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Side-by-side financial comparison of KKR & Co. (KKR) and Macy's, Inc. (M). Click either name above to swap in a different company.
KKR & Co. is the larger business by last-quarter revenue ($5.7B vs $4.7B, roughly 1.2× Macy's, Inc.). KKR & Co. runs the higher net margin — 20.0% vs 0.2%, a 19.7% gap on every dollar of revenue. On growth, KKR & Co. posted the faster year-over-year revenue change (76.1% vs -0.6%). Over the past eight quarters, KKR & Co.'s revenue compounded faster (-22.9% CAGR vs -23.8%).
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global private equity and investment company. As of December 31, 2024, the firm had completed 770 private-equity investments with approximately $790 billion of total enterprise value. Its assets under management (AUM) and fee paying assets under management (FPAUM) were $553 billion and $446 billion, respectively.
Macy's, Inc. is an American holding company of department stores. Upon its establishment in 1929, Federated held ownership of the regional department store chains Abraham & Straus, Lazarus, Filene's, and Shillito's. Bloomingdale's joined Federated Department Stores the next year. Throughout its early history, frequent acquisitions and divestitures saw the company operate a number of nameplates. In 1994, Federated took over Macy's, the old department store chain originally founded in 1858 by A...
KKR vs M — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.7B | $4.7B |
| Net Profit | $1.1B | $11.0M |
| Gross Margin | — | 39.4% |
| Operating Margin | 45.3% | 0.9% |
| Net Margin | 20.0% | 0.2% |
| Revenue YoY | 76.1% | -0.6% |
| Net Profit YoY | 1.8% | -60.7% |
| EPS (diluted) | — | $0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $5.7B | $4.7B | ||
| Q3 25 | $5.5B | $4.8B | ||
| Q2 25 | $5.1B | $4.6B | ||
| Q1 25 | $3.1B | $7.8B | ||
| Q4 24 | $3.3B | $4.7B | ||
| Q3 24 | $4.8B | $4.9B | ||
| Q2 24 | $4.2B | $4.8B | ||
| Q1 24 | $9.7B | $8.1B |
| Q4 25 | $1.1B | $11.0M | ||
| Q3 25 | $900.4M | $87.0M | ||
| Q2 25 | $510.1M | $38.0M | ||
| Q1 25 | $-185.9M | $342.0M | ||
| Q4 24 | $1.1B | $28.0M | ||
| Q3 24 | $600.5M | $150.0M | ||
| Q2 24 | $667.9M | $62.0M | ||
| Q1 24 | $682.2M | $-71.0M |
| Q4 25 | — | 39.4% | ||
| Q3 25 | — | 39.7% | ||
| Q2 25 | — | 39.2% | ||
| Q1 25 | — | 35.7% | ||
| Q4 24 | — | 39.6% | ||
| Q3 24 | — | 40.5% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 37.5% |
| Q4 25 | 45.3% | 0.9% | ||
| Q3 25 | 39.8% | 3.1% | ||
| Q2 25 | 30.0% | 2.0% | ||
| Q1 25 | 24.8% | 6.4% | ||
| Q4 24 | 50.4% | 1.3% | ||
| Q3 24 | 34.3% | 4.5% | ||
| Q2 24 | 29.0% | 2.6% | ||
| Q1 24 | 14.1% | -0.9% |
| Q4 25 | 20.0% | 0.2% | ||
| Q3 25 | 16.3% | 1.8% | ||
| Q2 25 | 10.0% | 0.8% | ||
| Q1 25 | -6.0% | 4.4% | ||
| Q4 24 | 34.5% | 0.6% | ||
| Q3 24 | 12.5% | 3.0% | ||
| Q2 24 | 16.0% | 1.3% | ||
| Q1 24 | 7.1% | -0.9% |
| Q4 25 | — | $0.04 | ||
| Q3 25 | — | $0.31 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $1.22 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | — | $0.53 | ||
| Q2 24 | — | $0.22 | ||
| Q1 24 | — | $-0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $447.0M |
| Total DebtLower is stronger | — | $2.4B |
| Stockholders' EquityBook value | $30.9B | $4.3B |
| Total Assets | $410.1B | $17.1B |
| Debt / EquityLower = less leverage | — | 0.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $447.0M | ||
| Q3 25 | — | $829.0M | ||
| Q2 25 | — | $932.0M | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $315.0M | ||
| Q3 24 | — | $646.0M | ||
| Q2 24 | — | $876.0M | ||
| Q1 24 | — | $1.0B |
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
| Q4 25 | $30.9B | $4.3B | ||
| Q3 25 | $29.7B | $4.5B | ||
| Q2 25 | $28.2B | $4.5B | ||
| Q1 25 | $27.5B | $4.6B | ||
| Q4 24 | $23.7B | $4.1B | ||
| Q3 24 | $24.1B | $4.3B | ||
| Q2 24 | $21.7B | $4.2B | ||
| Q1 24 | $21.4B | $4.1B |
| Q4 25 | $410.1B | $17.1B | ||
| Q3 25 | $398.5B | $15.6B | ||
| Q2 25 | $380.9B | $16.1B | ||
| Q1 25 | $372.4B | $16.4B | ||
| Q4 24 | $360.1B | $17.3B | ||
| Q3 24 | $360.7B | $15.8B | ||
| Q2 24 | $348.5B | $16.4B | ||
| Q1 24 | $339.8B | $16.2B |
| Q4 25 | — | 0.56× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.72× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-4.9B | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-101.0M |
| FCF MarginFCF / Revenue | — | -2.1% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | -4.28× | -0.73× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.9B | $-8.0M | ||
| Q3 25 | $2.4B | $319.0M | ||
| Q2 25 | $438.8M | $-64.0M | ||
| Q1 25 | $2.5B | $1.3B | ||
| Q4 24 | $-111.7M | $-167.0M | ||
| Q3 24 | $1.9B | $8.0M | ||
| Q2 24 | $3.4B | $129.0M | ||
| Q1 24 | $1.5B | $1.1B |
| Q4 25 | — | $-101.0M | ||
| Q3 25 | — | $240.0M | ||
| Q2 25 | — | $-164.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $-295.0M | ||
| Q3 24 | — | $-109.0M | ||
| Q2 24 | — | $-25.0M | ||
| Q1 24 | — | $1.0B |
| Q4 25 | — | -2.1% | ||
| Q3 25 | — | 5.0% | ||
| Q2 25 | — | -3.6% | ||
| Q1 25 | — | 15.3% | ||
| Q4 24 | — | -6.2% | ||
| Q3 24 | — | -2.2% | ||
| Q2 24 | — | -0.5% | ||
| Q1 24 | — | 12.3% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 3.2% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | -4.28× | -0.73× | ||
| Q3 25 | 2.65× | 3.67× | ||
| Q2 25 | 0.86× | -1.68× | ||
| Q1 25 | — | 3.82× | ||
| Q4 24 | -0.10× | -5.96× | ||
| Q3 24 | 3.12× | 0.05× | ||
| Q2 24 | 5.03× | 2.08× | ||
| Q1 24 | 2.24× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KKR
| Insurance Segment | $3.5B | 61% |
| Asset Management1 | $703.7M | 12% |
| Transaction Fee | $512.0M | 9% |
| Transaction And Monitoring Fees | $268.7M | 5% |
| Fee Credit | $230.1M | 4% |
| Other | $201.5M | 4% |
| Fixed Annuity | $77.0M | 1% |
| Asset Management Segment | $56.9M | 1% |
| Monitoring Fee | $53.5M | 1% |
| Investment Advice | $40.6M | 1% |
| Fee Related Performance | $33.6M | 1% |
| Interest Sensitive Life | $21.7M | 0% |
| Incentive Fee | $11.0M | 0% |
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
