Kyndryl Holdings Inc. (KD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	-$0.17	-$0.12	+29.4%	—	$3.6B	—
Q4 26	$0.47	$0.18	-61.7%	—	$3.8B	—
Q3 26	$0.6	$0.52	-13.3%	—	$3.9B	—
Q2 26	$0.36	$0.38	+5.6%	—	$3.7B	—
Q1 26	$0.36	$0.37	+2.8%	—	$3.7B	—
Q4 25	$0.51	$0.52	+2.0%	—	$3.8B	—
Q3 25	$0.41	$0.51	+24.4%	—	$3.7B	—
Q2 25	-$0.03	$0.01	+133.3%	—	$3.8B	—
Q1 25	$0.17	$0.13	-23.5%	—	$3.7B	—
Q4 24	-$0.07	-$0.01	+85.7%	—	$3.9B	—
Q3 24	$0.19	-$0.05	-126.3%	—	$3.9B	—
Q2 24	-$0.65	-$0.62	+4.6%	—	$4.1B	—
Q1 24	-$0.91	-$0.62	+31.9%	—	$4.2B	—
Q4 23	-$1.03	-$3.24	-214.6%	—	$4.3B	—
Q3 23	-$0.81	-$0.47	+42.0%	—	$4.3B	—
Q2 23	-$0.84	-$1.24	-47.6%	—	$4.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$0.87	—	—	$15.1B	—
FY25	—	$1.09	—	—	$15.1B	—
FY24	—	-$1.48	—	—	$16.1B	—
FY23	—	-$6.06	—	—	$17B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26
Revenue	$21.8B	$20.3B	$19.4B	$18.7B	$17B	$16.1B	$15.1B	$15.1B
YoY change	—	-6.96%	-4.57%	-3.59%	—	-5.72%	-6.2%	+0.23%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26
Revenue	21.8B	20.3B	19.4B	18.7B	17B	16.1B	15.1B	15.1B
Cost of revenue	19.2B	17.7B	17.1B	16.6B	14.5B	13.2B	11.9B	11.8B
Gross profit	2.6B	2.6B	2.2B	2.1B	2.5B	2.9B	3.1B	3.3B
Gross margin	11.7%	12.8%	11.4%	11.3%	14.8%	17.8%	20.9%	21.8%
Research & development	69M	83M	76M	—	—	—	—	—
Selling, general & administrative	2.9B	3B	2.9B	2.8B	2.9B	2.8B	2.6B	2.7B
Operating expenses	3B	3.1B	3B	2.8B	2.9B	2.8B	2.6B	2.7B
Operating income	-435M	-373M	-733M	-669M	-386M	90M	552M	635M
Operating margin	-2%	-1.84%	-3.79%	-3.59%	-2.27%	0.56%	3.67%	4.21%
Non-operating income, net	-109M	-130M	-964M	-1.2B	-370M	-137M	-16M	-133M
Pretax income	-630M	-579M	-1.8B	-1.9B	-851M	-168M	435M	414M
Income tax	350M	364M	247M	402M	524M	172M	184M	215M
Net income	-980M	-943M	-2B	-2.3B	-1.4B	-340M	251M	199M
Net margin	-4.5%	-4.65%	-10.4%	-12.4%	-8.08%	-2.12%	1.67%	1.32%
EBITDA	1.1B	1.6B	1.1B	960M	952M	1.2B	1.5B	1.7B
EPS	-4.38	-4.21	-8.96	-10.3	-6.06	-1.48	1.09	0.87
Diluted EPS	-4.38	-4.21	-8.96	-10.3	-6.06	-1.48	1.05	0.85

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	4.1B	3.9B	3.9B	3.7B	3.8B	3.7B	3.8B	3.7B	3.7B	3.9B	3.8B	3.6B
Cost of revenue	3.4B	3.2B	3.1B	2.9B	3B	3B	3B	2.9B	2.9B	3B	2.9B	2.8B
Gross profit	651M	752M	716M	805M	750M	763M	825M	796M	801M	843M	849M	776M
Gross margin	16%	19.1%	18.6%	21.5%	19.9%	20.4%	21.7%	21.3%	21.5%	21.8%	22.5%	21.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	634M	705M	714M	657M	647M	647M	640M	646M	659M	672M	678M	668M
Operating expenses	634M	705M	714M	657M	647M	647M	640M	646M	659M	672M	678M	668M
Operating income	17M	47M	2M	148M	103M	116M	185M	150M	142M	171M	171M	108M
Operating margin	0.42%	1.19%	0.05%	3.96%	2.73%	3.1%	4.87%	4.01%	3.82%	4.43%	4.54%	2.99%
Non-operating income, net	-95M	37M	24M	-56M	-83M	166M	-43M	-38M	-24M	-60M	-10M	-142M
Pretax income	-109M	53M	-3M	64M	-5M	258M	118M	92M	98M	91M	133M	-69M
Income tax	33M	65M	41M	53M	38M	43M	50M	36M	30M	34M	115M	-14M
Net income	-142M	-12M	-44M	11M	-43M	215M	68M	56M	68M	57M	18M	-55M
Net margin	-3.49%	-0.3%	-1.14%	0.29%	-1.14%	5.74%	1.79%	1.5%	1.83%	1.48%	0.48%	-1.52%
EBITDA	319M	320M	262M	352M	302M	418M	469M	407M	411M	440M	423M	374M
EPS	-0.62	-0.05	-0.2	0.05	-0.19	0.93	0.3	0.24	0.29	0.25	0.08	-0.25
Diluted EPS	-0.62	-0.05	-0.2	0.05	-0.19	0.89	0.28	0.23	0.29	0.25	0.08	-0.25

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26	Current
Market cap	—	—	—	4.1B	3.3B	5B	7.3B	3B	2.4B
Enterprise value	—	—	—	6.4B	5.7B	7.6B	9.4B	5.3B	5.4B
Shares outstanding	223.9M	223.9M	223.9M	224.1M	226.7M	229.2M	231.5M	228.3M	228.3M

Valuation

Metric	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26	Current
P/E	—	—	—	—	—	—	29	15.1	31.4
P/S	—	—	—	0.22	0.2	0.31	0.48	0.2	0.17
P/B	—	—	—	1.47	2.29	4.45	5.46	2.32	2.38
EV/EBITDA	—	—	—	6.7	6.03	6.17	6.13	3.17	4.16
EV/Sales	—	—	—	0.34	0.34	0.47	0.63	0.35	0.36
Earnings yield	—	—	—	—	—	—	3.45%	6.64%	3.19%
FCF yield	—	—	—	-21.5%	-2.51%	-3.95%	4.64%	11.4%	108.4%
PEG	—	—	—	—	—	—	—	—	-0.15

Profitability

Metric	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26	Current
Gross margin	11.7%	12.8%	11.4%	11.3%	14.8%	17.8%	20.9%	21.8%	21.4%
Operating margin	-2%	-1.84%	-3.79%	-3.59%	-2.27%	0.56%	3.67%	4.21%	2.9%
Net margin	-4.5%	-4.65%	-10.4%	-12.4%	-8.08%	-2.12%	1.67%	1.32%	0.58%
ROE	—	-15.9%	-40.7%	-83.3%	-94%	-30.3%	18.8%	15.4%	6.93%
ROA	—	-8.03%	-17.9%	-17.4%	-12%	-3.21%	2.4%	1.59%	3.02%
ROIC	—	-5.13%	-11.6%	-13%	-10%	2.42%	9.1%	8.42%	5.16%
Return on tangible assets	—	-10.2%	-23.3%	-19.7%	-14.5%	-3.95%	2.97%	1.87%	0.87%

Financial health

Metric	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26	Current
Current ratio	—	0.92	0.73	1.3	1.02	1.03	1.07	0.88	0.85
Quick ratio	—	0.92	0.73	1.3	1.02	1.03	1.07	0.88	0.85
Debt / equity	—	0.23	0.28	1.66	2.9	3.69	2.97	3.84	4.22
Debt / assets	—	0.12	0.12	0.35	0.37	0.39	0.38	0.39	0.41
Net debt / EBITDA	—	0.84	1.2	2.48	2.52	2.11	1.41	1.39	1.71
Interest coverage	-6.41	-6.62	-26.9	-28.7	-8.05	-0.38	5.35	5.65	3.43
Effective tax rate	0%	0%	0%	0%	0%	0%	42.3%	51.9%	65.2%

Per share

Metric	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26	Current
Revenue per share	97.3	90.6	86.4	83.3	75.1	70	65	66.1	66.3
EPS (basic)	-4.38	-4.21	-8.96	-10.3	-6.06	-1.48	1.09	0.87	0.87
EPS (diluted)	-4.38	-4.21	-8.96	-10.3	-6.06	-1.48	1.05	0.85	0.37
Book value per share	—	26.6	22	12.4	6.45	4.9	5.75	5.66	4.88
FCF per share	-3.97	-0.25	-1.82	-3.89	-0.37	-0.86	1.46	1.49	0.67
Cash per share	—	0.16	0.11	9.92	8.15	6.78	7.71	11.5	9.66
Capex per share	6.47	5.03	0.38	0.87	0.1	0.6	0.36	2.66	2.78

Capital allocation

Metric	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26	Current
Capex / revenue	6.65%	5.56%	0.43%	1.04%	0.14%	0.86%	0.55%	4.03%	4.1%
Capex / operating cash flow	205.5%	99.5%	13.5%	-32.4%	2.97%	33.6%	7.59%	64.1%	80.6%
Payout ratio	—	—	—	—	—	—	—	—	0%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY23	FY24	FY25	FY26
Cash & short-term investments	36M	24M	2.2B	1.8B	1.6B	1.8B	2.6B
Receivables	1.8B	1.4B	2.3B	1.5B	1.6B	1.3B	1.3B
Inventory	—	—	—	—	—	—	—
Total current assets	3.2B	2.8B	5.8B	5B	4.7B	4.6B	5.5B
Property, plant & equipment	2.5B	2.2B	1.4B	1.1B	1B	899M	1.1B
Goodwill & intangibles	2.5B	2.6B	1.5B	2B	2B	2B	1.9B
Total assets	11.7B	11.2B	13.2B	11.5B	10.6B	10.5B	12.6B
Accounts payable	826M	919M	1.1B	1.8B	1.4B	1.4B	1.3B
Short-term debt	370M	402M	465M	426M	411M	403M	2.1B
Total current liabilities	3.4B	3.9B	4.5B	4.9B	4.6B	4.3B	6.3B
Long-term debt	990M	990M	4.1B	3.8B	3.7B	3.6B	2.9B
Total liabilities	5.8B	6.3B	10.4B	10B	9.5B	9.1B	11.3B
Shareholders' equity	5.9B	4.9B	2.8B	1.5B	1.1B	1.3B	1.3B
Total debt	1.4B	1.4B	4.6B	4.2B	4.1B	4B	5B
Net debt	1.3B	1.4B	2.4B	2.4B	2.6B	2.2B	2.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	1.4B	—	—	—	1.3B	1.5B	—	—	1.3B	1.3B	2.6B	2.1B
Receivables	1.7B	—	—	—	1.4B	1.4B	—	—	1.3B	1.4B	1.3B	1.2B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	4.6B	—	—	—	4.4B	4.3B	—	—	4.3B	4.3B	5.5B	5.1B
Property, plant & equipment	3.5B	—	—	—	3.5B	3.2B	—	—	3.5B	3.5B	1.1B	3.3B
Goodwill & intangibles	2B	—	—	—	2B	2B	—	—	1.9B	1.9B	1.9B	1.9B
Total assets	10.6B	—	—	—	10.4B	9.9B	—	—	11.2B	11.3B	12.6B	12B
Accounts payable	1.2B	—	—	—	1.2B	1.1B	—	—	1.1B	1.2B	1.3B	1.1B
Short-term debt	395M	—	—	—	413M	388M	—	—	415M	1.1B	2.1B	2B
Total current liabilities	4.5B	—	—	—	4.2B	3.9B	—	—	4.2B	5B	6.3B	6B
Long-term debt	3.8B	—	—	—	3.7B	3.6B	—	—	3.6B	2.9B	2.9B	2.9B
Total liabilities	9.5B	—	—	—	9.2B	8.7B	—	—	9.9B	10B	11.3B	10.9B
Shareholders' equity	1.1B	—	—	—	1.2B	1.2B	—	—	1.3B	1.3B	1.3B	1.2B
Total debt	4.2B	—	—	—	4.1B	4B	—	—	4B	4B	5B	4.9B
Net debt	2.8B	—	—	—	2.8B	2.5B	—	—	2.7B	2.6B	2.3B	2.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26
Net income	-980M	-943M	-2B	-2.3B	-1.4B	-340M	252M	198M
Depreciation & amortization	1.5B	1.9B	1.9B	1.7B	1.4B	1.2B	1B	1.1B
Stock-based compensation	57M	51M	64M	71M	113M	95M	100M	64M
Change in working capital	-2B	-2B	-1.3B	-1.5B	-1.3B	-2.3B	-2B	-1.7B
Operating cash flow	705M	1.1B	624M	-599M	775M	411M	1.1B	948M
Capital expenditure	-1.4B	-1.1B	84M	194M	23M	138M	83M	-608M
Investing cash flow	-1.5B	-1.1B	83M	180M	30M	98M	201M	-626M
Dividends paid	—	—	—	—	—	—	—	—
Share repurchases	—	0	0	-1M	-19M	-22M	-138M	-398M
Financing cash flow	791M	0	312M	2.9B	-141M	-170M	-286M	457M
Net change in cash	45M	5M	1B	2.5B	664M	339M	1B	779M
Free cash flow	-889M	-56M	-408M	-871M	-84M	-197M	337M	340M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	-142M	-12M	-45M	11M	-43M	215M	69M	56M	68M	57M	17M	-55M
Depreciation & amortization	310M	294M	270M	204M	243M	267M	303M	271M	274M	274M	259M	257M
Stock-based compensation	26M	24M	23M	24M	25M	29M	22M	24M	26M	23M	-9M	21M
Change in working capital	-615M	-299M	-506M	-747M	-471M	-599M	-156M	-881M	-645M	-356M	145M	-916M
Operating cash flow	53M	464M	96M	-75M	190M	354M	625M	-124M	146M	428M	498M	-310M
Capital expenditure	113M	15M	4M	24M	30M	16M	13M	-143M	-129M	-220M	-116M	-149M
Investing cash flow	80M	32M	-1M	-44M	59M	151M	35M	-119M	-128M	-249M	-130M	-107M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-5M	-7M	-3M	-7M	-17M	-38M	-76M	-129M	-111M	-103M	-55M	-77M
Financing cash flow	-42M	-43M	-541M	-51M	-50M	-71M	-116M	-170M	-145M	-138M	-96M	-152M
Net change in cash	91M	453M	-446M	-170M	199M	434M	544M	-413M	-127M	41M	272M	-569M
Free cash flow	-129M	262M	-57M	-170M	15M	151M	341M	-267M	17M	208M	382M	-459M

Kyndryl Holdings Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement