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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and PG&E Corporation (PCG). Click either name above to swap in a different company.
PG&E Corporation is the larger business by last-quarter revenue ($6.9B vs $3.9B, roughly 1.8× Kyndryl Holdings, Inc.). PG&E Corporation runs the higher net margin — 12.9% vs 1.5%, a 11.4% gap on every dollar of revenue. On growth, PG&E Corporation posted the faster year-over-year revenue change (15.0% vs 3.1%). Over the past eight quarters, PG&E Corporation's revenue compounded faster (7.2% 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.
Pacific Gas and Electric Company (PG&E) is an American investor-owned utility (IOU). The company is headquartered at Kaiser Center, in Oakland, California. PG&E provides natural gas and electricity to 5.2 million households in the northern two-thirds of California, from Bakersfield and northern Santa Barbara County, almost to the Oregon and Nevada state lines.
KD vs PCG — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $6.9B |
| Net Profit | $57.0M | $885.0M |
| Gross Margin | 21.8% | — |
| Operating Margin | 2.4% | 21.4% |
| Net Margin | 1.5% | 12.9% |
| Revenue YoY | 3.1% | 15.0% |
| Net Profit YoY | -73.5% | 39.6% |
| EPS (diluted) | $0.25 | $0.39 |
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 | — | $6.9B | ||
| Q4 25 | $3.9B | $6.8B | ||
| Q3 25 | $3.7B | $6.3B | ||
| Q2 25 | $3.7B | $5.9B | ||
| Q1 25 | $3.8B | $6.0B | ||
| Q4 24 | $3.7B | $6.6B | ||
| Q3 24 | $3.8B | $5.9B | ||
| Q2 24 | $3.7B | $6.0B |
| Q1 26 | — | $885.0M | ||
| Q4 25 | $57.0M | $670.0M | ||
| Q3 25 | $68.0M | $850.0M | ||
| Q2 25 | $56.0M | $549.0M | ||
| Q1 25 | $69.0M | $634.0M | ||
| Q4 24 | $215.0M | $674.0M | ||
| Q3 24 | $-43.0M | $579.0M | ||
| Q2 24 | $11.0M | $524.0M |
| Q1 26 | — | — | ||
| 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 | — | 21.4% | ||
| Q4 25 | 2.4% | 18.0% | ||
| Q3 25 | 2.6% | 19.3% | ||
| Q2 25 | 2.5% | 18.6% | ||
| Q1 25 | 3.1% | 20.4% | ||
| Q4 24 | 6.9% | 15.4% | ||
| Q3 24 | -0.1% | 17.3% | ||
| Q2 24 | 1.7% | 18.9% |
| Q1 26 | — | 12.9% | ||
| Q4 25 | 1.5% | 9.8% | ||
| Q3 25 | 1.8% | 13.6% | ||
| Q2 25 | 1.5% | 9.3% | ||
| Q1 25 | 1.8% | 10.6% | ||
| Q4 24 | 5.7% | 10.2% | ||
| Q3 24 | -1.1% | 9.7% | ||
| Q2 24 | 0.3% | 8.8% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | $0.25 | $0.29 | ||
| Q3 25 | $0.29 | $0.37 | ||
| Q2 25 | $0.23 | $0.24 | ||
| Q1 25 | $0.30 | $0.28 | ||
| Q4 24 | $0.89 | $0.30 | ||
| Q3 24 | $-0.19 | $0.27 | ||
| Q2 24 | $0.05 | $0.24 |
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 | — |
| Total DebtLower is stronger | $2.3B | — |
| Stockholders' EquityBook value | $1.2B | — |
| Total Assets | $11.3B | — |
| Debt / EquityLower = less leverage | 1.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $713.0M | ||
| Q3 25 | $1.3B | $404.0M | ||
| Q2 25 | $1.5B | $494.0M | ||
| Q1 25 | $1.8B | $2.0B | ||
| Q4 24 | $1.5B | $940.0M | ||
| Q3 24 | $1.3B | $895.0M | ||
| Q2 24 | $1.3B | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $57.4B | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.1B | $53.6B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $32.5B | ||
| Q3 25 | $1.2B | $32.0B | ||
| Q2 25 | $1.2B | $31.2B | ||
| Q1 25 | $1.2B | $30.7B | ||
| Q4 24 | $1.1B | $30.1B | ||
| Q3 24 | $1.1B | $26.8B | ||
| Q2 24 | $996.0M | $26.3B |
| Q1 26 | — | — | ||
| Q4 25 | $11.3B | $141.6B | ||
| Q3 25 | $11.2B | $138.2B | ||
| Q2 25 | $11.5B | $136.4B | ||
| Q1 25 | $10.5B | $135.4B | ||
| Q4 24 | $9.9B | $133.7B | ||
| Q3 24 | $10.4B | $132.3B | ||
| Q2 24 | $10.2B | $130.8B |
| Q1 26 | — | — | ||
| Q4 25 | 1.92× | 1.76× | ||
| Q3 25 | 2.45× | — | ||
| Q2 25 | 2.44× | — | ||
| Q1 25 | 2.50× | — | ||
| Q4 24 | 2.81× | 1.78× | ||
| 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 | $428.0M | — |
| Free Cash FlowOCF − Capex | $208.0M | — |
| FCF MarginFCF / Revenue | 5.4% | — |
| Capex IntensityCapex / Revenue | 5.7% | — |
| 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 | $2.0B | ||
| Q3 25 | $146.0M | $2.9B | ||
| Q2 25 | $-124.0M | $1.1B | ||
| Q1 25 | $581.0M | $2.8B | ||
| Q4 24 | $260.0M | $1.9B | ||
| Q3 24 | $149.0M | $3.1B | ||
| Q2 24 | $-48.0M | $711.0M |
| Q1 26 | — | — | ||
| Q4 25 | $208.0M | $-1.2B | ||
| Q3 25 | $17.0M | $-80.0M | ||
| Q2 25 | $-267.0M | $-2.0B | ||
| Q1 25 | $341.0M | $213.0M | ||
| Q4 24 | $151.0M | $-896.0M | ||
| Q3 24 | $15.0M | $526.0M | ||
| Q2 24 | $-170.0M | $-1.6B |
| Q1 26 | — | — | ||
| Q4 25 | 5.4% | -17.6% | ||
| Q3 25 | 0.5% | -1.3% | ||
| Q2 25 | -7.1% | -34.0% | ||
| Q1 25 | 9.0% | 3.6% | ||
| Q4 24 | 4.0% | -13.5% | ||
| Q3 24 | 0.4% | 8.9% | ||
| Q2 24 | -4.5% | -26.5% |
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | 46.4% | ||
| Q3 25 | 3.5% | 46.9% | ||
| Q2 25 | 3.8% | 52.0% | ||
| Q1 25 | 6.3% | 44.0% | ||
| Q4 24 | 2.9% | 42.6% | ||
| Q3 24 | 3.6% | 43.8% | ||
| Q2 24 | 3.3% | 38.4% |
| Q1 26 | — | — | ||
| Q4 25 | 7.51× | 2.93× | ||
| Q3 25 | 2.15× | 3.35× | ||
| Q2 25 | -2.21× | 1.93× | ||
| Q1 25 | 8.42× | 4.49× | ||
| Q4 24 | 1.21× | 2.87× | ||
| Q3 24 | — | 5.41× | ||
| Q2 24 | -4.36× | 1.36× |
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% |
PCG
| Electric | $5.0B | 72% |
| Other | $1.9B | 28% |
