Kyndryl Hldgs Inc Financials

Source SEC Filings (10-K/10-Q) Updated Feb 17, 2026 Currency USD FYE March

This page shows Kyndryl Hldgs Inc (KD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 30/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Kyndryl Hldgs Inc's revenue declined 6.2% year-over-year, from $16.1B to $15.1B. This contraction results in a growth score of 11/100.

Leverage

Kyndryl Hldgs Inc has elevated debt relative to equity (D/E of 2.38), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 23/100, reflecting increased financial risk.

Liquidity

Kyndryl Hldgs Inc's current ratio of 1.07 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 23/100, which could limit financial flexibility.

Cash Flow

Kyndryl Hldgs Inc's free cash flow margin of 2.2% results in a low score of 11/100. Capital expenditures of $605.0M absorb a large share of operating cash flow.

Returns

Kyndryl Hldgs Inc earns a strong 20.7% return on equity (ROE), meaning it generates $21 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 83/100.

Piotroski F-Score Neutral

6/9

Kyndryl Hldgs Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

3.74x

For every $1 of reported earnings, Kyndryl Hldgs Inc generates $3.74 in operating cash flow ($942.0M OCF vs $252.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$15.1B

YoY-6.2%

5Y CAGR-5.8%

Kyndryl Hldgs Inc generated $15.1B in revenue in fiscal year 2025. This represents a decrease of 6.2% from the prior year.

EBITDA

N/A

Free Cash Flow

$337.0M

YoY+271.1%

Kyndryl Hldgs Inc generated $337.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 271.1% from the prior year.

Net Income

$252.0M

YoY+174.1%

Kyndryl Hldgs Inc reported $252.0M in net income in fiscal year 2025. This represents an increase of 174.1% from the prior year.

EPS (Diluted)

$1.05

YoY+170.9%

Kyndryl Hldgs Inc earned $1.05 per diluted share (EPS) in fiscal year 2025. This represents an increase of 170.9% from the prior year.

Cash & Debt

$1.8B

YoY+15.0%

5Y CAGR+104.4%

Kyndryl Hldgs Inc held $1.8B in cash against $2.9B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.00

Kyndryl Hldgs Inc paid $0.00 per share in dividends in fiscal year 2025.

Shares Outstanding

N/A

Gross Margin

20.9%

YoY+3.0pp

5Y CAGR+8.0pp

Kyndryl Hldgs Inc's gross margin was 20.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.0 percentage points from the prior year.

Operating Margin

N/A

Net Margin

1.7%

YoY+3.8pp

5Y CAGR+6.3pp

Kyndryl Hldgs Inc's net profit margin was 1.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.8 percentage points from the prior year.

Return on Equity

20.7%

Kyndryl Hldgs Inc's ROE was 20.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

R&D Spending

$49.0M

YoY-15.5%

5Y CAGR-10.0%

Kyndryl Hldgs Inc invested $49.0M in research and development in fiscal year 2025. This represents a decrease of 15.5% from the prior year.

Share Buybacks

$93.0M

Kyndryl Hldgs Inc spent $93.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$605.0M

YoY-7.1%

5Y CAGR-12.7%

Kyndryl Hldgs Inc invested $605.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 7.1% from the prior year.

KD Income Statement

Metric	FY25	FY24	FY23	FY21	FY20	FY19
Revenue	$15.1B-6.2%	$16.1B-5.7%	$17.0B-8.7%	$18.7B-3.6%	$19.4B-4.6%	$20.3B
Cost of Revenue	$11.9B-9.7%	$13.2B-9.0%	$14.5B-12.4%	$16.6B-3.4%	$17.1B-3.0%	$17.7B
Gross Profit	$3.1B+9.8%	$2.9B+13.3%	$2.5B+20.0%	$2.1B-4.9%	$2.2B-14.9%	$2.6B
R&D Expenses	$49.0M-15.5%	$58.0M-26.6%	$79.0M+25.4%	$63.0M-17.1%	$76.0M-8.4%	$83.0M
SG&A Expenses	$2.6B-6.6%	$2.8B-4.8%	$2.9B+5.0%	$2.8B-5.8%	$2.9B-0.7%	$3.0B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$100.0M-18.0%	$122.0M+29.8%	$94.0M+46.9%	$64.0M+1.6%	$63.0M-17.1%	$76.0M
Income Tax	$184.0M+7.0%	$172.0M-67.2%	$524.0M+30.3%	$402.0M+62.8%	$247.0M-32.5%	$366.0M
Net Income	$252.0M+174.1%	-$340.0M+75.3%	-$1.4B+40.4%	-$2.3B-14.8%	-$2.0B-113.7%	-$939.0M
EPS (Diluted)	$1.05+170.9%	$-1.48+75.6%	$-6.06+41.1%	$-10.28-14.7%	$-8.96-113.8%	$-4.19

Metric	Q3'26	Q3'26	Q2'26	Q1'26	Q3'25	Q3'25	Q2'25	Q1'25
Revenue	$4K-100.0%	$3.9B+3.7%	$3.7B-0.6%	$3.7B	N/A	$3.7B-0.8%	$3.8B+0.9%	$3.7B
Cost of Revenue	$3K-100.0%	$3.0B+3.3%	$2.9B-0.9%	$2.9B	N/A	$3.0B-1.4%	$3.0B+3.1%	$2.9B
Gross Profit	$843-100.0%	$843.0M+5.2%	$801.0M+0.6%	$796.0M	N/A	$763.0M+1.7%	$750.0M-6.8%	$805.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$672-100.0%	$672.0M+2.0%	$659.0M+2.0%	$646.0M	N/A	$647.0M0.0%	$647.0M-1.5%	$657.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$21-100.0%	$21.0M+5.0%	$20.0M+5.3%	$19.0M	N/A	$24.0M-4.0%	$25.0M-10.7%	$28.0M
Income Tax	$34-100.0%	$34.0M+13.3%	$30.0M-16.7%	$36.0M	N/A	$43.0M+13.2%	$38.0M-28.3%	$53.0M
Net Income	$57-100.0%	$57.0M-16.2%	$68.0M+21.4%	$56.0M	N/A	$215.0M+600.0%	-$43.0M-490.9%	$11.0M
EPS (Diluted)	$0.250.0%	$0.25-13.8%	$0.29+26.1%	$0.23	N/A	$0.89+568.4%	$-0.19-480.0%	$0.05

KD Balance Sheet

Metric	FY25	FY24	FY23	FY21	FY20	FY19
Total Assets	$10.5B-1.3%	$10.6B-7.6%	$11.5B-13.2%	$13.2B+17.9%	$11.2B	N/A
Current Assets	$4.6B-3.3%	$4.7B-4.4%	$5.0B-14.1%	$5.8B+103.2%	$2.8B	N/A
Cash & Equivalents	$1.8B+15.0%	$1.6B-15.9%	$1.8B-16.9%	$2.2B+9162.5%	$24.0M-52.0%	$50.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.3B-15.9%	$1.6B+5.0%	$1.5B-33.2%	$2.3B+57.8%	$1.4B	N/A
Goodwill	$790.0M-1.9%	$805.0M-0.9%	$812.0M+10.9%	$732.0M-40.5%	$1.2B+5.9%	$1.2B
Total Liabilities	$9.1B-3.7%	$9.5B-5.3%	$10.0B-4.3%	$10.4B+67.9%	$6.2B	N/A
Current Liabilities	$4.3B-6.3%	$4.6B-5.7%	$4.9B+9.2%	$4.5B+16.1%	$3.8B	N/A
Long-Term Debt	$2.9B0.0%	$2.9B-3.3%	$3.0B0.0%	$3.0B+2042.9%	$140.0M	N/A
Total Equity	$1.2B+20.1%	$1.0B-25.6%	$1.4B-50.6%	$2.8B-43.9%	$4.9B-17.0%	$5.9B
Retained Earnings	-$2.1B+10.9%	-$2.3B-17.2%	-$2.0B-427.5%	-$375.0M	N/A	N/A

Metric	Q3'26	Q3'26	Q2'26	Q1'26	Q3'25	Q3'25	Q2'25	Q1'25
Total Assets	$11K-100.0%	$11.3B+0.3%	$11.2B-2.2%	$11.5B+10.0%	$10.5B+5.3%	$9.9B-4.5%	$10.4B+2.3%	$10.2B
Current Assets	$4K-100.0%	$4.3B+0.8%	$4.3B-4.0%	$4.5B-2.6%	$4.6B+6.8%	$4.3B-2.1%	$4.4B+0.7%	$4.4B
Cash & Equivalents	$1K-100.0%	$1.3B+1.3%	$1.3B-9.0%	$1.5B-18.1%	$1.8B+19.0%	$1.5B+13.3%	$1.3B+4.4%	$1.3B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1K-100.0%	$1.4B+2.8%	$1.3B+3.1%	$1.3B-5.1%	$1.3B-2.1%	$1.4B-4.6%	$1.4B+0.1%	$1.4B
Goodwill	$787-100.0%	$787.0M-0.5%	$791.0M-0.3%	$793.0M+0.4%	$790.0M+0.4%	$787.0M-0.4%	$790.0M+0.5%	$786.0M
Total Liabilities	$10K-100.0%	$10.0B+0.6%	$9.9B-2.4%	$10.2B+11.3%	$9.1B+4.6%	$8.7B-5.5%	$9.2B+1.8%	$9.1B
Current Liabilities	$5K-100.0%	$5.0B+20.2%	$4.2B-1.1%	$4.2B-1.3%	$4.3B+9.3%	$3.9B-7.4%	$4.2B+0.4%	$4.2B
Long-Term Debt	$3-100.0%	$2.9B0.0%	$2.9B0.0%	$2.9B0.0%	$2.9B0.0%	$2.9B0.0%	$2.9B0.0%	$2.9B
Total Equity	$1K-100.0%	$1.2B-2.7%	$1.2B-0.6%	$1.2B+1.2%	$1.2B+11.4%	$1.1B+2.7%	$1.1B+6.9%	$996.0M
Retained Earnings	$2K+100.0%	-$1.9B+2.9%	-$1.9B+3.4%	-$2.0B+2.7%	-$2.1B+3.2%	-$2.1B+9.1%	-$2.4B-1.9%	-$2.3B

KD Cash Flow Statement

Metric	FY25	FY24	FY23	FY21	FY20	FY19
Operating Cash Flow	$942.0M+107.5%	$454.0M-41.9%	$781.0M+756.3%	-$119.0M-118.9%	$628.0M-44.6%	$1.1B
Capital Expenditures	$605.0M-7.1%	$651.0M-24.7%	$865.0M+15.0%	$752.0M-27.4%	$1.0B-12.9%	$1.2B
Free Cash Flow	$337.0M+271.1%	-$197.0M-134.5%	-$84.0M+90.4%	-$871.0M-113.5%	-$408.0M-628.6%	-$56.0M
Investing Cash Flow	-$404.0M+26.9%	-$553.0M+33.8%	-$835.0M-46.0%	-$572.0M+40.0%	-$953.0M+15.5%	-$1.1B
Financing Cash Flow	-$286.0M-68.2%	-$170.0M-20.6%	-$141.0M-104.8%	$2.9B+834.3%	$312.0M	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$93.0M	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q3'26	Q2'26	Q1'26	Q3'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	-$603.0M-240.9%	$428.0M+193.2%	$146.0M+217.7%	-$124.0M-121.3%	$581.0M+123.5%	$260.0M+74.5%	$149.0M+410.4%	-$48.0M
Capital Expenditures	-$512.0M-332.7%	$220.0M+70.5%	$129.0M-9.8%	$143.0M-40.4%	$240.0M+120.2%	$109.0M-18.7%	$134.0M+9.8%	$122.0M
Free Cash Flow	-$1.1B-636.1%	$208.0M+1123.5%	$17.0M+106.4%	-$267.0M-178.3%	$341.0M+125.8%	$151.0M+906.7%	$15.0M+108.8%	-$170.0M
Investing Cash Flow	$401.0M+267.1%	-$240.0M-96.7%	-$122.0M-64.9%	-$74.0M+63.9%	-$205.0M-588.1%	$42.0M+156.0%	-$75.0M+54.8%	-$166.0M
Financing Cash Flow	$424.0M+407.2%	-$138.0M+1.4%	-$140.0M+17.6%	-$170.0M-49.1%	-$114.0M-60.6%	-$71.0M-42.0%	-$50.0M+2.0%	-$51.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	-$214.0M-316.2%	$99.0M+11.2%	$89.0M+43.5%	$62.0M-1.6%	$63.0M	N/A	N/A	N/A

KD Financial Ratios

Metric	FY25	FY24	FY23	FY21	FY20	FY19
Gross Margin	20.9%+3.0pp	17.8%+3.0pp	14.8%+3.6pp	11.3%-0.2pp	11.5%-1.4pp	12.8%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1.7%+3.8pp	-2.1%+5.9pp	-8.1%+4.3pp	-12.3%-2.0pp	-10.4%-5.7pp	-4.6%
Return on Equity	20.7%	N/A	N/A	N/A	N/A	N/A
Return on Assets	2.4%+5.6pp	-3.2%+8.8pp	-12.0%+5.4pp	-17.4%+0.5pp	-17.9%	N/A
Current Ratio	1.07+0.0	1.03+0.0	1.02-0.3	1.30+0.6	0.74	N/A
Debt-to-Equity	2.38-0.5	2.86+0.7	2.20+1.1	1.08+1.1	0.03	N/A
FCF Margin	2.2%+3.5pp	-1.2%-0.7pp	-0.5%+4.2pp	-4.7%-2.6pp	-2.1%-1.8pp	-0.3%

Metric	Q3'26	Q3'26	Q2'26	Q1'26	Q3'25	Q3'25	Q2'25	Q1'25
Gross Margin	21.9%0.0pp	21.9%+0.3pp	21.5%+0.3pp	21.3%	N/A	20.4%+0.5pp	19.9%-1.7pp	21.5%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1.5%0.0pp	1.5%-0.3pp	1.8%+0.3pp	1.5%	N/A	5.7%+6.9pp	-1.1%-1.4pp	0.3%
Return on Equity	4.8%0.0pp	4.8%-0.8pp	5.5%+1.0pp	4.5%	N/A	19.7%	N/A	1.1%
Return on Assets	0.5%0.0pp	0.5%-0.1pp	0.6%+0.1pp	0.5%	N/A	2.2%+2.6pp	-0.4%-0.5pp	0.1%
Current Ratio	0.860.0	0.86-0.2	1.02-0.0	1.05-0.0	1.07-0.0	1.09+0.1	1.030.0	1.03
Debt-to-Equity	0.00-2.4	2.43+0.1	2.36+0.0	2.35-0.0	2.38-0.3	2.65-0.1	2.72-0.2	2.91
FCF Margin	-28893471.3%-28893476.7pp	5.4%+4.9pp	0.5%+7.6pp	-7.1%	N/A	4.0%+3.6pp	0.4%+5.0pp	-4.5%

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Frequently Asked Questions

What is Kyndryl Hldgs Inc's annual revenue?

Kyndryl Hldgs Inc (KD) reported $15.1B in total revenue for fiscal year 2025. This represents a -6.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Kyndryl Hldgs Inc's revenue growing?

Kyndryl Hldgs Inc (KD) revenue declined by 6.2% year-over-year, from $16.1B to $15.1B in fiscal year 2025.

Is Kyndryl Hldgs Inc profitable?

Yes, Kyndryl Hldgs Inc (KD) reported a net income of $252.0M in fiscal year 2025, with a net profit margin of 1.7%.

What is Kyndryl Hldgs Inc's earnings per share (EPS)?

Kyndryl Hldgs Inc (KD) reported diluted earnings per share of $1.05 for fiscal year 2025. This represents a 170.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Kyndryl Hldgs Inc have?

As of fiscal year 2025, Kyndryl Hldgs Inc (KD) had $1.8B in cash and equivalents against $2.9B in long-term debt.

What is Kyndryl Hldgs Inc's gross margin?

Kyndryl Hldgs Inc (KD) had a gross margin of 20.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Kyndryl Hldgs Inc's net profit margin?

Kyndryl Hldgs Inc (KD) had a net profit margin of 1.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Kyndryl Hldgs Inc's return on equity (ROE)?

Kyndryl Hldgs Inc (KD) has a return on equity of 20.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Kyndryl Hldgs Inc's free cash flow?

Kyndryl Hldgs Inc (KD) generated $337.0M in free cash flow during fiscal year 2025. This represents a 271.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Kyndryl Hldgs Inc's operating cash flow?

Kyndryl Hldgs Inc (KD) generated $942.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Kyndryl Hldgs Inc's total assets?

Kyndryl Hldgs Inc (KD) had $10.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Kyndryl Hldgs Inc's capital expenditures?

Kyndryl Hldgs Inc (KD) invested $605.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Kyndryl Hldgs Inc spend on research and development?

Kyndryl Hldgs Inc (KD) invested $49.0M in research and development during fiscal year 2025.

Does Kyndryl Hldgs Inc buy back shares?

Yes, Kyndryl Hldgs Inc (KD) spent $93.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Kyndryl Hldgs Inc's current ratio?

Kyndryl Hldgs Inc (KD) had a current ratio of 1.07 as of fiscal year 2025, which is considered adequate.

What is Kyndryl Hldgs Inc's debt-to-equity ratio?

Kyndryl Hldgs Inc (KD) had a debt-to-equity ratio of 2.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Kyndryl Hldgs Inc's return on assets (ROA)?

Kyndryl Hldgs Inc (KD) had a return on assets of 2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Kyndryl Hldgs Inc's Piotroski F-Score?

Kyndryl Hldgs Inc (KD) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Kyndryl Hldgs Inc's earnings high quality?

Kyndryl Hldgs Inc (KD) has an earnings quality ratio of 3.74x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Kyndryl Hldgs Inc?

Kyndryl Hldgs Inc (KD) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.