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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and Zoetis (ZTS). Click either name above to swap in a different company.
Kyndryl Holdings, Inc. is the larger business by last-quarter revenue ($3.9B vs $2.4B, roughly 1.6× Zoetis). Zoetis runs the higher net margin — 25.3% vs 1.5%, a 23.8% gap on every dollar of revenue. On growth, Kyndryl Holdings, Inc. posted the faster year-over-year revenue change (3.1% vs 3.0%). Zoetis produced more free cash flow last quarter ($732.0M vs $208.0M). Over the past eight quarters, Zoetis's revenue compounded faster (4.4% 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.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
KD vs ZTS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $2.4B |
| Net Profit | $57.0M | $603.0M |
| Gross Margin | 21.8% | 70.2% |
| Operating Margin | 2.4% | 31.9% |
| Net Margin | 1.5% | 25.3% |
| Revenue YoY | 3.1% | 3.0% |
| Net Profit YoY | -73.5% | 3.8% |
| EPS (diluted) | $0.25 | $1.37 |
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 | $2.4B | ||
| Q3 25 | $3.7B | $2.4B | ||
| Q2 25 | $3.7B | $2.5B | ||
| Q1 25 | $3.8B | $2.2B | ||
| Q4 24 | $3.7B | $2.3B | ||
| Q3 24 | $3.8B | $2.4B | ||
| Q2 24 | $3.7B | $2.4B | ||
| Q1 24 | $3.9B | $2.2B |
| Q4 25 | $57.0M | $603.0M | ||
| Q3 25 | $68.0M | $721.0M | ||
| Q2 25 | $56.0M | $718.0M | ||
| Q1 25 | $69.0M | $631.0M | ||
| Q4 24 | $215.0M | $581.0M | ||
| Q3 24 | $-43.0M | $682.0M | ||
| Q2 24 | $11.0M | $624.0M | ||
| Q1 24 | $-45.0M | $599.0M |
| Q4 25 | 21.8% | 70.2% | ||
| Q3 25 | 21.5% | 71.5% | ||
| Q2 25 | 21.3% | 73.6% | ||
| Q1 25 | 21.7% | 72.0% | ||
| Q4 24 | 20.4% | 69.5% | ||
| Q3 24 | 19.9% | 70.6% | ||
| Q2 24 | 21.5% | 71.7% | ||
| Q1 24 | 18.6% | 70.6% |
| Q4 25 | 2.4% | 31.9% | ||
| Q3 25 | 2.6% | 37.0% | ||
| Q2 25 | 2.5% | 36.7% | ||
| Q1 25 | 3.1% | 36.5% | ||
| Q4 24 | 6.9% | 31.6% | ||
| Q3 24 | -0.1% | 36.6% | ||
| Q2 24 | 1.7% | 33.0% | ||
| Q1 24 | -0.1% | 34.1% |
| Q4 25 | 1.5% | 25.3% | ||
| Q3 25 | 1.8% | 30.0% | ||
| Q2 25 | 1.5% | 29.2% | ||
| Q1 25 | 1.8% | 28.4% | ||
| Q4 24 | 5.7% | 25.1% | ||
| Q3 24 | -1.1% | 28.6% | ||
| Q2 24 | 0.3% | 26.4% | ||
| Q1 24 | -1.2% | 27.4% |
| Q4 25 | $0.25 | $1.37 | ||
| Q3 25 | $0.29 | $1.63 | ||
| Q2 25 | $0.23 | $1.61 | ||
| Q1 25 | $0.30 | $1.41 | ||
| Q4 24 | $0.89 | $1.29 | ||
| Q3 24 | $-0.19 | $1.50 | ||
| Q2 24 | $0.05 | $1.37 | ||
| Q1 24 | $-0.19 | $1.31 |
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 | — |
| Total DebtLower is stronger | $2.3B | — |
| Stockholders' EquityBook value | $1.2B | $3.3B |
| Total Assets | $11.3B | $15.5B |
| Debt / EquityLower = less leverage | 1.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $2.1B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.8B | $1.7B | ||
| Q4 24 | $1.5B | $2.0B | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.6B | $2.0B |
| 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 24 | $3.1B | — |
| Q4 25 | $1.2B | $3.3B | ||
| Q3 25 | $1.2B | $5.4B | ||
| Q2 25 | $1.2B | $5.0B | ||
| Q1 25 | $1.2B | $4.7B | ||
| Q4 24 | $1.1B | $4.8B | ||
| Q3 24 | $1.1B | $5.2B | ||
| Q2 24 | $996.0M | $5.0B | ||
| Q1 24 | $1.0B | $5.1B |
| Q4 25 | $11.3B | $15.5B | ||
| Q3 25 | $11.2B | $15.2B | ||
| Q2 25 | $11.5B | $14.5B | ||
| Q1 25 | $10.5B | $14.1B | ||
| Q4 24 | $9.9B | $14.2B | ||
| Q3 24 | $10.4B | $14.4B | ||
| Q2 24 | $10.2B | $14.2B | ||
| Q1 24 | $10.6B | $14.3B |
| 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× | — | ||
| 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 | $893.0M |
| Free Cash FlowOCF − Capex | $208.0M | $732.0M |
| FCF MarginFCF / Revenue | 5.4% | 30.7% |
| Capex IntensityCapex / Revenue | 5.7% | 6.7% |
| Cash ConversionOCF / Net Profit | 7.51× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $428.0M | $893.0M | ||
| Q3 25 | $146.0M | $938.0M | ||
| Q2 25 | $-124.0M | $486.0M | ||
| Q1 25 | $581.0M | $587.0M | ||
| Q4 24 | $260.0M | $905.0M | ||
| Q3 24 | $149.0M | $951.0M | ||
| Q2 24 | $-48.0M | $502.0M | ||
| Q1 24 | $145.0M | $595.0M |
| Q4 25 | $208.0M | $732.0M | ||
| Q3 25 | $17.0M | $805.0M | ||
| Q2 25 | $-267.0M | $308.0M | ||
| Q1 25 | $341.0M | $438.0M | ||
| Q4 24 | $151.0M | $689.0M | ||
| Q3 24 | $15.0M | $784.0M | ||
| Q2 24 | $-170.0M | $370.0M | ||
| Q1 24 | $-57.0M | $455.0M |
| Q4 25 | 5.4% | 30.7% | ||
| Q3 25 | 0.5% | 33.5% | ||
| Q2 25 | -7.1% | 12.5% | ||
| Q1 25 | 9.0% | 19.7% | ||
| Q4 24 | 4.0% | 29.7% | ||
| Q3 24 | 0.4% | 32.8% | ||
| Q2 24 | -4.5% | 15.7% | ||
| Q1 24 | -1.5% | 20.8% |
| Q4 25 | 5.7% | 6.7% | ||
| Q3 25 | 3.5% | 5.5% | ||
| Q2 25 | 3.8% | 7.2% | ||
| Q1 25 | 6.3% | 6.7% | ||
| Q4 24 | 2.9% | 9.3% | ||
| Q3 24 | 3.6% | 7.0% | ||
| Q2 24 | 3.3% | 5.6% | ||
| Q1 24 | 5.2% | 6.4% |
| Q4 25 | 7.51× | 1.48× | ||
| Q3 25 | 2.15× | 1.30× | ||
| Q2 25 | -2.21× | 0.68× | ||
| Q1 25 | 8.42× | 0.93× | ||
| Q4 24 | 1.21× | 1.56× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | -4.36× | 0.80× | ||
| Q1 24 | — | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
