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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and OPEN TEXT CORP (OTEX). Click either name above to swap in a different company.
Kyndryl Holdings, Inc. is the larger business by last-quarter revenue ($3.9B vs $1.3B, roughly 2.9× OPEN TEXT CORP). OPEN TEXT CORP runs the higher net margin — 12.7% vs 1.5%, a 11.2% gap on every dollar of revenue. On growth, Kyndryl Holdings, Inc. posted the faster year-over-year revenue change (3.1% vs -0.6%). OPEN TEXT CORP produced more free cash flow last quarter ($279.4M vs $208.0M). Over the past eight quarters, Kyndryl Holdings, Inc.'s revenue compounded faster (0.1% CAGR vs -4.3%).
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.
Open Text Corporation is a global software company that develops and sells information management software.
KD vs OTEX — Head-to-Head
Income Statement — Q3 2026 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $1.3B |
| Net Profit | $57.0M | $168.1M |
| Gross Margin | 21.8% | 74.0% |
| Operating Margin | 2.4% | 22.0% |
| Net Margin | 1.5% | 12.7% |
| Revenue YoY | 3.1% | -0.6% |
| Net Profit YoY | -73.5% | -26.9% |
| EPS (diluted) | $0.25 | $0.66 |
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 | $1.3B | ||
| Q3 25 | $3.7B | $1.3B | ||
| Q2 25 | $3.7B | $1.3B | ||
| Q1 25 | $3.8B | $1.3B | ||
| Q4 24 | $3.7B | $1.3B | ||
| Q3 24 | $3.8B | $1.3B | ||
| Q2 24 | $3.7B | $1.4B | ||
| Q1 24 | $3.9B | $1.4B |
| Q4 25 | $57.0M | $168.1M | ||
| Q3 25 | $68.0M | $146.6M | ||
| Q2 25 | $56.0M | $28.8M | ||
| Q1 25 | $69.0M | $92.8M | ||
| Q4 24 | $215.0M | $229.9M | ||
| Q3 24 | $-43.0M | $84.4M | ||
| Q2 24 | $11.0M | $248.2M | ||
| Q1 24 | $-45.0M | $98.3M |
| Q4 25 | 21.8% | 74.0% | ||
| Q3 25 | 21.5% | 72.8% | ||
| Q2 25 | 21.3% | 72.3% | ||
| Q1 25 | 21.7% | 71.6% | ||
| Q4 24 | 20.4% | 73.3% | ||
| Q3 24 | 19.9% | 71.7% | ||
| Q2 24 | 21.5% | 72.5% | ||
| Q1 24 | 18.6% | 73.0% |
| Q4 25 | 2.4% | 22.0% | ||
| Q3 25 | 2.6% | 21.0% | ||
| Q2 25 | 2.5% | 13.9% | ||
| Q1 25 | 3.1% | 16.7% | ||
| Q4 24 | 6.9% | 22.2% | ||
| Q3 24 | -0.1% | 16.3% | ||
| Q2 24 | 1.7% | 14.2% | ||
| Q1 24 | -0.1% | 15.7% |
| Q4 25 | 1.5% | 12.7% | ||
| Q3 25 | 1.8% | 11.4% | ||
| Q2 25 | 1.5% | 2.2% | ||
| Q1 25 | 1.8% | 7.4% | ||
| Q4 24 | 5.7% | 17.2% | ||
| Q3 24 | -1.1% | 6.6% | ||
| Q2 24 | 0.3% | 18.2% | ||
| Q1 24 | -1.2% | 6.8% |
| Q4 25 | $0.25 | $0.66 | ||
| Q3 25 | $0.29 | $0.58 | ||
| Q2 25 | $0.23 | $0.11 | ||
| Q1 25 | $0.30 | $0.35 | ||
| Q4 24 | $0.89 | $0.87 | ||
| Q3 24 | $-0.19 | $0.32 | ||
| Q2 24 | $0.05 | $0.91 | ||
| Q1 24 | $-0.19 | $0.36 |
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 | $1.3B |
| Total DebtLower is stronger | $2.3B | $6.4B |
| Stockholders' EquityBook value | $1.2B | $4.0B |
| Total Assets | $11.3B | $13.6B |
| Debt / EquityLower = less leverage | 1.92× | 1.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $1.3B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.8B | $1.3B | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $1.6B | $1.1B |
| Q4 25 | $2.3B | $6.4B | ||
| Q3 25 | $3.0B | $6.4B | ||
| Q2 25 | $3.0B | $6.4B | ||
| Q1 25 | $3.0B | $6.4B | ||
| Q4 24 | $3.1B | $6.4B | ||
| Q3 24 | $3.1B | $6.4B | ||
| Q2 24 | $3.1B | $6.4B | ||
| Q1 24 | $3.1B | $8.4B |
| Q4 25 | $1.2B | $4.0B | ||
| Q3 25 | $1.2B | $4.0B | ||
| Q2 25 | $1.2B | $3.9B | ||
| Q1 25 | $1.2B | $4.1B | ||
| Q4 24 | $1.1B | $4.2B | ||
| Q3 24 | $1.1B | $4.1B | ||
| Q2 24 | $996.0M | $4.2B | ||
| Q1 24 | $1.0B | $4.1B |
| Q4 25 | $11.3B | $13.6B | ||
| Q3 25 | $11.2B | $13.5B | ||
| Q2 25 | $11.5B | $13.8B | ||
| Q1 25 | $10.5B | $13.8B | ||
| Q4 24 | $9.9B | $13.7B | ||
| Q3 24 | $10.4B | $13.8B | ||
| Q2 24 | $10.2B | $14.2B | ||
| Q1 24 | $10.6B | $16.4B |
| Q4 25 | 1.92× | 1.58× | ||
| Q3 25 | 2.45× | 1.61× | ||
| Q2 25 | 2.44× | 1.62× | ||
| Q1 25 | 2.50× | 1.55× | ||
| Q4 24 | 2.81× | 1.51× | ||
| Q3 24 | 2.92× | 1.55× | ||
| Q2 24 | 3.12× | 1.52× | ||
| Q1 24 | 3.07× | 2.02× |
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 | $318.7M |
| Free Cash FlowOCF − Capex | $208.0M | $279.4M |
| FCF MarginFCF / Revenue | 5.4% | 21.1% |
| Capex IntensityCapex / Revenue | 5.7% | 3.0% |
| Cash ConversionOCF / Net Profit | 7.51× | 1.90× |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | $878.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $428.0M | $318.7M | ||
| Q3 25 | $146.0M | $147.8M | ||
| Q2 25 | $-124.0M | $158.2M | ||
| Q1 25 | $581.0M | $402.2M | ||
| Q4 24 | $260.0M | $348.0M | ||
| Q3 24 | $149.0M | $-77.8M | ||
| Q2 24 | $-48.0M | $185.2M | ||
| Q1 24 | $145.0M | $384.7M |
| Q4 25 | $208.0M | $279.4M | ||
| Q3 25 | $17.0M | $101.2M | ||
| Q2 25 | $-267.0M | $124.0M | ||
| Q1 25 | $341.0M | $373.8M | ||
| Q4 24 | $151.0M | $306.7M | ||
| Q3 24 | $15.0M | $-117.1M | ||
| Q2 24 | $-170.0M | $145.2M | ||
| Q1 24 | $-57.0M | $348.2M |
| Q4 25 | 5.4% | 21.1% | ||
| Q3 25 | 0.5% | 7.9% | ||
| Q2 25 | -7.1% | 9.5% | ||
| Q1 25 | 9.0% | 29.8% | ||
| Q4 24 | 4.0% | 23.0% | ||
| Q3 24 | 0.4% | -9.2% | ||
| Q2 24 | -4.5% | 10.7% | ||
| Q1 24 | -1.5% | 24.1% |
| Q4 25 | 5.7% | 3.0% | ||
| Q3 25 | 3.5% | 3.6% | ||
| Q2 25 | 3.8% | 2.6% | ||
| Q1 25 | 6.3% | 2.3% | ||
| Q4 24 | 2.9% | 3.1% | ||
| Q3 24 | 3.6% | 3.1% | ||
| Q2 24 | 3.3% | 2.9% | ||
| Q1 24 | 5.2% | 2.5% |
| Q4 25 | 7.51× | 1.90× | ||
| Q3 25 | 2.15× | 1.01× | ||
| Q2 25 | -2.21× | 5.49× | ||
| Q1 25 | 8.42× | 4.33× | ||
| Q4 24 | 1.21× | 1.51× | ||
| Q3 24 | — | -0.92× | ||
| Q2 24 | -4.36× | 0.75× | ||
| Q1 24 | — | 3.91× |
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% |
OTEX
| Transferred At Point In Time | $184.2M | 14% |
| Cybersecurity Enterprise Product | $174.5M | 13% |
| Business Network Product | $159.8M | 12% |
| Business Network Cloud Services And Subscriptions | $151.4M | 11% |
| Content Cloud Services And Subscriptions | $137.9M | 10% |
| Cybersecurity SMB Consumer Product | $127.6M | 10% |
| Application Delivery Management Product | $120.1M | 9% |
| IT Operations Management Product | $113.3M | 9% |
| Professional Service And Other | $82.5M | 6% |
| Analytics Product | $58.1M | 4% |
| IT Operations Management Cloud Services And Subscriptions | $7.8M | 1% |
