $46.9m ($67.3m) ($59.7m) ($216.5m) $12.1m ($2.1m)
Debt Obligations ($2.4b) $46.8m ($3.4b) ($1.0b) $259.8m ($4.5b) ($50.3m) $85.0m ($1.1b) $0
Accrued Expenses and Other Liabilities ($47.7m) $32.5m ($39.4m) ($4.2m) ($294.4m) $6.0m ($19k)
Beginning Cash Position $10.5b $13.4b $20.8b $15.4b
Cash Flow From Continuing Financing Activities $22.1b $12.8b $7.1b $17.4b
Cash Flow From Continuing Investing Activities ($13.6b) ($3.9b) ($19.0b) ($16.3b)
Change In Accrued Expense ($3.1b) $542.8m $2.1b $2.0b
Change In Other Current Assets $1.0b $188.7m ($1.0b) ($729.7m)
Change In Other Current Liabilities ($300.3m) ($717.8m) ($466.6m) $1.8b
Change In Other Working Capital $273.4m $354.0m ($83.8m) ($652.4m)
Change In Payables And Accrued Expense ($3.1b) $542.8m $2.1b $2.0b
Change In Receivables $685.5m $1.1b $565.8m $408.5m
Change In Working Capital ($1.4b) $1.4b $1.1b $2.8b
Changes In Account Receivables $685.5m $1.1b $565.8m $408.5m
Changes In Cash $3.1b $7.4b ($5.3b) $1.6b
End Cash Position $13.4b $20.8b $15.4b $17.2b
Financing Cash Flow $22.1b $12.8b $7.1b $17.4b
Free Cash Flow ($5.4b) ($1.6b) $6.5b $317.0m
Gain Loss On Investment Securities ($944.9m) $3.5b $2.4b $4.1b
Investing Cash Flow ($13.6b) ($3.9b) ($19.0b) ($16.3b)
Issuance Of Capital Stock $0 $0 $0 $2.5b
Net Business Purchase And Sale ($1.7b) $0 $0 ($146.3m)
Net PPE Purchase And Sale ($85.1m) ($108.4m) ($141.5m) ($160.8m)
Net Preferred Stock Issuance $0 $0 $0 $2.5b
Operating Gains Losses $786.6m $2.6b $2.4b $4.7b
Other Non Cash Items ($6.2b) ($8.4b) $100.8m ($7.7b)
Preferred Stock Issuance $0 $0 $0 $2.5b
Preferred Stock Payments ($500.0m) $0 $0
Proceeds From Stock Option Exercised ($65.7m) ($41.7m) ($125.0m) ($126.3m)
Purchase Of Business ($1.7b) $0 $0 ($146.3m)
Purchase Of PPE $62.7m $97.1m $102.7m $194.6m ($85.1m) ($108.4m) ($141.5m) ($160.8m)
Repurchase Of Capital Stock ($346.7m) ($289.8m) $0 ($3.4m)
Stock Based Compensation $730.2m $618.5m $746.4m $722.1m
Unrealized Gain Loss On Investment Securities $1.2b ($3.1b) ($2.5b) ($6.3b)
Net Cash Provided by (Used in) Operating Activities ($1.6b) ($3.6b) ($7.6b) ($5.7b) ($6.0b) ($7.2b) ($5.3b) ($1.5b) $6.6b $477.8m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment $62.7m $97.1m $102.7m $194.6m ($85.1m) ($108.4m) ($141.5m) ($160.8m)
Payments to Acquire Businesses, Net of Cash Acquired $473.8m $146.3m
Payments to Acquire Investments $20.8b $39.6b $35.7b $36.7b
Investments Purchased – Asset Management and Strategic Holdings ($35.7b) ($36.7b) ($47.6b) ($73.5b) ($38.9b) ($37.3b) ($46.4b) ($42.9b)
Investments Purchased – Insurance ($20.8b) ($39.6b) ($35.7b) ($36.7b) $0 ($58.6b) ($47.2b) ($29.5b) ($75.8b) ($92.8b)
Investments Acquired through Reinsurance Agreements $0 $0 $16.3b $5.6b $10.8b $11.4b $2.5b
Net Investment Purchase And Sale ($11.8b) ($3.8b) ($18.9b) ($16.0b)
Purchase Of Investment ($47.2b) ($29.5b) ($75.8b) ($92.8b)
Sale Of Investment $35.4b $25.7b $56.9b $76.8b
Payments for (Proceeds from) Other Investing Activities ($9k)
Other Investing Activities, Net $0 $0 $20.5m ($36.5m) $59.5m $34.7m $9k
Net Other Investing Changes ($36.5m) $59.5m $34.7m $9k
Net Cash Provided (Used) by Investing Activities ($62.5m) $57.7m ($78.6m) ($207.4m) ($153.4m) ($9.6b) ($13.6b) ($3.9b) ($19.0b) ($16.3b)
Net Cash Provided by (Used in) Investing Activities ($62.5m) $57.7m ($78.6m) ($207.4m) ($153.4m) ($9.6b) ($13.6b) ($3.9b) ($19.0b) ($16.3b)
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt $7.9b $11.7b $17.1b $14.8b $16.6b $30.4b $20.4b $16.4b $29.1b $27.1b
Proceeds from Debt Obligations $7.9b $11.7b $17.1b $14.8b $16.6b $30.4b $20.4b $16.4b $29.1b $27.1b
Issuance Of Debt $20.4b $16.4b $29.1b $27.1b
Long Term Debt Issuance $20.4b $16.4b $29.1b $27.1b
Net Issuance Payments Of Debt $6.5b $3.6b $3.5b $2.0b
Net Long Term Debt Issuance $6.5b $3.6b $3.5b $2.0b
Repayments of Long-term Debt $5.5b $9.5b $11.7b $9.3b $11.3b $21.5b $13.9b $12.8b $25.7b $25.1b
Repayment of Debt Obligations ($5.5b) ($9.5b) ($11.7b) ($9.3b) ($11.3b) ($21.5b) ($13.9b) ($12.8b) ($25.7b) ($25.1b)
Non-Cash Repayment of Debt Obligations $0 $0 ($100.0m)
Long Term Debt Payments ($13.9b) ($12.8b) ($25.7b) ($25.1b)
Repayment Of Debt ($13.9b) ($12.8b) ($25.7b) ($25.1b)
Proceeds from Issuance of Common Stock $38.5m $0 $0
Common Stock Issuance $38.5m $0 $0
Net Common Stock Issuance ($346.7m) ($289.8m) $0 ($3.4m)
Payments for Repurchase of Common Stock $72.1m $246.2m $269.7m $346.7m $289.8m $0 $3.4m
Payments of Ordinary Dividends, Common Stock $285 $312 $322 $271 $297 $331 $444 $563 $612 $650
Repurchases of Common Stock ($296.8m) $0 ($173.1m) ($72.1m) ($246.2m) ($269.7m) ($346.7m) ($289.8m) $0 ($3.4m)
Common Stock Payments ($346.7m) ($289.8m) $0 ($3.4m)
Distributions to Redeemable Noncontrolling Interests ($26.8m) ($890k) ($16.1m) $0 $0 ($2.0m) ($2.5m) ($2.8m) ($23.8m) ($72.3m)
Contributions from Redeemable Noncontrolling Interests $479.0m $220.2m $565.6m $0 $0 $0 $69.3m $499.4m $922.1m $1.1b
Distributions to Noncontrolling Interests ($2.1b) ($2.1b) ($3.0b) ($3.2b) ($5.2b) ($7.5b) ($7.0b) ($7.0b) ($8.2b) ($6.1b)
Contributions from Noncontrolling Interests $2.5b $3.1b $4.4b $4.7b $9.2b $13.8b $13.6b $12.9b $7.4b $11.4b
Non-Cash Contribution from Noncontrolling Interests $29.3m $3.2m $0 $0 $618.5m $845.9m $84.8m $0 $34.4m $28.6m
Non-Cash Distribution to Noncontrolling Interests $0 $0 ($1.3b) $0 $0
Non-Cash Distribution to Redeemable Noncontrolling Interests $0 $0 ($11.4m) $0 $0 $0 ($26.4m)
Noncontrolling Interests ($34.2b) ($1.7m) $593.2m $23.1m ($239.3m) ($1.1b) $0 ($8.5b) $1.2b $2.4b
Redeemable Noncontrolling Interests $0 ($315.1m) $0 ($1.1b) $0 $0 $0 ($27.8m) $0 $0
Payments of Dividends $285 $312 $322 $271 $297 $331 $444 $563 $612 $650
Mandatory Convertible Preferred Stock Dividends ($22.2m) ($33.4m) ($33.4m) ($33.4m) ($56.6m) ($88.2m) ($69.0m) ($51.7m) $0 ($118.6m)
Common Stock Dividends ($285) ($312) ($322) ($271) ($297) ($331) ($444) ($563) ($612) ($650)
Cash Dividends Paid ($513.3m) ($615.0m) ($612.1m) ($768.5m)
Common Stock Dividend Paid ($444.3m) ($563.3m) ($612.1m) ($649.9m)
Preferred Stock Dividend Paid ($69.0m) ($51.7m) $0 ($118.6m)
Proceeds from (Payments for) Other Financing Activities $399.4m
Other Financing Activity, Net $0 $0 $98k $490.2m $552.3m ($1.1b) $399.4m
Net Other Financing Charges $16.5b $10.1b $4.4b $13.8b
Net Cash Provided (Used) by Financing Activities $3.1b $2.9b $6.6b $6.5b $9.8b $20.4b $22.1b $12.8b $7.1b $17.4b
Net Cash Provided by (Used in) Financing Activities $3.1b $2.9b $6.6b $6.5b $9.8b $20.4b $22.1b $12.8b $7.1b $17.4b
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents ($24.7m) $432k $59.4m ($48.9m) ($269.8m) $25.4m ($119.0m) $155.6m
Effect of exchange rate changes on cash, cash equivalents and restricted cash ($22.4m) $79.8m ($24.7m) $432k $59.4m ($48.9m) ($269.8m) $25.4m ($119.0m) $155.6m
Effect Of Exchange Rate Changes ($269.8m) $25.4m ($119.0m) $155.6m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect ($1.1b) $595.9m $3.8b $3.5b $2.9b $7.4b ($5.4b) $1.8b
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash $1.6b ($610.5m) ($1.1b) $595.9m $3.8b $3.5b $2.9b $7.4b ($5.4b) $1.8b
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $2.6b $3.2b $7.0b $10.5b $13.4b $20.8b $15.4b $17.2b
Cash, Cash Equivalents and Restricted Cash, Beginning of Period $4.3b $3.7b $2.6b $3.2b $7.0b $10.5b $13.4b $20.8b $15.4b $17.2b
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported $2.9b $7.4b ($5.4b) $1.8b
Interest Paid, Excluding Capitalized Interest, Operating Activities $773.0m $773.9m $788.2m $1.0b $1.0b $1.2b $1.5b $2.7b $2.9b $2.7b
Income Taxes Paid, Net $33.5m $55.2m $148.1m $129.9m $179.9m $658.6m $765.0m $981.4m $781.6m $1.2b

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.