Loading financials from SEC filings…
IT services · Technology · Fiscal year ends Mar 31
Kyndryl reported revenue of $15.1B in the fiscal year ended Mar 2026, up 0.2% from the year before. Operating income was $503M, an operating margin of 3.3%, and net income was $198M. Operating cash flow of $948M less capital expenditure of $608M left free cash flow of $340M. Net debt was $3.1B.
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 18,657 | 17,026 | 16,052 | 15,057 | 15,092 |
| Cost of revenue | 16,550 | 14,498 | 13,189 | 11,914 | 11,803 |
| Gross profit | 2,107 | 2,528 | 2,863 | 3,143 | 3,289 |
| Research & development | 63.0 | 79.0 | 58.0 | 49.0 | 57.0 |
| Selling, general & admin | 2,776 | 2,914 | 2,773 | 2,591 | 2,654 |
| Operating incomederived: pre-tax income + interest | −1,839 | −757 | −46.0 | 535 | 503 |
| Interest expense | 64.0 | 94.0 | 122 | 100 | 89.0 |
| Pre-tax income | −1,903 | −851 | −168 | 435 | 414 |
| Income tax | 402 | 524 | 172 | 184 | 215 |
| Net income | −2,304 | −1,374 | −340 | 252 | 198 |
| Diluted EPS | −10.28 | −6.06 | −1.48 | 1.05 | 0.85 |
| Diluted shares | 224 | 227 | 229 | 239 | 234 |
| Fiscal year | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 2,223 | 1,847 | 1,553 | 1,786 | 2,623 |
| Receivables | 2,279 | 1,523 | 1,599 | 1,345 | 1,300 |
| Current assets | 5,777 | 4,963 | 4,747 | 4,589 | 5,528 |
| Net PP&E | 2,923 | 2,779 | 2,674 | 2,570 | 2,517 |
| Goodwill | 732 | 812 | 805 | 790 | 786 |
| Total assets | 13,213 | 11,464 | 10,590 | 10,452 | 12,551 |
| Payables | 1,140 | 1,774 | 1,408 | 1,351 | 1,346 |
| Deferred revenue | 872 | 820 | 825 | 746 | 888 |
| Current liabilities | 4,457 | 4,868 | 4,589 | 4,300 | 6,307 |
| Short-term debt | 105 | 110 | 126 | 129 | 1,800 |
| Long-term debt | 3,000 | 3,000 | 2,900 | 2,900 | 3,900 |
| Total liabilities | 10,446 | 10,002 | 9,468 | 9,121 | 11,259 |
| Shareholders' equity | 2,765 | 1,365 | 1,015 | 1,219 | 1,175 |
| Backlog (remaining obligations) | 49,700 | 38,500 | 33,100 | 34,700 | 32,800 |
| Fiscal year | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | −119 | 781 | 454 | 942 | 948 |
| Capital expenditure | 752 | 865 | 651 | 605 | 608 |
| Free cash flow | −871 | −84.0 | −197 | 337 | 340 |
| Depreciation & amortisation | 1,300 | 900 | 834 | 660 | 762 |
| Stock-based compensation | 71.0 | 113 | 95.0 | 100 | 64.0 |
| Share buybacks | – | – | – | 93.0 | 304 |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −8.7% | −5.7% | −6.2% | 0.2% |
| Operating income growth (YoY) | – | – | – | – | −6.0% |
| EPS growth (YoY) | – | – | – | – | −19.0% |
| Gross margin | 11.3% | 14.8% | 17.8% | 20.9% | 21.8% |
| Operating margin | −9.9% | −4.4% | −0.3% | 3.6% | 3.3% |
| Net margin | −12.3% | −8.1% | −2.1% | 1.7% | 1.3% |
| Return on equityBlank when equity is negative | −83.3% | −100.7% | −33.5% | 20.7% | 16.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −21.0% | −11.5% | −0.8% | 8.7% | 8.1% |
| Free cash flow margin | −4.7% | −0.5% | −1.2% | 2.2% | 2.3% |
| Cash conversion (CFO ÷ net income) | 0.05x | −0.57x | −1.34x | 3.74x | 4.79x |
| Receivable days | 45 | 33 | 36 | 33 | 31 |
| Payable days | 25 | 45 | 39 | 41 | 42 |
| Interest cover | −28.7x | −8.05x | −0.38x | 5.35x | 5.65x |
| Debt ÷ equity | 1.12x | 2.28x | 2.98x | 2.48x | 4.85x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 882 | 1,263 | 1,473 | 1,243 | 3,077 |
| Current ratio | 1.30x | 1.02x | 1.03x | 1.07x | 0.88x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.