vs
Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and KeyCorp (KEY). Click either name above to swap in a different company.
Kyndryl Holdings, Inc. is the larger business by last-quarter revenue ($3.9B vs $2.0B, roughly 1.9× KeyCorp). KeyCorp runs the higher net margin — 25.4% vs 1.5%, a 24.0% gap on every dollar of revenue. On growth, KeyCorp posted the faster year-over-year revenue change (131.8% vs 3.1%). KeyCorp produced more free cash flow last quarter ($2.1B vs $208.0M). Over the past eight quarters, KeyCorp's revenue compounded faster (14.4% CAGR vs 0.1%).
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.
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
KD vs KEY — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $2.0B |
| Net Profit | $57.0M | $510.0M |
| Gross Margin | 21.8% | — |
| Operating Margin | 2.4% | 32.3% |
| Net Margin | 1.5% | 25.4% |
| Revenue YoY | 3.1% | 131.8% |
| Net Profit YoY | -73.5% | 309.0% |
| EPS (diluted) | $0.25 | $0.43 |
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 | $3.9B | $2.0B | ||
| Q3 25 | $3.7B | $1.9B | ||
| Q2 25 | $3.7B | $1.8B | ||
| Q1 25 | $3.8B | $1.8B | ||
| Q4 24 | $3.7B | $865.0M | ||
| Q3 24 | $3.8B | $695.0M | ||
| Q2 24 | $3.7B | $1.5B | ||
| Q1 24 | $3.9B | $1.5B |
| Q4 25 | $57.0M | $510.0M | ||
| Q3 25 | $68.0M | $489.0M | ||
| Q2 25 | $56.0M | $425.0M | ||
| Q1 25 | $69.0M | $405.0M | ||
| Q4 24 | $215.0M | $-244.0M | ||
| Q3 24 | $-43.0M | $-410.0M | ||
| Q2 24 | $11.0M | $274.0M | ||
| Q1 24 | $-45.0M | $219.0M |
| 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 | 2.4% | 32.3% | ||
| Q3 25 | 2.6% | 31.8% | ||
| Q2 25 | 2.5% | 29.3% | ||
| Q1 25 | 3.1% | 29.0% | ||
| Q4 24 | 6.9% | -92.6% | ||
| Q3 24 | -0.1% | -72.8% | ||
| Q2 24 | 1.7% | 22.0% | ||
| Q1 24 | -0.1% | 18.1% |
| Q4 25 | 1.5% | 25.4% | ||
| Q3 25 | 1.8% | 25.8% | ||
| Q2 25 | 1.5% | 23.1% | ||
| Q1 25 | 1.8% | 22.8% | ||
| Q4 24 | 5.7% | -54.7% | ||
| Q3 24 | -1.1% | -59.0% | ||
| Q2 24 | 0.3% | 18.0% | ||
| Q1 24 | -1.2% | 14.3% |
| Q4 25 | $0.25 | $0.43 | ||
| Q3 25 | $0.29 | $0.41 | ||
| Q2 25 | $0.23 | $0.35 | ||
| Q1 25 | $0.30 | $0.33 | ||
| Q4 24 | $0.89 | $-0.30 | ||
| Q3 24 | $-0.19 | $-0.47 | ||
| Q2 24 | $0.05 | $0.25 | ||
| Q1 24 | $-0.19 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $10.2B |
| Total DebtLower is stronger | $2.3B | $9.9B |
| Stockholders' EquityBook value | $1.2B | $20.4B |
| Total Assets | $11.3B | $184.4B |
| Debt / EquityLower = less leverage | 1.92× | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $10.2B | ||
| Q3 25 | $1.3B | $13.3B | ||
| Q2 25 | $1.5B | $11.6B | ||
| Q1 25 | $1.8B | $15.3B | ||
| Q4 24 | $1.5B | $17.5B | ||
| Q3 24 | $1.3B | $22.8B | ||
| Q2 24 | $1.3B | $15.5B | ||
| Q1 24 | $1.6B | $13.2B |
| Q4 25 | $2.3B | $9.9B | ||
| Q3 25 | $3.0B | $10.9B | ||
| Q2 25 | $3.0B | $12.1B | ||
| Q1 25 | $3.0B | $12.4B | ||
| Q4 24 | $3.1B | $12.1B | ||
| Q3 24 | $3.1B | $15.7B | ||
| Q2 24 | $3.1B | $16.9B | ||
| Q1 24 | $3.1B | $20.8B |
| Q4 25 | $1.2B | $20.4B | ||
| Q3 25 | $1.2B | $20.1B | ||
| Q2 25 | $1.2B | $19.5B | ||
| Q1 25 | $1.2B | $19.0B | ||
| Q4 24 | $1.1B | $18.2B | ||
| Q3 24 | $1.1B | $16.9B | ||
| Q2 24 | $996.0M | $14.8B | ||
| Q1 24 | $1.0B | $14.5B |
| Q4 25 | $11.3B | $184.4B | ||
| Q3 25 | $11.2B | $187.4B | ||
| Q2 25 | $11.5B | $185.5B | ||
| Q1 25 | $10.5B | $188.7B | ||
| Q4 24 | $9.9B | $187.2B | ||
| Q3 24 | $10.4B | $189.8B | ||
| Q2 24 | $10.2B | $187.4B | ||
| Q1 24 | $10.6B | $187.5B |
| Q4 25 | 1.92× | 0.49× | ||
| Q3 25 | 2.45× | 0.54× | ||
| Q2 25 | 2.44× | 0.62× | ||
| Q1 25 | 2.50× | 0.65× | ||
| Q4 24 | 2.81× | 0.67× | ||
| Q3 24 | 2.92× | 0.93× | ||
| Q2 24 | 3.12× | 1.14× | ||
| Q1 24 | 3.07× | 1.43× |
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 | $428.0M | $2.2B |
| Free Cash FlowOCF − Capex | $208.0M | $2.1B |
| FCF MarginFCF / Revenue | 5.4% | 104.8% |
| Capex IntensityCapex / Revenue | 5.7% | 5.3% |
| Cash ConversionOCF / Net Profit | 7.51× | 4.33× |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | $3.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $428.0M | $2.2B | ||
| Q3 25 | $146.0M | $396.0M | ||
| Q2 25 | $-124.0M | $1.2B | ||
| Q1 25 | $581.0M | $-140.0M | ||
| Q4 24 | $260.0M | $664.0M | ||
| Q3 24 | $149.0M | $-1.2B | ||
| Q2 24 | $-48.0M | $-217.0M | ||
| Q1 24 | $145.0M | $359.0M |
| Q4 25 | $208.0M | $2.1B | ||
| Q3 25 | $17.0M | $367.0M | ||
| Q2 25 | $-267.0M | $1.2B | ||
| Q1 25 | $341.0M | $-150.0M | ||
| Q4 24 | $151.0M | $599.0M | ||
| Q3 24 | $15.0M | $-1.2B | ||
| Q2 24 | $-170.0M | $-230.0M | ||
| Q1 24 | $-57.0M | $347.0M |
| Q4 25 | 5.4% | 104.8% | ||
| Q3 25 | 0.5% | 19.4% | ||
| Q2 25 | -7.1% | 65.8% | ||
| Q1 25 | 9.0% | -8.5% | ||
| Q4 24 | 4.0% | 69.2% | ||
| Q3 24 | 0.4% | -175.8% | ||
| Q2 24 | -4.5% | -15.1% | ||
| Q1 24 | -1.5% | 22.6% |
| Q4 25 | 5.7% | 5.3% | ||
| Q3 25 | 3.5% | 1.5% | ||
| Q2 25 | 3.8% | 1.3% | ||
| Q1 25 | 6.3% | 0.6% | ||
| Q4 24 | 2.9% | 7.5% | ||
| Q3 24 | 3.6% | 2.4% | ||
| Q2 24 | 3.3% | 0.9% | ||
| Q1 24 | 5.2% | 0.8% |
| Q4 25 | 7.51× | 4.33× | ||
| Q3 25 | 2.15× | 0.81× | ||
| Q2 25 | -2.21× | 2.90× | ||
| Q1 25 | 8.42× | -0.35× | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.36× | -0.79× | ||
| Q1 24 | — | 1.64× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KD
| Principal Markets Segment | $1.4B | 37% |
| United States Segment | $958.0M | 25% |
| Strategic Markets Segment | $905.0M | 23% |
| Other | $568.0M | 15% |
KEY
Segment breakdown not available.
