Company: KD
Filing Date: 2025-05-30
Form Type: 10-K
Source: 0001558370-25-008282
Chunk: 15

Company: Kyndryl Holdings, Inc.
Filing Date: 2025-05-30
Form: 10-K
Item: Item 7M
Chunk 15
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview

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Included below are selected results and year-over-year comparisons for the years ended March 31, 2025, 2024 and 2023. The following discussion and analysis of our financial condition and results of operations should be read together with our audited consolidated financial statements and related notes included elsewhere in this report. For further information on the comparisons between the years ended March 31, 2024 and 2023 not covered in the “Segment Results” below, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (the “2024 Form 10-K”).

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​​​​​​​​​​​​​​​​Year Ended March 31,(Dollars in millions)  ​2025​2024​2023Revenue​$15,057​​$16,052​​$17,026​​Revenue growth (GAAP)​​(6)%​​(6)%​​(7)%(2)​Revenue growth in constant currency(1)​​(4)% ​​(6)% ​​0 %(2)​Net income (loss)​$ 252​​$ (340)​​$ (1,374)​​Adjusted EBITDA(1)​$ 2,516​​$ 2,367​​$ 1,975​​

(1)    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.”

(2)In January 2022, the Company changed its fiscal year-end to March 31 from December 31. The year-over-year comparison for the year ended March 31, 2023 and the results of operations for the twelve months ended March 31, 2022 were derived from our unaudited quarterly consolidated financial statements as previously reported.

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​​​​​​​​​​​​​​​    March 31,​March 31,(Dollars in millions)    2025    2024Assets​$ 10,452​$ 10,590Liabilities​​ 9,121​​ 9,468Equity​​ 1,331​​ 1