Kyndryl (KD) Financials

$11.58 -0.22 (-1.84%)

As of 02:24 PM Eastern

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
Period end date	12/31/2019	12/31/2020	12/31/2021	3/31/2023	3/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-943	-2,007	-2,304	-1,374	-340	252
Consolidated Net Income / (Loss)	-943	-2,007	-2,304	-1,374	-340	252
Net Income / (Loss) Continuing Operations	-943	-2,007	-2,305	-1,375	-340	251
Total Pre-Tax Income	-579	-1,760	-1,903	-851	-168	435
Total Operating Income	-503	-1,697	-1,800	-685	91	650
Total Gross Profit	2,597	2,215	2,107	2,528	2,863	3,143
Total Revenue	20,279	19,352	18,657	17,026	16,052	15,057
Operating Revenue	20,279	19,352	18,657	17,026	16,052	15,057
Total Cost of Revenue	17,682	17,137	16,550	14,498	13,189	11,914
Operating Cost of Revenue	17,682	17,137	16,550	14,498	13,189	11,914
Total Operating Expenses	3,100	3,912	3,907	3,213	2,772	2,493
Selling, General & Admin Expense	2,970	2,948	2,776	2,914	2,773	2,591
Other Operating Expenses / (Income)	-29	943	35	35	45	27
Restructuring Charge	159	21	627	264	-46	-125
Total Other Income / (Expense), net	-76	-63	-103	-165	-260	-214
Interest Expense	76	63	103	165	260	214
Income Tax Expense	364	247	402	524	172	184
Basic Earnings per Share	($4.21)	($8.96)	($10.28)	($6.06)	($1.48)	$1.09
Weighted Average Basic Shares Outstanding	224.10M	224.10M	224.10M	226.70M	229.20M	231.50M
Diluted Earnings per Share	($4.21)	($8.96)	($10.28)	($6.06)	($1.48)	$1.05
Weighted Average Diluted Shares Outstanding	224.10M	224.10M	224.10M	226.70M	229.20M	239.10M
Weighted Average Basic & Diluted Shares Outstanding	-	-	224.54M	227.84M	230.51M	229.94M
Cash Dividends to Common per Share	$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	9/30/2025	12/31/2025	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-106	-737	-141	-142	-12	-45	11	68	56	69	57
Consolidated Net Income / (Loss)	-106	-737	-141	-142	-12	-45	11	68	57	69	56
Net Income / (Loss) Continuing Operations	-106	-739	-141	-142	-12	-45	11	68	56	68	57
Total Pre-Tax Income	-138	-289	-109	-109	53	-3.00	64	98	91	118	92
Total Operating Income	-102	-270	-23	-39	103	89	92	137	127	239	112
Total Gross Profit	707	644	744	651	752	716	805	801	843	825	796
Total Revenue	4,303	4,256	4,193	4,073	3,936	3,850	3,739	3,721	3,859	3,800	3,743
Operating Revenue	4,303	4,256	4,193	4,073	3,936	3,850	3,739	3,721	3,859	3,800	3,743
Total Cost of Revenue	3,596	3,612	3,449	3,422	3,184	3,134	2,934	2,920	3,016	2,975	2,947
Operating Cost of Revenue	3,596	3,612	3,449	3,422	3,184	3,134	2,934	2,920	3,016	2,975	2,947
Total Operating Expenses	809	914	767	690	649	627	713	664	716	586	684
Selling, General & Admin Expense	731	783	720	634	705	714	657	659	672	640	646
Other Operating Expenses / (Income)	30	86	5.00	8.00	21	-28	36	5.00	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	-39	-37	-120	-19
Interest Expense	37	14	87	70	50	92	28	39	37	120	19
Income Tax Expense	-32	450	32	33	65	42	53	30	34	50	36
Basic Earnings per Share	($0.47)	($3.24)	($0.62)	($0.62)	($0.05)	($0.19)	$0.05	$0.29	$0.25	$0.30	$0.24
Weighted Average Basic Shares Outstanding	227M	226.70M	227.90M	229.10M	229.60M	229.20M	230.50M	230.60M	227.70M	231.50M	230.20M
Diluted Earnings per Share	($0.47)	($3.24)	($0.62)	($0.62)	($0.05)	($0.19)	$0.05	$0.29	$0.25	$0.30	$0.23
Weighted Average Diluted Shares Outstanding	227M	226.70M	227.90M	229.10M	229.60M	229.20M	235.80M	235.90M	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
Period end date	12/31/2019	12/31/2020	12/31/2021	3/31/2023	3/31/2024	3/31/2025
Net Change in Cash & Equivalents	5.00	-13	2,203	-294	-306	235
Net Cash From Operating Activities	1,134	628	-119	781	454	942
Net Cash From Continuing Operating Activities	1,133	631	-117	784	454	941
Net Income / (Loss) Continuing Operations	-943	-2,007	-2,304	-1,374	-340	252
Consolidated Net Income / (Loss)	-943	-2,007	-2,304	-1,374	-340	252
Depreciation Expense	1,898	1,869	1,627	1,328	1,153	987
Amortization Expense	2,137	2,091	1,878	1,717	1,817	1,728
Non-Cash Adjustments To Reconcile Net Income	52	68	551	119	138	-52
Changes in Operating Assets and Liabilities, net	-2,011	-1,390	-1,869	-1,006	-2,314	-1,974
Net Cash From Investing Activities	-1,128	-953	-572	-835	-553	-404
Net Cash From Continuing Investing Activities	-1,129	-953	-572	-835	-553	-403
Purchase of Property, Plant & Equipment	-1,190	-1,036	-752	-865	-651	-605
Sale of Property, Plant & Equipment	63	84	194	23	138	83
Other Investing Activities, net	-2.00	-1.00	-14	7.00	-40	119
Net Cash From Financing Activities	0.00	312	2,915	-141	-170	-286
Net Cash From Continuing Financing Activities	0.00	311	2,916	-141	-170	-286
Repayment of Debt	-18	-66	-91	-122	-642	-148
Repurchase of Common Equity	-	-	-	0.00	0.00	-93
Issuance of Debt	0.00	0.00	3,038	0.00	494	0.00
Other Financing Activities, net	18	377	-31	-19	-22	-45
Effect of Exchange Rate Changes	-1.00	-	-22	-100	-37	-16
Cash Interest Paid	0.00	0.00	2.00	98	118	119
Cash Income Taxes Paid	0.00	0.00	12	167	191	149

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
Period end date	12/31/2020	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Total Assets	11,205	13,442	11,464	10,590	10,452
Total Current Assets	2,843	6,092	4,963	4,747	4,589
Cash & Equivalents	24	2,134	1,847	1,553	1,786
Restricted Cash	14	20	12	1.00	3.00
Accounts Receivable	1,444	2,271	1,523	1,599	1,345
Prepaid Expenses	157	525	510	514	446
Other Current Assets	1,205	1,143	1,070	1,081	1,009
Plant, Property, & Equipment, net	3,991	2,834	2,779	2,674	2,570
Total Noncurrent Assets	4,372	4,515	3,722	3,169	3,293
Goodwill	1,230	823	812	805	790
Intangible Assets	60	145	171	188	218
Noncurrent Deferred & Refundable Income Taxes	424	555	248	220	204
Employee Benefit Assets	1.00	61	94	105	148
Other Noncurrent Operating Assets	2,657	2,931	2,397	1,851	1,933
Total Liabilities & Shareholders' Equity	11,205	13,442	11,464	10,590	10,452
Total Liabilities	6,274	10,730	10,002	9,468	9,121
Total Current Liabilities	3,910	5,058	4,868	4,589	4,300
Short-Term Debt	69	96	110	126	129
Accounts Payable	919	1,555	1,774	1,408	1,351
Accrued Expenses	1,386	1,358	970	1,008	891
Current Deferred Revenue	854	882	820	825	746
Current Deferred & Payable Income Tax Liabilities	0.00	-	-	-	256
Current Employee Benefit Liabilities	350	509	533	609	652
Other Current Liabilities	333	374	316	285	274
Total Noncurrent Liabilities	2,365	5,672	5,134	4,880	4,820
Long-Term Debt	140	3,127	3,111	3,112	3,042
Noncurrent Deferred Revenue	543	452	362	314	341
Noncurrent Employee Benefit Liabilities	550	716	504	500	483
Other Noncurrent Operating Liabilities	1,132	1,377	1,157	954	954
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,931	2,711	1,462	1,122	1,331
Total Preferred & Common Equity	4,873	2,618	1,365	1,015	1,219
Total Common Equity	4,872	2,617	1,365	1,015	1,220
Common Stock	0.00	4,315	4,428	4,524	4,631
Retained Earnings	0.00	-605	-1,978	-2,319	-2,067
Treasury Stock	0.00	-4.00	-23	-45	-184
Accumulated Other Comprehensive Income / (Loss)	-1,100	-1,089	-1,062	-1,145	-1,160
Noncontrolling Interest	58	94	97	107	113

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

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 Holdings, Inc. (KD) has shown a mix of improving profitability and ongoing liquidity needs over the last four years of quarterly results. Below is a concise trend snapshot focused on notable patterns in income statements, cash flow, and balance sheets, with items organized from most likely to impact investors positively to those that may be neutral or negative.

Profitability improving in 2025–2026: Net income from continuing operations turned positive, with about $56M in Q1 2026 and $69M in Q4 2025, and other recent quarters also showing positive net income.
Strong cash flow generation in several recent quarters: Net cash from continuing operating activities was $581M in Q4 2025, $259M in Q3 2025, and $148M in Q2 2025, with other earlier quarters also contributing positive cash flow (e.g., Q4 2024 $146M).
Reasonable free cash flow in several periods: Estimated free cash flow turned positive in multiple quarters (e.g., Q4 2025 ≈ $341M, Q3 2024 ≈ $326M, Q3 2025 ≈ $150M), indicating cash generation after capex in those periods.
Earnings per share showing improvement in recent quarters: Diluted EPS around $0.23–$0.30 in recent quarters (e.g., Q1 2026 $0.23; Q4 2025 $0.30; Q3 2025 $0.25), signaling a move toward profitability on a per-share basis.

Revenue remains large and relatively steady: Quarterly operating revenues typically run in the $3.7B–$4.1B range, reflecting substantial scale even as quarterly results vary.
Balance sheet leverage is high but chronic: Total liabilities have been around $9.6B–$10.0B with total equity roughly $1.0B–$1.3B across recent periods, indicating a strong debt load relative to equity and potential balance-sheet risk.

Profitability has been volatile: Several quarters show negative net income (e.g., Q4 2024 net income around -$45M; Q3 2024 around -$12M; Q1 2024 around -$173M), underscoring earnings volatility.
Operating cash flow has been negative in some quarters: Notable negatives include Q1 2026 (-$126M) and prior periods like Q1 2025 (-$47M) and Q1 2024 (-$173M), signaling intermittent cash generation challenges.
Capital expenditures stay sizable and cash-intensive: Quarterly capex ranges (e.g., Q4 2025 about $240M; Q3 2025 about $109M; Q1 2026 about $143M) constrain near-term free cash flow.
Ongoing restructuring and related charges weigh on margins: Restructuring charges have appeared across several periods (e.g., notable charges in 2023–2025 quarters), contributing to earnings volatility and cost pressure.

05/12/26 12:06 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 2025 ended on March 31, 2025.

Kyndryl's net income appears to be on a downward trend, with a most recent value of $252 million in 2025, falling from -$943 million in 2019. The previous period was -$340 million in 2024. View Kyndryl's forecast to see where analysts expect Kyndryl to go next.

Kyndryl's total operating income in 2025 was $650 million, based on the following breakdown:

Total Gross Profit: $3.14 billion
Total Operating Expenses: $2.49 billion

Over the last 5 years, Kyndryl's total revenue changed from $20.28 billion in 2019 to $15.06 billion in 2025, a change of -25.8%.

Kyndryl's total liabilities were at $9.12 billion at the end of 2025, a 3.7% decrease from 2024, and a 45.4% increase since 2020.

In the past 4 years, Kyndryl's cash and equivalents has ranged from $24 million in 2020 to $2.13 billion in 2022, and is currently $1.79 billion as of their latest financial filing in 2025.

Over the last 6 years, Kyndryl's book value per share changed from 0.00 in 2019 to 5.24 in 2025, a change of 524.3%.

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Financial statements for NYSE:KD last updated on 11/23/2025 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

Quarterly Income Statements for Kyndryl

Annual Cash Flow Statements for Kyndryl

Quarterly Cash Flow Statements for Kyndryl

Annual Balance Sheets for Kyndryl

Quarterly Balance Sheets for Kyndryl

Annual Metrics And Ratios for Kyndryl

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 5 years?

What is Kyndryl's operating income?

How has Kyndryl's revenue changed over the last 5 years?

How much debt does Kyndryl have?

How much cash does Kyndryl have?

How has Kyndryl's book value per share changed over the last 6 years?

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