Company: KD
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001104659-25-107022
Chunk: 12

Company: Kyndryl Holdings, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2025

Overview

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​​​​​​​​​​​​​​​​​​​Three Months Ended September 30, ​Six Months Ended September 30, (Dollars in millions)  ​2025​2024  ​2025​2024Revenue​$3,721​​$3,774​​$7,464​​$7,513​Revenue growth (GAAP)​​(1)%​​(7)%​​(1)%​​(9)%Revenue growth in constant currency*​​(4)% ​​(7)%​​(3)% ​​(8)%Net income (loss)​$ 68​​$ (43)​​$ 124​​$ (32)​Adjusted EBITDA*​$ 641​​$557​​$ 1,288​​$1,113​

*Revenue growth in constant currency and adjusted EBITDA are non-GAAP financial metrics. For definitions of these metrics and a reconciliation of adjusted EBITDA to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, see “Segment Results.”

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​​​​​​​​​​​​​​​    September 30,​March 31,(Dollars in millions)    2025    2025Assets​$ 11,244​$ 10,452Liabilities​​ 9,904​​ 9,121Equity​​ 1,340​​ 1,331

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Kyndryl Holdings, Inc. was formed as a wholly-owned subsidiary of IBM in September 2021 to hold the operations of the infrastructure services unit of IBM’s Global Technology Services segment. On November 3, 2021, Kyndryl separated from IBM through a spin-off that was tax-free for U.S. federal tax purposes. Following the Separation, Kyndryl became an independent, publicly-traded company and the world’s leading IT infrastructure services provider. 

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Financial Performance Summary

Macro Dynamics 

Most economists, including the International Monetary Fund, expect positive but subdued global macroeconomic growth in calendar year 2025 and calendar year 2026 amid ongoing trade tensions and heightened macroeconomic uncertainties. Global markets have experienced volatility from time to time in recent months, driven by geopolitical developments, concerns over changes in global trade policies and the