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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
Ulta Beauty is the larger business by last-quarter revenue ($3.9B vs $3.8B, roughly 1.0× Kyndryl Holdings, Inc.). Ulta Beauty runs the higher net margin — 9.1% vs 0.5%, a 8.7% gap on every dollar of revenue. On growth, Ulta Beauty posted the faster year-over-year revenue change (100.0% vs 0.0%). Over the past eight quarters, Ulta Beauty's revenue compounded faster (4.7% 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.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
KD vs ULTA — Head-to-Head
Income Statement — Q4 FY2026 vs Q1 FY2027
| Metric | | |
|---|---|---|
| Revenue | $3.8B | $3.9B |
| Net Profit | $17.0M | $356.7M |
| Gross Margin | — | 38.1% |
| Operating Margin | 3.5% | 12.2% |
| Net Margin | 0.5% | 9.1% |
| Revenue YoY | 0.0% | 100.0% |
| Net Profit YoY | -75.0% | 9.1% |
| EPS (diluted) | $0.08 | $8.01 |
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 | $3.9B | ||
| Q4 25 | $3.9B | $2.9B | ||
| Q3 25 | $3.7B | $2.8B | ||
| Q2 25 | $3.7B | $2.8B | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.7B | $2.5B | ||
| Q3 24 | $3.8B | $2.6B | ||
| Q2 24 | $3.7B | $2.7B |
| Q1 26 | $17.0M | $356.7M | ||
| Q4 25 | $57.0M | $230.9M | ||
| Q3 25 | $68.0M | $260.9M | ||
| Q2 25 | $56.0M | $305.1M | ||
| Q1 25 | $69.0M | — | ||
| Q4 24 | $215.0M | $242.2M | ||
| Q3 24 | $-43.0M | $252.6M | ||
| Q2 24 | $11.0M | $313.1M |
| Q1 26 | — | 38.1% | ||
| Q4 25 | 21.8% | 40.4% | ||
| Q3 25 | 21.5% | 39.2% | ||
| Q2 25 | 21.3% | 39.1% | ||
| Q1 25 | 21.7% | — | ||
| Q4 24 | 20.4% | 39.7% | ||
| Q3 24 | 19.9% | 38.3% | ||
| Q2 24 | 21.5% | 39.2% |
| Q1 26 | 3.5% | 12.2% | ||
| Q4 25 | 2.4% | 10.8% | ||
| Q3 25 | 2.6% | 12.4% | ||
| Q2 25 | 2.5% | 14.1% | ||
| Q1 25 | 3.1% | — | ||
| Q4 24 | 6.9% | 12.6% | ||
| Q3 24 | -0.1% | 12.9% | ||
| Q2 24 | 1.7% | 14.7% |
| Q1 26 | 0.5% | 9.1% | ||
| Q4 25 | 1.5% | 8.1% | ||
| Q3 25 | 1.8% | 9.4% | ||
| Q2 25 | 1.5% | 10.7% | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 5.7% | 9.6% | ||
| Q3 24 | -1.1% | 9.9% | ||
| Q2 24 | 0.3% | 11.5% |
| Q1 26 | $0.08 | $8.01 | ||
| Q4 25 | $0.25 | $5.14 | ||
| Q3 25 | $0.29 | $5.78 | ||
| Q2 25 | $0.23 | $6.70 | ||
| Q1 25 | $0.30 | — | ||
| Q4 24 | $0.89 | $5.14 | ||
| Q3 24 | $-0.19 | $5.30 | ||
| Q2 24 | $0.05 | $6.47 |
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 | $494.2M |
| Total DebtLower is stronger | — | $62.3M |
| Stockholders' EquityBook value | — | $2.8B |
| Total Assets | — | $7.0B |
| Debt / EquityLower = less leverage | — | 0.02× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.6B | $494.2M | ||
| Q4 25 | $1.3B | $204.9M | ||
| Q3 25 | $1.3B | $242.7M | ||
| Q2 25 | $1.5B | $454.6M | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.5B | $177.8M | ||
| Q3 24 | $1.3B | $414.0M | ||
| Q2 24 | $1.3B | $524.6M |
| Q1 26 | — | $62.3M | ||
| 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 | — | $2.8B | ||
| Q4 25 | $1.2B | $2.6B | ||
| Q3 25 | $1.2B | $2.6B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.1B | $2.3B | ||
| Q3 24 | $1.1B | $2.3B | ||
| Q2 24 | $996.0M | $2.3B |
| Q1 26 | — | $7.0B | ||
| Q4 25 | $11.3B | $7.0B | ||
| Q3 25 | $11.2B | $6.6B | ||
| Q2 25 | $11.5B | $6.0B | ||
| Q1 25 | $10.5B | — | ||
| Q4 24 | $9.9B | $6.0B | ||
| Q3 24 | $10.4B | $5.7B | ||
| Q2 24 | $10.2B | $5.6B |
| Q1 26 | — | 0.02× | ||
| 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 | $1.5B |
| Free Cash FlowOCF − Capex | $2.0B | — |
| FCF MarginFCF / Revenue | 53.8% | — |
| Capex IntensityCapex / Revenue | 16.1% | 11.2% |
| Cash ConversionOCF / Net Profit | 55.76× | 4.21× |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $948.0M | $1.5B | ||
| Q4 25 | $428.0M | $5.6M | ||
| Q3 25 | $146.0M | $96.5M | ||
| Q2 25 | $-124.0M | $220.0M | ||
| Q1 25 | $581.0M | — | ||
| Q4 24 | $260.0M | $-56.8M | ||
| Q3 24 | $149.0M | $199.5M | ||
| Q2 24 | $-48.0M | $159.3M |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $208.0M | $-81.6M | ||
| Q3 25 | $17.0M | $19.6M | ||
| Q2 25 | $-267.0M | $141.0M | ||
| Q1 25 | $341.0M | — | ||
| Q4 24 | $151.0M | $-171.1M | ||
| Q3 24 | $15.0M | $104.3M | ||
| Q2 24 | $-170.0M | $68.3M |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 5.4% | -2.9% | ||
| Q3 25 | 0.5% | 0.7% | ||
| Q2 25 | -7.1% | 4.9% | ||
| Q1 25 | 9.0% | — | ||
| Q4 24 | 4.0% | -6.8% | ||
| Q3 24 | 0.4% | 4.1% | ||
| Q2 24 | -4.5% | 2.5% |
| Q1 26 | 16.1% | 11.2% | ||
| Q4 25 | 5.7% | 3.1% | ||
| Q3 25 | 3.5% | 2.8% | ||
| Q2 25 | 3.8% | 2.8% | ||
| Q1 25 | 6.3% | — | ||
| Q4 24 | 2.9% | 4.5% | ||
| Q3 24 | 3.6% | 3.7% | ||
| Q2 24 | 3.3% | 3.3% |
| Q1 26 | 55.76× | 4.21× | ||
| Q4 25 | 7.51× | 0.02× | ||
| Q3 25 | 2.15× | 0.37× | ||
| Q2 25 | -2.21× | 0.72× | ||
| Q1 25 | 8.42× | — | ||
| Q4 24 | 1.21× | -0.23× | ||
| Q3 24 | — | 0.79× | ||
| Q2 24 | -4.36× | 0.51× |
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% |
ULTA
Segment breakdown not available.
