KKR & Co. Inc.KKR
KKR & Co. Inc. Earnings Per Share Disclosure
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON
STOCK
For the years ended December 31, 2025, 2024, and 2023 basic and diluted Net Income (Loss) attributable to KKR & Co.
Inc. per share of common stock were calculated as follows:
Years Ended December 31, | |||||
2025 | 2024 | 2023 | |||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | $2,251,867 | $3,076,245 | $3,680,514 | ||
(-) Accumulated Series D Mandatory Convertible Preferred Dividend (1) | 13,477 | — | — | ||
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders – Basic | $2,238,390 | $3,076,245 | $3,680,514 | ||
(+) Series C Mandatory Convertible Preferred Dividend (if dilutive) (2) | — | — | 51,747 | ||
(+) Series D Mandatory Convertible Preferred Dividend (if dilutive) (3) | — | — | — | ||
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders – Diluted | $2,238,390 | $3,076,245 | $3,732,261 | ||
Basic Net Income (Loss) Per Share of Common Stock | |||||
Weighted Average Shares of Common Stock Outstanding – Basic | 890,342,060 | 887,021,433 | 867,496,813 | ||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock – Basic | $2.51 | $3.47 | $4.24 |
Diluted Net Income (Loss) Per Share of Common Stock | ||||||
Weighted Average Shares of Common Stock Outstanding – Basic | 890,342,060 | 887,021,433 | 867,496,813 | |||
Incremental Common Shares: | ||||||
Assumed vesting of dilutive equity awards (4) | 65,414,866 | 51,883,167 | 25,294,958 | |||
Assumed conversion of Series C Mandatory Convertible Preferred Stock (2) | — | — | 18,995,662 | |||
Assumed conversion of Series D Mandatory Convertible Preferred Stock (3) | — | — | — | |||
Weighted Average Shares of Common Stock Outstanding – Diluted | 955,756,926 | 938,904,600 | 911,787,433 | |||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock – Diluted | $2.34 | $3.28 | $4.09 |
(1)For the year ended December 31, 2025, Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Basic reflects the accumulated undeclared
dividends on Series D Mandatory Convertible Preferred Stock of 13.5 million.
(2)For the year ended December 31, 2023, the impact of Series C Mandatory Convertible Preferred Stock calculated under the if-converted method was
dilutive, and as such (i) shares of common stock (assuming a conversion ratio based on the average volume weighted average price per share of common
stock over each reporting period) were included in the Weighted Average Shares of Common Stock Outstanding - Diluted and (ii) Series C Mandatory
Convertible Preferred dividends were added back to Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Diluted.
(3)For the year ended December 31, 2025, the impact of Series D Mandatory Convertible Preferred Stock calculated under the if-converted method was not
dilutive.
(4)For the years ended December 31, 2025, 2024, and 2023, Weighted Average Shares of Common Stock Outstanding – Diluted includes unvested equity
awards, including certain equity awards that have met their market price-based vesting condition but have not satisfied their service-based vesting
condition. Vesting of these equity awards dilute equity holders of KKR Group Partnership, including KKR & Co. Inc. and holders of exchangeable securities
pro rata in accordance with their respective ownership interests in KKR Group Partnership.
Exchangeable Securities
For the years ended December 31, 2025, 2024, and 2023 vested restricted holdings units (as defined in Note 19 "Equity-
Based Compensation") have been excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. Inc. Per Share
of Common Stock - Diluted since the exchange of these units would not dilute KKR & Co. Inc.’s ownership interests in KKR
Group Partnership. See Note 1 "Organization" in our financial statements.
Years Ended December 31, | |||||
2025 | 2024 | 2023 | |||
Weighted Average Vested Restricted Holdings Units | 9,200,005 | 6,828,095 | 3,675,345 | ||
Market Condition Awards
KKR also grants restricted stock units and restricted holdings units that are subject to both a service-based vesting
condition and a market price based vesting condition (referred to hereafter as "Market Condition Awards"). As of December
31, 2025, all unvested Market Condition awards have met their market price based vesting condition. These Market Condition
awards remain unvested until their service conditions are satisfied. For the years ended December 31, 2024, and 2023,
19.4 million and 25.7 million, respectively, of unvested equity awards that are subject to market price based and service-
based vesting conditions were excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of
Common Stock - Diluted since the market price based vesting condition was not satisfied. See Note 19 "Equity-Based
Compensation" in our financial statements.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2017 | Feb 23, 2018 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.