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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
Kyndryl Holdings, Inc. is the larger business by last-quarter revenue ($3.8B vs $3.7B, roughly 1.0× SHOPIFY INC.). SHOPIFY INC. runs the higher net margin — 20.2% vs 0.5%, a 19.8% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 0.0%). Kyndryl Holdings, Inc. produced more free cash flow last quarter ($2.0B vs $715.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% 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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
KD vs SHOP — Head-to-Head
Income Statement — Q4 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.8B | $3.7B |
| Net Profit | $17.0M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 3.5% | 17.2% |
| Net Margin | 0.5% | 20.2% |
| Revenue YoY | 0.0% | 30.6% |
| Net Profit YoY | -75.0% | -42.5% |
| EPS (diluted) | $0.08 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $3.7B | $2.8B | ||
| Q2 25 | $3.7B | $2.7B | ||
| Q1 25 | $3.8B | $2.4B | ||
| Q4 24 | $3.7B | $2.8B | ||
| Q3 24 | $3.8B | $2.2B | ||
| Q2 24 | $3.7B | $2.0B |
| Q1 26 | $17.0M | — | ||
| Q4 25 | $57.0M | $743.0M | ||
| Q3 25 | $68.0M | $264.0M | ||
| Q2 25 | $56.0M | $906.0M | ||
| Q1 25 | $69.0M | $-682.0M | ||
| Q4 24 | $215.0M | $1.3B | ||
| Q3 24 | $-43.0M | $828.0M | ||
| Q2 24 | $11.0M | $171.0M |
| Q1 26 | — | — | ||
| Q4 25 | 21.8% | 46.1% | ||
| Q3 25 | 21.5% | 48.9% | ||
| Q2 25 | 21.3% | 48.6% | ||
| Q1 25 | 21.7% | 49.5% | ||
| Q4 24 | 20.4% | 48.1% | ||
| Q3 24 | 19.9% | 51.7% | ||
| Q2 24 | 21.5% | 51.1% |
| Q1 26 | 3.5% | — | ||
| Q4 25 | 2.4% | 17.2% | ||
| Q3 25 | 2.6% | 12.1% | ||
| Q2 25 | 2.5% | 10.9% | ||
| Q1 25 | 3.1% | 8.6% | ||
| Q4 24 | 6.9% | 16.5% | ||
| Q3 24 | -0.1% | 13.1% | ||
| Q2 24 | 1.7% | 11.8% |
| Q1 26 | 0.5% | — | ||
| Q4 25 | 1.5% | 20.2% | ||
| Q3 25 | 1.8% | 9.3% | ||
| Q2 25 | 1.5% | 33.8% | ||
| Q1 25 | 1.8% | -28.9% | ||
| Q4 24 | 5.7% | 46.0% | ||
| Q3 24 | -1.1% | 38.3% | ||
| Q2 24 | 0.3% | 8.4% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $0.25 | $0.58 | ||
| Q3 25 | $0.29 | $0.20 | ||
| Q2 25 | $0.23 | $0.69 | ||
| Q1 25 | $0.30 | $-0.53 | ||
| Q4 24 | $0.89 | $0.99 | ||
| Q3 24 | $-0.19 | $0.64 | ||
| Q2 24 | $0.05 | $0.13 |
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 | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $13.5B |
| Total Assets | — | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.6B | — | ||
| Q4 25 | $1.3B | $5.8B | ||
| Q3 25 | $1.3B | $6.3B | ||
| Q2 25 | $1.5B | $5.8B | ||
| Q1 25 | $1.8B | $5.5B | ||
| Q4 24 | $1.5B | $5.5B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
| 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 | $13.5B | ||
| Q3 25 | $1.2B | $12.5B | ||
| Q2 25 | $1.2B | $12.1B | ||
| Q1 25 | $1.2B | $11.1B | ||
| Q4 24 | $1.1B | $11.6B | ||
| Q3 24 | $1.1B | $10.1B | ||
| Q2 24 | $996.0M | $9.2B |
| Q1 26 | — | — | ||
| Q4 25 | $11.3B | $15.2B | ||
| Q3 25 | $11.2B | $15.0B | ||
| Q2 25 | $11.5B | $14.6B | ||
| Q1 25 | $10.5B | $13.4B | ||
| Q4 24 | $9.9B | $13.9B | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.2B | — |
| 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 | $725.0M |
| Free Cash FlowOCF − Capex | $2.0B | $715.0M |
| FCF MarginFCF / Revenue | 53.8% | 19.5% |
| Capex IntensityCapex / Revenue | 16.1% | 0.3% |
| Cash ConversionOCF / Net Profit | 55.76× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $948.0M | — | ||
| Q4 25 | $428.0M | $725.0M | ||
| Q3 25 | $146.0M | $513.0M | ||
| Q2 25 | $-124.0M | $428.0M | ||
| Q1 25 | $581.0M | $367.0M | ||
| Q4 24 | $260.0M | $615.0M | ||
| Q3 24 | $149.0M | $423.0M | ||
| Q2 24 | $-48.0M | $340.0M |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $208.0M | $715.0M | ||
| Q3 25 | $17.0M | $507.0M | ||
| Q2 25 | $-267.0M | $422.0M | ||
| Q1 25 | $341.0M | $363.0M | ||
| Q4 24 | $151.0M | $611.0M | ||
| Q3 24 | $15.0M | $421.0M | ||
| Q2 24 | $-170.0M | $333.0M |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 5.4% | 19.5% | ||
| Q3 25 | 0.5% | 17.8% | ||
| Q2 25 | -7.1% | 15.7% | ||
| Q1 25 | 9.0% | 15.4% | ||
| Q4 24 | 4.0% | 21.7% | ||
| Q3 24 | 0.4% | 19.5% | ||
| Q2 24 | -4.5% | 16.3% |
| Q1 26 | 16.1% | — | ||
| Q4 25 | 5.7% | 0.3% | ||
| Q3 25 | 3.5% | 0.2% | ||
| Q2 25 | 3.8% | 0.2% | ||
| Q1 25 | 6.3% | 0.2% | ||
| Q4 24 | 2.9% | 0.1% | ||
| Q3 24 | 3.6% | 0.1% | ||
| Q2 24 | 3.3% | 0.3% |
| Q1 26 | 55.76× | — | ||
| Q4 25 | 7.51× | 0.98× | ||
| Q3 25 | 2.15× | 1.94× | ||
| Q2 25 | -2.21× | 0.47× | ||
| Q1 25 | 8.42× | — | ||
| Q4 24 | 1.21× | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | -4.36× | 1.99× |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
