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How Kyndryl Holdings (KD) makes money

Kyndryl Holdings (KD) made $3.7B of revenue in the second quarter fiscal 2027 (Q2 FY27), -2% from a year earlier. Principal Markets brought in $1.2B (32%); United States brought in $980M (27%); Strategic Markets brought in $939M (26%). Of every dollar of revenue, 3¢ was left as operating profit, 2¢ was left as net earnings.

Drawing the Sankey…

Kyndryl Holdings revenue by segment, Q2 FY27Kyndryl Holdings revenue by segment, Q2 FY27Principal Markets$1.2BUnited States$980MStrategic Markets$939MJapan$555M
Kyndryl Holdings: revenue by line, Q4 FY25 to Q2 FY27Kyndryl Holdings: revenue by line, Q4 FY25 to Q2 FY27Principal MarketsUnited StatesStrategic MarketsJapanPrincipal Markets: $1.2B latest$1.2BUnited States: $980M latest$980MStrategic Markets: $939M latest$939MJapan: $555M latest$555MQ4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
The mix barely moved between Q4 FY25 and Q2 FY27.
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: where each dollar of revenue goesKyndryl Holdings: where each dollar of revenue goesOperating profit3¢Income tax1¢Net earnings2¢Operating cash flow5¢

Revenue by segment, Q2 FY27

SegmentRevenueShareQ/QY/Y
Principal Markets$1.2B32.2%-7%-6%
United States$980M26.8%+3%+9%
Strategic Markets$939M25.7%+8%-5%
Japan$555M15.2%+4%-4%

Where each dollar of revenue goes

LineQ2 FY27% of revenue
Revenue$3.7B100.0%
Operating profit$112M3.1%
Income tax$53.0M1.5%
Net earnings$59.0M1.6%
Operating cash flow$173M4.7%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 FY27$3.7B-2%
Q1 FY27$3.6B-3%
Q4 FY26$3.8B-0.8%
Q3 FY26$3.9B+3%
Q2 FY26$3.7B-1%
Q1 FY26$3.7B+0.1%
Q4 FY25$3.8B-1%

From Kyndryl Holdings' 10-Q filed Nov 4, 2026 (on EDGAR).

Questions

How does Kyndryl Holdings make money?

Kyndryl Holdings (KD) made $3.7B of revenue in the second quarter fiscal 2027 (Q2 FY27), -2% from a year earlier. Principal Markets brought in $1.2B (32%); United States brought in $980M (27%); Strategic Markets brought in $939M (26%). Of every dollar of revenue, 3¢ was left as operating profit, 2¢ was left as net earnings.

What is Kyndryl Holdings' biggest business?

Principal Markets: $1.2B in the second quarter fiscal 2027, 32% of revenue, -6% from a year earlier.

What is Kyndryl Holdings' profit margin?

Net earnings were $59.0M, 1.6% of revenue, in the second quarter fiscal 2027; the operating margin was 3.1%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.