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Kyndryl Holdings (KD) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 4, 2026 · Kyndryl Holdings (KD) Q2 FY27 earnings results →

Q2 FY27 Revenue down 2% year over year to $3.7B · 2¢ of every $1 of revenue kept as net profit · operating margin 3.1%

Kyndryl Holdings made $3.7B in Q2 FY27 (-2% Y/Y): Principal Markets $1.2B, United States $980M, Strategic Markets $939M. Operating margin 3.1%, net earnings $59.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$3.7B
Year over year-2%
Operating margin3.1%
Net earnings$59.0M
Operating cash flow$173M

Drawing the Sankey…

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Kyndryl Holdings Q2 FY27 revenue breakdown: Sankey diagram of revenue (Principal Markets, United States, Strategic Markets, Japan), costs, profit and cash flow
Kyndryl Holdings Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.7B in Q2 FY27, down 2% year over year and up 1% from the previous quarter. Principal Markets was the largest line at 32% of revenue. Principal Markets lost $0.08B year over year (down 6%), 110% of the total change.

Operating profit was $0.11B, a 3.1% margin (up 0.4 points year over year). Total costs fell 2% while revenue fell 2%. The fastest-growing cost line was Other operating costs (+73%). Net earnings were $0.06B, down 13% year over year. The effective tax rate was 47.3%.

Operating cash flow was $0.17B (up 18% year over year), 293% of net earnings. Non-cash charges added back $0.20B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.10B. Capital expenditures of $0.21B exceeded it, leaving free cash flow of −$0.04B.

Quarterly history

Kyndryl Holdings revenue by quarterKyndryl Holdings revenue by quarter$3.8BQ4 FY25$3.7BQ1 FY26$3.7BQ2 FY26$3.9BQ3 FY26$3.8BQ4 FY26$3.6BQ1 FY27$3.7BQ2 FY27
Kyndryl Holdings net earnings by quarterKyndryl Holdings net earnings by quarter$69.0MQ4 FY25$56.0MQ1 FY26$68.0MQ2 FY26$57.0MQ3 FY26$17.0MQ4 FY26−$55.0MQ1 FY27$59.0MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 4, 2026$3.7B-2%3.1%$59.0M$173M
Q1 FY2710-QAug 5, 2026$3.6B-3%-1.9%−$55.0M−$310M
Q4 FY2610-KMay 29, 2026$3.8B-0.8%3.5%$17.0M$498M
Q3 FY2610-QFeb 17, 2026$3.9B+3%2.4%$57.0M$428M
Q2 FY2610-QNov 5, 2025$3.7B-1%2.6%$68.0M$146M
Q1 FY2610-QAug 5, 2025$3.7B+0.1%2.5%$56.0M−$124M
Q4 FY2510-KMay 30, 2025$3.8B-1%3.1%$69.0M$581M

Charts

Kyndryl Holdings: revenue growth, year over year and quarter over quarterKyndryl Holdings: revenue growth, year over year and quarter over quarterY/YQ/Q-1%Q4 FY25+0%-2%Q1 FY26-1%-1%Q2 FY26+3%+4%Q3 FY26-1%-2%Q4 FY26-3%-4%Q1 FY27-2%+1%Q2 FY27
Latest (Q2 FY27): Y/Y -2%, Q/Q +1%.
Kyndryl Holdings: where the cash came from (+) and went (−), TTM to Q2 FY27Kyndryl Holdings: where the cash came from (+) and went (−), TTM to Q2 FY27Other financing$964MOperating cash flow$789MCapital spending−$699MCash drawn (+) / kept (−)−$336MOther investing−$314MBuybacks−$250MNet borrowing (+) / repaid (−)−$164MAsset & business sales$80.0MExchange rates−$45.0MTaxes on employees’ shares−$25.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Kyndryl Holdings: profit against cash, quarter by quarterKyndryl Holdings: profit against cash, quarter by quarterNet incomeOperating cash flow$215M$260MQ3 FY25$69.0M$581MQ4 FY25$56.0M−$124MQ1 FY26$68.0M$146MQ2 FY26$57.0M$428MQ3 FY26$17.0M$498MQ4 FY26−$55.0M−$310MQ1 FY27$59.0M$173MQ2 FY27
Latest (Q2 FY27): Net income $59.0M, Operating cash flow $173M.
Kyndryl Holdings: diluted shares by fiscal yearKyndryl Holdings: diluted shares by fiscal year227MFY23229MFY24239MFY25234MFY26
+3.1% since FY23: more shares outstanding (issuance, stock pay).
Kyndryl Holdings: long-term debt falling due (FY26)Kyndryl Holdings: long-term debt falling due (FY26)$710M2027$500M2029$1.7BLater
Cash $2.6B, short-term investments —, long-term debt $3.1B at 2026-03-31.
Kyndryl Holdings in its industry: growth against margin (40 companies, SIC 7373)Kyndryl Holdings in its industry: growth against margin (40 companies, SIC 7373)revenue growth, year over year →↑ operating marginmedian +9%median 1%LDOSCACISAICPSNGDDYOTEXLAWILJKHYIOTUISWAYNTCTRBBNIONQAGYSOSPNTLSSMRTASURWYYSTEMCREXCSPIHCTIQNTDMRCOMQSSLERIMEAURKDKMRLNFUSEODYSVEEAGRHIBNAISUNIDAICKD (-2%, 3%)
Services-Computer Integrated Systems Design; dot size is quarterly revenue; dashed lines are the industry's medians.

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🔄Rotation against the market and its industry (RRG)interactive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Kyndryl Holdings

In this report, we use the terms “Kyndryl,” the “Company,” “we,” “us” and “our” to refer to Kyndryl Holdings, Inc. and its consolidated subsidiaries. Kyndryl is a leading provider of mission-critical enterprise technology services, offering advisory, implementation and managed service capabilities to thousands of customers in more than 60 countries. As the world’s largest IT infrastructure services provider, the Company designs, builds, manages and modernizes the complex information systems that the world depends on every day.

In its own words, from its 10-K, filed May 29, 2026.

Kyndryl Holdings against its Services-Computer Integrated Systems Design peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -2% against the peers' median +4%. Operating margin: 3.1% against the peers' median 11.9%.

CompanyQuarterRevenueY/YOp. margin
KD Kyndryl HoldingsQ2 FY27$3.7B-2%3.1%
LDOS Leidos HoldingsQ3 2026$4.6B+4%11.9%
CACI CACI InternationalQ3 2026$2.5B+8%10.0%
SAIC Science Applications InternationalQ2 FY27$1.9B+6%8.1%
PSN ParsonsQ3 2026$1.7B+2%6.3%
GDDY GoDaddyQ3 2026$1.3B+6%27.0%
OTEX Open TextQ1 FY27$1.2B-4%20.3%
LAWIL Light & WonderQ3 2026$824M-2%29.4%
JKHY Jack Henry & AssociatesQ1 FY27$702M+9%29.5%

Source: Kyndryl Holdings 10-Q on SEC EDGAR · CIK 1867072 · Services-Computer Integrated Systems Design

13F: who owns KD and who is buying

Largest holders of KD (13F)Largest holders of KD (13F)Vanguard Group$752MBlackRock$254MVanguard Portfolio Management LLC$189MAQR Capital Management LLC$160MNeuberger Berman Group LLC$122MFMR LLC$115MVanguard Capital Management LLC$115MD. E. Shaw$100MState Street$88.1MGeode Capital Management, LLC$52.7M
Funds' net buying of KD by quarter (13F)Funds' net buying of KD by quarter (13F)$129M2024-09$165M2024-12$153M2025-03$3.3M2025-06$168M2025-09$19.0M2025-12−$192M2026-03$198M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on KD

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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