vs
Side-by-side financial comparison of Kellanova (K) and Western Digital (WDC). Click either name above to swap in a different company.
Western Digital is the larger business by last-quarter revenue ($3.3B vs $3.3B, roughly 1.0× Kellanova). Western Digital runs the higher net margin — 96.0% vs 9.5%, a 86.6% gap on every dollar of revenue. On growth, Western Digital posted the faster year-over-year revenue change (45.5% vs 0.8%). Western Digital produced more free cash flow last quarter ($978.0M vs $359.0M). Over the past eight quarters, Kellanova's revenue compounded faster (-9.0% CAGR vs -9.7%).
Kellanova, formerly known as the Kellogg Company, is an American multinational food manufacturing company owned by Mars Inc. headquartered in Chicago, Illinois. The renaming took effect on October 2, 2023, and the company's North American cereal operations were spun off to form the WK Kellogg Co at the same time.
Western Digital Corporation, doing business as WD, is an American data storage company headquartered in San Jose, California. Established in 1970, the company is one of the world's largest manufacturers of hard disk drives (HDDs).
K vs WDC — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2027
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $3.3B |
| Net Profit | $309.0M | $3.2B |
| Gross Margin | 33.3% | 50.2% |
| Operating Margin | 13.9% | 35.7% |
| Net Margin | 9.5% | 96.0% |
| Revenue YoY | 0.8% | 45.5% |
| Net Profit YoY | -15.8% | 516.3% |
| EPS (diluted) | $0.88 | $8.20 |
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.
| Q3 26 | — | $3.3B | ||
| Q2 26 | — | $3.0B | ||
| Q1 26 | — | $3.0B | ||
| Q4 25 | — | $2.8B | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | $-1.2B | ||
| Q1 25 | $3.1B | $2.3B | ||
| Q4 24 | $3.1B | $4.3B |
| Q3 26 | — | $3.2B | ||
| Q2 26 | — | $1.8B | ||
| Q1 26 | — | $1.8B | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $309.0M | — | ||
| Q2 25 | $299.0M | $282.0M | ||
| Q1 25 | $304.0M | $520.0M | ||
| Q4 24 | $365.0M | $594.0M |
| Q3 26 | — | 50.2% | ||
| Q2 26 | — | 45.7% | ||
| Q1 26 | — | 45.7% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | 33.3% | — | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 34.3% | 39.8% | ||
| Q4 24 | 37.7% | 35.4% |
| Q3 26 | — | 35.7% | ||
| Q2 26 | — | 30.1% | ||
| Q1 26 | — | 30.1% | ||
| Q4 25 | — | 28.1% | ||
| Q3 25 | 13.9% | — | ||
| Q2 25 | 13.7% | — | ||
| Q1 25 | 13.9% | 33.1% | ||
| Q4 24 | 17.0% | 19.9% |
| Q3 26 | — | 96.0% | ||
| Q2 26 | — | 61.1% | ||
| Q1 26 | — | 61.1% | ||
| Q4 25 | — | 41.9% | ||
| Q3 25 | 9.5% | — | ||
| Q2 25 | 9.3% | -24.4% | ||
| Q1 25 | 9.9% | 22.7% | ||
| Q4 24 | 11.7% | 13.9% |
| Q3 26 | — | $8.20 | ||
| Q2 26 | — | $4.73 | ||
| Q1 26 | — | $4.73 | ||
| Q4 25 | — | $3.07 | ||
| Q3 25 | $0.88 | — | ||
| Q2 25 | $0.85 | $0.72 | ||
| Q1 25 | $0.87 | $1.42 | ||
| Q4 24 | $1.05 | $1.63 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $240.0M | $2.0B |
| Total DebtLower is stronger | $4.3B | $1.6B |
| Stockholders' EquityBook value | $4.2B | $9.7B |
| Total Assets | $15.6B | $15.0B |
| Debt / EquityLower = less leverage | 1.02× | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q3 26 | — | $2.0B | ||
| Q2 26 | — | $2.0B | ||
| Q1 26 | — | $2.0B | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | $240.0M | — | ||
| Q2 25 | $354.0M | $2.1B | ||
| Q1 25 | $330.0M | $3.5B | ||
| Q4 24 | $694.0M | $2.3B |
| Q3 26 | — | $1.6B | ||
| Q2 26 | — | $4.7B | ||
| Q1 26 | — | $4.7B | ||
| Q4 25 | — | $4.7B | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | $4.3B | $4.7B | ||
| Q1 25 | $5.0B | $7.3B | ||
| Q4 24 | $5.0B | $7.4B |
| Q3 26 | — | $9.7B | ||
| Q2 26 | — | $7.1B | ||
| Q1 26 | — | $7.1B | ||
| Q4 25 | — | $5.9B | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.1B | $5.3B | ||
| Q1 25 | $3.9B | $5.2B | ||
| Q4 24 | $3.8B | $12.1B |
| Q3 26 | — | $15.0B | ||
| Q2 26 | — | $15.6B | ||
| Q1 26 | — | $15.6B | ||
| Q4 25 | — | $14.4B | ||
| Q3 25 | $15.6B | — | ||
| Q2 25 | $15.9B | $14.0B | ||
| Q1 25 | $15.5B | $16.4B | ||
| Q4 24 | $15.6B | $25.5B |
| Q3 26 | — | 0.16× | ||
| Q2 26 | — | 0.65× | ||
| Q1 26 | — | 0.65× | ||
| Q4 25 | — | 0.80× | ||
| Q3 25 | 1.02× | — | ||
| Q2 25 | 1.05× | 0.89× | ||
| Q1 25 | 1.28× | 1.42× | ||
| Q4 24 | 1.32× | 0.61× |
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 | $503.0M | $1.1B |
| Free Cash FlowOCF − Capex | $359.0M | $978.0M |
| FCF MarginFCF / Revenue | 11.0% | 29.3% |
| Capex IntensityCapex / Revenue | 4.4% | — |
| Cash ConversionOCF / Net Profit | 1.63× | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | $599.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 26 | — | $1.1B | ||
| Q2 26 | — | $745.0M | ||
| Q1 26 | — | — | ||
| Q4 25 | — | $672.0M | ||
| Q3 25 | $503.0M | — | ||
| Q2 25 | $169.0M | $746.0M | ||
| Q1 25 | $116.0M | $508.0M | ||
| Q4 24 | $467.0M | $403.0M |
| Q3 26 | — | $978.0M | ||
| Q2 26 | — | $653.0M | ||
| Q1 26 | — | — | ||
| Q4 25 | — | $599.0M | ||
| Q3 25 | $359.0M | — | ||
| Q2 25 | $21.0M | $675.0M | ||
| Q1 25 | $-60.0M | $379.0M | ||
| Q4 24 | $279.0M | $287.0M |
| Q3 26 | — | 29.3% | ||
| Q2 26 | — | 21.6% | ||
| Q1 26 | — | — | ||
| Q4 25 | — | 21.3% | ||
| Q3 25 | 11.0% | — | ||
| Q2 25 | 0.7% | -58.5% | ||
| Q1 25 | -1.9% | 16.5% | ||
| Q4 24 | 8.9% | 6.7% |
| Q3 26 | — | — | ||
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | — | 2.6% | ||
| Q3 25 | 4.4% | — | ||
| Q2 25 | 4.6% | -6.2% | ||
| Q1 25 | 5.7% | 5.6% | ||
| Q4 24 | 6.0% | 2.7% |
| Q3 26 | — | 0.35× | ||
| Q2 26 | — | 0.40× | ||
| Q1 26 | — | — | ||
| Q4 25 | — | 0.57× | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | 0.57× | 2.65× | ||
| Q1 25 | 0.38× | 0.98× | ||
| Q4 24 | 1.28× | 0.68× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
WDC
Segment breakdown not available.
