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Side-by-side financial comparison of Cushman & Wakefield Ltd. (CWK) and Kyndryl Holdings, Inc. (KD). Click either name above to swap in a different company.
Kyndryl Holdings, Inc. is the larger business by last-quarter revenue ($3.9B vs $2.9B, roughly 1.3× Cushman & Wakefield Ltd.). Kyndryl Holdings, Inc. runs the higher net margin — 1.5% vs -0.8%, a 2.2% gap on every dollar of revenue. On growth, Cushman & Wakefield Ltd. posted the faster year-over-year revenue change (10.8% vs 3.1%). Cushman & Wakefield Ltd. produced more free cash flow last quarter ($234.3M vs $208.0M). Over the past eight quarters, Cushman & Wakefield Ltd.'s revenue compounded faster (15.5% CAGR vs 0.1%).
Cushman & Wakefield Inc. is an American global commercial real estate and property management services firm. The company's corporate headquarters is located in Chicago, Illinois. It is named after co-founders J. Clydesdale Cushman and Bernard Wakefield.
Kyndryl Holdings, Inc. is an American multinational information technology infrastructure services provider, headquartered in New York City and created from the spin-off of IBM's infrastructure services business in 2021. The company designs, builds, manages and develops large-scale information systems. The company also has business advisory services. It is currently the world's largest IT infrastructure services provider, and the fifth-largest consulting provider.
CWK vs KD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $3.9B |
| Net Profit | $-22.4M | $57.0M |
| Gross Margin | — | 21.8% |
| Operating Margin | 6.1% | 2.4% |
| Net Margin | -0.8% | 1.5% |
| Revenue YoY | 10.8% | 3.1% |
| Net Profit YoY | -119.8% | -73.5% |
| EPS (diluted) | $-0.10 | $0.25 |
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 | $2.9B | $3.9B | ||
| Q3 25 | $2.6B | $3.7B | ||
| Q2 25 | $2.5B | $3.7B | ||
| Q1 25 | $2.3B | $3.8B | ||
| Q4 24 | $2.6B | $3.7B | ||
| Q3 24 | $2.3B | $3.8B | ||
| Q2 24 | $2.3B | $3.7B | ||
| Q1 24 | $2.2B | $3.9B |
| Q4 25 | $-22.4M | $57.0M | ||
| Q3 25 | $51.4M | $68.0M | ||
| Q2 25 | $57.3M | $56.0M | ||
| Q1 25 | $1.9M | $69.0M | ||
| Q4 24 | $112.9M | $215.0M | ||
| Q3 24 | $33.7M | $-43.0M | ||
| Q2 24 | $13.5M | $11.0M | ||
| Q1 24 | $-28.8M | $-45.0M |
| Q4 25 | — | 21.8% | ||
| Q3 25 | — | 21.5% | ||
| Q2 25 | — | 21.3% | ||
| Q1 25 | — | 21.7% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.5% | ||
| Q1 24 | — | 18.6% |
| Q4 25 | 6.1% | 2.4% | ||
| Q3 25 | 4.1% | 2.6% | ||
| Q2 25 | 4.9% | 2.5% | ||
| Q1 25 | 2.0% | 3.1% | ||
| Q4 24 | 6.6% | 6.9% | ||
| Q3 24 | 3.2% | -0.1% | ||
| Q2 24 | 3.1% | 1.7% | ||
| Q1 24 | 0.9% | -0.1% |
| Q4 25 | -0.8% | 1.5% | ||
| Q3 25 | 2.0% | 1.8% | ||
| Q2 25 | 2.3% | 1.5% | ||
| Q1 25 | 0.1% | 1.8% | ||
| Q4 24 | 4.3% | 5.7% | ||
| Q3 24 | 1.4% | -1.1% | ||
| Q2 24 | 0.6% | 0.3% | ||
| Q1 24 | -1.3% | -1.2% |
| Q4 25 | $-0.10 | $0.25 | ||
| Q3 25 | $0.22 | $0.29 | ||
| Q2 25 | $0.25 | $0.23 | ||
| Q1 25 | $0.01 | $0.30 | ||
| Q4 24 | $0.49 | $0.89 | ||
| Q3 24 | $0.14 | $-0.19 | ||
| Q2 24 | $0.06 | $0.05 | ||
| Q1 24 | $-0.13 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $784.2M | $1.3B |
| Total DebtLower is stronger | $2.7B | $2.3B |
| Stockholders' EquityBook value | $2.0B | $1.2B |
| Total Assets | $7.7B | $11.3B |
| Debt / EquityLower = less leverage | 1.40× | 1.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.2M | $1.3B | ||
| Q3 25 | $634.4M | $1.3B | ||
| Q2 25 | $618.2M | $1.5B | ||
| Q1 25 | $623.2M | $1.8B | ||
| Q4 24 | $793.3M | $1.5B | ||
| Q3 24 | $775.4M | $1.3B | ||
| Q2 24 | $567.3M | $1.3B | ||
| Q1 24 | $553.5M | $1.6B |
| Q4 25 | $2.7B | $2.3B | ||
| Q3 25 | $2.8B | $3.0B | ||
| Q2 25 | $3.0B | $3.0B | ||
| Q1 25 | $3.0B | $3.0B | ||
| Q4 24 | $3.0B | $3.1B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $3.1B | $3.1B | ||
| Q1 24 | $3.2B | $3.1B |
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | $1.8B | $1.1B | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $1.6B | $996.0M | ||
| Q1 24 | $1.6B | $1.0B |
| Q4 25 | $7.7B | $11.3B | ||
| Q3 25 | $7.7B | $11.2B | ||
| Q2 25 | $7.6B | $11.5B | ||
| Q1 25 | $7.4B | $10.5B | ||
| Q4 24 | $7.5B | $9.9B | ||
| Q3 24 | $7.5B | $10.4B | ||
| Q2 24 | $7.3B | $10.2B | ||
| Q1 24 | $7.5B | $10.6B |
| Q4 25 | 1.40× | 1.92× | ||
| Q3 25 | 1.45× | 2.45× | ||
| Q2 25 | 1.57× | 2.44× | ||
| Q1 25 | 1.70× | 2.50× | ||
| Q4 24 | 1.73× | 2.81× | ||
| Q3 24 | 1.81× | 2.92× | ||
| Q2 24 | 1.91× | 3.12× | ||
| Q1 24 | 1.96× | 3.07× |
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 | $257.3M | $428.0M |
| Free Cash FlowOCF − Capex | $234.3M | $208.0M |
| FCF MarginFCF / Revenue | 8.0% | 5.4% |
| Capex IntensityCapex / Revenue | 0.8% | 5.7% |
| Cash ConversionOCF / Net Profit | — | 7.51× |
| TTM Free Cash FlowTrailing 4 quarters | $293.0M | $299.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $257.3M | $428.0M | ||
| Q3 25 | $235.5M | $146.0M | ||
| Q2 25 | $9.6M | $-124.0M | ||
| Q1 25 | $-162.0M | $581.0M | ||
| Q4 24 | $115.2M | $260.0M | ||
| Q3 24 | $196.1M | $149.0M | ||
| Q2 24 | $21.8M | $-48.0M | ||
| Q1 24 | $-125.1M | $145.0M |
| Q4 25 | $234.3M | $208.0M | ||
| Q3 25 | $225.0M | $17.0M | ||
| Q2 25 | $300.0K | $-267.0M | ||
| Q1 25 | $-166.6M | $341.0M | ||
| Q4 24 | $105.9M | $151.0M | ||
| Q3 24 | $186.7M | $15.0M | ||
| Q2 24 | $10.0M | $-170.0M | ||
| Q1 24 | $-135.6M | $-57.0M |
| Q4 25 | 8.0% | 5.4% | ||
| Q3 25 | 8.6% | 0.5% | ||
| Q2 25 | 0.0% | -7.1% | ||
| Q1 25 | -7.3% | 9.0% | ||
| Q4 24 | 4.0% | 4.0% | ||
| Q3 24 | 8.0% | 0.4% | ||
| Q2 24 | 0.4% | -4.5% | ||
| Q1 24 | -6.2% | -1.5% |
| Q4 25 | 0.8% | 5.7% | ||
| Q3 25 | 0.4% | 3.5% | ||
| Q2 25 | 0.4% | 3.8% | ||
| Q1 25 | 0.2% | 6.3% | ||
| Q4 24 | 0.4% | 2.9% | ||
| Q3 24 | 0.4% | 3.6% | ||
| Q2 24 | 0.5% | 3.3% | ||
| Q1 24 | 0.5% | 5.2% |
| Q4 25 | — | 7.51× | ||
| Q3 25 | 4.58× | 2.15× | ||
| Q2 25 | 0.17× | -2.21× | ||
| Q1 25 | -85.26× | 8.42× | ||
| Q4 24 | 1.02× | 1.21× | ||
| Q3 24 | 5.82× | — | ||
| Q2 24 | 1.61× | -4.36× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
KD
| Principal Markets Segment | $1.4B | 37% |
| United States Segment | $958.0M | 25% |
| Strategic Markets Segment | $905.0M | 23% |
| Other | $568.0M | 15% |
