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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $3.8B, roughly 1.1× Kyndryl Holdings, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 0.5%, a 30.6% gap on every dollar of revenue. Kyndryl Holdings, Inc. produced more free cash flow last quarter ($2.0B vs $1.8B). Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% CAGR vs 0.4%).
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.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
KD vs NTES — Head-to-Head
Income Statement — Q4 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.8B | $4.0B |
| Net Profit | $17.0M | $1.2B |
| Gross Margin | — | 64.1% |
| Operating Margin | 3.5% | 28.3% |
| Net Margin | 0.5% | 31.0% |
| Revenue YoY | 0.0% | — |
| Net Profit YoY | -75.0% | — |
| EPS (diluted) | $0.08 | — |
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 | $3.8B | — | ||
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.7B | $4.0B | ||
| Q2 25 | $3.7B | $3.9B | ||
| Q1 25 | $3.8B | $4.0B | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.8B | $3.7B | ||
| Q2 24 | $3.7B | $3.5B |
| Q1 26 | $17.0M | — | ||
| Q4 25 | $57.0M | — | ||
| Q3 25 | $68.0M | $1.2B | ||
| Q2 25 | $56.0M | $1.3B | ||
| Q1 25 | $69.0M | $1.5B | ||
| Q4 24 | $215.0M | — | ||
| Q3 24 | $-43.0M | $955.7M | ||
| Q2 24 | $11.0M | $939.6M |
| Q1 26 | — | — | ||
| Q4 25 | 21.8% | — | ||
| Q3 25 | 21.5% | 64.1% | ||
| Q2 25 | 21.3% | 64.7% | ||
| Q1 25 | 21.7% | 64.1% | ||
| Q4 24 | 20.4% | — | ||
| Q3 24 | 19.9% | 62.9% | ||
| Q2 24 | 21.5% | 62.9% |
| Q1 26 | 3.5% | — | ||
| Q4 25 | 2.4% | — | ||
| Q3 25 | 2.6% | 28.3% | ||
| Q2 25 | 2.5% | 32.5% | ||
| Q1 25 | 3.1% | 36.2% | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | -0.1% | 27.3% | ||
| Q2 24 | 1.7% | 27.4% |
| Q1 26 | 0.5% | — | ||
| Q4 25 | 1.5% | — | ||
| Q3 25 | 1.8% | 31.0% | ||
| Q2 25 | 1.5% | 32.6% | ||
| Q1 25 | 1.8% | 36.6% | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | -1.1% | 25.6% | ||
| Q2 24 | 0.3% | 26.8% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $0.25 | — | ||
| Q3 25 | $0.29 | — | ||
| Q2 25 | $0.23 | — | ||
| Q1 25 | $0.30 | — | ||
| Q4 24 | $0.89 | — | ||
| Q3 24 | $-0.19 | — | ||
| Q2 24 | $0.05 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.6B | $31.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $160.8B |
| Total Assets | — | $214.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.6B | — | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $31.3B | ||
| Q2 25 | $1.5B | $54.4B | ||
| Q1 25 | $1.8B | $41.7B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.3B | $20.2B | ||
| Q2 24 | $1.3B | $19.0B |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $160.8B | ||
| Q2 25 | $1.2B | $154.0B | ||
| Q1 25 | $1.2B | $147.8B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | $135.6B | ||
| Q2 24 | $996.0M | $134.2B |
| Q1 26 | — | — | ||
| Q4 25 | $11.3B | — | ||
| Q3 25 | $11.2B | $214.5B | ||
| Q2 25 | $11.5B | $208.5B | ||
| Q1 25 | $10.5B | $200.9B | ||
| Q4 24 | $9.9B | — | ||
| Q3 24 | $10.4B | $184.9B | ||
| Q2 24 | $10.2B | $183.3B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $948.0M | $1.8B |
| Free Cash FlowOCF − Capex | $2.0B | $1.8B |
| FCF MarginFCF / Revenue | 53.8% | 44.7% |
| Capex IntensityCapex / Revenue | 16.1% | 1.0% |
| Cash ConversionOCF / Net Profit | 55.76× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $948.0M | — | ||
| Q4 25 | $428.0M | — | ||
| Q3 25 | $146.0M | $1.8B | ||
| Q2 25 | $-124.0M | $1.5B | ||
| Q1 25 | $581.0M | $1.7B | ||
| Q4 24 | $260.0M | — | ||
| Q3 24 | $149.0M | $1.5B | ||
| Q2 24 | $-48.0M | $898.8M |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $208.0M | — | ||
| Q3 25 | $17.0M | $1.8B | ||
| Q2 25 | $-267.0M | $1.5B | ||
| Q1 25 | $341.0M | $1.6B | ||
| Q4 24 | $151.0M | — | ||
| Q3 24 | $15.0M | $1.5B | ||
| Q2 24 | $-170.0M | $875.6M |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 5.4% | — | ||
| Q3 25 | 0.5% | 44.7% | ||
| Q2 25 | -7.1% | 38.3% | ||
| Q1 25 | 9.0% | 40.4% | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 0.4% | 38.9% | ||
| Q2 24 | -4.5% | 25.0% |
| Q1 26 | 16.1% | — | ||
| Q4 25 | 5.7% | — | ||
| Q3 25 | 3.5% | 1.0% | ||
| Q2 25 | 3.8% | 0.7% | ||
| Q1 25 | 6.3% | 1.6% | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 3.6% | 1.4% | ||
| Q2 24 | 3.3% | 0.7% |
| Q1 26 | 55.76× | — | ||
| Q4 25 | 7.51× | — | ||
| Q3 25 | 2.15× | 1.47× | ||
| Q2 25 | -2.21× | 1.20× | ||
| Q1 25 | 8.42× | 1.15× | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | — | 1.58× | ||
| Q2 24 | -4.36× | 0.96× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KD
| Principal Markets | $1.3B | 34% |
| United States | $1.0B | 27% |
| Strategic Markets | $916.0M | 24% |
| Japan | $556.0M | 15% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
