Blackstone vs KKR
KKR reported revenue of $19.5 billion in fiscal 2025, 1.3 times Blackstone's $14.5 billion in fiscal 2025. Blackstone's revenue grew 9.2% in its latest year, and KKR's fell 11.0%.
Side by side
| Blackstone | KKR | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $14.5B | $19.5B |
| Revenue growth | 9.2% | −11.0% |
| Revenue growth a year, last 5 years | 18.8% | 35.7% |
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 20.9% | 12.2% |
| Free cash flow | $4.5B | — |
| Free cash flow margin | 31.5% | — |
| Return on capital | 22.1% | — |
| Net debt to EBITDA | 1.3x | — |
| Dividends and buybacks | $6.0B | $653M |
| Change in diluted share count | 1.8% | — |
| Last close | $119.06 | $91.62 |
| P/E at the last close | 26.6× | — |
| Insider trades, last 12 months | bought $4.2 million, sold $28.2 million | bought $50.9 million, sold $1.1 million |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
BlackstoneKKR
Operating margin
Percent of revenue
BlackstoneKKR
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
BlackstoneKKR
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Blackstone and KKR pages.