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Kyndryl Holdings cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$41.0M in Q2 FY27 · $90.0M over twelve months

Operating cash flow$173M
Capital spending−$214M
Free cash flow−$41.0M
Cash / net income2.9×
Cash conversion cycle-3 days

Analysis

In Q2 FY27, Kyndryl Holdings generated $173M of operating cash flow and spent $214M on capital projects, leaving free cash flow of −$41.0M. That is $58.0M less than in Q2 FY26 ($17.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $789M; the largest uses were capital spending ($699M), other investing ($314M), buybacks ($250M); besides operations, cash came from other financing ($964M), asset & business sales ($80.0M); the cash balance rose by $336M.

Operating cash flow was $173M against net income of $59.0M — 2.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$195M, payables −$76.0M, receivables +$73.0M.

Its cash conversion cycle was -3 days (receivables 31 + inventory 0 − payables 34): suppliers fund its working capital.

Free cash flow

Kyndryl Holdings: free cash flow by quarterKyndryl Holdings: free cash flow by quarter$151MQ3 FY25$341MQ4 FY25−$267MQ1 FY26$17.0MQ2 FY26$208MQ3 FY26$382MQ4 FY26−$459MQ1 FY27−$41.0MQ2 FY27
Operating cash flow less capital spending.
Kyndryl Holdings: operating cash flow against capital spendingKyndryl Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$260M$109MQ3 FY25$581M$240MQ4 FY25−$124M$143MQ1 FY26$146M$129MQ2 FY26$428M$220MQ3 FY26$498M$116MQ4 FY26−$310M$149MQ1 FY27$173M$214MQ2 FY27
Latest (Q2 FY27): Operating cash flow $173M, Capital spending $214M.

Capital allocation, year by year

Kyndryl Holdings: where the cash came from (up) and went (down), by fiscal yearKyndryl Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksFY23: Operating cash flow $781MFY23: Net borrowing −$118MFY23: Asset sales $23.0MFY23: Capital spending −$865M$804MFY23FY24: Operating cash flow $454MFY24: Net borrowing −$150MFY24: Asset sales $138MFY24: Capital spending −$651M$592MFY24FY25: Operating cash flow $942MFY25: Net borrowing −$148MFY25: Asset sales $83.0MFY25: Capital spending −$605MFY25: Buybacks −$93.0M$1.0BFY25FY26: Operating cash flow $948MFY26: Net borrowing $854MFY26: Asset sales $65.0MFY26: Capital spending −$608MFY26: Buybacks −$304M$1.9BFY26
Over these 4 years operating cash flow totalled $3.1B; the largest uses were capital spending ($2.7B) and net borrowing ($416M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.7B
Debt$4.9B
Net debt$3.2B
Due within a year$710M

Kyndryl Holdings funds itself: free cash flow was $90.0M over the last twelve months, and $1.7B of cash and investments stands against $4.9B of debt ($710M due within a year, 2.3× covered by cash).

Kyndryl Holdings: debt maturities by year (FY26)Kyndryl Holdings: debt maturities by year (FY26)$710MYear 1$500MYear 3$1.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.7B of cash and investments now.

Where the cash came from and went

Kyndryl Holdings: sources (+) and uses (−) of cash, Q2 FY27Kyndryl Holdings: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)$438MOther investing−$313MCapital spending−$214MOperating cash flow$173MNet borrowing (+) / repaid (−)−$36.0MBuybacks−$33.0MOther financing−$14.0MAsset & business sales$8.0MTaxes on employees’ shares−$7.0MExchange rates−$2.0M
Kyndryl Holdings: sources (+) and uses (−) of cash, TTM to Q2 FY27Kyndryl Holdings: sources (+) and uses (−) of cash, 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 profit to cash

Kyndryl Holdings: net income to operating cash flow, Q2 FY27Kyndryl Holdings: net income to operating cash flow, Q2 FY27Net income$59.0MDepreciation & amortization$195MStock-based pay$22.0MDeferred taxes−$5.0MReceivables$73.0MPayables−$76.0MIncome taxes payable−$22.0MOther operating capital−$22.0MOperating cash flow$173M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2731—34-3
Q1 FY2732—38-6
Q4 FY2632—40-8
Q3 FY2632—36-4
Q2 FY2632—36-4
Q1 FY2632—39-7
Q4 FY2532—38-6
Q3 FY2535—37-2

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$173M−$214M−$33.0M−$36.0M$438M−$41.0M
Q1 FY27−$310M−$149M−$64.0M−$52.0M$515M−$459M
Q4 FY26$498M−$116M−$54.0M−$41.0M−$1.3B$382M
Q3 FY26$428M−$220M−$99.0M−$35.0M−$16.0M$208M
Q2 FY26$146M−$129M−$89.0M−$34.0M$130M$17.0M
Q1 FY26−$124M−$143M−$62.0M−$36.0M$323M−$267M
Q4 FY25$581M−$240M−$63.0M−$40.0M−$284M$341M
Q3 FY25$260M−$109M—−$35.0M−$175M$151M

Kyndryl Holdings: income statement and cash flow

Kyndryl Holdings, Q2 FY27: revenue $3.7B (-2% year over year), operating margin 3.1%. The chart follows the revenue to costs, profit and cash.

Kyndryl Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.