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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and XPO, Inc. (XPO). Click either name above to swap in a different company.
Kyndryl Holdings, Inc. is the larger business by last-quarter revenue ($3.8B vs $2.1B, roughly 1.8× XPO, Inc.). XPO, Inc. runs the higher net margin — 4.8% vs 0.5%, a 4.4% gap on every dollar of revenue. On growth, XPO, Inc. posted the faster year-over-year revenue change (7.3% vs 0.0%). Over the past eight quarters, XPO, Inc.'s revenue compounded faster (0.4% 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.
XPO, Inc., formerly XPO Logistics, is an American transportation company that conducts less-than-truckload shipping in North America. The company has headquarters in Greenwich, Connecticut, and has 592 locations globally. XPO is the second largest provider of less-than-truckload (LTL) services in North America, operating in 99 percent of all U.S. postal codes.
KD vs XPO — Head-to-Head
Income Statement — Q4 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.8B | $2.1B |
| Net Profit | $17.0M | $101.0M |
| Gross Margin | — | — |
| Operating Margin | 3.5% | 8.3% |
| Net Margin | 0.5% | 4.8% |
| Revenue YoY | 0.0% | 7.3% |
| Net Profit YoY | -75.0% | 46.4% |
| EPS (diluted) | $0.08 | $0.85 |
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 | $2.1B | ||
| Q4 25 | $3.9B | $2.0B | ||
| Q3 25 | $3.7B | $2.1B | ||
| Q2 25 | $3.7B | $2.1B | ||
| Q1 25 | $3.8B | $2.0B | ||
| Q4 24 | $3.7B | $1.9B | ||
| Q3 24 | $3.8B | $2.1B | ||
| Q2 24 | $3.7B | $2.1B |
| Q1 26 | $17.0M | $101.0M | ||
| Q4 25 | $57.0M | $59.0M | ||
| Q3 25 | $68.0M | $82.0M | ||
| Q2 25 | $56.0M | $106.0M | ||
| Q1 25 | $69.0M | $69.0M | ||
| Q4 24 | $215.0M | $75.0M | ||
| Q3 24 | $-43.0M | $95.0M | ||
| Q2 24 | $11.0M | $150.0M |
| 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 | 3.5% | 8.3% | ||
| Q4 25 | 2.4% | 7.1% | ||
| Q3 25 | 2.6% | 7.8% | ||
| Q2 25 | 2.5% | 9.5% | ||
| Q1 25 | 3.1% | 7.7% | ||
| Q4 24 | 6.9% | 7.8% | ||
| Q3 24 | -0.1% | 8.6% | ||
| Q2 24 | 1.7% | 9.5% |
| Q1 26 | 0.5% | 4.8% | ||
| Q4 25 | 1.5% | 2.9% | ||
| Q3 25 | 1.8% | 3.9% | ||
| Q2 25 | 1.5% | 5.1% | ||
| Q1 25 | 1.8% | 3.5% | ||
| Q4 24 | 5.7% | 3.9% | ||
| Q3 24 | -1.1% | 4.6% | ||
| Q2 24 | 0.3% | 7.2% |
| Q1 26 | $0.08 | $0.85 | ||
| Q4 25 | $0.25 | $0.49 | ||
| Q3 25 | $0.29 | $0.68 | ||
| Q2 25 | $0.23 | $0.89 | ||
| Q1 25 | $0.30 | $0.58 | ||
| Q4 24 | $0.89 | $0.63 | ||
| Q3 24 | $-0.19 | $0.79 | ||
| Q2 24 | $0.05 | $1.25 |
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 | $237.0M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | — | $1.9B |
| Total Assets | — | $8.2B |
| Debt / EquityLower = less leverage | — | 1.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.6B | $237.0M | ||
| Q4 25 | $1.3B | $310.0M | ||
| Q3 25 | $1.3B | $335.0M | ||
| Q2 25 | $1.5B | $225.0M | ||
| Q1 25 | $1.8B | $212.0M | ||
| Q4 24 | $1.5B | $246.0M | ||
| Q3 24 | $1.3B | $378.0M | ||
| Q2 24 | $1.3B | $250.0M |
| Q1 26 | — | $3.3B | ||
| 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 | — | $1.9B | ||
| Q4 25 | $1.2B | $1.9B | ||
| Q3 25 | $1.2B | $1.8B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $996.0M | $1.5B |
| Q1 26 | — | $8.2B | ||
| Q4 25 | $11.3B | $8.2B | ||
| Q3 25 | $11.2B | $8.2B | ||
| Q2 25 | $11.5B | $8.1B | ||
| Q1 25 | $10.5B | $7.9B | ||
| Q4 24 | $9.9B | $7.7B | ||
| Q3 24 | $10.4B | $7.9B | ||
| Q2 24 | $10.2B | $7.7B |
| Q1 26 | — | 1.77× | ||
| 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 | $183.0M |
| Free Cash FlowOCF − Capex | $2.0B | — |
| FCF MarginFCF / Revenue | 53.8% | — |
| Capex IntensityCapex / Revenue | 16.1% | — |
| Cash ConversionOCF / Net Profit | 55.76× | 1.81× |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $948.0M | $183.0M | ||
| Q4 25 | $428.0M | — | ||
| Q3 25 | $146.0M | $371.0M | ||
| Q2 25 | $-124.0M | $247.0M | ||
| Q1 25 | $581.0M | $142.0M | ||
| Q4 24 | $260.0M | $189.0M | ||
| Q3 24 | $149.0M | $264.0M | ||
| Q2 24 | $-48.0M | $210.0M |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $208.0M | — | ||
| Q3 25 | $17.0M | $215.0M | ||
| Q2 25 | $-267.0M | $51.0M | ||
| Q1 25 | $341.0M | $-57.0M | ||
| Q4 24 | $151.0M | $23.0M | ||
| Q3 24 | $15.0M | $137.0M | ||
| Q2 24 | $-170.0M | $20.0M |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 5.4% | — | ||
| Q3 25 | 0.5% | 10.2% | ||
| Q2 25 | -7.1% | 2.5% | ||
| Q1 25 | 9.0% | -2.9% | ||
| Q4 24 | 4.0% | 1.2% | ||
| Q3 24 | 0.4% | 6.7% | ||
| Q2 24 | -4.5% | 1.0% |
| Q1 26 | 16.1% | — | ||
| Q4 25 | 5.7% | 5.3% | ||
| Q3 25 | 3.5% | 7.4% | ||
| Q2 25 | 3.8% | 9.4% | ||
| Q1 25 | 6.3% | 10.2% | ||
| Q4 24 | 2.9% | 8.6% | ||
| Q3 24 | 3.6% | 6.2% | ||
| Q2 24 | 3.3% | 9.1% |
| Q1 26 | 55.76× | 1.81× | ||
| Q4 25 | 7.51× | — | ||
| Q3 25 | 2.15× | 4.52× | ||
| Q2 25 | -2.21× | 2.33× | ||
| Q1 25 | 8.42× | 2.06× | ||
| Q4 24 | 1.21× | 2.52× | ||
| Q3 24 | — | 2.78× | ||
| Q2 24 | -4.36× | 1.40× |
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% |
XPO
Segment breakdown not available.
