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Side-by-side financial comparison of KKR & Co. (KKR) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
KKR & Co. is the larger business by last-quarter revenue ($5.7B vs $3.7B, roughly 1.6× SHOPIFY INC.). SHOPIFY INC. runs the higher net margin — 20.2% vs 20.0%, a 0.3% gap on every dollar of revenue. On growth, KKR & Co. posted the faster year-over-year revenue change (76.1% vs 30.6%). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs -22.9%).
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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
KKR vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.7B | $3.7B |
| Net Profit | $1.1B | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 45.3% | 17.2% |
| Net Margin | 20.0% | 20.2% |
| Revenue YoY | 76.1% | 30.6% |
| Net Profit YoY | 1.8% | -42.5% |
| EPS (diluted) | — | $0.58 |
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 | $3.7B | ||
| Q3 25 | $5.5B | $2.8B | ||
| Q2 25 | $5.1B | $2.7B | ||
| Q1 25 | $3.1B | $2.4B | ||
| Q4 24 | $3.3B | $2.8B | ||
| Q3 24 | $4.8B | $2.2B | ||
| Q2 24 | $4.2B | $2.0B | ||
| Q1 24 | $9.7B | $1.9B |
| Q4 25 | $1.1B | $743.0M | ||
| Q3 25 | $900.4M | $264.0M | ||
| Q2 25 | $510.1M | $906.0M | ||
| Q1 25 | $-185.9M | $-682.0M | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $600.5M | $828.0M | ||
| Q2 24 | $667.9M | $171.0M | ||
| Q1 24 | $682.2M | $-273.0M |
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
| Q4 25 | 45.3% | 17.2% | ||
| Q3 25 | 39.8% | 12.1% | ||
| Q2 25 | 30.0% | 10.9% | ||
| Q1 25 | 24.8% | 8.6% | ||
| Q4 24 | 50.4% | 16.5% | ||
| Q3 24 | 34.3% | 13.1% | ||
| Q2 24 | 29.0% | 11.8% | ||
| Q1 24 | 14.1% | 4.6% |
| Q4 25 | 20.0% | 20.2% | ||
| Q3 25 | 16.3% | 9.3% | ||
| Q2 25 | 10.0% | 33.8% | ||
| Q1 25 | -6.0% | -28.9% | ||
| Q4 24 | 34.5% | 46.0% | ||
| Q3 24 | 12.5% | 38.3% | ||
| Q2 24 | 16.0% | 8.4% | ||
| Q1 24 | 7.1% | -14.7% |
| Q4 25 | — | $0.58 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | — | $0.69 | ||
| Q1 25 | — | $-0.53 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | — | $0.64 | ||
| Q2 24 | — | $0.13 | ||
| Q1 24 | — | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $30.9B | $13.5B |
| Total Assets | $410.1B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.8B | ||
| Q3 25 | — | $6.3B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $30.9B | $13.5B | ||
| Q3 25 | $29.7B | $12.5B | ||
| Q2 25 | $28.2B | $12.1B | ||
| Q1 25 | $27.5B | $11.1B | ||
| Q4 24 | $23.7B | $11.6B | ||
| Q3 24 | $24.1B | $10.1B | ||
| Q2 24 | $21.7B | $9.2B | ||
| Q1 24 | $21.4B | $8.9B |
| Q4 25 | $410.1B | $15.2B | ||
| Q3 25 | $398.5B | $15.0B | ||
| Q2 25 | $380.9B | $14.6B | ||
| Q1 25 | $372.4B | $13.4B | ||
| Q4 24 | $360.1B | $13.9B | ||
| Q3 24 | $360.7B | — | ||
| Q2 24 | $348.5B | — | ||
| Q1 24 | $339.8B | — |
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 | $725.0M |
| Free Cash FlowOCF − Capex | — | $715.0M |
| FCF MarginFCF / Revenue | — | 19.5% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | -4.28× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.9B | $725.0M | ||
| Q3 25 | $2.4B | $513.0M | ||
| Q2 25 | $438.8M | $428.0M | ||
| Q1 25 | $2.5B | $367.0M | ||
| Q4 24 | $-111.7M | $615.0M | ||
| Q3 24 | $1.9B | $423.0M | ||
| Q2 24 | $3.4B | $340.0M | ||
| Q1 24 | $1.5B | $238.0M |
| Q4 25 | — | $715.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | — | $422.0M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | — | $333.0M | ||
| Q1 24 | — | $232.0M |
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | — | 15.7% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 16.3% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | -4.28× | 0.98× | ||
| Q3 25 | 2.65× | 1.94× | ||
| Q2 25 | 0.86× | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.10× | 0.48× | ||
| Q3 24 | 3.12× | 0.51× | ||
| Q2 24 | 5.03× | 1.99× | ||
| 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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
