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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and QVC Group, Inc. (QVCGA). Click either name above to swap in a different company.
Kyndryl Holdings, Inc. is the larger business by last-quarter revenue ($3.9B vs $2.7B, roughly 1.4× QVC Group, Inc.). Kyndryl Holdings, Inc. runs the higher net margin — 1.5% vs -1.4%, a 2.9% gap on every dollar of revenue. On growth, Kyndryl Holdings, Inc. posted the faster year-over-year revenue change (3.1% vs -9.1%). Kyndryl Holdings, Inc. produced more free cash flow last quarter ($208.0M vs $191.0M). Over the past eight quarters, QVC Group, Inc.'s revenue compounded faster (6.9% 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.
QVC Group, is an American media conglomerate controlled by company chairman John C. Malone, who owns a majority of the voting shares.
KD vs QVCGA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $2.7B |
| Net Profit | $57.0M | $-37.0M |
| Gross Margin | 21.8% | 32.9% |
| Operating Margin | 2.4% | 3.7% |
| Net Margin | 1.5% | -1.4% |
| Revenue YoY | 3.1% | -9.1% |
| Net Profit YoY | -73.5% | 97.1% |
| EPS (diluted) | $0.25 | $-17.37 |
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 | $2.7B | ||
| Q3 25 | $3.7B | $2.2B | ||
| Q2 25 | $3.7B | $2.2B | ||
| Q1 25 | $3.8B | $2.1B | ||
| Q4 24 | $3.7B | $2.9B | ||
| Q3 24 | $3.8B | $2.3B | ||
| Q2 24 | $3.7B | $2.4B | ||
| Q1 24 | $3.9B | $2.3B |
| Q4 25 | $57.0M | $-37.0M | ||
| Q3 25 | $68.0M | $-80.0M | ||
| Q2 25 | $56.0M | $-2.2B | ||
| Q1 25 | $69.0M | $-100.0M | ||
| Q4 24 | $215.0M | $-1.3B | ||
| Q3 24 | $-43.0M | $-23.0M | ||
| Q2 24 | $11.0M | $20.0M | ||
| Q1 24 | $-45.0M | $-1.0M |
| Q4 25 | 21.8% | 32.9% | ||
| Q3 25 | 21.5% | 34.0% | ||
| Q2 25 | 21.3% | 36.4% | ||
| Q1 25 | 21.7% | 34.2% | ||
| Q4 24 | 20.4% | 33.3% | ||
| Q3 24 | 19.9% | 35.3% | ||
| Q2 24 | 21.5% | 36.4% | ||
| Q1 24 | 18.6% | 35.5% |
| Q4 25 | 2.4% | 3.7% | ||
| Q3 25 | 2.6% | 2.7% | ||
| Q2 25 | 2.5% | -101.6% | ||
| Q1 25 | 3.1% | 0.7% | ||
| Q4 24 | 6.9% | -43.2% | ||
| Q3 24 | -0.1% | 6.5% | ||
| Q2 24 | 1.7% | 6.9% | ||
| Q1 24 | -0.1% | 6.2% |
| Q4 25 | 1.5% | -1.4% | ||
| Q3 25 | 1.8% | -3.6% | ||
| Q2 25 | 1.5% | -99.4% | ||
| Q1 25 | 1.8% | -4.8% | ||
| Q4 24 | 5.7% | -43.7% | ||
| Q3 24 | -1.1% | -1.0% | ||
| Q2 24 | 0.3% | 0.8% | ||
| Q1 24 | -1.2% | -0.0% |
| Q4 25 | $0.25 | $-17.37 | ||
| Q3 25 | $0.29 | $-9.89 | ||
| Q2 25 | $0.23 | $-275.46 | ||
| Q1 25 | $0.30 | $-0.25 | ||
| Q4 24 | $0.89 | — | ||
| Q3 24 | $-0.19 | $-0.06 | ||
| Q2 24 | $0.05 | $2.57 | ||
| Q1 24 | $-0.19 | — |
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 | $2.0B |
| Total DebtLower is stronger | $2.3B | $790.0M |
| Stockholders' EquityBook value | $1.2B | $-3.1B |
| Total Assets | $11.3B | $7.6B |
| Debt / EquityLower = less leverage | 1.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $2.0B | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $1.5B | $897.0M | ||
| Q1 25 | $1.8B | $833.0M | ||
| Q4 24 | $1.5B | $905.0M | ||
| Q3 24 | $1.3B | $873.0M | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.6B | $1.1B |
| Q4 25 | $2.3B | $790.0M | ||
| Q3 25 | $3.0B | $5.9B | ||
| Q2 25 | $3.0B | $4.9B | ||
| Q1 25 | $3.0B | $5.0B | ||
| Q4 24 | $3.1B | $4.1B | ||
| Q3 24 | $3.1B | $5.1B | ||
| Q2 24 | $3.1B | $5.3B | ||
| Q1 24 | $3.1B | $5.5B |
| Q4 25 | $1.2B | $-3.1B | ||
| Q3 25 | $1.2B | $-3.1B | ||
| Q2 25 | $1.2B | $-3.0B | ||
| Q1 25 | $1.2B | $-981.0M | ||
| Q4 24 | $1.1B | $-971.0M | ||
| Q3 24 | $1.1B | $397.0M | ||
| Q2 24 | $996.0M | $328.0M | ||
| Q1 24 | $1.0B | $255.0M |
| Q4 25 | $11.3B | $7.6B | ||
| Q3 25 | $11.2B | $7.6B | ||
| Q2 25 | $11.5B | $6.7B | ||
| Q1 25 | $10.5B | $9.0B | ||
| Q4 24 | $9.9B | $9.2B | ||
| Q3 24 | $10.4B | $10.8B | ||
| Q2 24 | $10.2B | $10.9B | ||
| Q1 24 | $10.6B | $11.0B |
| Q4 25 | 1.92× | — | ||
| Q3 25 | 2.45× | — | ||
| Q2 25 | 2.44× | — | ||
| Q1 25 | 2.50× | — | ||
| Q4 24 | 2.81× | — | ||
| Q3 24 | 2.92× | 12.74× | ||
| Q2 24 | 3.12× | 16.28× | ||
| Q1 24 | 3.07× | 21.53× |
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 | $244.0M |
| Free Cash FlowOCF − Capex | $208.0M | $191.0M |
| FCF MarginFCF / Revenue | 5.4% | 7.1% |
| Capex IntensityCapex / Revenue | 5.7% | 2.0% |
| Cash ConversionOCF / Net Profit | 7.51× | — |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | $118.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $428.0M | $244.0M | ||
| Q3 25 | $146.0M | $4.0M | ||
| Q2 25 | $-124.0M | $86.0M | ||
| Q1 25 | $581.0M | $-60.0M | ||
| Q4 24 | $260.0M | $212.0M | ||
| Q3 24 | $149.0M | $20.0M | ||
| Q2 24 | $-48.0M | $267.0M | ||
| Q1 24 | $145.0M | $26.0M |
| Q4 25 | $208.0M | $191.0M | ||
| Q3 25 | $17.0M | $-27.0M | ||
| Q2 25 | $-267.0M | $48.0M | ||
| Q1 25 | $341.0M | $-94.0M | ||
| Q4 24 | $151.0M | $150.0M | ||
| Q3 24 | $15.0M | $-23.0M | ||
| Q2 24 | $-170.0M | $213.0M | ||
| Q1 24 | $-57.0M | $-14.0M |
| Q4 25 | 5.4% | 7.1% | ||
| Q3 25 | 0.5% | -1.2% | ||
| Q2 25 | -7.1% | 2.1% | ||
| Q1 25 | 9.0% | -4.5% | ||
| Q4 24 | 4.0% | 5.1% | ||
| Q3 24 | 0.4% | -1.0% | ||
| Q2 24 | -4.5% | 8.8% | ||
| Q1 24 | -1.5% | -0.6% |
| Q4 25 | 5.7% | 2.0% | ||
| Q3 25 | 3.5% | 1.4% | ||
| Q2 25 | 3.8% | 1.7% | ||
| Q1 25 | 6.3% | 1.6% | ||
| Q4 24 | 2.9% | 2.1% | ||
| Q3 24 | 3.6% | 1.8% | ||
| Q2 24 | 3.3% | 2.2% | ||
| Q1 24 | 5.2% | 1.7% |
| Q4 25 | 7.51× | — | ||
| Q3 25 | 2.15× | — | ||
| Q2 25 | -2.21× | — | ||
| Q1 25 | 8.42× | — | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.36× | 13.35× | ||
| 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% |
QVCGA
| Other | $915.0M | 34% |
| Home | $754.0M | 28% |
| Beauty | $260.0M | 10% |
| Apparel | $254.0M | 9% |
| Electronics | $187.0M | 7% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 3% |
| Manufactured Product Other | $38.0M | 1% |
