What is Kyndryl's operating income?

Kyndryl's total operating income in 2026 was $562 million, based on the following breakdown: Total Gross Profit: $3.29 billion Total Operating Expenses: $2.73 billion

Kyndryl (KD) Financials

$10.62 -0.39 (-3.50%)

Closing price 03:59 PM Eastern

Extended Trading

$10.58 -0.03 (-0.28%)

As of 07:59 PM Eastern

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Annual Income Statements for Kyndryl

This table shows Kyndryl's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2022	2023	2024	2025	2026
Period end date	12/31/2019	12/31/2020	12/31/2021	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-943	-2,007	-2,304	-1,374	-340	252	198
Consolidated Net Income / (Loss)	-943	-2,007	-2,304	-1,374	-340	252	198
Net Income / (Loss) Continuing Operations	-943	-2,007	-2,305	-1,375	-340	251	199
Total Pre-Tax Income	-579	-1,760	-1,903	-851	-168	435	414
Total Operating Income	-503	-1,697	-1,800	-685	-47	536	562
Total Gross Profit	2,597	2,215	2,107	2,528	2,863	3,143	3,289
Total Revenue	20,279	19,352	18,657	17,026	16,052	15,057	15,092
Operating Revenue	20,279	19,352	18,657	17,026	16,052	15,057	15,092
Total Cost of Revenue	17,682	17,137	16,550	14,498	13,189	11,914	11,803
Operating Cost of Revenue	17,682	17,137	16,550	14,498	13,189	11,914	11,803
Total Operating Expenses	3,100	3,912	3,907	3,213	2,910	2,607	2,727
Selling, General & Admin Expense	2,970	2,948	2,776	2,914	2,773	2,591	2,654
Other Operating Expenses / (Income)	-29	943	35	35	183	141	32
Restructuring Charge	159	21	627	264	-46	-125	41
Total Other Income / (Expense), net	-76	-63	-103	-165	-122	-100	-149
Interest Expense	76	63	103	165	122	100	149
Income Tax Expense	364	247	402	524	172	184	215
Basic Earnings per Share	($4.21)	($8.96)	($10.28)	($6.06)	($1.48)	$1.09	$0.87
Weighted Average Basic Shares Outstanding	224.10M	224.10M	224.10M	226.70M	229.20M	231.50M	228.30M
Diluted Earnings per Share	($4.21)	($8.96)	($10.28)	($6.06)	($1.48)	$1.05	$0.85
Weighted Average Diluted Shares Outstanding	224.10M	224.10M	224.10M	226.70M	229.20M	239.10M	233.80M
Weighted Average Basic & Diluted Shares Outstanding	-	-	224.54M	227.84M	230.51M	229.94M	219.92M
Cash Dividends to Common per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00

This table shows Kyndryl's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2025	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-106	-737	-141	-142	-12	-45	11	-43	56	69	57
Consolidated Net Income / (Loss)	-106	-737	-141	-142	-12	-45	11	-43	57	69	56
Net Income / (Loss) Continuing Operations	-106	-739	-141	-142	-12	-45	11	-43	56	68	57
Total Pre-Tax Income	-138	-289	-109	-109	53	-3.00	64	-5.00	91	118	92
Total Operating Income	-102	-270	-23	-39	103	89	92	20	127	239	112
Total Gross Profit	707	644	744	651	752	716	805	750	843	825	796
Total Revenue	4,303	4,256	4,193	4,073	3,936	3,850	3,739	3,774	3,859	3,800	3,743
Operating Revenue	4,303	4,256	4,193	4,073	3,936	3,850	3,739	3,774	3,859	3,800	3,743
Total Cost of Revenue	3,596	3,612	3,449	3,422	3,184	3,134	2,934	3,024	3,016	2,975	2,947
Operating Cost of Revenue	3,596	3,612	3,449	3,422	3,184	3,134	2,934	3,024	3,016	2,975	2,947
Total Operating Expenses	809	914	767	690	649	627	713	730	716	586	684
Selling, General & Admin Expense	731	783	720	634	705	714	657	647	672	640	646
Other Operating Expenses / (Income)	30	86	5.00	8.00	21	-28	36	83	6.00	-57	38
Restructuring Charge	48	45	42	48	-77	-59	20	0.00	38	3.00	0.00
Total Other Income / (Expense), net	-37	-14	-87	-70	-50	-92	-28	-25	-37	-120	-19
Interest Expense	37	14	87	70	50	92	28	25	37	120	19
Income Tax Expense	-32	450	32	33	65	42	53	38	34	50	36
Basic Earnings per Share	($0.47)	($3.24)	($0.62)	($0.62)	($0.05)	($0.19)	$0.05	($0.19)	$0.25	$0.30	$0.24
Weighted Average Basic Shares Outstanding	227M	226.70M	227.90M	229.10M	229.60M	229.20M	230.50M	231.60M	227.70M	231.50M	230.20M
Diluted Earnings per Share	($0.47)	($3.24)	($0.62)	($0.62)	($0.05)	($0.19)	$0.05	($0.19)	$0.25	$0.30	$0.23
Weighted Average Diluted Shares Outstanding	227M	226.70M	227.90M	229.10M	229.60M	229.20M	235.80M	231.60M	232.50M	239.10M	239.10M
Weighted Average Basic & Diluted Shares Outstanding	227.51M	227.84M	228.89M	229.46M	230.10M	230.51M	231.21M	228.56M	225.45M	229.94M	231.14M
Cash Dividends to Common per Share	$0.00	-	$0.00	$0.00	$0.00	-	$0.00	$0.00	$0.00	-	$0.00

This table details how cash moves in and out of Kyndryl's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2022	2023	2024	2025	2026
Period end date	12/31/2019	12/31/2020	12/31/2021	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Change in Cash & Equivalents	5.00	-13	2,203	-294	-306	235	836
Net Cash From Operating Activities	1,134	628	-119	781	454	942	948
Net Cash From Continuing Operating Activities	1,133	631	-117	784	454	940	948
Net Income / (Loss) Continuing Operations	-943	-2,007	-2,304	-1,374	-340	252	198
Consolidated Net Income / (Loss)	-943	-2,007	-2,304	-1,374	-340	252	198
Depreciation Expense	1,898	1,869	1,627	1,328	1,153	987	1,051
Amortization Expense	2,137	2,091	1,878	1,717	1,817	1,728	1,724
Non-Cash Adjustments To Reconcile Net Income	52	68	551	119	-161	-472	-477
Changes in Operating Assets and Liabilities, net	-2,011	-1,390	-1,869	-1,006	-2,015	-1,555	-1,548
Net Cash From Investing Activities	-1,128	-953	-572	-835	-553	-404	-561
Net Cash From Continuing Investing Activities	-1,129	-953	-572	-835	-553	-403	-561
Purchase of Property, Plant & Equipment	-1,190	-1,036	-752	-865	-651	-605	-608
Sale of Property, Plant & Equipment	63	84	194	23	138	83	65
Other Investing Activities, net	-2.00	-1.00	-14	7.00	-40	119	-18
Net Cash From Financing Activities	0.00	312	2,915	-141	-170	-286	457
Net Cash From Continuing Financing Activities	0.00	311	2,916	-141	-170	-286	457
Repayment of Debt	-18	-66	-91	-122	-642	-148	-145
Repurchase of Common Equity	-	-	-	0.00	0.00	-93	-304
Issuance of Debt	0.00	0.00	3,038	0.00	494	0.00	1,000
Other Financing Activities, net	18	377	-31	-19	-22	-45	-94
Effect of Exchange Rate Changes	-1.00	-	-22	-100	-37	-16	-9.00
Cash Interest Paid	0.00	0.00	2.00	98	118	119	115
Cash Income Taxes Paid	0.00	0.00	12	167	191	149	151

This table details how cash moves in and out of Kyndryl's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	115	-156	-339	-109	279	-137	-281	57	175	284	-323
Net Cash From Operating Activities	278	12	-173	46	436	145	-48	149	260	581	-124
Net Cash From Continuing Operating Activities	276	15	-173	46	435	146	-47	148	259	581	-126
Net Income / (Loss) Continuing Operations	-106	-737	-141	-142	-12	-45	11	-43	215	69	56
Consolidated Net Income / (Loss)	-106	-737	-141	-142	-12	-45	11	-43	215	69	56
Depreciation Expense	326	362	301	303	286	263	197	233	261	296	264
Amortization Expense	451	435	471	456	460	430	424	445	442	417	421
Non-Cash Adjustments To Reconcile Net Income	-11	55	51	19	-4.00	72	51	-16	-65	-22	24
Changes in Operating Assets and Liabilities, net	-384	-100	-855	-590	-295	-574	-730	-471	-594	-179	-891
Net Cash From Investing Activities	-183	-136	-113	-95	-142	-203	-166	-75	42	-205	-74
Net Cash From Continuing Investing Activities	-183	-136	-113	-96	-141	-203	-166	-75	41	-203	-75
Purchase of Property, Plant & Equipment	-245	-154	-100	-175	-174	-202	-122	-134	-109	-240	-143
Sale of Property, Plant & Equipment	10	3.00	6.00	113	15	4.00	24	30	16	13	45
Other Investing Activities, net	52	15	-19	-34	18	-5.00	-68	29	88	24	23
Net Cash From Financing Activities	-31	-41	-38	-42	-43	-47	-51	-50	-71	-114	-170
Net Cash From Continuing Financing Activities	-31	-41	-38	-42	-43	-47	-51	-51	-70	-114	-170
Repayment of Debt	-27	-39	-31	-37	-36	-538	-44	-34	-32	-38	-41
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-63	-62
Other Financing Activities, net	-4.00	-2.00	-7.00	-5.00	-7.00	-3.00	-7.00	-17	-8.00	-13	-67
Effect of Exchange Rate Changes	51	9.00	-15	-18	28	-32	-17	34	-56	23	46
Cash Interest Paid	55	9.00	46	13	49	10	40	20	40	19	39
Cash Income Taxes Paid	72	58	65	23	52	51	54	35	34	26	67

This table presents Kyndryl's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2022	2023	2024	2025	2026
Period end date	12/31/2020	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Total Assets	11,205	13,442	11,464	10,590	10,452	12,551
Total Current Assets	2,843	6,092	4,963	4,747	4,589	5,528
Cash & Equivalents	24	2,134	1,847	1,553	1,786	2,623
Restricted Cash	14	20	12	1.00	3.00	3.00
Accounts Receivable	1,444	2,271	1,523	1,599	1,345	1,300
Prepaid Expenses	157	525	510	514	446	436
Other Current Assets	1,205	1,143	1,070	1,081	1,009	1,166
Plant, Property, & Equipment, net	3,991	2,834	2,779	2,674	2,570	2,517
Total Noncurrent Assets	4,372	4,515	3,722	3,169	3,293	4,506
Goodwill	1,230	823	812	805	790	786
Intangible Assets	60	145	171	188	218	165
Noncurrent Deferred & Refundable Income Taxes	424	555	248	220	204	240
Employee Benefit Assets	1.00	61	94	105	148	222
Other Noncurrent Operating Assets	2,657	2,931	2,397	1,851	1,933	3,093
Total Liabilities & Shareholders' Equity	11,205	13,442	11,464	10,590	10,452	12,551
Total Liabilities	6,274	10,730	10,002	9,468	9,121	11,259
Total Current Liabilities	3,910	5,058	4,868	4,589	4,300	6,307
Short-Term Debt	69	96	110	126	129	1,796
Accounts Payable	919	1,555	1,774	1,408	1,351	1,346
Accrued Expenses	1,386	1,358	970	1,008	891	1,272
Current Deferred Revenue	854	882	820	825	746	888
Current Deferred & Payable Income Tax Liabilities	0.00	-	-	-	-	278
Current Employee Benefit Liabilities	350	509	533	609	652	463
Other Current Liabilities	333	374	316	285	274	265
Total Noncurrent Liabilities	2,365	5,672	5,134	4,880	4,820	4,951
Long-Term Debt	140	3,127	3,111	3,112	3,042	2,293
Noncurrent Deferred Revenue	543	452	362	314	341	390
Noncurrent Employee Benefit Liabilities	550	716	504	500	483	490
Other Noncurrent Operating Liabilities	1,132	1,377	1,157	954	954	1,778
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,931	2,711	1,462	1,122	1,331	1,293
Total Preferred & Common Equity	4,873	2,618	1,365	1,015	1,219	1,175
Total Common Equity	4,872	2,617	1,365	1,015	1,220	1,176
Common Stock	0.00	4,315	4,428	4,524	4,631	4,701
Retained Earnings	0.00	-605	-1,978	-2,319	-2,067	-1,869
Accumulated Other Comprehensive Income / (Loss)	-1,100	-1,089	-1,062	-1,145	-1,160	-1,074
Other Equity Adjustments	5,972	-	-	-	-	-582
Noncontrolling Interest	58	94	97	107	113	117

This table presents Kyndryl's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	12/31/2021	6/30/2022	9/30/2022	12/31/2022	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2025	12/31/2025	6/30/2025
Total Assets	13,213	12,304	11,629	11,851	10,986	10,602	10,969	10,163	11,244	11,276	11,495
Total Current Assets	5,777	5,404	4,964	4,967	4,653	4,593	4,851	4,355	4,291	4,325	4,468
Cash & Equivalents	2,223	1,871	1,888	2,002	1,507	1,408	1,688	1,269	1,331	1,348	1,462
Restricted Cash	17	17	12	14	14	3.00	2.00	5.00	5.00	4.00	4.00
Accounts Receivable	2,279	1,902	1,578	1,539	1,490	1,663	1,658	1,440	1,316	1,353	1,277
Prepaid Expenses	337	522	512	486	567	566	578	613	538	532	580
Other Current Assets	920	1,092	973	927	1,075	952	924	1,029	1,101	1,089	1,144
Plant, Property, & Equipment, net	2,923	2,651	2,592	2,762	2,750	2,646	2,806	2,690	2,628	2,621	2,634
Total Noncurrent Assets	4,512	4,250	4,072	4,122	3,583	3,364	3,313	3,117	4,324	4,330	4,393
Goodwill	732	815	811	812	807	806	809	786	791	787	793
Intangible Assets	36	154	139	158	187	188	192	222	168	167	168
Noncurrent Deferred & Refundable Income Taxes	675	525	481	478	190	186	208	207	227	281	222
Employee Benefit Assets	58	58	54	58	100	97	105	109	173	179	166
Other Noncurrent Operating Assets	3,011	2,698	2,587	2,616	2,299	2,087	1,999	1,793	2,965	2,916	3,044
Total Liabilities & Shareholders' Equity	13,213	12,304	11,629	11,851	10,986	10,602	10,969	10,163	11,244	11,276	11,495
Total Liabilities	10,446	10,093	9,882	9,920	9,648	9,489	9,676	9,062	9,904	9,967	10,151
Total Current Liabilities	4,457	4,609	4,579	4,607	4,591	4,485	5,152	4,231	4,197	5,043	4,242
Short-Term Debt	105	93	97	103	134	121	628	130	124	805	128
Accounts Payable	1,140	1,486	1,594	1,719	1,626	1,246	1,477	1,337	1,117	1,242	1,144
Accrued Expenses	1,242	1,129	1,042	1,006	907	1,137	1,107	969	1,094	1,255	1,103
Current Deferred Revenue	872	774	726	817	785	790	793	805	827	759	854
Current Employee Benefit Liabilities	381	503	534	388	473	609	559	414	459	370	437
Other Taxes Payable	-	-	264	-	-	308	-	304	286	-	289
Other Current Liabilities	360	350	322	329	307	274	257	271	291	285	289
Total Noncurrent Liabilities	5,988	5,485	5,303	5,313	5,057	5,003	4,523	4,830	5,708	4,925	5,910
Long-Term Debt	3,128	3,107	3,101	3,097	3,149	3,123	2,629	3,109	3,004	2,295	3,014
Noncurrent Deferred Revenue	475	413	373	377	334	316	326	325	393	377	441
Noncurrent Employee Benefit Liabilities	856	671	625	660	501	481	493	492	513	544	517
Other Noncurrent Operating Liabilities	1,529	1,294	1,204	1,179	1,073	1,083	1,075	904	1,798	1,709	1,938
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,767	2,211	1,746	1,930	1,338	1,113	1,293	1,101	1,340	1,309	1,343
Total Preferred & Common Equity	2,765	2,117	1,650	1,832	1,240	1,013	1,189	996	1,227	1,194	1,234
Total Common Equity	2,765	2,116	1,650	1,832	1,239	1,012	1,190	996	1,228	1,194	1,234
Common Stock	4,284	4,341	4,370	4,397	4,451	4,476	4,501	4,549	4,686	4,710	4,656
Retained Earnings	-375	-855	-1,136	-1,241	-2,120	-2,262	-2,274	-2,308	-1,943	-1,886	-2,011
Treasury Stock	-1.00	-17	-17	-21	-30	-35	-42	-53	-427	-532	-317
Accumulated Other Comprehensive Income / (Loss)	-1,143	-1,353	-1,567	-1,303	-1,062	-1,167	-995	-1,192	-1,088	-1,098	-1,094
Noncontrolling Interest	3.00	95	96	99	99	100	104	105	112	115	110

This table displays calculated financial ratios and metrics derived from Kyndryl's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2021	3/31/2023	3/31/2024	3/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	225,447,192.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	225,447,192.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	0.88
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-4.57%	-3.59%	0.00%	-8.74%	-5.72%	-6.20%	0.23%
EBITDA Growth	0.00%	-35.93%	-24.66%	0.00%	34.25%	33.73%	9.93%	2.65%
EBIT Growth	0.00%	-237.38%	-6.07%	0.00%	58.00%	112.04%	614.29%	4.85%
NOPAT Growth	0.00%	-237.38%	-6.07%	0.00%	58.00%	112.04%	488.79%	-12.65%
Net Income Growth	0.00%	-112.83%	-14.80%	0.00%	40.36%	75.25%	174.12%	-21.43%
EPS Growth	0.00%	-112.83%	-14.73%	0.00%	41.05%	75.58%	170.95%	-19.05%
Operating Cash Flow Growth	0.00%	-44.62%	-118.95%	0.00%	756.30%	-41.87%	107.49%	0.64%
Free Cash Flow Firm Growth	0.00%	0.00%	101.32%	-1,644.58%	133.60%	-81.96%	501.10%	-42.65%
Invested Capital Growth	0.00%	0.00%	-26.32%	0.59%	-25.39%	-0.50%	-3.28%	1.47%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-2.94%	-2.47%	-0.33%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-2.14%	9.09%	6.62%	0.00%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	9.68%	133.96%	41.00%	0.00%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	9.68%	133.96%	85.12%	0.00%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-21.49%	67.05%	82.61%	0.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-20.72%	67.33%	87.50%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	71.67%	-114.60%	77.10%	41.43%	86.17%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	13.60%	190.81%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-9.47%	-1.85%	-6.44%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	12.81%	11.45%	11.29%	11.29%	14.85%	17.84%	20.87%	21.79%
EBITDA Margin	17.42%	11.69%	9.14%	9.14%	13.44%	19.07%	22.35%	22.11%
Operating Margin	-2.48%	-8.77%	-9.65%	-9.65%	-4.44%	0.57%	4.32%	3.72%
EBIT Margin	-2.48%	-8.77%	-9.65%	-9.65%	-4.44%	0.57%	4.32%	3.72%
Profit (Net Income) Margin	-4.65%	-10.37%	-12.35%	-12.35%	-8.07%	-2.12%	1.67%	1.31%
Tax Burden Percent	162.87%	114.03%	121.07%	121.07%	161.46%	202.38%	57.93%	47.83%
Interest Burden Percent	115.11%	103.71%	105.72%	105.72%	112.57%	-184.62%	66.92%	73.67%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	42.30%	51.93%
Return on Invested Capital (ROIC)	0.00%	-46.57%	-28.44%	-33.42%	-16.03%	2.26%	13.58%	9.88%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-1,004.58%	-207.97%	-134.68%	-85.59%	-24.26%	5.56%	4.81%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-34.84%	-31.42%	-53.16%	-49.82%	-28.58%	6.96%	5.21%
Return on Equity (ROE)	0.00%	-81.40%	-59.86%	-86.58%	-65.85%	-26.32%	20.55%	15.09%
Cash Return on Invested Capital (CROIC)	0.00%	-246.57%	1.87%	-34.01%	13.05%	2.76%	16.92%	8.41%
Operating Return on Assets (OROA)	0.00%	-15.15%	-14.74%	-13.39%	-6.07%	0.83%	6.18%	4.89%
Return on Assets (ROA)	0.00%	-17.91%	-18.87%	-17.14%	-11.03%	-3.08%	2.40%	1.72%
Return on Common Equity (ROCE)	0.00%	-80.43%	-59.39%	-83.58%	-62.84%	-24.24%	18.72%	13.78%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-41.19%	-83.33%	-88.01%	-100.66%	-33.50%	20.67%	0.00%
Net Operating Profit after Tax (NOPAT)	-352	-1,188	-1,260	-1,260	-529	64	375	270
NOPAT Margin	-1.74%	-6.14%	-6.75%	-6.75%	-3.11%	0.40%	2.49%	1.79%
Net Nonoperating Expense Percent (NNEP)	0.00%	958.01%	179.54%	101.26%	69.56%	26.52%	8.02%	5.07%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	8.33%	5.02%
Cost of Revenue to Revenue	87.19%	88.55%	88.71%	88.71%	85.15%	82.16%	79.13%	78.21%
SG&A Expenses to Revenue	14.65%	15.23%	14.88%	14.88%	17.12%	17.28%	17.21%	17.59%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.29%	20.22%	20.94%	20.94%	19.29%	17.27%	16.56%	18.07%
Earnings before Interest and Taxes (EBIT)	-503	-1,697	-1,800	-1,800	-756	91	650	562
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,532	2,263	1,705	1,705	2,289	3,061	3,365	3,337
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.47	1.55	2.46	4.93	5.99	2.52
Price to Tangible Book Value (P/TBV)	0.00	0.00	2.03	2.46	8.79	227.59	34.47	13.15
Price to Revenue (P/Rev)	0.00	0.00	0.22	0.22	0.20	0.31	0.49	0.20
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	28.99	14.94
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.45%	6.69%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.34	1.38	1.71	2.42	3.24	1.65
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.27	0.28	0.28	0.42	0.58	0.30
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	2.96	3.06	2.10	2.22	2.62	1.36
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	74.70	13.54	8.07
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	106.72	23.47	16.80
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	6.17	14.97	9.34	4.79
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	60.87	0.00	11.18	87.49	18.84	19.72
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.04	1.17	1.19	2.20	2.89	2.38	3.16
Long-Term Debt to Equity	0.00	0.03	1.13	1.15	2.13	2.77	2.29	1.77
Financial Leverage	0.00	0.03	0.15	0.39	0.58	1.18	1.25	1.08
Leverage Ratio	0.00	2.27	3.17	4.96	5.97	8.53	8.58	8.77
Compound Leverage Factor	0.00	2.36	3.35	5.24	6.72	-15.76	5.74	6.46
Debt to Total Capital	0.00%	4.07%	53.88%	54.31%	68.78%	74.27%	70.44%	75.98%
Short-Term Debt to Total Capital	0.00%	1.34%	1.75%	1.62%	2.35%	2.89%	2.87%	33.37%
Long-Term Debt to Total Capital	0.00%	2.72%	52.13%	52.70%	66.43%	71.38%	67.57%	42.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	1.13%	0.05%	1.58%	2.07%	2.45%	2.51%	2.17%
Common Equity to Total Capital	0.00%	94.79%	46.08%	44.10%	29.15%	23.28%	27.10%	21.85%
Debt to EBITDA	0.00	0.09	1.90	1.89	1.41	1.06	0.94	1.23
Net Debt to EBITDA	0.00	0.08	0.58	0.63	0.60	0.55	0.41	0.44
Long-Term Debt to EBITDA	0.00	0.06	1.83	1.83	1.36	1.02	0.90	0.69
Debt to NOPAT	0.00	-0.18	-2.57	-2.56	-6.09	50.83	8.45	15.14
Net Debt to NOPAT	0.00	-0.14	-0.79	-0.85	-2.57	26.44	3.68	5.42
Long-Term Debt to NOPAT	0.00	-0.12	-2.48	-2.48	-5.88	48.85	8.11	8.49
Altman Z-Score	0.00	0.00	1.28	1.20	1.24	1.57	1.88	1.22
Noncontrolling Interest Sharing Ratio	0.00%	1.20%	0.79%	3.47%	4.58%	7.89%	8.89%	8.69%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.73	1.30	1.20	1.02	1.03	1.07	0.88
Quick Ratio	0.00	0.38	1.01	0.87	0.69	0.69	0.73	0.62
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-6,290	83	-1,282	431	78	467	230
Operating Cash Flow to CapEx	100.62%	65.97%	-21.33%	-21.33%	92.76%	88.50%	180.46%	174.59%
Free Cash Flow to Firm to Interest Expense	0.00	-99.84	0.81	-12.45	4.58	0.30	2.18	1.54
Operating Cash Flow to Interest Expense	14.92	9.97	-1.16	-1.16	8.31	1.75	4.40	6.36
Operating Cash Flow Less CapEx to Interest Expense	0.09	-5.14	-6.57	-6.57	-0.65	-0.23	1.96	2.72
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.73	1.53	1.39	1.37	1.46	1.43	1.31
Accounts Receivable Turnover	0.00	13.40	10.02	8.22	8.98	10.28	10.23	11.41
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	4.85	5.40	6.58	6.07	5.89	5.74	5.93
Accounts Payable Turnover	0.00	18.65	16.08	10.64	8.71	8.29	8.64	8.75
Days Sales Outstanding (DSO)	0.00	27.24	36.42	44.43	40.67	35.50	35.68	31.98
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	19.57	22.71	34.29	41.91	44.03	42.26	41.70
Cash Conversion Cycle (CCC)	0.00	7.66	13.71	10.13	-1.24	-8.54	-6.58	-9.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	5,102	3,759	3,781	2,821	2,807	2,715	2,755
Invested Capital Turnover	0.00	7.59	4.21	4.95	5.16	5.70	5.45	5.52
Increase / (Decrease) in Invested Capital	0.00	5,102	-1,343	22	-960	-14	-92	40
Enterprise Value (EV)	0.00	0.00	5,052	5,220	4,817	6,798	8,802	4,538
Market Capitalization	0.00	0.00	4,056	4,057	3,358	5,007	7,307	2,958
Book Value per Share	$0.00	$21.74	$12.34	$11.68	$6.00	$4.41	$5.24	$5.22
Tangible Book Value per Share	$0.00	$15.98	$8.91	$7.36	$1.68	$0.10	$0.91	$1.00
Total Capital	0.00	5,140	6,000	5,934	4,683	4,360	4,502	5,382
Total Debt	0.00	209	3,233	3,223	3,221	3,238	3,171	4,089
Total Long-Term Debt	0.00	140	3,128	3,127	3,111	3,112	3,042	2,293
Net Debt	0.00	171	993	1,069	1,362	1,684	1,382	1,463
Capital Expenditures (CapEx)	1,127	952	558	558	842	513	522	543
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-1,036	-815	-1,024	-1,654	-1,270	-1,371	-1,609
Debt-free Net Working Capital (DFNWC)	0.00	-998	1,425	1,130	205	284	418	1,017
Net Working Capital (NWC)	0.00	-1,067	1,320	1,034	95	158	289	-779
Net Nonoperating Expense (NNE)	591	819	1,044	1,044	845	404	123	72
Net Nonoperating Obligations (NNO)	0.00	171	992	1,070	1,359	1,685	1,384	1,462
Total Depreciation and Amortization (D&A)	4,035	3,960	3,505	3,505	3,045	2,970	2,715	2,775
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-5.35%	-4.37%	-5.49%	-9.71%	-7.91%	-9.11%	-10.66%
Debt-free Net Working Capital to Revenue	0.00%	-5.16%	7.64%	6.06%	1.20%	1.77%	2.78%	6.74%
Net Working Capital to Revenue	0.00%	-5.51%	7.08%	5.54%	0.56%	0.98%	1.92%	-5.16%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($10.35)	($10.35)	($6.06)	($1.48)	$1.09	$0.87
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	224.10M	224.10M	226.70M	229.20M	231.50M	228.30M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($10.35)	($10.35)	($6.06)	($1.48)	$1.05	$0.85
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	224.10M	224.10M	226.70M	229.20M	239.10M	233.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	224.54M	224.54M	227.84M	230.51M	229.94M	219.92M
Normalized Net Operating Profit after Tax (NOPAT)	-241	-1,173	-493	-493	-344	32	303	422
Normalized NOPAT Margin	-1.19%	-6.06%	-2.64%	-2.64%	-2.02%	0.20%	2.01%	2.80%
Pre Tax Income Margin	-2.86%	-9.09%	-10.20%	-10.20%	-5.00%	-1.05%	2.89%	2.74%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.62	-26.94	-17.48	-17.48	-8.04	0.35	3.04	3.77
NOPAT to Interest Expense	-4.63	-18.86	-12.23	-12.23	-5.63	0.25	1.75	1.81
EBIT Less CapEx to Interest Expense	-21.45	-42.05	-22.89	-22.89	-17.00	-1.62	0.60	0.13
NOPAT Less CapEx to Interest Expense	-19.46	-33.97	-17.65	-17.65	-14.59	-1.73	-0.69	-1.83
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	36.90%	153.54%

This table displays calculated financial ratios and metrics derived from Kyndryl's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.55%	-10.79%	-2.22%	-2.54%	-8.53%	-9.54%	-10.83%	-7.34%	-4.88%	-1.30%	0.11%
EBITDA Growth	530.84%	-8.67%	36.68%	33.58%	25.78%	48.39%	-4.81%	-3.06%	18.02%	28.13%	11.78%
EBIT Growth	85.47%	23.08%	87.43%	80.60%	200.98%	132.96%	500.00%	151.28%	190.29%	378.00%	21.74%
NOPAT Growth	85.47%	23.08%	87.43%	80.60%	67.34%	132.96%	198.21%	151.28%	1,168.43%	293.51%	331.14%
Net Income Growth	85.50%	-49.19%	43.60%	49.47%	88.68%	93.89%	107.80%	69.72%	1,891.67%	253.33%	409.09%
EPS Growth	85.58%	-47.27%	44.14%	50.00%	89.36%	94.14%	108.06%	69.35%	1,880.00%	257.89%	360.00%
Operating Cash Flow Growth	-54.13%	103.66%	-266.35%	-88.11%	56.83%	1,108.33%	72.25%	223.91%	-40.37%	300.69%	-158.33%
Free Cash Flow Firm Growth	-34.34%	0.00%	111.14%	102.16%	-59.29%	-90.10%	-88.25%	-277.58%	-10.96%	368.83%	151.34%
Invested Capital Growth	-17.11%	-25.39%	-12.01%	-3.15%	-8.22%	-0.50%	-1.03%	4.61%	1.47%	-3.28%	-1.69%
Revenue Q/Q Growth	2.97%	-1.09%	-1.48%	-2.86%	-3.36%	-2.19%	-2.88%	0.94%	-0.79%	1.50%	-1.50%
EBITDA Q/Q Growth	25.23%	-21.93%	42.13%	-3.87%	17.92%	-7.89%	-8.82%	-2.10%	43.55%	-4.99%	-16.28%
EBIT Q/Q Growth	49.25%	-164.71%	91.48%	-69.57%	364.10%	-13.59%	3.37%	-78.26%	1,395.00%	-20.07%	-53.14%
NOPAT Q/Q Growth	49.25%	-164.71%	91.48%	-69.57%	14.58%	367.14%	-74.62%	-11.46%	1,679.76%	-44.72%	-50.50%
Net Income Q/Q Growth	62.28%	-595.28%	80.87%	-0.71%	91.55%	-275.00%	124.44%	-490.91%	600.00%	-67.91%	-18.84%
EPS Q/Q Growth	62.10%	-589.36%	80.86%	0.00%	91.94%	-280.00%	126.32%	-480.00%	568.42%	-66.29%	-23.33%
Operating Cash Flow Q/Q Growth	-28.17%	-95.68%	-1,541.67%	126.59%	847.83%	-66.74%	-133.10%	410.42%	74.50%	123.46%	-121.34%
Free Cash Flow Firm Q/Q Growth	117.95%	34.88%	-47.22%	-83.12%	238.69%	-67.21%	-37.34%	-355.16%	269.81%	10.89%	-47.69%
Invested Capital Q/Q Growth	2.40%	-9.47%	9.89%	-4.94%	-2.95%	-1.85%	9.30%	0.49%	-5.87%	-6.44%	11.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.43%	15.13%	17.74%	15.98%	19.11%	18.60%	21.53%	19.87%	20.38%	21.71%	21.27%
EBITDA Margin	15.69%	12.38%	17.86%	17.68%	21.57%	20.31%	19.07%	18.50%	26.76%	25.05%	21.29%
Operating Margin	-2.37%	-6.34%	-0.55%	-0.96%	2.62%	2.31%	2.46%	0.53%	7.99%	6.29%	2.99%
EBIT Margin	-2.37%	-6.34%	-0.55%	-0.96%	2.62%	2.31%	2.46%	0.53%	7.99%	6.29%	2.99%
Profit (Net Income) Margin	-2.46%	-17.32%	-3.36%	-3.49%	-0.30%	-1.17%	0.29%	-1.14%	5.74%	1.82%	1.50%
Tax Burden Percent	76.81%	255.02%	129.36%	130.28%	-22.64%	1,500.00%	17.19%	860.00%	83.33%	58.47%	60.87%
Interest Burden Percent	135.29%	107.04%	473.91%	279.49%	51.46%	-3.37%	69.57%	-25.00%	86.29%	49.37%	82.14%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	122.64%	0.00%	82.81%	0.00%	16.67%	42.37%	39.13%
Return on Invested Capital (ROIC)	-8.47%	-22.90%	-1.96%	-3.77%	-3.26%	9.23%	2.14%	1.88%	34.90%	19.77%	9.02%
ROIC Less NNEP Spread (ROIC-NNEP)	-11.64%	-68.03%	-10.09%	-11.09%	-2.44%	2.18%	1.88%	-1.16%	32.80%	15.29%	8.35%
Return on Net Nonoperating Assets (RNNOA)	-5.40%	-39.60%	-8.74%	-12.15%	-2.09%	2.57%	2.88%	-1.90%	42.89%	19.13%	12.43%
Return on Equity (ROE)	-13.87%	-62.50%	-10.70%	-15.91%	-5.35%	11.80%	5.01%	-0.02%	77.79%	38.89%	21.45%
Cash Return on Invested Capital (CROIC)	0.00%	13.05%	0.18%	-6.94%	3.20%	2.76%	-250.12%	-11.69%	5.57%	16.92%	15.79%
Operating Return on Assets (OROA)	-3.32%	-8.67%	-0.80%	-1.45%	3.77%	3.37%	3.63%	0.77%	11.55%	9.00%	4.16%
Return on Assets (ROA)	-3.45%	-23.68%	-4.89%	-5.28%	-0.44%	-1.70%	0.43%	-1.66%	8.30%	2.60%	2.08%
Return on Common Equity (ROCE)	-13.57%	-59.64%	-10.12%	-14.82%	-5.02%	10.87%	4.60%	-0.02%	71.16%	35.44%	19.57%
Return on Equity Simple (ROE_SIMPLE)	-61.74%	0.00%	-102.02%	-111.16%	-86.80%	0.00%	-18.88%	-8.36%	12.61%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-71	-189	-16	-27	-23	62	16	14	249	138	68
NOPAT Margin	-1.66%	-4.44%	-0.38%	-0.67%	-0.59%	1.62%	0.42%	0.37%	6.66%	3.62%	1.82%
Net Nonoperating Expense Percent (NNEP)	3.18%	45.12%	8.13%	7.33%	-0.82%	7.05%	0.26%	3.04%	2.09%	4.48%	0.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-0.51%	-	-	-	5.66%	3.06%	1.52%
Cost of Revenue to Revenue	83.57%	84.87%	82.26%	84.02%	80.89%	81.40%	78.47%	80.13%	79.62%	78.29%	78.73%
SG&A Expenses to Revenue	16.99%	18.40%	17.17%	15.57%	17.91%	18.55%	17.57%	17.14%	17.28%	16.84%	17.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	18.80%	21.48%	18.29%	16.94%	16.49%	16.29%	19.07%	19.34%	12.39%	15.42%	18.27%
Earnings before Interest and Taxes (EBIT)	-102	-270	-23	-39	103	89	92	20	299	239	112
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	675	527	749	720	849	782	713	698	1,002	952	797
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.38	2.46	2.44	3.42	4.01	4.93	6.09	4.99	7.35	5.99	7.82
Price to Tangible Book Value (P/TBV)	2.93	8.79	12.35	192.02	25.23	227.59	0.00	110.69	91.32	34.47	35.34
Price to Revenue (P/Rev)	0.14	0.20	0.18	0.21	0.29	0.31	0.39	0.35	0.53	0.49	0.64
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	58.24	28.99	32.38
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.72%	3.45%	3.09%
Enterprise Value to Invested Capital (EV/IC)	1.22	1.71	1.58	1.83	2.25	2.42	2.65	2.38	3.39	3.24	3.79
Enterprise Value to Revenue (EV/Rev)	0.22	0.28	0.29	0.32	0.39	0.42	0.52	0.48	0.65	0.58	0.76
Enterprise Value to EBITDA (EV/EBITDA)	1.63	2.10	1.96	2.02	2.26	2.22	2.69	2.44	3.12	2.62	3.32
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	74.70	39.49	27.66	21.35	13.54	17.07
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	106.72	0.00	0.00	48.58	23.47	26.70
Enterprise Value to Operating Cash Flow (EV/OCF)	8.63	6.17	9.70	33.06	20.06	14.97	14.05	10.75	19.45	9.34	13.20
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	11.18	842.55	0.00	67.29	87.49	0.00	0.00	61.28	18.84	23.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.66	2.20	2.45	2.91	2.52	2.89	2.94	2.77	2.66	2.38	2.34
Long-Term Debt to Equity	1.60	2.13	2.35	2.81	2.03	2.77	2.82	2.65	2.55	2.29	2.24
Financial Leverage	0.46	0.58	0.87	1.10	0.85	1.18	1.53	1.64	1.31	1.25	1.49
Leverage Ratio	5.34	5.97	6.56	7.78	7.08	8.53	8.67	9.19	8.37	8.58	8.86
Compound Leverage Factor	7.22	6.39	31.10	21.73	3.64	-0.29	6.03	-2.30	7.22	4.24	7.28
Debt to Total Capital	62.38%	68.78%	71.05%	74.45%	71.58%	74.27%	74.63%	73.44%	72.67%	70.44%	70.06%
Short-Term Debt to Total Capital	2.01%	2.35%	2.90%	2.78%	13.80%	2.89%	3.00%	3.06%	2.93%	2.87%	2.85%
Long-Term Debt to Total Capital	60.37%	66.43%	68.15%	71.68%	57.78%	71.38%	71.64%	70.38%	69.74%	67.57%	67.20%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.93%	2.07%	2.14%	2.30%	2.29%	2.45%	2.42%	2.42%	2.50%	2.51%	2.45%
Common Equity to Total Capital	35.71%	29.15%	26.81%	23.23%	26.15%	23.28%	22.95%	24.13%	24.84%	27.10%	27.51%
Debt to EBITDA	1.37	1.41	1.32	1.21	1.14	1.06	1.07	1.08	1.01	0.94	0.91
Net Debt to EBITDA	0.51	0.60	0.71	0.69	0.55	0.55	0.65	0.64	0.54	0.41	0.49
Long-Term Debt to EBITDA	1.32	1.36	1.26	1.17	0.92	1.02	1.03	1.03	0.97	0.90	0.87
Debt to NOPAT	-5.46	-6.09	-7.87	-10.68	-20.32	50.83	-0.42	-14.98	15.80	8.45	7.34
Net Debt to NOPAT	-2.02	-2.57	-4.22	-6.03	-9.78	26.44	-0.25	-8.83	8.37	3.68	3.91
Long-Term Debt to NOPAT	-5.29	-5.88	-7.55	-10.28	-16.40	48.85	-0.40	-14.35	15.16	8.11	7.04
Altman Z-Score	1.49	1.38	1.46	1.51	1.50	1.57	1.66	1.52	1.92	1.75	1.69
Noncontrolling Interest Sharing Ratio	2.13%	4.58%	5.47%	6.89%	6.24%	7.89%	8.36%	9.10%	8.53%	8.89%	8.76%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.08	1.02	1.01	1.02	0.94	1.03	1.03	1.03	1.09	1.07	1.05
Quick Ratio	0.77	0.69	0.65	0.68	0.65	0.69	0.64	0.65	0.73	0.73	0.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	572	771	407	69	233	76	48	-122	207	230	120
Operating Cash Flow to CapEx	118.30%	7.95%	-184.04%	74.19%	274.21%	73.23%	-48.98%	143.27%	279.57%	255.95%	-126.53%
Free Cash Flow to Firm to Interest Expense	15.45	55.07	4.68	0.98	4.65	0.83	1.71	-4.88	5.05	1.91	6.32
Operating Cash Flow to Interest Expense	7.51	0.86	-1.99	0.66	8.72	1.58	-1.71	5.96	6.34	4.84	-6.53
Operating Cash Flow Less CapEx to Interest Expense	1.16	-9.93	-3.07	-0.23	5.54	-0.58	-5.21	1.80	4.07	2.95	-11.68
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.40	1.37	1.45	1.51	1.44	1.46	1.48	1.46	1.45	1.43	1.39
Accounts Receivable Turnover	9.19	8.98	9.98	10.38	10.30	10.28	10.65	9.86	9.97	10.23	11.09
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	6.17	6.07	6.27	6.42	5.91	5.89	5.73	5.69	5.71	5.74	5.66
Accounts Payable Turnover	10.64	8.71	9.17	9.91	8.55	8.29	8.55	9.88	9.20	8.64	9.61
Days Sales Outstanding (DSO)	39.72	40.67	36.56	35.16	35.45	35.50	34.28	37.03	36.63	35.68	32.92
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	34.32	41.91	39.80	36.81	42.68	44.03	42.67	36.96	39.67	42.26	37.96
Cash Conversion Cycle (CCC)	5.41	-1.24	-3.24	-1.66	-7.23	-8.54	-8.38	0.07	-3.04	-6.58	-5.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,116	2,821	3,100	2,947	2,860	2,807	3,068	3,083	2,902	2,715	3,016
Invested Capital Turnover	5.10	5.16	5.11	5.62	5.51	5.70	5.06	5.07	5.24	5.45	4.95
Increase / (Decrease) in Invested Capital	-643	-960	-423	-96	-256	-14	-32	136	42	-92	-52
Enterprise Value (EV)	3,805	4,817	4,887	5,389	6,439	6,798	8,135	7,331	9,842	8,802	11,434
Market Capitalization	2,522	3,358	3,026	3,456	4,768	5,007	6,065	5,313	8,037	7,307	9,648
Book Value per Share	$8.08	$6.00	$5.44	$4.42	$5.19	$4.41	$4.32	$4.61	$4.71	$5.24	$5.37
Tangible Book Value per Share	$3.80	$1.68	$1.08	$0.08	$0.82	$0.10	($0.05)	$0.21	$0.38	$0.91	$1.19
Total Capital	5,130	4,683	4,621	4,357	4,550	4,360	4,340	4,413	4,405	4,502	4,485
Total Debt	3,200	3,221	3,283	3,244	3,257	3,238	3,239	3,241	3,201	3,171	3,142
Total Long-Term Debt	3,097	3,111	3,149	3,123	2,629	3,112	3,109	3,106	3,072	3,042	3,014
Net Debt	1,184	1,362	1,762	1,833	1,567	1,684	1,965	1,911	1,695	1,382	1,676
Capital Expenditures (CapEx)	235	151	94	62	159	198	98	104	93	227	98
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,553	-1,654	-1,325	-1,182	-1,363	-1,270	-1,020	-1,057	-1,015	-1,371	-1,112
Debt-free Net Working Capital (DFNWC)	463	205	196	229	327	284	254	273	491	418	354
Net Working Capital (NWC)	360	95	62	108	-301	158	124	138	362	289	226
Net Nonoperating Expense (NNE)	35	548	125	115	-11	107	4.81	57	34	69	12
Net Nonoperating Obligations (NNO)	1,186	1,359	1,762	1,834	1,567	1,685	1,967	1,911	1,698	1,384	1,673
Total Depreciation and Amortization (D&A)	777	797	772	759	746	693	621	678	703	713	685
Debt-free, Cash-free Net Working Capital to Revenue	-8.85%	-9.71%	-7.83%	-7.03%	-8.28%	-7.91%	-6.54%	-6.91%	-6.72%	-9.11%	-7.38%
Debt-free Net Working Capital to Revenue	2.64%	1.20%	1.16%	1.36%	1.99%	1.77%	1.63%	1.78%	3.25%	2.78%	2.35%
Net Working Capital to Revenue	2.05%	0.56%	0.37%	0.64%	-1.83%	0.98%	0.80%	0.90%	2.40%	1.92%	1.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.47)	($3.24)	($0.62)	($0.62)	($0.05)	($0.19)	$0.05	($0.19)	$0.93	$0.30	$0.24
Adjusted Weighted Average Basic Shares Outstanding	227M	226.70M	227.90M	229.10M	229.60M	229.20M	230.50M	231.60M	232.20M	231.50M	230.20M
Adjusted Diluted Earnings per Share	($0.47)	($3.24)	($0.62)	($0.62)	($0.05)	($0.19)	$0.05	($0.19)	$0.89	$0.30	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	227M	226.70M	227.90M	229.10M	229.60M	229.20M	235.80M	231.60M	240.70M	239.10M	239.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	227.51M	227.84M	228.89M	229.46M	230.10M	230.51M	231.21M	232.27M	232.69M	229.94M	231.14M
Normalized Net Operating Profit after Tax (NOPAT)	-38	-158	13	6.30	18	21	78	14	126	139	68
Normalized NOPAT Margin	-0.88%	-3.70%	0.32%	0.15%	0.46%	0.55%	2.10%	0.37%	3.36%	3.67%	1.82%
Pre Tax Income Margin	-3.21%	-6.79%	-2.60%	-2.68%	1.35%	-0.08%	1.71%	-0.13%	6.89%	3.11%	2.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.76	-19.29	-0.26	-0.56	2.06	0.97	3.29	0.80	7.29	1.99	5.89
NOPAT to Interest Expense	-1.93	-13.50	-0.19	-0.39	-0.47	0.68	0.56	0.56	6.08	1.15	3.59
EBIT Less CapEx to Interest Expense	-9.11	-30.07	-1.34	-1.44	-1.12	-1.18	-0.21	-3.36	5.02	0.10	0.74
NOPAT Less CapEx to Interest Expense	-8.28	-24.29	-1.27	-1.28	-3.65	-1.48	-2.94	-3.60	3.81	-0.74	-1.57
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	36.90%	52.19%

Financials Breakdown Chart

Key Financial Trends

Kyndryl (NYSE: KD) is showing a clear turnaround in revenue quality and profitability, but cash flow remains uneven and the balance sheet still carries meaningful leverage. Over the last four years, the company has moved from deep losses toward consistent quarterly profitability, while revenue has generally been stable in the high-$3 billion to low-$4 billion range. The bigger story is that margins have improved, but working-capital swings and debt still make the financial profile somewhat fragile.

Operating income has improved dramatically versus 2022 and early 2023, when KD posted large operating losses. In recent quarters, operating income has been positive and generally improving.
Net income has turned positive in several recent quarters, including Q4 2025 and Q1 2026, suggesting the company has moved beyond its earlier loss-making phase.
Gross profit margins appear to be holding up better than before, with gross profit near $800 million in Q1 2026 on revenue of $3.74 billion.
Selling, general and administrative expense has been relatively controlled compared with the company’s earlier revenue base, supporting better operating leverage.
Cash on the balance sheet remains substantial at $1.46 billion in Q1 2026, giving the company some liquidity cushion.
Short-term debt declined sharply from $805 million in Q3 2025 to $128 million in Q1 2026, which improves near-term refinancing risk.
The company has continued to generate strong non-cash earnings support from depreciation and amortization, which helps offset thin reported profits.
Equity improved materially from earlier periods, with total common equity at $1.234 billion in Q1 2026 versus much lower levels in prior quarters.
Revenue has been fairly steady over time, but growth is not yet clearly strong. Recent quarterly revenue has hovered around $3.7 billion to $3.9 billion.
Share count has drifted a bit lower in recent quarters, but dilution is still something investors should watch.
Capital spending has remained moderate, with quarterly PP&E purchases generally around $100 million to $240 million.
Operating cash flow was negative in Q1 2026 at -$124 million, showing that earnings are not yet consistently converting into cash.
Working-capital changes were a major drag in Q1 2026, with a -$891 million impact on operating cash flow.
Long-term debt remains significant at $3.014 billion in Q1 2026, so leverage is still a key risk.
Current liabilities remain heavy at $4.242 billion, which means liquidity management matters even with a large cash balance.
The balance sheet still carries a large accumulated deficit in retained earnings, reflecting the company’s long period of losses.
Interest expense has risen materially from earlier periods, which can pressure future earnings if debt levels stay elevated.

Bottom line: Kyndryl’s multi-year trend is encouraging because profitability has improved and debt has been trimmed, but investors should not ignore the uneven cash generation and still-heavy liability load. The stock’s fundamentals look better than they did a year or two ago, yet the turnaround is still in progress rather than complete.

06/22/26 07:07 PM ETAI Generated. May Contain Errors.

Kyndryl Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Kyndryl's financial year ends in March. Their financial year 2026 ended on March 31, 2026.

Kyndryl's net income appears to be on a downward trend, with a most recent value of $198 million in 2026, falling from -$943 million in 2019. The previous period was $252 million in 2025. Find out what analysts predict for Kyndryl in the coming months.

Kyndryl's total operating income in 2026 was $562 million, based on the following breakdown:

Total Gross Profit: $3.29 billion
Total Operating Expenses: $2.73 billion

Over the last 6 years, Kyndryl's total revenue changed from $20.28 billion in 2019 to $15.09 billion in 2026, a change of -25.6%.

Kyndryl's total liabilities were at $11.26 billion at the end of 2026, a 23.4% increase from 2025, and a 79.5% increase since 2020.

In the past 5 years, Kyndryl's cash and equivalents has ranged from $24 million in 2020 to $2.62 billion in 2026, and is currently $2.62 billion as of their latest financial filing in 2026.

Over the last 7 years, Kyndryl's book value per share changed from 0.00 in 2019 to 5.22 in 2026, a change of 521.6%.

Related Companies

Financial statements for NYSE:KD last updated on 6/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Kyndryl (KD) Financials

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Kyndryl (KD) Financials

Annual Income Statements for Kyndryl

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Quarterly Cash Flow Statements for Kyndryl

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Quarterly Balance Sheets for Kyndryl

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Quarterly Metrics And Ratios for Kyndryl

Financials Breakdown Chart

Key Financial Trends

Kyndryl Financials - Frequently Asked Questions

When does Kyndryl's fiscal year end?

How has Kyndryl's net income changed over the last 6 years?

What is Kyndryl's operating income?

How has Kyndryl's revenue changed over the last 6 years?

How much debt does Kyndryl have?

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How has Kyndryl's book value per share changed over the last 7 years?

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