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Kyndryl Holdings reported revenue of $3.9 billion for the quarter ended December 31, 2025, up 3% year over year, helped by favorable currency and growth in Kyndryl Consult and hyperscaler-related services. Net income was $57 million, down from $215 million, mainly because the prior-year period included a large gain on the sale of the Securities Industry Services platform and the current quarter reflects arbitration-related transaction costs.
For the first nine months of the fiscal year, revenue reached $11.3 billion, up 1%, while adjusted EBITDA rose to $1.98 billion from $1.82 billion as cost initiatives improved profitability despite pressure from higher labor costs and longer sales cycles. The company ended the quarter with $1.35 billion in cash and $3.12 billion of total debt, and has been actively returning capital, repurchasing $254 million of stock year to date under a $700 million authorization. Subsequent to quarter-end, it drew $1 billion on its revolving credit facility and agreed to acquire Solvinity Group B.V. for about €100 million, while also disclosing an ongoing SEC inquiry into cash management practices and a newly filed securities class action.
Kyndryl Holdings, Inc. filed an amended quarterly report for the period ended September 30, 2025 to update its conclusions on internal controls. After a review of cash management practices and related controls, the company determined that previously reported disclosure controls and procedures were not effective as of March 31, June 30, and September 30, 2025 due to material weaknesses in internal control over financial reporting.
Management states that, despite these control weaknesses, the consolidated financial statements for the affected periods continue to fairly present the company’s financial position and results in conformity with U.S. GAAP. The amendment primarily revises the controls and procedures section and provides new, currently dated CEO and CFO certifications, while leaving the underlying financial statements and other disclosures from the original report unchanged.
Kyndryl Holdings, Inc. filed an amended quarterly report to update its conclusion on disclosure controls and procedures for the quarter ended June 30, 2025. After a review of cash management practices and related controls, management and the Audit Committee determined that previously identified material weaknesses in internal control over financial reporting remained in place as of March 31 and June 30, 2025, making disclosure controls and procedures ineffective at those dates.
The company states that, despite these control weaknesses, its previously issued consolidated financial statements continue to fairly present its financial position, results of operations and cash flows in conformity with U.S. GAAP. Kyndryl has appointed an Interim Chief Financial Officer, Interim General Counsel and Interim Corporate Controller and outlined a remediation plan, while noting that a sustained period of operation will be needed before it can conclude the weaknesses have been remediated.
Kyndryl Holdings filed an amended annual report to disclose that its disclosure controls and internal control over financial reporting were ineffective as of March 31, 2025 due to several material weaknesses, even though its audited financial statements remain unchanged and are still considered fairly stated.
For fiscal 2025, Kyndryl generated $15.1 billion of revenue, down 6% from 2024, as it deliberately exited low-margin work and faced currency headwinds. Despite lower sales, the company swung to a $252 million net profit from a $340 million loss, helped by cost efficiencies, lower depreciation, and a gain on the sale of its SIS platform in Canada.
Adjusted EBITDA rose to $2.5 billion, operating cash flow more than doubled to $942 million, and year-end cash reached $1.8 billion with an undrawn $3.15 billion revolving credit facility. Kyndryl also repurchased $94 million of stock and reported record contract signings of $18.2 billion, while implementing workforce and site rationalization programs expected to drive further cost savings.
Kyndryl Holdings reported third-quarter fiscal 2026 revenue of $3.9 billion, up 3% year over year on a reported basis and flat in constant currency. Net income was $57 million, or $0.25 per diluted share, down from $215 million, or $0.89, mainly because the prior-year quarter included a significant transaction-related gain.
Adjusted results were steadier: adjusted pretax income was $168 million versus $160 million, adjusted net income was $122 million, and adjusted EPS was $0.52 versus $0.51. Adjusted EBITDA was $696 million, with an 18.0% margin.
Cash generation strengthened. Cash flow from operations reached $427 million versus $260 million, and free cash flow was $217 million versus $167 million. Trailing-twelve-month signings were $15.4 billion, and the company signed eleven contracts over $50 million in the quarter. Kyndryl also disclosed that filing its Quarterly Report on Form 10-Q will be delayed pending an ongoing review but stated it does not expect a restatement or other impact to its financial statements.
Kyndryl Holdings announced several senior leadership changes. The Board appointed Harsh Chugh as Interim Chief Financial Officer and Bhavna Doegar as Interim Corporate Controller, effective immediately. Both have extensive prior experience in finance, operations and strategy roles at the company and other large enterprises.
Concurrently, former Chief Financial Officer David Wyshner left his role, and Edward Sebold departed as General Counsel. Senior Vice President and Global Controller Vineet Khurana moved into a different role at the company. Kyndryl also named Mark Ringes as Interim General Counsel. Existing compensation arrangements for Chugh and Doegar remain unchanged as of this filing.
Kyndryl Holdings, Inc. has filed a notice that it will delay its Form 10‑Q for the quarter ended December 31, 2025 because it cannot complete the report without unreasonable effort and expense.
The Audit Committee is reviewing the company’s cash management practices, related disclosures (including drivers of its adjusted free cash flow metric), internal control over financial reporting, and other matters after receiving voluntary document requests from the SEC’s Division of Enforcement. The company does not currently anticipate an impact on its consolidated financial statements, but expects to report material weaknesses in internal control over financial reporting for the quarter, the full fiscal year ended March 31, 2025, and the first two quarters of fiscal 2026. Kyndryl also states that management’s prior assessment and the auditor’s opinion on internal control over financial reporting as of March 31, 2025 should no longer be relied upon and indicates it is developing a remediation plan.
The Vanguard Group has filed an amended ownership report showing it beneficially owns 28,331,118 shares of Kyndryl Holdings Inc common stock, representing 12.39% of the outstanding class as of 12/31/2025.
Vanguard reports no sole voting or dispositive power over these shares, with shared voting power over 1,821,813 shares and shared dispositive power over all 28,331,118 shares. Vanguard explains that an internal realignment on January 12, 2026 shifted portfolio management and proxy voting functions to certain subsidiaries, which are expected to report ownership on a disaggregated basis going forward. The filing states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Kyndryl.
Kyndryl Holdings, Inc. reported that its Chief Human Resources Officer, Maryjo Charbonnier, has notified the company of her intent to retire from her role, effective March 31, 2026. She has held the position for more than four years since Kyndryl became a public company and has nearly twenty years of experience as a public-company chief human resources officer.
After stepping down as Chief Human Resources Officer, Ms. Charbonnier will remain with Kyndryl as an Executive Advisor until August 31, 2026, providing continuity during the leadership transition.
Kyndryl Holdings filed a Form 4 reporting a routine equity compensation event for its SVP & Global Controller. On 12/16/2025, 2,158 shares of common stock were withheld at $26.37 per share to cover the reporting person’s tax obligations when 4,227 restricted stock units granted on December 16, 2021 vested. These shares were not sold on the open market, but were offset against the vested shares delivered. After this transaction, the officer directly owns 57,550 shares of Kyndryl common stock.