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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and LPL Financial Holdings Inc. (LPLA). Click either name above to swap in a different company.
LPL Financial Holdings Inc. is the larger business by last-quarter revenue ($4.9B vs $3.9B, roughly 1.3× Kyndryl Holdings, Inc.). LPL Financial Holdings Inc. runs the higher net margin — 7.2% vs 1.5%, a 5.7% gap on every dollar of revenue. On growth, LPL Financial Holdings Inc. posted the faster year-over-year revenue change (34.6% vs 3.1%). Over the past eight quarters, LPL Financial Holdings Inc.'s revenue compounded faster (29.8% 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.
LPL Financial Holdings Inc. was founded in 1989 and is considered the largest independent broker-dealer in the United States. As of 2021 the company had more than 17,500 financial advisors, over US$1 trillion in advisory and brokerage assets, and generated approximately $10.3 billion in annual revenue for the 2023 fiscal year. LPL Financial has main offices in Boston, Fort Mill, Austin, and San Diego. The company is a member of FINRA and the SIPC.
KD vs LPLA — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $4.9B |
| Net Profit | $57.0M | $356.4M |
| Gross Margin | 21.8% | 32.3% |
| Operating Margin | 2.4% | — |
| Net Margin | 1.5% | 7.2% |
| Revenue YoY | 3.1% | 34.6% |
| Net Profit YoY | -73.5% | — |
| EPS (diluted) | $0.25 | $4.43 |
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.
| Q1 26 | — | $4.9B | ||
| Q4 25 | $3.9B | $4.9B | ||
| Q3 25 | $3.7B | $4.6B | ||
| Q2 25 | $3.7B | $3.8B | ||
| Q1 25 | $3.8B | $3.7B | ||
| Q4 24 | $3.7B | $3.5B | ||
| Q3 24 | $3.8B | $3.1B | ||
| Q2 24 | $3.7B | $2.9B |
| Q1 26 | — | $356.4M | ||
| Q4 25 | $57.0M | $300.7M | ||
| Q3 25 | $68.0M | $-29.5M | ||
| Q2 25 | $56.0M | $273.2M | ||
| Q1 25 | $69.0M | $318.6M | ||
| Q4 24 | $215.0M | $270.7M | ||
| Q3 24 | $-43.0M | $255.3M | ||
| Q2 24 | $11.0M | $243.8M |
| Q1 26 | — | 32.3% | ||
| 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 26 | — | — | ||
| Q4 25 | 2.4% | 8.1% | ||
| Q3 25 | 2.6% | -0.7% | ||
| Q2 25 | 2.5% | 9.6% | ||
| Q1 25 | 3.1% | 11.4% | ||
| Q4 24 | 6.9% | 9.7% | ||
| Q3 24 | -0.1% | 11.2% | ||
| Q2 24 | 1.7% | 11.3% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 1.5% | 6.1% | ||
| Q3 25 | 1.8% | -0.6% | ||
| Q2 25 | 1.5% | 7.1% | ||
| Q1 25 | 1.8% | 8.7% | ||
| Q4 24 | 5.7% | 7.7% | ||
| Q3 24 | -1.1% | 8.2% | ||
| Q2 24 | 0.3% | 8.3% |
| Q1 26 | — | $4.43 | ||
| Q4 25 | $0.25 | $3.65 | ||
| Q3 25 | $0.29 | $-0.37 | ||
| Q2 25 | $0.23 | $3.40 | ||
| Q1 25 | $0.30 | $4.24 | ||
| Q4 24 | $0.89 | $3.58 | ||
| Q3 24 | $-0.19 | $3.39 | ||
| Q2 24 | $0.05 | $3.23 |
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 | $1.0B |
| Total DebtLower is stronger | $2.3B | — |
| Stockholders' EquityBook value | $1.2B | $5.7B |
| Total Assets | $11.3B | $18.8B |
| Debt / EquityLower = less leverage | 1.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $1.3B | $1.6B | ||
| Q2 25 | $1.5B | $4.3B | ||
| Q1 25 | $1.8B | $1.4B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.3B | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $7.3B | ||
| Q3 25 | $3.0B | $7.5B | ||
| Q2 25 | $3.0B | $7.2B | ||
| Q1 25 | $3.0B | $5.7B | ||
| Q4 24 | $3.1B | $5.5B | ||
| Q3 24 | $3.1B | $4.4B | ||
| Q2 24 | $3.1B | $4.4B |
| Q1 26 | — | $5.7B | ||
| Q4 25 | $1.2B | $5.3B | ||
| Q3 25 | $1.2B | $5.0B | ||
| Q2 25 | $1.2B | $5.1B | ||
| Q1 25 | $1.2B | $3.1B | ||
| Q4 24 | $1.1B | $2.9B | ||
| Q3 24 | $1.1B | $2.8B | ||
| Q2 24 | $996.0M | $2.5B |
| Q1 26 | — | $18.8B | ||
| Q4 25 | $11.3B | $18.5B | ||
| Q3 25 | $11.2B | $18.0B | ||
| Q2 25 | $11.5B | $17.5B | ||
| Q1 25 | $10.5B | $14.0B | ||
| Q4 24 | $9.9B | $13.3B | ||
| Q3 24 | $10.4B | $11.9B | ||
| Q2 24 | $10.2B | $11.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.92× | 1.36× | ||
| Q3 25 | 2.45× | 1.49× | ||
| Q2 25 | 2.44× | 1.41× | ||
| Q1 25 | 2.50× | 1.82× | ||
| Q4 24 | 2.81× | 1.87× | ||
| Q3 24 | 2.92× | 1.60× | ||
| Q2 24 | 3.12× | 1.77× |
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 | — |
| Free Cash FlowOCF − Capex | $208.0M | — |
| FCF MarginFCF / Revenue | 5.4% | — |
| Capex IntensityCapex / Revenue | 5.7% | 0.0% |
| Cash ConversionOCF / Net Profit | 7.51× | — |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $428.0M | $785.0M | ||
| Q3 25 | $146.0M | $-1.7B | ||
| Q2 25 | $-124.0M | $193.3M | ||
| Q1 25 | $581.0M | $339.8M | ||
| Q4 24 | $260.0M | $-178.8M | ||
| Q3 24 | $149.0M | $209.3M | ||
| Q2 24 | $-48.0M | $-178.9M |
| Q1 26 | — | — | ||
| Q4 25 | $208.0M | $613.3M | ||
| Q3 25 | $17.0M | $-1.9B | ||
| Q2 25 | $-267.0M | $56.3M | ||
| Q1 25 | $341.0M | $220.3M | ||
| Q4 24 | $151.0M | $-344.3M | ||
| Q3 24 | $15.0M | $62.3M | ||
| Q2 24 | $-170.0M | $-307.8M |
| Q1 26 | — | — | ||
| Q4 25 | 5.4% | 12.4% | ||
| Q3 25 | 0.5% | -41.1% | ||
| Q2 25 | -7.1% | 1.5% | ||
| Q1 25 | 9.0% | 6.0% | ||
| Q4 24 | 4.0% | -9.8% | ||
| Q3 24 | 0.4% | 2.0% | ||
| Q2 24 | -4.5% | -10.5% |
| Q1 26 | — | 0.0% | ||
| Q4 25 | 5.7% | 3.5% | ||
| Q3 25 | 3.5% | 3.1% | ||
| Q2 25 | 3.8% | 3.6% | ||
| Q1 25 | 6.3% | 3.3% | ||
| Q4 24 | 2.9% | 4.7% | ||
| Q3 24 | 3.6% | 4.7% | ||
| Q2 24 | 3.3% | 4.4% |
| Q1 26 | — | — | ||
| Q4 25 | 7.51× | 2.61× | ||
| Q3 25 | 2.15× | — | ||
| Q2 25 | -2.21× | 0.71× | ||
| Q1 25 | 8.42× | 1.07× | ||
| Q4 24 | 1.21× | -0.66× | ||
| Q3 24 | — | 0.82× | ||
| Q2 24 | -4.36× | -0.73× |
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% |
LPLA
| Advisory | $2.6B | 53% |
| Sales-based | $705.4M | 14% |
| Trailing | $486.6M | 10% |
| Client cash | $445.3M | 9% |
| Other | $394.5M | 8% |
| Service and fee | $211.0M | 4% |
| Transaction | $80.5M | 2% |
