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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and Vistra Corp. (VST). Click either name above to swap in a different company.
Vistra Corp. is the larger business by last-quarter revenue ($4.8B vs $3.9B, roughly 1.2× Kyndryl Holdings, Inc.). Vistra Corp. runs the higher net margin — 4.8% vs 1.5%, a 3.4% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 3.1%). Vistra Corp. produced more free cash flow last quarter ($596.0M vs $208.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% 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.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
KD vs VST — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $4.8B |
| Net Profit | $57.0M | $233.0M |
| Gross Margin | 21.8% | — |
| Operating Margin | 2.4% | 9.9% |
| Net Margin | 1.5% | 4.8% |
| Revenue YoY | 3.1% | 31.2% |
| Net Profit YoY | -73.5% | -47.2% |
| EPS (diluted) | $0.25 | $0.55 |
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 | $4.8B | ||
| Q3 25 | $3.7B | $4.8B | ||
| Q2 25 | $3.7B | $3.8B | ||
| Q1 25 | $3.8B | $4.3B | ||
| Q4 24 | $3.7B | $3.7B | ||
| Q3 24 | $3.8B | $4.3B | ||
| Q2 24 | $3.7B | $3.6B | ||
| Q1 24 | $3.9B | $3.2B |
| Q4 25 | $57.0M | $233.0M | ||
| Q3 25 | $68.0M | $652.0M | ||
| Q2 25 | $56.0M | $327.0M | ||
| Q1 25 | $69.0M | $-268.0M | ||
| Q4 24 | $215.0M | $441.0M | ||
| Q3 24 | $-43.0M | $1.9B | ||
| Q2 24 | $11.0M | $365.0M | ||
| Q1 24 | $-45.0M | $-35.0M |
| 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 24 | 18.6% | — |
| Q4 25 | 2.4% | 9.9% | ||
| Q3 25 | 2.6% | 21.7% | ||
| Q2 25 | 2.5% | 13.7% | ||
| Q1 25 | 3.1% | -2.8% | ||
| Q4 24 | 6.9% | 16.4% | ||
| Q3 24 | -0.1% | 59.6% | ||
| Q2 24 | 1.7% | 22.5% | ||
| Q1 24 | -0.1% | 2.7% |
| Q4 25 | 1.5% | 4.8% | ||
| Q3 25 | 1.8% | 13.6% | ||
| Q2 25 | 1.5% | 8.7% | ||
| Q1 25 | 1.8% | -6.3% | ||
| Q4 24 | 5.7% | 12.0% | ||
| Q3 24 | -1.1% | 43.5% | ||
| Q2 24 | 0.3% | 10.1% | ||
| Q1 24 | -1.2% | -1.1% |
| Q4 25 | $0.25 | $0.55 | ||
| Q3 25 | $0.29 | $1.75 | ||
| Q2 25 | $0.23 | $0.81 | ||
| Q1 25 | $0.30 | $-0.93 | ||
| Q4 24 | $0.89 | $1.09 | ||
| Q3 24 | $-0.19 | $5.25 | ||
| Q2 24 | $0.05 | $0.90 | ||
| Q1 24 | $-0.19 | $-0.24 |
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 | $785.0M |
| Total DebtLower is stronger | $2.3B | $15.8B |
| Stockholders' EquityBook value | $1.2B | $5.1B |
| Total Assets | $11.3B | $41.5B |
| Debt / EquityLower = less leverage | 1.92× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $785.0M | ||
| Q3 25 | $1.3B | $602.0M | ||
| Q2 25 | $1.5B | $458.0M | ||
| Q1 25 | $1.8B | $561.0M | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.3B | $905.0M | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.6B | $1.1B |
| Q4 25 | $2.3B | $15.8B | ||
| Q3 25 | $3.0B | $15.8B | ||
| Q2 25 | $3.0B | $15.5B | ||
| Q1 25 | $3.0B | $15.4B | ||
| Q4 24 | $3.1B | $15.4B | ||
| Q3 24 | $3.1B | $13.9B | ||
| Q2 24 | $3.1B | $13.9B | ||
| Q1 24 | $3.1B | $14.7B |
| Q4 25 | $1.2B | $5.1B | ||
| Q3 25 | $1.2B | $5.2B | ||
| Q2 25 | $1.2B | $4.8B | ||
| Q1 25 | $1.2B | $4.8B | ||
| Q4 24 | $1.1B | $5.6B | ||
| Q3 24 | $1.1B | $5.4B | ||
| Q2 24 | $996.0M | $5.6B | ||
| Q1 24 | $1.0B | $5.7B |
| Q4 25 | $11.3B | $41.5B | ||
| Q3 25 | $11.2B | $38.0B | ||
| Q2 25 | $11.5B | $38.1B | ||
| Q1 25 | $10.5B | $38.2B | ||
| Q4 24 | $9.9B | $37.8B | ||
| Q3 24 | $10.4B | $37.9B | ||
| Q2 24 | $10.2B | $39.1B | ||
| Q1 24 | $10.6B | $38.2B |
| Q4 25 | 1.92× | 3.11× | ||
| Q3 25 | 2.45× | 3.02× | ||
| Q2 25 | 2.44× | 3.22× | ||
| Q1 25 | 2.50× | 3.20× | ||
| Q4 24 | 2.81× | 2.77× | ||
| Q3 24 | 2.92× | 2.56× | ||
| Q2 24 | 3.12× | 2.49× | ||
| Q1 24 | 3.07× | 2.60× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | $208.0M | $596.0M |
| FCF MarginFCF / Revenue | 5.4% | 12.4% |
| Capex IntensityCapex / Revenue | 5.7% | 17.4% |
| Cash ConversionOCF / Net Profit | 7.51× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $428.0M | $1.4B | ||
| Q3 25 | $146.0M | $1.5B | ||
| Q2 25 | $-124.0M | $572.0M | ||
| Q1 25 | $581.0M | $599.0M | ||
| Q4 24 | $260.0M | $1.4B | ||
| Q3 24 | $149.0M | $1.7B | ||
| Q2 24 | $-48.0M | $1.2B | ||
| Q1 24 | $145.0M | $312.0M |
| Q4 25 | $208.0M | $596.0M | ||
| Q3 25 | $17.0M | $1.0B | ||
| Q2 25 | $-267.0M | $-118.0M | ||
| Q1 25 | $341.0M | $-169.0M | ||
| Q4 24 | $151.0M | $923.0M | ||
| Q3 24 | $15.0M | $1.0B | ||
| Q2 24 | $-170.0M | $698.0M | ||
| Q1 24 | $-57.0M | $-153.0M |
| Q4 25 | 5.4% | 12.4% | ||
| Q3 25 | 0.5% | 21.1% | ||
| Q2 25 | -7.1% | -3.1% | ||
| Q1 25 | 9.0% | -4.0% | ||
| Q4 24 | 4.0% | 25.2% | ||
| Q3 24 | 0.4% | 23.4% | ||
| Q2 24 | -4.5% | 19.4% | ||
| Q1 24 | -1.5% | -4.8% |
| Q4 25 | 5.7% | 17.4% | ||
| Q3 25 | 3.5% | 9.6% | ||
| Q2 25 | 3.8% | 18.4% | ||
| Q1 25 | 6.3% | 18.1% | ||
| Q4 24 | 2.9% | 11.7% | ||
| Q3 24 | 3.6% | 15.8% | ||
| Q2 24 | 3.3% | 13.8% | ||
| Q1 24 | 5.2% | 14.7% |
| Q4 25 | 7.51× | 6.15× | ||
| Q3 25 | 2.15× | 2.25× | ||
| Q2 25 | -2.21× | 1.75× | ||
| Q1 25 | 8.42× | — | ||
| Q4 24 | 1.21× | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | -4.36× | 3.28× | ||
| Q1 24 | — | — |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
