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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Union Pacific Corporation is the larger business by last-quarter revenue ($6.2B vs $3.9B, roughly 1.6× Kyndryl Holdings, Inc.). Union Pacific Corporation runs the higher net margin — 27.4% vs 1.5%, a 25.9% gap on every dollar of revenue. On growth, Union Pacific Corporation posted the faster year-over-year revenue change (3.2% vs 3.1%). Union Pacific Corporation produced more free cash flow last quarter ($631.0M vs $208.0M). Over the past eight quarters, Union Pacific Corporation's revenue compounded faster (1.7% 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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
KD vs UNP — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $6.2B |
| Net Profit | $57.0M | $1.7B |
| Gross Margin | 21.8% | — |
| Operating Margin | 2.4% | 39.5% |
| Net Margin | 1.5% | 27.4% |
| Revenue YoY | 3.1% | 3.2% |
| Net Profit YoY | -73.5% | 4.6% |
| EPS (diluted) | $0.25 | $2.87 |
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 | — | $6.2B | ||
| Q4 25 | $3.9B | $6.1B | ||
| Q3 25 | $3.7B | $6.2B | ||
| Q2 25 | $3.7B | $6.2B | ||
| Q1 25 | $3.8B | $6.0B | ||
| Q4 24 | $3.7B | $6.1B | ||
| Q3 24 | $3.8B | $6.1B | ||
| Q2 24 | $3.7B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $57.0M | $1.8B | ||
| Q3 25 | $68.0M | $1.8B | ||
| Q2 25 | $56.0M | $1.9B | ||
| Q1 25 | $69.0M | $1.6B | ||
| Q4 24 | $215.0M | $1.8B | ||
| Q3 24 | $-43.0M | $1.7B | ||
| Q2 24 | $11.0M | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | 21.8% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 21.3% | — | ||
| Q1 25 | 21.7% | — | ||
| Q4 24 | 20.4% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 21.5% | — |
| Q1 26 | — | 39.5% | ||
| Q4 25 | 2.4% | 39.5% | ||
| Q3 25 | 2.6% | 40.8% | ||
| Q2 25 | 2.5% | 41.0% | ||
| Q1 25 | 3.1% | 39.3% | ||
| Q4 24 | 6.9% | 41.3% | ||
| Q3 24 | -0.1% | 39.7% | ||
| Q2 24 | 1.7% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 1.5% | 30.4% | ||
| Q3 25 | 1.8% | 28.6% | ||
| Q2 25 | 1.5% | 30.5% | ||
| Q1 25 | 1.8% | 27.0% | ||
| Q4 24 | 5.7% | 28.8% | ||
| Q3 24 | -1.1% | 27.4% | ||
| Q2 24 | 0.3% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $0.25 | $3.12 | ||
| Q3 25 | $0.29 | $3.01 | ||
| Q2 25 | $0.23 | $3.15 | ||
| Q1 25 | $0.30 | $2.70 | ||
| Q4 24 | $0.89 | $2.91 | ||
| Q3 24 | $-0.19 | $2.75 | ||
| Q2 24 | $0.05 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | $2.3B | — |
| Stockholders' EquityBook value | $1.2B | — |
| Total Assets | $11.3B | $69.6B |
| Debt / EquityLower = less leverage | 1.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $1.3B | $1.3B | ||
| Q3 25 | $1.3B | $808.0M | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $1.8B | $1.4B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.3B | $947.0M | ||
| Q2 24 | $1.3B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $30.3B | ||
| Q3 25 | $3.0B | $30.3B | ||
| Q2 25 | $3.0B | $30.3B | ||
| Q1 25 | $3.0B | $30.6B | ||
| Q4 24 | $3.1B | $29.8B | ||
| Q3 24 | $3.1B | $29.8B | ||
| Q2 24 | $3.1B | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $18.5B | ||
| Q3 25 | $1.2B | $17.3B | ||
| Q2 25 | $1.2B | $16.3B | ||
| Q1 25 | $1.2B | $16.0B | ||
| Q4 24 | $1.1B | $16.9B | ||
| Q3 24 | $1.1B | $16.6B | ||
| Q2 24 | $996.0M | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $11.3B | $69.7B | ||
| Q3 25 | $11.2B | $68.6B | ||
| Q2 25 | $11.5B | $68.6B | ||
| Q1 25 | $10.5B | $68.5B | ||
| Q4 24 | $9.9B | $67.7B | ||
| Q3 24 | $10.4B | $67.6B | ||
| Q2 24 | $10.2B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | 1.92× | 1.64× | ||
| Q3 25 | 2.45× | 1.75× | ||
| Q2 25 | 2.44× | 1.86× | ||
| Q1 25 | 2.50× | 1.91× | ||
| Q4 24 | 2.81× | 1.76× | ||
| Q3 24 | 2.92× | 1.79× | ||
| Q2 24 | 3.12× | 1.89× |
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 | — |
| Free Cash FlowOCF − Capex | $208.0M | $631.0M |
| FCF MarginFCF / Revenue | 5.4% | 10.1% |
| Capex IntensityCapex / Revenue | 5.7% | — |
| Cash ConversionOCF / Net Profit | 7.51× | — |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $428.0M | $2.2B | ||
| Q3 25 | $146.0M | $2.5B | ||
| Q2 25 | $-124.0M | $2.3B | ||
| Q1 25 | $581.0M | $2.2B | ||
| Q4 24 | $260.0M | $2.7B | ||
| Q3 24 | $149.0M | $2.7B | ||
| Q2 24 | $-48.0M | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $208.0M | $1.2B | ||
| Q3 25 | $17.0M | $1.6B | ||
| Q2 25 | $-267.0M | $1.4B | ||
| Q1 25 | $341.0M | $1.3B | ||
| Q4 24 | $151.0M | $1.7B | ||
| Q3 24 | $15.0M | $1.8B | ||
| Q2 24 | $-170.0M | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | 5.4% | 20.1% | ||
| Q3 25 | 0.5% | 25.2% | ||
| Q2 25 | -7.1% | 22.7% | ||
| Q1 25 | 9.0% | 21.6% | ||
| Q4 24 | 4.0% | 28.4% | ||
| Q3 24 | 0.4% | 29.9% | ||
| Q2 24 | -4.5% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | 16.4% | ||
| Q3 25 | 3.5% | 15.2% | ||
| Q2 25 | 3.8% | 15.2% | ||
| Q1 25 | 6.3% | 15.0% | ||
| Q4 24 | 2.9% | 15.1% | ||
| Q3 24 | 3.6% | 13.6% | ||
| Q2 24 | 3.3% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 7.51× | 1.20× | ||
| Q3 25 | 2.15× | 1.41× | ||
| Q2 25 | -2.21× | 1.24× | ||
| Q1 25 | 8.42× | 1.36× | ||
| Q4 24 | 1.21× | 1.51× | ||
| Q3 24 | — | 1.59× | ||
| Q2 24 | -4.36× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
