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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and Royal Caribbean Group (RCL). Click either name above to swap in a different company.
Royal Caribbean Group is the larger business by last-quarter revenue ($4.3B vs $3.9B, roughly 1.1× Kyndryl Holdings, Inc.). Royal Caribbean Group runs the higher net margin — 17.7% vs 1.5%, a 16.2% gap on every dollar of revenue. On growth, Royal Caribbean Group posted the faster year-over-year revenue change (13.3% vs 3.1%). Kyndryl Holdings, Inc. produced more free cash flow last quarter ($208.0M vs $116.0M). Over the past eight quarters, Royal Caribbean Group'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.
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd ...
KD vs RCL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $4.3B |
| Net Profit | $57.0M | $753.0M |
| Gross Margin | 21.8% | 47.4% |
| Operating Margin | 2.4% | 21.9% |
| Net Margin | 1.5% | 17.7% |
| Revenue YoY | 3.1% | 13.3% |
| Net Profit YoY | -73.5% | 36.4% |
| EPS (diluted) | $0.25 | $2.76 |
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 | $4.3B | ||
| Q3 25 | $3.7B | $5.1B | ||
| Q2 25 | $3.7B | $4.5B | ||
| Q1 25 | $3.8B | $4.0B | ||
| Q4 24 | $3.7B | $3.8B | ||
| Q3 24 | $3.8B | $4.9B | ||
| Q2 24 | $3.7B | $4.1B | ||
| Q1 24 | $3.9B | $3.7B |
| Q4 25 | $57.0M | $753.0M | ||
| Q3 25 | $68.0M | $1.6B | ||
| Q2 25 | $56.0M | $1.2B | ||
| Q1 25 | $69.0M | $730.0M | ||
| Q4 24 | $215.0M | $552.0M | ||
| Q3 24 | $-43.0M | $1.1B | ||
| Q2 24 | $11.0M | $854.0M | ||
| Q1 24 | $-45.0M | $360.0M |
| Q4 25 | 21.8% | 47.4% | ||
| Q3 25 | 21.5% | 51.8% | ||
| Q2 25 | 21.3% | 49.7% | ||
| Q1 25 | 21.7% | 48.0% | ||
| Q4 24 | 20.4% | 45.4% | ||
| Q3 24 | 19.9% | 51.1% | ||
| Q2 24 | 21.5% | 47.6% | ||
| Q1 24 | 18.6% | 44.8% |
| Q4 25 | 2.4% | 21.9% | ||
| Q3 25 | 2.6% | 33.1% | ||
| Q2 25 | 2.5% | 29.3% | ||
| Q1 25 | 3.1% | 23.6% | ||
| Q4 24 | 6.9% | 16.6% | ||
| Q3 24 | -0.1% | 33.4% | ||
| Q2 24 | 1.7% | 26.7% | ||
| Q1 24 | -0.1% | 20.1% |
| Q4 25 | 1.5% | 17.7% | ||
| Q3 25 | 1.8% | 30.6% | ||
| Q2 25 | 1.5% | 26.7% | ||
| Q1 25 | 1.8% | 18.3% | ||
| Q4 24 | 5.7% | 14.7% | ||
| Q3 24 | -1.1% | 22.7% | ||
| Q2 24 | 0.3% | 20.8% | ||
| Q1 24 | -1.2% | 9.7% |
| Q4 25 | $0.25 | $2.76 | ||
| Q3 25 | $0.29 | $5.74 | ||
| Q2 25 | $0.23 | $4.41 | ||
| Q1 25 | $0.30 | $2.70 | ||
| Q4 24 | $0.89 | $2.27 | ||
| Q3 24 | $-0.19 | $4.21 | ||
| Q2 24 | $0.05 | $3.11 | ||
| Q1 24 | $-0.19 | $1.35 |
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 | $825.0M |
| Total DebtLower is stronger | $2.3B | $18.2B |
| Stockholders' EquityBook value | $1.2B | $10.0B |
| Total Assets | $11.3B | $41.6B |
| Debt / EquityLower = less leverage | 1.92× | 1.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $825.0M | ||
| Q3 25 | $1.3B | $432.0M | ||
| Q2 25 | $1.5B | $735.0M | ||
| Q1 25 | $1.8B | $386.0M | ||
| Q4 24 | $1.5B | $388.0M | ||
| Q3 24 | $1.3B | $418.0M | ||
| Q2 24 | $1.3B | $391.0M | ||
| Q1 24 | $1.6B | $437.0M |
| Q4 25 | $2.3B | $18.2B | ||
| Q3 25 | $3.0B | $17.2B | ||
| Q2 25 | $3.0B | $17.6B | ||
| Q1 25 | $3.0B | $18.0B | ||
| Q4 24 | $3.1B | $18.5B | ||
| Q3 24 | $3.1B | $19.0B | ||
| Q2 24 | $3.1B | $19.8B | ||
| Q1 24 | $3.1B | $18.9B |
| Q4 25 | $1.2B | $10.0B | ||
| Q3 25 | $1.2B | $10.1B | ||
| Q2 25 | $1.2B | $9.2B | ||
| Q1 25 | $1.2B | $8.0B | ||
| Q4 24 | $1.1B | $7.6B | ||
| Q3 24 | $1.1B | $7.0B | ||
| Q2 24 | $996.0M | $6.0B | ||
| Q1 24 | $1.0B | $5.2B |
| Q4 25 | $11.3B | $41.6B | ||
| Q3 25 | $11.2B | $40.1B | ||
| Q2 25 | $11.5B | $38.5B | ||
| Q1 25 | $10.5B | $37.5B | ||
| Q4 24 | $9.9B | $37.1B | ||
| Q3 24 | $10.4B | $37.1B | ||
| Q2 24 | $10.2B | $37.0B | ||
| Q1 24 | $10.6B | $35.2B |
| Q4 25 | 1.92× | 1.81× | ||
| Q3 25 | 2.45× | 1.70× | ||
| Q2 25 | 2.44× | 1.92× | ||
| Q1 25 | 2.50× | 2.26× | ||
| Q4 24 | 2.81× | 2.44× | ||
| Q3 24 | 2.92× | 2.69× | ||
| Q2 24 | 3.12× | 3.29× | ||
| Q1 24 | 3.07× | 3.66× |
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 | $1.6B |
| Free Cash FlowOCF − Capex | $208.0M | $116.0M |
| FCF MarginFCF / Revenue | 5.4% | 2.7% |
| Capex IntensityCapex / Revenue | 5.7% | 35.4% |
| Cash ConversionOCF / Net Profit | 7.51× | 2.16× |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $428.0M | $1.6B | ||
| Q3 25 | $146.0M | $1.5B | ||
| Q2 25 | $-124.0M | $1.7B | ||
| Q1 25 | $581.0M | $1.6B | ||
| Q4 24 | $260.0M | $1.5B | ||
| Q3 24 | $149.0M | $897.0M | ||
| Q2 24 | $-48.0M | $1.6B | ||
| Q1 24 | $145.0M | $1.3B |
| Q4 25 | $208.0M | $116.0M | ||
| Q3 25 | $17.0M | $-989.0M | ||
| Q2 25 | $-267.0M | $910.0M | ||
| Q1 25 | $341.0M | $1.2B | ||
| Q4 24 | $151.0M | $915.0M | ||
| Q3 24 | $15.0M | $563.0M | ||
| Q2 24 | $-170.0M | $-567.0M | ||
| Q1 24 | $-57.0M | $1.1B |
| Q4 25 | 5.4% | 2.7% | ||
| Q3 25 | 0.5% | -19.2% | ||
| Q2 25 | -7.1% | 20.1% | ||
| Q1 25 | 9.0% | 30.0% | ||
| Q4 24 | 4.0% | 24.3% | ||
| Q3 24 | 0.4% | 11.5% | ||
| Q2 24 | -4.5% | -13.8% | ||
| Q1 24 | -1.5% | 29.1% |
| Q4 25 | 5.7% | 35.4% | ||
| Q3 25 | 3.5% | 47.8% | ||
| Q2 25 | 3.8% | 18.4% | ||
| Q1 25 | 6.3% | 10.7% | ||
| Q4 24 | 2.9% | 14.7% | ||
| Q3 24 | 3.6% | 6.8% | ||
| Q2 24 | 3.3% | 52.1% | ||
| Q1 24 | 5.2% | 6.5% |
| Q4 25 | 7.51× | 2.16× | ||
| Q3 25 | 2.15× | 0.93× | ||
| Q2 25 | -2.21× | 1.44× | ||
| Q1 25 | 8.42× | 2.23× | ||
| Q4 24 | 1.21× | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | -4.36× | 1.84× | ||
| Q1 24 | — | 3.69× |
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% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
