Company: KD
Filing Date: 2025-07-21
Form Type: CORRESP
Source: 0001104659-25-069300
Chunk: 0

Company: Kyndryl Holdings, Inc.
Filing Date: 2025-07-21
Form: CORRESP
Chunk 0
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Kyndryl

One Vanderbilt Avenue

15th Floor

New York, NY 10017 USA

July 21, 2025

U.S. Securities and Exchange Commission

Division of Corporation Finance

Office of Technology

100 F Street, NE

Washington, D.C. 20549

Attention: Megan Masterson and Kathleen Collins

| Re: | Kyndryl        
 Holdings, Inc. |

Form 10-K for the Fiscal Year Ended March 31, 2025

File No. 001-40853

Dear Ms. Masterson and Ms. Collins:

This letter is being submitted in response to the comment letter dated
July 7, 2025, from the staff (the “Staff”) of the Division of Corporation Finance of the United States Securities and Exchange
Commission with respect to the above-referenced filing of Kyndryl Holdings, Inc. (the “Company”).

For your convenience, we have set forth below the Staff’s comments
in bold followed by the Company’s response.

Form 10-K for the Fiscal Year Ended March 31, 2025

Management's Discussion and Analysis of Financial Condition and Results of Operations

Segment Results

Costs and Expenses, page 35

| 1. | We note you refer to several factors impacting period-over-period change in your operating expenses. For example, you state the         
 decrease in cost of services was due to lower depreciation expense, increased operating efficiencies, higher margins on recent signings 
 and a vendor credit. Where a material change is attributed to two or more factors, including any offsetting factors, please revise to   
 describe the contribution of each factor in quantified terms. Refer to Item 303(b) of Regulation S-K.                                   |

The Company respectfully acknowledges the Staff’s comment
and advises the Staff that, in future filings, where the Company describes two or more factors, including any offsetting factors, that
contributed to a material change in operating expenses (or another line item), the Company will quantify each material factor that contributed
to the overall change in operating expenses (or another line item) to the extent such information would be necessary to an investor’s
understanding of the changes in our results, in accordance with Item 303(b) of Regulation S-K.

Other Information, Page 40

| 2. | We note that management uses signings as a tool to monitor the performance of the business including your ability to attract new            
 customers and sell additional scope into your existing customer base.