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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and Smurfit Westrock (SW). Click either name above to swap in a different company.
Smurfit Westrock is the larger business by last-quarter revenue ($7.6B vs $3.9B, roughly 2.0× Kyndryl Holdings, Inc.). Kyndryl Holdings, Inc. runs the higher net margin — 1.5% vs 1.3%, a 0.2% gap on every dollar of revenue. On growth, Kyndryl Holdings, Inc. posted the faster year-over-year revenue change (3.1% vs 0.5%). Smurfit Westrock produced more free cash flow last quarter ($612.0M vs $208.0M). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (60.8% 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.
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
KD vs SW — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $7.6B |
| Net Profit | $57.0M | $97.0M |
| Gross Margin | 21.8% | 18.2% |
| Operating Margin | 2.4% | 5.1% |
| Net Margin | 1.5% | 1.3% |
| Revenue YoY | 3.1% | 0.5% |
| Net Profit YoY | -73.5% | -33.6% |
| EPS (diluted) | $0.25 | $0.18 |
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 | $7.6B | ||
| Q3 25 | $3.7B | $8.0B | ||
| Q2 25 | $3.7B | $7.9B | ||
| Q1 25 | $3.8B | $7.7B | ||
| Q4 24 | $3.7B | $7.5B | ||
| Q3 24 | $3.8B | $7.7B | ||
| Q2 24 | $3.7B | $3.0B | ||
| Q1 24 | $3.9B | $2.9B |
| Q4 25 | $57.0M | $97.0M | ||
| Q3 25 | $68.0M | $246.0M | ||
| Q2 25 | $56.0M | $-28.0M | ||
| Q1 25 | $69.0M | $384.0M | ||
| Q4 24 | $215.0M | $146.0M | ||
| Q3 24 | $-43.0M | $-150.0M | ||
| Q2 24 | $11.0M | $132.0M | ||
| Q1 24 | $-45.0M | $191.0M |
| Q4 25 | 21.8% | 18.2% | ||
| Q3 25 | 21.5% | 19.6% | ||
| Q2 25 | 21.3% | 19.1% | ||
| Q1 25 | 21.7% | 20.6% | ||
| Q4 24 | 20.4% | 19.1% | ||
| Q3 24 | 19.9% | 17.6% | ||
| Q2 24 | 21.5% | 23.3% | ||
| Q1 24 | 18.6% | 24.2% |
| Q4 25 | 2.4% | 5.1% | ||
| Q3 25 | 2.6% | 6.6% | ||
| Q2 25 | 2.5% | 3.2% | ||
| Q1 25 | 3.1% | 7.2% | ||
| Q4 24 | 6.9% | 5.3% | ||
| Q3 24 | -0.1% | 0.7% | ||
| Q2 24 | 1.7% | 8.2% | ||
| Q1 24 | -0.1% | 10.5% |
| Q4 25 | 1.5% | 1.3% | ||
| Q3 25 | 1.8% | 3.1% | ||
| Q2 25 | 1.5% | -0.4% | ||
| Q1 25 | 1.8% | 5.0% | ||
| Q4 24 | 5.7% | 1.9% | ||
| Q3 24 | -1.1% | -2.0% | ||
| Q2 24 | 0.3% | 4.4% | ||
| Q1 24 | -1.2% | 6.5% |
| Q4 25 | $0.25 | $0.18 | ||
| Q3 25 | $0.29 | $0.47 | ||
| Q2 25 | $0.23 | $-0.05 | ||
| Q1 25 | $0.30 | $0.73 | ||
| Q4 24 | $0.89 | $-0.12 | ||
| Q3 24 | $-0.19 | $-0.30 | ||
| Q2 24 | $0.05 | $0.51 | ||
| Q1 24 | $-0.19 | $0.73 |
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 | $892.0M |
| Total DebtLower is stronger | $2.3B | $13.4B |
| Stockholders' EquityBook value | $1.2B | $18.3B |
| Total Assets | $11.3B | $45.2B |
| Debt / EquityLower = less leverage | 1.92× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $892.0M | ||
| Q3 25 | $1.3B | $851.0M | ||
| Q2 25 | $1.5B | $778.0M | ||
| Q1 25 | $1.8B | $797.0M | ||
| Q4 24 | $1.5B | $855.0M | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | $26.8K | ||
| Q1 24 | $1.6B | $108 |
| Q4 25 | $2.3B | $13.4B | ||
| Q3 25 | $3.0B | $13.3B | ||
| Q2 25 | $3.0B | $13.3B | ||
| Q1 25 | $3.0B | $12.9B | ||
| Q4 24 | $3.1B | $12.5B | ||
| Q3 24 | $3.1B | $13.2B | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $3.1B | — |
| Q4 25 | $1.2B | $18.3B | ||
| Q3 25 | $1.2B | $18.4B | ||
| Q2 25 | $1.2B | $18.3B | ||
| Q1 25 | $1.2B | $17.9B | ||
| Q4 24 | $1.1B | $17.4B | ||
| Q3 24 | $1.1B | $18.0B | ||
| Q2 24 | $996.0M | $14.5K | ||
| Q1 24 | $1.0B | $108 |
| Q4 25 | $11.3B | $45.2B | ||
| Q3 25 | $11.2B | $45.6B | ||
| Q2 25 | $11.5B | $45.7B | ||
| Q1 25 | $10.5B | $44.6B | ||
| Q4 24 | $9.9B | $43.8B | ||
| Q3 24 | $10.4B | $45.0B | ||
| Q2 24 | $10.2B | $26.8K | ||
| Q1 24 | $10.6B | $108 |
| Q4 25 | 1.92× | 0.73× | ||
| Q3 25 | 2.45× | 0.72× | ||
| Q2 25 | 2.44× | 0.73× | ||
| Q1 25 | 2.50× | 0.72× | ||
| Q4 24 | 2.81× | 0.72× | ||
| Q3 24 | 2.92× | 0.73× | ||
| Q2 24 | 3.12× | — | ||
| Q1 24 | 3.07× | — |
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 | $1.2B |
| Free Cash FlowOCF − Capex | $208.0M | $612.0M |
| FCF MarginFCF / Revenue | 5.4% | 8.1% |
| Capex IntensityCapex / Revenue | 5.7% | 7.7% |
| Cash ConversionOCF / Net Profit | 7.51× | 12.32× |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $428.0M | $1.2B | ||
| Q3 25 | $146.0M | $1.1B | ||
| Q2 25 | $-124.0M | $829.0M | ||
| Q1 25 | $581.0M | $235.0M | ||
| Q4 24 | $260.0M | $781.0M | ||
| Q3 24 | $149.0M | $320.0M | ||
| Q2 24 | $-48.0M | $340.0M | ||
| Q1 24 | $145.0M | $42.0M |
| Q4 25 | $208.0M | $612.0M | ||
| Q3 25 | $17.0M | $523.0M | ||
| Q2 25 | $-267.0M | $307.0M | ||
| Q1 25 | $341.0M | $-242.0M | ||
| Q4 24 | $151.0M | $212.0M | ||
| Q3 24 | $15.0M | $-192.0M | ||
| Q2 24 | $-170.0M | $163.0M | ||
| Q1 24 | $-57.0M | $-166.0M |
| Q4 25 | 5.4% | 8.1% | ||
| Q3 25 | 0.5% | 6.5% | ||
| Q2 25 | -7.1% | 3.9% | ||
| Q1 25 | 9.0% | -3.2% | ||
| Q4 24 | 4.0% | 2.8% | ||
| Q3 24 | 0.4% | -2.5% | ||
| Q2 24 | -4.5% | 5.5% | ||
| Q1 24 | -1.5% | -5.7% |
| Q4 25 | 5.7% | 7.7% | ||
| Q3 25 | 3.5% | 7.6% | ||
| Q2 25 | 3.8% | 6.6% | ||
| Q1 25 | 6.3% | 6.2% | ||
| Q4 24 | 2.9% | 7.5% | ||
| Q3 24 | 3.6% | 6.7% | ||
| Q2 24 | 3.3% | 6.0% | ||
| Q1 24 | 5.2% | 7.1% |
| Q4 25 | 7.51× | 12.32× | ||
| Q3 25 | 2.15× | 4.61× | ||
| Q2 25 | -2.21× | — | ||
| Q1 25 | 8.42× | 0.61× | ||
| Q4 24 | 1.21× | 5.35× | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.36× | 2.58× | ||
| Q1 24 | — | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
