vs
Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and CarMax (KMX). Click either name above to swap in a different company.
CarMax is the larger business by last-quarter revenue ($5.8B vs $3.9B, roughly 1.5× Kyndryl Holdings, Inc.). Kyndryl Holdings, Inc. runs the higher net margin — 1.5% vs 1.1%, a 0.4% gap on every dollar of revenue. On growth, Kyndryl Holdings, Inc. posted the faster year-over-year revenue change (3.1% vs -6.9%). CarMax produced more free cash flow last quarter ($1.1B vs $208.0M). Over the past eight quarters, CarMax's revenue compounded faster (1.5% 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.
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
KD vs KMX — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $5.8B |
| Net Profit | $57.0M | $62.2M |
| Gross Margin | 21.8% | 10.2% |
| Operating Margin | 2.4% | — |
| Net Margin | 1.5% | 1.1% |
| Revenue YoY | 3.1% | -6.9% |
| Net Profit YoY | -73.5% | -50.4% |
| 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 | $5.8B | ||
| Q3 25 | $3.7B | $6.6B | ||
| Q2 25 | $3.7B | $7.5B | ||
| Q1 25 | $3.8B | $6.0B | ||
| Q4 24 | $3.7B | $6.2B | ||
| Q3 24 | $3.8B | $7.0B | ||
| Q2 24 | $3.7B | $7.1B | ||
| Q1 24 | $3.9B | $5.6B |
| Q4 25 | $57.0M | $62.2M | ||
| Q3 25 | $68.0M | $95.4M | ||
| Q2 25 | $56.0M | $210.4M | ||
| Q1 25 | $69.0M | $89.9M | ||
| Q4 24 | $215.0M | $125.4M | ||
| Q3 24 | $-43.0M | $132.8M | ||
| Q2 24 | $11.0M | $152.4M | ||
| Q1 24 | $-45.0M | $50.3M |
| Q4 25 | 21.8% | 10.2% | ||
| Q3 25 | 21.5% | 10.9% | ||
| Q2 25 | 21.3% | 11.8% | ||
| Q1 25 | 21.7% | 11.1% | ||
| Q4 24 | 20.4% | 10.9% | ||
| Q3 24 | 19.9% | 10.8% | ||
| Q2 24 | 21.5% | 11.1% | ||
| Q1 24 | 18.6% | 10.4% |
| Q4 25 | 2.4% | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 3.1% | 2.0% | ||
| Q4 24 | 6.9% | 2.7% | ||
| Q3 24 | -0.1% | 2.5% | ||
| Q2 24 | 1.7% | 2.9% | ||
| Q1 24 | -0.1% | 1.2% |
| Q4 25 | 1.5% | 1.1% | ||
| Q3 25 | 1.8% | 1.4% | ||
| Q2 25 | 1.5% | 2.8% | ||
| Q1 25 | 1.8% | 1.5% | ||
| Q4 24 | 5.7% | 2.0% | ||
| Q3 24 | -1.1% | 1.9% | ||
| Q2 24 | 0.3% | 2.1% | ||
| Q1 24 | -1.2% | 0.9% |
| Q4 25 | $0.25 | $0.43 | ||
| Q3 25 | $0.29 | $0.64 | ||
| Q2 25 | $0.23 | $1.38 | ||
| Q1 25 | $0.30 | $0.58 | ||
| Q4 24 | $0.89 | $0.81 | ||
| Q3 24 | $-0.19 | $0.85 | ||
| Q2 24 | $0.05 | $0.97 | ||
| Q1 24 | $-0.19 | $0.31 |
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 | $204.9M |
| Total DebtLower is stronger | $2.3B | $16.6B |
| Stockholders' EquityBook value | $1.2B | $6.1B |
| Total Assets | $11.3B | $25.6B |
| Debt / EquityLower = less leverage | 1.92× | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $204.9M | ||
| Q3 25 | $1.3B | $540.4M | ||
| Q2 25 | $1.5B | $262.8M | ||
| Q1 25 | $1.8B | $247.0M | ||
| Q4 24 | $1.5B | $271.9M | ||
| Q3 24 | $1.3B | $524.7M | ||
| Q2 24 | $1.3B | $218.9M | ||
| Q1 24 | $1.6B | $574.1M |
| Q4 25 | $2.3B | $16.6B | ||
| Q3 25 | $3.0B | $17.8B | ||
| Q2 25 | $3.0B | $18.0B | ||
| Q1 25 | $3.0B | $18.1B | ||
| Q4 24 | $3.1B | $18.1B | ||
| Q3 24 | $3.1B | $18.1B | ||
| Q2 24 | $3.1B | $18.2B | ||
| Q1 24 | $3.1B | $18.0B |
| Q4 25 | $1.2B | $6.1B | ||
| Q3 25 | $1.2B | $6.2B | ||
| Q2 25 | $1.2B | $6.3B | ||
| Q1 25 | $1.2B | $6.2B | ||
| Q4 24 | $1.1B | $6.2B | ||
| Q3 24 | $1.1B | $6.2B | ||
| Q2 24 | $996.0M | $6.2B | ||
| Q1 24 | $1.0B | $6.1B |
| Q4 25 | $11.3B | $25.6B | ||
| Q3 25 | $11.2B | $27.1B | ||
| Q2 25 | $11.5B | $27.4B | ||
| Q1 25 | $10.5B | $27.4B | ||
| Q4 24 | $9.9B | $27.3B | ||
| Q3 24 | $10.4B | $27.3B | ||
| Q2 24 | $10.2B | $27.2B | ||
| Q1 24 | $10.6B | $27.2B |
| Q4 25 | 1.92× | 2.74× | ||
| Q3 25 | 2.45× | 2.87× | ||
| Q2 25 | 2.44× | 2.86× | ||
| Q1 25 | 2.50× | 2.91× | ||
| Q4 24 | 2.81× | 2.92× | ||
| Q3 24 | 2.92× | 2.93× | ||
| Q2 24 | 3.12× | 2.95× | ||
| Q1 24 | 3.07× | 2.96× |
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 | $1.3B |
| Free Cash FlowOCF − Capex | $208.0M | $1.1B |
| FCF MarginFCF / Revenue | 5.4% | 19.2% |
| Capex IntensityCapex / Revenue | 5.7% | 2.4% |
| Cash ConversionOCF / Net Profit | 7.51× | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $428.0M | $1.3B | ||
| Q3 25 | $146.0M | $785.5M | ||
| Q2 25 | $-124.0M | $299.5M | ||
| Q1 25 | $581.0M | $146.4M | ||
| Q4 24 | $260.0M | $-23.4M | ||
| Q3 24 | $149.0M | $619.1M | ||
| Q2 24 | $-48.0M | $-117.7M | ||
| Q1 24 | $145.0M | $309.6M |
| Q4 25 | $208.0M | $1.1B | ||
| Q3 25 | $17.0M | $654.0M | ||
| Q2 25 | $-267.0M | $162.8M | ||
| Q1 25 | $341.0M | $18.8M | ||
| Q4 24 | $151.0M | $-150.6M | ||
| Q3 24 | $15.0M | $509.9M | ||
| Q2 24 | $-170.0M | $-221.6M | ||
| Q1 24 | $-57.0M | $199.8M |
| Q4 25 | 5.4% | 19.2% | ||
| Q3 25 | 0.5% | 9.9% | ||
| Q2 25 | -7.1% | 2.2% | ||
| Q1 25 | 9.0% | 0.3% | ||
| Q4 24 | 4.0% | -2.4% | ||
| Q3 24 | 0.4% | 7.3% | ||
| Q2 24 | -4.5% | -3.1% | ||
| Q1 24 | -1.5% | 3.6% |
| Q4 25 | 5.7% | 2.4% | ||
| Q3 25 | 3.5% | 2.0% | ||
| Q2 25 | 3.8% | 1.8% | ||
| Q1 25 | 6.3% | 2.1% | ||
| Q4 24 | 2.9% | 2.0% | ||
| Q3 24 | 3.6% | 1.6% | ||
| Q2 24 | 3.3% | 1.5% | ||
| Q1 24 | 5.2% | 2.0% |
| Q4 25 | 7.51× | 20.14× | ||
| Q3 25 | 2.15× | 8.24× | ||
| Q2 25 | -2.21× | 1.42× | ||
| Q1 25 | 8.42× | 1.63× | ||
| Q4 24 | 1.21× | -0.19× | ||
| Q3 24 | — | 4.66× | ||
| Q2 24 | -4.36× | -0.77× | ||
| Q1 24 | — | 6.16× |
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% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
