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Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) and Kennedy-Wilson Holdings, Inc. (KW). Click either name above to swap in a different company.
INDEPENDENCE REALTY TRUST, INC. is the larger business by last-quarter revenue ($165.3M vs $120.6M, roughly 1.4× Kennedy-Wilson Holdings, Inc.). On growth, INDEPENDENCE REALTY TRUST, INC. posted the faster year-over-year revenue change (2.5% vs -11.0%). Over the past eight quarters, INDEPENDENCE REALTY TRUST, INC.'s revenue compounded faster (2.2% CAGR vs -6.0%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
IRT vs KW — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $120.6M |
| Net Profit | — | $58.0M |
| Gross Margin | — | — |
| Operating Margin | — | 57.3% |
| Net Margin | — | 48.1% |
| Revenue YoY | 2.5% | -11.0% |
| Net Profit YoY | — | 32.7% |
| EPS (diluted) | $0.00 | $0.22 |
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.
| Q1 26 | $165.3M | — | ||
| Q4 25 | $167.1M | $120.6M | ||
| Q3 25 | $167.1M | $116.4M | ||
| Q2 25 | $162.2M | $135.7M | ||
| Q1 25 | $161.2M | $128.3M | ||
| Q4 24 | $161.0M | $135.5M | ||
| Q3 24 | $160.1M | $127.5M | ||
| Q2 24 | $158.4M | $132.0M |
| Q1 26 | — | — | ||
| Q4 25 | $33.3M | $58.0M | ||
| Q3 25 | $6.9M | $-10.2M | ||
| Q2 25 | $8.0M | $5.6M | ||
| Q1 25 | $8.4M | $-29.6M | ||
| Q4 24 | $-1.0M | $43.7M | ||
| Q3 24 | $12.4M | $-66.8M | ||
| Q2 24 | $10.4M | $-48.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 57.3% | ||
| Q3 25 | — | -6.2% | ||
| Q2 25 | — | 7.4% | ||
| Q1 25 | — | -26.9% | ||
| Q4 24 | — | 36.7% | ||
| Q3 24 | — | -60.8% | ||
| Q2 24 | — | -45.5% |
| Q1 26 | — | — | ||
| Q4 25 | 19.9% | 48.1% | ||
| Q3 25 | 4.1% | -8.8% | ||
| Q2 25 | 5.0% | 4.1% | ||
| Q1 25 | 5.2% | -23.1% | ||
| Q4 24 | -0.6% | 32.3% | ||
| Q3 24 | 7.7% | -52.4% | ||
| Q2 24 | 6.5% | -36.6% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.14 | $0.22 | ||
| Q3 25 | $0.03 | $-0.15 | ||
| Q2 25 | $0.03 | $-0.05 | ||
| Q1 25 | $0.04 | $-0.30 | ||
| Q4 24 | $-0.01 | $0.24 | ||
| Q3 24 | $0.05 | $-0.56 | ||
| Q2 24 | $0.05 | $-0.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $23.3M | $184.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.4B | $1.5B |
| Total Assets | $6.1B | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | — | ||
| Q4 25 | $23.6M | $184.5M | ||
| Q3 25 | $23.3M | $382.6M | ||
| Q2 25 | $19.5M | $309.1M | ||
| Q1 25 | $29.1M | $356.6M | ||
| Q4 24 | $21.2M | $217.5M | ||
| Q3 24 | $17.6M | $367.1M | ||
| Q2 24 | $21.0M | $366.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.5B | $1.5B | ||
| Q3 25 | $3.5B | $1.5B | ||
| Q2 25 | $3.4B | $1.6B | ||
| Q1 25 | $3.5B | $1.6B | ||
| Q4 24 | $3.4B | $1.6B | ||
| Q3 24 | $3.4B | $1.6B | ||
| Q2 24 | $3.4B | $1.7B |
| Q1 26 | $6.1B | — | ||
| Q4 25 | $6.0B | $6.6B | ||
| Q3 25 | $6.1B | $6.7B | ||
| Q2 25 | $6.0B | $6.8B | ||
| Q1 25 | $6.0B | $7.2B | ||
| Q4 24 | $6.1B | $7.0B | ||
| Q3 24 | $5.9B | $7.4B | ||
| Q2 24 | $5.9B | $7.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.66× | — |
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 | — | $11.4M |
| Free Cash FlowOCF − Capex | — | $-55.2M |
| FCF MarginFCF / Revenue | — | -45.8% |
| Capex IntensityCapex / Revenue | — | 55.2% |
| Cash ConversionOCF / Net Profit | — | 0.20× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-103.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $282.1M | $11.4M | ||
| Q3 25 | $79.3M | $-7.6M | ||
| Q2 25 | $82.2M | $42.0M | ||
| Q1 25 | $60.4M | $-51.9M | ||
| Q4 24 | $259.8M | $55.1M | ||
| Q3 24 | $69.2M | $-5.6M | ||
| Q2 24 | $83.0M | $36.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-55.2M | ||
| Q3 25 | — | $-18.0M | ||
| Q2 25 | — | $29.4M | ||
| Q1 25 | — | $-59.7M | ||
| Q4 24 | — | $-76.5M | ||
| Q3 24 | — | $-27.7M | ||
| Q2 24 | — | $-500.0K |
| Q1 26 | — | — | ||
| Q4 25 | — | -45.8% | ||
| Q3 25 | — | -15.5% | ||
| Q2 25 | — | 21.7% | ||
| Q1 25 | — | -46.5% | ||
| Q4 24 | — | -56.5% | ||
| Q3 24 | — | -21.7% | ||
| Q2 24 | — | -0.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 55.2% | ||
| Q3 25 | — | 8.9% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 97.1% | ||
| Q3 24 | — | 17.3% | ||
| Q2 24 | — | 28.2% |
| Q1 26 | — | — | ||
| Q4 25 | 8.48× | 0.20× | ||
| Q3 25 | 11.51× | — | ||
| Q2 25 | 10.22× | 7.50× | ||
| Q1 25 | 7.23× | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | 5.60× | — | ||
| Q2 24 | 8.02× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
