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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and Macy's, Inc. (M). Click either name above to swap in a different company.
Macy's, Inc. is the larger business by last-quarter revenue ($4.7B vs $3.9B, roughly 1.2× Kyndryl Holdings, Inc.). Kyndryl Holdings, Inc. runs the higher net margin — 1.5% vs 0.2%, a 1.2% gap on every dollar of revenue. On growth, Kyndryl Holdings, Inc. posted the faster year-over-year revenue change (3.1% vs -0.6%). Kyndryl Holdings, Inc. produced more free cash flow last quarter ($208.0M vs $-101.0M). Over the past eight quarters, Kyndryl Holdings, Inc.'s revenue compounded faster (0.1% CAGR vs -23.8%).
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.
Macy's, Inc. is an American holding company of department stores. Upon its establishment in 1929, Federated held ownership of the regional department store chains Abraham & Straus, Lazarus, Filene's, and Shillito's. Bloomingdale's joined Federated Department Stores the next year. Throughout its early history, frequent acquisitions and divestitures saw the company operate a number of nameplates. In 1994, Federated took over Macy's, the old department store chain originally founded in 1858 by A...
KD vs M — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $4.7B |
| Net Profit | $57.0M | $11.0M |
| Gross Margin | 21.8% | 39.4% |
| Operating Margin | 2.4% | 0.9% |
| Net Margin | 1.5% | 0.2% |
| Revenue YoY | 3.1% | -0.6% |
| Net Profit YoY | -73.5% | -60.7% |
| EPS (diluted) | $0.25 | $0.04 |
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 | $4.7B | ||
| Q3 25 | $3.7B | $4.8B | ||
| Q2 25 | $3.7B | $4.6B | ||
| Q1 25 | $3.8B | $7.8B | ||
| Q4 24 | $3.7B | $4.7B | ||
| Q3 24 | $3.8B | $4.9B | ||
| Q2 24 | $3.7B | $4.8B | ||
| Q1 24 | $3.9B | $8.1B |
| Q4 25 | $57.0M | $11.0M | ||
| Q3 25 | $68.0M | $87.0M | ||
| Q2 25 | $56.0M | $38.0M | ||
| Q1 25 | $69.0M | $342.0M | ||
| Q4 24 | $215.0M | $28.0M | ||
| Q3 24 | $-43.0M | $150.0M | ||
| Q2 24 | $11.0M | $62.0M | ||
| Q1 24 | $-45.0M | $-71.0M |
| Q4 25 | 21.8% | 39.4% | ||
| Q3 25 | 21.5% | 39.7% | ||
| Q2 25 | 21.3% | 39.2% | ||
| Q1 25 | 21.7% | 35.7% | ||
| Q4 24 | 20.4% | 39.6% | ||
| Q3 24 | 19.9% | 40.5% | ||
| Q2 24 | 21.5% | 39.2% | ||
| Q1 24 | 18.6% | 37.5% |
| Q4 25 | 2.4% | 0.9% | ||
| Q3 25 | 2.6% | 3.1% | ||
| Q2 25 | 2.5% | 2.0% | ||
| Q1 25 | 3.1% | 6.4% | ||
| Q4 24 | 6.9% | 1.3% | ||
| Q3 24 | -0.1% | 4.5% | ||
| Q2 24 | 1.7% | 2.6% | ||
| Q1 24 | -0.1% | -0.9% |
| Q4 25 | 1.5% | 0.2% | ||
| Q3 25 | 1.8% | 1.8% | ||
| Q2 25 | 1.5% | 0.8% | ||
| Q1 25 | 1.8% | 4.4% | ||
| Q4 24 | 5.7% | 0.6% | ||
| Q3 24 | -1.1% | 3.0% | ||
| Q2 24 | 0.3% | 1.3% | ||
| Q1 24 | -1.2% | -0.9% |
| Q4 25 | $0.25 | $0.04 | ||
| Q3 25 | $0.29 | $0.31 | ||
| Q2 25 | $0.23 | $0.13 | ||
| Q1 25 | $0.30 | $1.22 | ||
| Q4 24 | $0.89 | $0.10 | ||
| Q3 24 | $-0.19 | $0.53 | ||
| Q2 24 | $0.05 | $0.22 | ||
| Q1 24 | $-0.19 | $-0.25 |
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 | $447.0M |
| Total DebtLower is stronger | $2.3B | $2.4B |
| Stockholders' EquityBook value | $1.2B | $4.3B |
| Total Assets | $11.3B | $17.1B |
| Debt / EquityLower = less leverage | 1.92× | 0.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $447.0M | ||
| Q3 25 | $1.3B | $829.0M | ||
| Q2 25 | $1.5B | $932.0M | ||
| Q1 25 | $1.8B | $1.3B | ||
| Q4 24 | $1.5B | $315.0M | ||
| Q3 24 | $1.3B | $646.0M | ||
| Q2 24 | $1.3B | $876.0M | ||
| Q1 24 | $1.6B | $1.0B |
| Q4 25 | $2.3B | $2.4B | ||
| Q3 25 | $3.0B | $2.4B | ||
| Q2 25 | $3.0B | $2.8B | ||
| Q1 25 | $3.0B | $2.8B | ||
| Q4 24 | $3.1B | $2.8B | ||
| Q3 24 | $3.1B | $3.0B | ||
| Q2 24 | $3.1B | $3.0B | ||
| Q1 24 | $3.1B | $3.0B |
| Q4 25 | $1.2B | $4.3B | ||
| Q3 25 | $1.2B | $4.5B | ||
| Q2 25 | $1.2B | $4.5B | ||
| Q1 25 | $1.2B | $4.6B | ||
| Q4 24 | $1.1B | $4.1B | ||
| Q3 24 | $1.1B | $4.3B | ||
| Q2 24 | $996.0M | $4.2B | ||
| Q1 24 | $1.0B | $4.1B |
| Q4 25 | $11.3B | $17.1B | ||
| Q3 25 | $11.2B | $15.6B | ||
| Q2 25 | $11.5B | $16.1B | ||
| Q1 25 | $10.5B | $16.4B | ||
| Q4 24 | $9.9B | $17.3B | ||
| Q3 24 | $10.4B | $15.8B | ||
| Q2 24 | $10.2B | $16.4B | ||
| Q1 24 | $10.6B | $16.2B |
| Q4 25 | 1.92× | 0.56× | ||
| Q3 25 | 2.45× | 0.55× | ||
| Q2 25 | 2.44× | 0.62× | ||
| Q1 25 | 2.50× | 0.61× | ||
| Q4 24 | 2.81× | 0.67× | ||
| Q3 24 | 2.92× | 0.70× | ||
| Q2 24 | 3.12× | 0.72× | ||
| Q1 24 | 3.07× | 0.72× |
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 | $-8.0M |
| Free Cash FlowOCF − Capex | $208.0M | $-101.0M |
| FCF MarginFCF / Revenue | 5.4% | -2.1% |
| Capex IntensityCapex / Revenue | 5.7% | 2.0% |
| Cash ConversionOCF / Net Profit | 7.51× | -0.73× |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $428.0M | $-8.0M | ||
| Q3 25 | $146.0M | $319.0M | ||
| Q2 25 | $-124.0M | $-64.0M | ||
| Q1 25 | $581.0M | $1.3B | ||
| Q4 24 | $260.0M | $-167.0M | ||
| Q3 24 | $149.0M | $8.0M | ||
| Q2 24 | $-48.0M | $129.0M | ||
| Q1 24 | $145.0M | $1.1B |
| Q4 25 | $208.0M | $-101.0M | ||
| Q3 25 | $17.0M | $240.0M | ||
| Q2 25 | $-267.0M | $-164.0M | ||
| Q1 25 | $341.0M | $1.2B | ||
| Q4 24 | $151.0M | $-295.0M | ||
| Q3 24 | $15.0M | $-109.0M | ||
| Q2 24 | $-170.0M | $-25.0M | ||
| Q1 24 | $-57.0M | $1.0B |
| Q4 25 | 5.4% | -2.1% | ||
| Q3 25 | 0.5% | 5.0% | ||
| Q2 25 | -7.1% | -3.6% | ||
| Q1 25 | 9.0% | 15.3% | ||
| Q4 24 | 4.0% | -6.2% | ||
| Q3 24 | 0.4% | -2.2% | ||
| Q2 24 | -4.5% | -0.5% | ||
| Q1 24 | -1.5% | 12.3% |
| Q4 25 | 5.7% | 2.0% | ||
| Q3 25 | 3.5% | 1.6% | ||
| Q2 25 | 3.8% | 2.2% | ||
| Q1 25 | 6.3% | 1.5% | ||
| Q4 24 | 2.9% | 2.7% | ||
| Q3 24 | 3.6% | 2.4% | ||
| Q2 24 | 3.3% | 3.2% | ||
| Q1 24 | 5.2% | 1.8% |
| Q4 25 | 7.51× | -0.73× | ||
| Q3 25 | 2.15× | 3.67× | ||
| Q2 25 | -2.21× | -1.68× | ||
| Q1 25 | 8.42× | 3.82× | ||
| Q4 24 | 1.21× | -5.96× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | -4.36× | 2.08× | ||
| Q1 24 | — | — |
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% |
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
