vs
Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and McDonald's (MCD). Click either name above to swap in a different company.
McDonald's is the larger business by last-quarter revenue ($7.0B vs $3.9B, roughly 1.8× Kyndryl Holdings, Inc.). McDonald's runs the higher net margin — 30.9% vs 1.5%, a 29.4% gap on every dollar of revenue. On growth, McDonald's posted the faster year-over-year revenue change (9.7% vs 3.1%). McDonald's produced more free cash flow last quarter ($1.6B vs $208.0M). Over the past eight quarters, McDonald's's revenue compounded faster (6.6% 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.
McDonald's Corporation, doing business as McDonald's, is an American multinational fast food restaurant chain. As of 2024, it is the second-largest by number of locations in the world, behind the Chinese chain Mixue Ice Cream & Tea.
KD vs MCD — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $7.0B |
| Net Profit | $57.0M | $2.2B |
| Gross Margin | 21.8% | — |
| Operating Margin | 2.4% | 45.0% |
| Net Margin | 1.5% | 30.9% |
| Revenue YoY | 3.1% | 9.7% |
| Net Profit YoY | -73.5% | 7.3% |
| EPS (diluted) | $0.25 | $3.03 |
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 | $7.0B | ||
| Q3 25 | $3.7B | $7.1B | ||
| Q2 25 | $3.7B | $6.8B | ||
| Q1 25 | $3.8B | $6.0B | ||
| Q4 24 | $3.7B | $6.4B | ||
| Q3 24 | $3.8B | $6.9B | ||
| Q2 24 | $3.7B | $6.5B | ||
| Q1 24 | $3.9B | $6.2B |
| Q4 25 | $57.0M | $2.2B | ||
| Q3 25 | $68.0M | $2.3B | ||
| Q2 25 | $56.0M | $2.3B | ||
| Q1 25 | $69.0M | $1.9B | ||
| Q4 24 | $215.0M | $2.0B | ||
| Q3 24 | $-43.0M | $2.3B | ||
| Q2 24 | $11.0M | $2.0B | ||
| Q1 24 | $-45.0M | $1.9B |
| Q4 25 | 21.8% | — | ||
| Q3 25 | 21.5% | 90.6% | ||
| Q2 25 | 21.3% | 90.4% | ||
| Q1 25 | 21.7% | 89.6% | ||
| Q4 24 | 20.4% | — | ||
| Q3 24 | 19.9% | 90.6% | ||
| Q2 24 | 21.5% | 90.3% | ||
| Q1 24 | 18.6% | 89.8% |
| Q4 25 | 2.4% | 45.0% | ||
| Q3 25 | 2.6% | 47.4% | ||
| Q2 25 | 2.5% | 47.2% | ||
| Q1 25 | 3.1% | 44.5% | ||
| Q4 24 | 6.9% | 44.9% | ||
| Q3 24 | -0.1% | 46.4% | ||
| Q2 24 | 1.7% | 45.0% | ||
| Q1 24 | -0.1% | 44.4% |
| Q4 25 | 1.5% | 30.9% | ||
| Q3 25 | 1.8% | 32.2% | ||
| Q2 25 | 1.5% | 32.9% | ||
| Q1 25 | 1.8% | 31.4% | ||
| Q4 24 | 5.7% | 31.6% | ||
| Q3 24 | -1.1% | 32.8% | ||
| Q2 24 | 0.3% | 31.2% | ||
| Q1 24 | -1.2% | 31.3% |
| Q4 25 | $0.25 | $3.03 | ||
| Q3 25 | $0.29 | $3.18 | ||
| Q2 25 | $0.23 | $3.14 | ||
| Q1 25 | $0.30 | $2.60 | ||
| Q4 24 | $0.89 | $2.80 | ||
| Q3 24 | $-0.19 | $3.13 | ||
| Q2 24 | $0.05 | $2.80 | ||
| Q1 24 | $-0.19 | $2.66 |
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 | $774.0M |
| Total DebtLower is stronger | $2.3B | $40.0B |
| Stockholders' EquityBook value | $1.2B | $-1.8B |
| Total Assets | $11.3B | $59.5B |
| Debt / EquityLower = less leverage | 1.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $774.0M | ||
| Q3 25 | $1.3B | $2.4B | ||
| Q2 25 | $1.5B | $1.9B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.3B | $792.0M | ||
| Q1 24 | $1.6B | $838.0M |
| Q4 25 | $2.3B | $40.0B | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.1B | $38.4B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $3.1B | — |
| Q4 25 | $1.2B | $-1.8B | ||
| Q3 25 | $1.2B | $-2.2B | ||
| Q2 25 | $1.2B | $-2.8B | ||
| Q1 25 | $1.2B | $-3.5B | ||
| Q4 24 | $1.1B | $-3.8B | ||
| Q3 24 | $1.1B | $-5.2B | ||
| Q2 24 | $996.0M | $-4.8B | ||
| Q1 24 | $1.0B | $-4.8B |
| Q4 25 | $11.3B | $59.5B | ||
| Q3 25 | $11.2B | $60.6B | ||
| Q2 25 | $11.5B | $59.6B | ||
| Q1 25 | $10.5B | $56.3B | ||
| Q4 24 | $9.9B | $55.2B | ||
| Q3 24 | $10.4B | $56.2B | ||
| Q2 24 | $10.2B | $53.8B | ||
| Q1 24 | $10.6B | $53.5B |
| Q4 25 | 1.92× | — | ||
| Q3 25 | 2.45× | — | ||
| Q2 25 | 2.44× | — | ||
| Q1 25 | 2.50× | — | ||
| Q4 24 | 2.81× | — | ||
| Q3 24 | 2.92× | — | ||
| Q2 24 | 3.12× | — | ||
| Q1 24 | 3.07× | — |
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 | $2.7B |
| Free Cash FlowOCF − Capex | $208.0M | $1.6B |
| FCF MarginFCF / Revenue | 5.4% | 23.4% |
| Capex IntensityCapex / Revenue | 5.7% | 15.1% |
| Cash ConversionOCF / Net Profit | 7.51× | 1.25× |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | $7.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $428.0M | $2.7B | ||
| Q3 25 | $146.0M | $3.4B | ||
| Q2 25 | $-124.0M | $2.0B | ||
| Q1 25 | $581.0M | $2.4B | ||
| Q4 24 | $260.0M | $2.6B | ||
| Q3 24 | $149.0M | $2.7B | ||
| Q2 24 | $-48.0M | $1.7B | ||
| Q1 24 | $145.0M | $2.4B |
| Q4 25 | $208.0M | $1.6B | ||
| Q3 25 | $17.0M | $2.4B | ||
| Q2 25 | $-267.0M | $1.3B | ||
| Q1 25 | $341.0M | $1.9B | ||
| Q4 24 | $151.0M | $1.8B | ||
| Q3 24 | $15.0M | $1.9B | ||
| Q2 24 | $-170.0M | $1.1B | ||
| Q1 24 | $-57.0M | $1.8B |
| Q4 25 | 5.4% | 23.4% | ||
| Q3 25 | 0.5% | 34.1% | ||
| Q2 25 | -7.1% | 18.3% | ||
| Q1 25 | 9.0% | 31.5% | ||
| Q4 24 | 4.0% | 28.6% | ||
| Q3 24 | 0.4% | 28.3% | ||
| Q2 24 | -4.5% | 16.3% | ||
| Q1 24 | -1.5% | 29.9% |
| Q4 25 | 5.7% | 15.1% | ||
| Q3 25 | 3.5% | 14.3% | ||
| Q2 25 | 3.8% | 10.9% | ||
| Q1 25 | 6.3% | 9.3% | ||
| Q4 24 | 2.9% | 12.6% | ||
| Q3 24 | 3.6% | 11.6% | ||
| Q2 24 | 3.3% | 9.7% | ||
| Q1 24 | 5.2% | 8.9% |
| Q4 25 | 7.51× | 1.25× | ||
| Q3 25 | 2.15× | 1.50× | ||
| Q2 25 | -2.21× | 0.89× | ||
| Q1 25 | 8.42× | 1.30× | ||
| Q4 24 | 1.21× | 1.30× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | -4.36× | 0.84× | ||
| Q1 24 | — | 1.24× |
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% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
