Kyndryl Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Kyndryl Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2023	FY2024	FY2025	FY2026
Revenue	20,279	19,352	18,657	17,026	16,052	15,057	15,092
Cost of revenue	17,682	17,137	16,550	14,498	13,189	11,914	11,803
Gross profit	2,597	2,215	2,107	2,528	2,863	3,143	3,289
Research and development	83	76	63	79	58	49	57
Selling, general and administrative	2,970	2,948	2,776	2,914	2,773	2,591	2,654
Selling and marketing	55	34	56	136	115	83	69
Interest expense	76	63	64	94	122	100	89
Pre-tax income	-579	-1,760	-1,903	-851	-168	435	414
Income tax	364	247	402	524	172	184	215
Net income	-943	-2,007	-2,304	-1,374	-340	252	198
EPS, basic	-4.21	-8.96	-10.28	-6.06	-1.48	1.09	0.87
EPS, diluted	-4.21	-8.96	-10.28	-6.06	-1.48	1.05	0.85
Shares, basic (weighted)	224	224	224	227	229	232	228
Shares, diluted (weighted)	224	224	224	227	229	239	234
Dividend per share	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Balance sheet

	FY2019	FY2021	FY2021	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	50	24	2,223	1,847	1,553	1,786	2,623
Receivables		1,444	2,279	1,523	1,599	1,345	1,300
Other current assets		157	337	510	514	446	436
Total current assets		2,843	5,777	4,963	4,747	4,589	5,528
Property, plant and equipment		3,991	2,923	2,779	2,674	2,570	2,517
Lease right-of-use assets		1,131	1,361	964	864	731	853
Goodwill	1,162	1,230	732	812	805	790	786
Intangible assets		60	36	171	188	218	165
Other non-current assets		85	385	267	67	162	360
Total assets		11,205	13,213	11,464	10,590	10,452	12,551
Accounts payable		919	1,140	1,774	1,408	1,351	1,346
Accrued liabilities		512	498	346	487	437	369
Deferred revenue		854	872	820	825	746	888
Short-term debt		69	103	110	126	129	1,800
Total current liabilities		3,910	4,457	4,868	4,589	4,300	6,307
Long-term debt		140	3,000	3,000	2,900	2,900	3,900
Lease liabilities		850	1,007	707	622	511	602
Other non-current liabilities		282	522	450	332	443	1,176
Total liabilities		6,274	10,446	10,002	9,468	9,121	11,259
Total debt		140	3,000	3,000	2,900	2,900	3,900
Paid-in capital			4,284	4,428	4,524	4,631	4,701
Retained earnings			-375	-1,978	-2,319	-2,067	-1,869
Treasury stock			-1	-23	-45	-184	-582
Other comprehensive income		-1,100	-1,143	-1,062	-1,145	-1,160	-1,074
Shareholders' equity		4,873	2,765	1,365	1,015	1,219	1,175
Minority interests		58	3	97	107	113	117
Total equity	5,994	4,985	2,767	1,462	1,122	1,331	1,293
Total liabilities and equity		11,205	13,213	11,464	10,590	10,452	12,551

Cash flow statement

	FY2019	FY2021	FY2021	FY2023	FY2024	FY2025	FY2026
Net income	-943	-2,007	-2,304	-1,374	-340	252	198
Depreciation and amortization	1,469	1,445	1,300	900	834	660	762
Stock-based compensation	51	64	71	113	95	100	64
Deferred income tax	-33	-52	-401	285	-13	-1	-24
Change in receivables	23	387	-1,076	664	-105	284	84
Change in payables	33	70	125	282	-305	-89	-93
Cash from operations	1,134	628	-119	781	454	942	948
Capital expenditures	-1,190	-1,036	-752	-865	-651	-605	-608
Cash from investing	-1,128	-953	-572	-835	-553	-404	-561
Debt issued					494
Share buybacks						-93	-304
Cash from financing	0	312	2,915	-141	-170	-286	457
Exchange rate effect	-1	1	-22	-100	-37	-16	-9
Net change in cash	5	-13	2,203	-294	-306	235	836
Free cash flow	-56	-408	-871	-84	-197	337	340
Interest paid			2	98	118	119	115
Income taxes paid			12	167	191	149	151

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.8%	Gross profit / revenue.
Pre-tax margin	1.7%	Pre-tax income / revenue.
Net margin	0.6%	Net income / revenue.
FCF margin	1.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.1%	Cash from operations / revenue.
Effective tax rate	65.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.7%	Net income / average total assets.
SG&A / revenue	17.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.1%	Capital expenditures / revenue.
D&A / revenue	5.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-4.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-21.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-19.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	0.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	0.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-3.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-24.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	20.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.85x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.35x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.64x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.4%	Total debt / total assets.
Liabilities / assets	90.3%	Total liabilities / total assets.
Net debt	$1.80B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-$911.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	7.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$125.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.24x	Revenue / average total assets.
Fixed asset turnover	6.04x	Revenue / average property, plant and equipment.
Receivables turnover	12.0x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
Days payables	33 days	365 x average accounts payable / cost of revenue.
FCF conversion	170.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	80.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.39	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$67.85	Revenue / diluted weighted shares.
FCF per share	$0.67	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.45	Cash from operations / diluted weighted shares.
Book value per share	$4.85	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.57	Tangible book value / shares outstanding.
Cash per share	$9.54	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	206.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.53B	Share price x shares outstanding.
Enterprise value	$4.32B	Market cap + total debt - cash - short-term investments.
P/E	29.0x	Market cap / net income. Only when net income is positive.
P/S	0.17x	Market cap / revenue.
P/B	2.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	20.2x	Market cap / tangible book value, when positive.
P/FCF	17.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.32x	Market cap / cash from operations, when positive.
EV/Sales	0.29x	Enterprise value / revenue.
EV/FCF	29.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.9%	Free cash flow / market cap.
Earnings yield	3.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	12.1%	(Dividends paid + share buybacks) / market cap.

What was Kyndryl Holdings, Inc.'s revenue in fiscal 2026?

Kyndryl Holdings, Inc. reported revenue of $15.09B for fiscal 2026, 0.2% higher than the year before.

Was Kyndryl Holdings, Inc. profitable in fiscal 2026?

Yes. Net income was $198.0M, a net margin of 1.3%.

How much free cash flow did Kyndryl Holdings, Inc. generate in fiscal 2026?

Cash from operations of $948.0M minus capital expenditures of $608.0M left free cash flow of $340.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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