0001558370-25-008282 | 10-K | XBRL Viewer

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WORKFORCE REBALANCING AND SITE-RATIONALIZATION CHARGES (Details) - USD ($) $ in Millions	12 Months Ended			36 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2025
RESTRUCTURING
Charges	$ 162	$ 174	$ 135
Liabilities Related to Ceasing to Use Leased Assets
RESTRUCTURING
Charges	39	14	69
Operating Segments
RESTRUCTURING
Charges	162	171	125
Corporate, Non-Segment
RESTRUCTURING
Charges		3	10
Fiscal 2025 Program
RESTRUCTURING
Charges	162
Fiscal 2025 Program \| Workforce Rebalancing Charges
RESTRUCTURING
Charges	114
Fiscal 2025 Program \| Liabilities Related to Ceasing to Use Leased Assets
RESTRUCTURING
Charges	39
Fiscal 2025 Program \| Liabilities Related to Ceasing to Use Leased and Fixed Assets
RESTRUCTURING
Charges	48
Fiscal 2025 Program \| Operating Segments
RESTRUCTURING
Charges	162
Fiscal 2024 Program
RESTRUCTURING
Charges		174	135	$ 310
Fiscal 2024 Program \| Workforce Rebalancing Charges
RESTRUCTURING
Charges		135	$ 55
Percentage of restructuring and related expected costs			60.00%
Fiscal 2024 Program \| Liabilities Related to Ceasing to Use Leased Assets
RESTRUCTURING
Charges		14	$ 69
Percentage of restructuring and related expected costs			40.00%
Fiscal 2024 Program \| Operating Segments
RESTRUCTURING
Charges				297
Fiscal 2024 Program \| Corporate, Non-Segment
RESTRUCTURING
Charges				13
United States. \| Operating Segments
RESTRUCTURING
Charges	62	29	$ 14
United States. \| Fiscal 2025 Program \| Operating Segments
RESTRUCTURING
Charges	62
United States. \| Fiscal 2024 Program \| Operating Segments
RESTRUCTURING
Charges				43
Japan. \| Operating Segments
RESTRUCTURING
Charges	12	2	2
Japan. \| Fiscal 2025 Program \| Operating Segments
RESTRUCTURING
Charges	12
Japan. \| Fiscal 2024 Program \| Operating Segments
RESTRUCTURING
Charges				4
Principal Markets \| Operating Segments
RESTRUCTURING
Charges	30	69	59
Principal Markets \| Fiscal 2025 Program \| Operating Segments
RESTRUCTURING
Charges	30
Principal Markets \| Fiscal 2024 Program \| Operating Segments
RESTRUCTURING
Charges				128
Strategic Markets \| Operating Segments
RESTRUCTURING
Charges	58	$ 71	$ 51
Strategic Markets \| Fiscal 2025 Program \| Operating Segments
RESTRUCTURING
Charges	$ 58
Strategic Markets \| Fiscal 2024 Program \| Operating Segments
RESTRUCTURING
Charges				$ 122

OTHER LIABILITIES (Tables)

12 Months Ended

Mar. 31, 2025

OTHER LIABILITIES.

Schedule of components of other liabilities


	At March 31,
(Dollars in millions)	2025		2024
Workforce rebalancing (current)	$	29	$	45
Other current accruals		426		476
Other accrued expenses and liabilities	$	454	$	521
Workforce rebalancing (noncurrent)	$	3	$	12
Deferred taxes		51		55
Income tax reserve		136		90
Other		253		174
Other noncurrent liabilities	$	443	$	332

INTANGIBLE ASSETS INCLUDING GOODWILL

12 Months Ended

Mar. 31, 2025

INTANGIBLE ASSETS INCLUDING GOODWILL

INTANGIBLE ASSETS INCLUDING GOODWILL

NOTE 11. INTANGIBLE ASSETS INCLUDING GOODWILL

Intangible Assets

The following tables present the Company’s intangible asset balances by major asset class:


	At March 31, 2025						At March 31, 2024
	Gross Carrying		Accumulated		Net Carrying		Gross Carrying		Accumulated		Net Carrying
(Dollars in millions)	Amount		Amortization		Amount		Amount		Amortization		Amount
Capitalized software	$	216	$	(76)	$	141	$	172	$	(48)	$	125
Customer relationships*		121		(60)		61		152		(96)		56
Completed technology		13		(2)		11		—		—		—
Patents and trademarks*		15		(10)		5		14		(6)		8
Total	$	365	$	(148)	$	218	$	339	$	(150)	$	188

* Amounts include effects from foreign currency translation.

There was no impairment of identifiable intangible assets recorded in the periods reported. The net carrying amount of intangible assets increased by $29 million during the year ended March 31, 2025, primarily due to additions of capitalized software, partially offset by amortization. The aggregate intangible asset amortization expense was $72 million, $63 million, and $46 million for the years ended March 31, 2025, 2024 and 2023, respectively. Aggregate amortization expense in fiscal year 2025 included amortization of capitalized software of $42 million, which was reported in “Depreciation of property, equipment and capitalized software” on the Consolidated Statement of Cash Flows. During the year ended March 31, 2025, the Company retired approximately $75 million of fully amortized intangible assets, primarily related to customer relationships.

The future amortization expense relating to intangible assets currently recorded in the Consolidated Balance Sheet was estimated to be the following at March 31, 2025:


	Capitalized		Customer		Completed		Patents and
(Dollars in millions)	Software		Relationships		Technology		Trademarks		Total
Year ending March 31:
2026	$	47	$	21	$	3	$	3	$	74
2027		47		19		3		2		71
2028		23		5		3		—		31
2029		17		5		3		—		24
2030		6		4		—		—		10
Thereafter		—		8		—		—		8

Goodwill

The following table presents a roll-forward of goodwill balances by segment for the years ended March 31, 2025 and 2024:


	United				Principal		Strategic
(Dollars in millions)	States		Japan		Markets		Markets		Total
Balance as of March 31, 2023	$	—	$	495	$	142	$	176	$	812
Translation Adjustments		—		(7)		(1)		—		(7)
Balance as of March 31, 2024	$	—	$	488	$	141	$	176	$	805
Acquisitions and (Divestitures)*	$	11	$	—	$	(27)	$	—	$	(15)
Translation Adjustments		—		1		—		—		1
Reallocation		—		—		(23)		23		—
Balance as of March 31, 2025	$	11	$	489	$	92	$	198	$	790

*	Represents the goodwill acquired as part of the purchase of Skytap and the removal of goodwill related to the divestiture of the SIS platform using the relative fair value approach. See Note 10 – Acquisitions and Divestitures for additional details.

As discussed in Note 4 – Segments, Kyndryl’s operations in Australia/New Zealand transitioned from the Principal Markets segment to the Strategic Markets segment in the quarter ended June 30, 2024. As a result, the Company reallocated the goodwill associated with Australia/New Zealand from the Principal Markets segment to the Strategic Markets segment. The Company also performed a qualitative impairment test immediately before and after the change in reporting units and determined that it is not more likely than not that the fair value of the reporting units is less than their carrying amounts, including goodwill. Accordingly, the Company concluded that the goodwill related to those reporting units was not impaired.

Management reviews goodwill for impairment annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable by first assessing qualitative factors to determine if it is more likely than not that fair value is less than carrying value.

We conducted an impairment assessment as of January 1, 2025. After evaluating and weighing all relevant qualitative factors, the Company concluded that it is unlikely that the fair value of any of its reporting units is less than its carrying amount as of the date of the assessment. Accordingly, there were no goodwill impairment losses recorded for the year ended March 31, 2025. Cumulatively, the Company has recorded $469 million in goodwill impairment charges within its former EMEA ($293 million) and current United States ($176 million) reporting units, all of which occurred immediately following the Separation.

TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of Unrecognized Tax Benefits
Beginning balance	$ 108	$ 104	$ 55
Additions based on tax positions related to the current year	35	36	46
Additions for tax positions of prior years	28		3
Reductions for tax positions of prior years (including impacts due to a lapse of statute)	(3)	(32)
Ending balance	$ 168	$ 108	$ 104

FINANCIAL ASSETS AND LIABILITIES

12 Months Ended

Mar. 31, 2025

FINANCIAL ASSETS AND LIABILITIES

FINANCIAL ASSETS AND LIABILITIES

NOTE 7. FINANCIAL ASSETS AND LIABILITIES

Financial Assets and Liabilities Measured at Fair Value

The following table presents the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis at March 31, 2025 and 2024.


	Fair Value
	Hierarchy	At March 31, 2025						At March 31, 2024
(Dollars in millions)	Level	Assets		Liabilities		Fair Value		Assets		Liabilities		Fair Value
Derivatives designated as hedging instruments:
Foreign exchange contracts	2	$	6	$	29	$	(23)	$	2	$	1	$	1
Cross-currency swap contracts	2		12		11		—		1		11		(9)
Derivatives not designated as hedging instruments:
Foreign exchange contracts	2		27		2		25		2		6		(4)
Total		$	45	$	43	$	2	$	5	$	18	$	(13)

The gross balances of derivative assets, including accrued interest, are contained within prepaid expenses and other current assets and other noncurrent assets, and the gross balances of derivative liabilities are contained within other accrued expenses and liabilities, or other noncurrent liabilities in the Consolidated Balance Sheet. The Company may enter into master netting agreements with certain counterparties that allow for netting of exposures. There was no netting

of derivative assets against liabilities in the Consolidated Balance Sheet at March 31, 2025 and 2024. The Company manages counterparty risk by seeking counterparties of high credit quality and by monitoring credit ratings, credit spreads and other relevant public information about its counterparties. The Company does not anticipate nonperformance by any of the counterparties.

Financial Assets and Liabilities Not Measured at Fair Value

Accounts receivable are financial assets with carrying values that approximate fair value. Accounts payable, other accrued expenses and short-term debt are financial liabilities with carrying values that approximate fair value. If measured at fair value in the consolidated financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy, except for short-term debt, which would be classified as Level 2.

The Company also has time deposits that have maturities of 90 days or less, and their carrying values approximate fair value. They are measured for impairment on a recurring basis by comparing their fair value with their amortized cost basis. There were no impairments of financial assets recognized for any of the periods presented. The balance of these time deposits with maturities of 90 days or less contained within cash and cash equivalents in the Consolidated Balance Sheet at March 31, 2025 and 2024 was $765 million and $828 million, respectively. If measured at fair value in the consolidated financial statements, time deposits with maturities of 90 days or less would be categorized as Level 2 in the fair value hierarchy.

The fair value of our outstanding debt (excluding finance lease obligations) is based on various methodologies, including quoted prices in active markets for identical debt instruments, which is a Level 1 measurement, or calculated fair value using an expected present value technique that uses rates currently available to the Company for debt in active markets with similar terms and remaining maturities, which is a Level 2 measurement. See Note 12 – Borrowings for additional information. Our outstanding debt (excluding finance lease obligations) had a carrying value of $2.9 billion and $2.9 billion as of March 31, 2025 and 2024, respectively. The debt had an estimated fair value of $2.7 billion and $2.6 billion as of March 31, 2025 and 2024, respectively.

Derivative Financial Instruments

The following table summarizes the notional amounts of the Company’s outstanding derivatives:


	At March 31, 2025						At March 31, 2024
(Dollars in millions)	Foreign Exchange Contracts		Cross-currency Swap Contracts		Total Notional Amount		Foreign Exchange Contracts		Cross-currency Swap Contracts		Total Notional Amount
Derivatives designated as hedging instruments
Cash flow hedges	$	357	$	—	$	357	$	281	$	—	$	281
Net investment hedges		1,485		500		1,985		—		500		500
Derivatives not designated as hedging instruments	$	1,148	$	—	$	1,148	$	1,624	$	—	$	1,624

The notional amounts of derivative instruments do not necessarily represent the amounts exchanged by the Company with third parties and are not necessarily a direct measure of the financial exposure.

Derivatives Designated as Hedging Instruments

Cash Flow Hedges

The Company has foreign exchange derivative financial instruments designated as cash flow hedges to manage the volatility of cash flows that relate to operating expenses denominated in certain currencies. At March 31, 2025, the maximum remaining length of time over which the Company has hedged its exposures is approximately one year. At March 31, 2025 and 2024, the weighted-average remaining maturity of these instruments was approximately 0.5 years.

At March 31, 2025 and 2024, in connection with cash flow hedges of foreign currency cost transactions, the Company had unrealized losses of $1 million and unrealized gains of $2 million (each before taxes), respectively, in AOCI. The Company estimates that $1 million (before taxes) of deferred net losses on derivatives in AOCI at March 31, 2025 will be reclassified to net income within the next twelve months, providing an offsetting economic impact against the underlying anticipated transactions.

Net Investment Hedges

The Company has entered into and designated cross-currency interest rate swap contracts and currency forward contracts as net investment hedges to mitigate foreign exchange exposure related to net investments. Under the terms of the cross-currency swaps, the Company makes fixed-rate payments in foreign currencies and receives fixed-rate amounts in U.S. dollars, with the exchange of the underlying notional amounts at maturity whereby the Company will receive U.S. dollars and pay foreign currencies at exchange rates which are determined at contract inception. Under the terms of the currency forward contracts, the Company commits to sell the local currency of certain subsidiaries in exchange for U.S. dollars at specified forward rates. At March 31, 2025, the maximum remaining length of time over which the Company has hedged its exposure is approximately nine years. At March 31, 2025 and 2024, the weighted-average remaining maturity of these instruments was approximately three and ten years, respectively. At March 31, 2025 and 2024, the Company had unrealized losses of $6 million and unrealized losses of $11 million (each before taxes), respectively, in AOCI related to net investment hedges.

Derivatives Not Designated as Hedging Instruments

The Company enters into currency forward and swap contracts to hedge exposures related to assets and liabilities across its subsidiaries. The terms of these contracts are generally less than one year.

The Effect of Derivative Instruments in the Consolidated Income Statement

The effects of derivatives designated as hedging instruments on the Consolidated Income Statement and Other Comprehensive Income are as follows:


	Gain (Loss) Recognized in Consolidated Income Statement
	and Other Comprehensive Income
	Year Ended March 31,
(Dollars in millions)	2025		2024		2023

Derivative instruments in cash flow hedges:	Recognized in OCI
Foreign exchange contracts	$	(14)	$	22	$	(4)
Derivative instruments in net investment hedges:
Cross-currency swaps	$	10	$	(11)	$	—
Foreign exchange contracts		(5)		—		—
Total	$	(9)	$	11	$	(4)


		Gain (Loss) Recognized in Consolidated Income Statement
		and Other Comprehensive Income
								Amounts Excluded from
	Consolidated	Reclassified from AOCI						Effectiveness Testing
	Income Statement	Year Ended March 31,						Year Ended March 31,
(Dollars in millions)	Line Item	2025		2024		2023		2025		2024		2023
Derivative instruments in cash flow hedges:
Foreign exchange contracts	Cost of services	$	(11)	$	21	$	(2)	$	—	$	—	$	—
Derivative instruments in net investment hedges:
Cross-currency swaps	Interest expenses		—		—		—		12		1		—
Foreign exchange contracts	Interest expenses		—		—		—		10		—		—
Total	Total	$	(11)	$	21	$	(2)	$	22	$	1	$	—

For the years ended March 31, 2025, 2024 and 2023, there were no gains or losses excluded from the assessment of hedge effectiveness for cash flow hedges, or associated with an underlying exposure that did not or was

not expected to occur, nor are there any anticipated in the normal course of business. There were no net investment hedges in the year ended March 31, 2023.

The effects of derivatives not designated as hedging instruments on the Consolidated Income Statement are as follows:


		Gain (Loss) Recognized in Consolidated Income Statement
	Consolidated
	Income Statement	Year Ended March 31,
(Dollars in millions)	Line Item	2025		2024		2023

Derivative instruments not designated as hedging instruments:
Foreign exchange contracts	Other expense (income)	$	(15)	$	(48)	$	20
Total		$	(15)	$	(48)	$	20

BORROWINGS

12 Months Ended

Mar. 31, 2025

BORROWINGS

BORROWINGS

NOTE 12. BORROWINGS

Debt

The following table presents the components of our debt:


			March 31,		March 31,
(Dollars in millions)	Interest Rate	Maturity	2025		2024
Commercial loan agreement	3.00%	July 2026	$	39	$	68
Unsecured senior notes due 2026	2.05%	October 2026		700		700
Unsecured senior notes due 2028	2.70%	October 2028		500		500
Unsecured senior notes due 2031	3.15%	October 2031		650		650
Unsecured senior notes due 2034	6.35% *	February 2034		500		500
Unsecured senior notes due 2041	4.10%	October 2041		550		550
Finance lease obligations	5.74% †	2025-2031		250		291
			$	3,190	$	3,259
Less: Unamortized discount				4		5
Less: Unamortized debt issuance costs				14		16
Less: Current portion of long-term debt				129		126
Total long-term debt			$	3,042	$	3,112

* Including the cross-currency swaps that the Company entered into subsequent to the issuance of the unsecured senior notes due 2034, the effective interest rate on such notes was approximately 3.84% at the time of issuance. For more information, see Note 7 – Financial Assets and Liabilities.

† Weighted-average discount rate

Contractual obligations of long-term debt outstanding at March 31, 2025, exclusive of finance lease obligations, were as follows:


(Dollars in millions)*	Principal
Year ending March 31:
2026	$	29
2027		710
2028		—
2029		500
2030		—
Thereafter		1,700
Total	$	2,939

* Contractual obligations approximate scheduled repayments.

Senior Unsecured Notes

In October 2021, in preparation for our Spin-off, we completed the offering of $2.4 billion in aggregate principal amount of senior unsecured fixed-rate notes as follows: $700 million aggregate principal amount of 2.05% Senior Notes due 2026, $500 million aggregate principal amount of 2.70% Senior Notes due 2028, $650 million aggregate principal amount of 3.15% Senior Notes due 2031 and $550 million aggregate principal amount of 4.10% Senior Notes due 2041 (the “Initial Notes”). The Initial Notes were offered and sold to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to non-U.S. persons in reliance on Regulation S of the Securities Act. In connection with the issuance of the Initial Notes, we entered into a registration rights agreement with the purchasers of the Initial Notes, pursuant to which we completed a registered offering to exchange each series of Initial Notes for new notes with substantially identical terms during the quarter ended September 30, 2022.

In February 2024, we completed a registered offering of $500 million in aggregate principal amount of 6.35% senior unsecured notes due 2034 (the “2034 Notes”). We received proceeds of $494 million, net of debt issuance costs

and discounts. The 2034 Notes are the Company’s senior unsecured obligations and rank equally in right of payment with all of the Company’s other existing and future senior unsecured indebtedness. If measured at fair value in the consolidated financial statements, all of the Company’s senior unsecured notes would be classified as Level 1 in the fair value hierarchy.

The Initial Notes and the 2034 Notes are subject to customary affirmative covenants, negative covenants and events of default for financings of this type and are redeemable at our option in a customary manner.

Revolving Credit Agreement

In October 2021, we entered into a $3.15 billion multi-currency revolving credit agreement (the “Revolving Credit Agreement”), which expires, unless extended, in October 2026. The Revolving Credit Agreement was amended in June 2023, replacing the London Interbank Offered Rate (“LIBOR”) with the Secured Overnight Financing Rate (“SOFR”). In March 2025, we further amended the agreement, extending the maturity to March 2030. Interest rates on borrowings under the Revolving Credit Agreement will be based on prevailing market interest rates, plus a margin, as further described in the Revolving Credit Agreement.

The total facility fees recorded by the Company for the Revolving Credit Agreement were $5 million and $5 million for the years ended March 31, 2025 and 2024, respectively. As of March 31, 2025, there has been no drawdown on the Revolving Credit Agreement.

The Revolving Credit Agreement includes certain customary mandatory prepayment provisions. In addition, it includes customary events of default and affirmative and negative covenants as well as a maintenance covenant that will require that the ratio of our indebtedness for borrowed money to consolidated EBITDA (as defined in the Revolving Credit Agreement) for any period of four consecutive fiscal quarters be no greater than 3.50 to 1.00. The Company is in compliance with its debt covenants.

Loan Agreement

The commercial loan agreement contains covenants, primarily for compliance with the scheduled payments in the loan agreement. Failure to comply with the loan covenants could constitute an event of default and result in the immediate repayment of the principal and interest on the loan. The Company is in compliance with all of the loan covenants and is expected to maintain a credit rating at or above the level outlined in the loan agreement. The carrying amount of the loan approximates fair value and is classified as Level 2 in the fair value hierarchy.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

SIGNIFICANT ACCOUNTING POLICIES - Leases (Details)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES - Leases (Details)	Mar. 31, 2025
Leases
Option to extend	true
Option to terminate	true
Practical expedient	true
Real estate \| Weighted-Average
Leases
Lease terms (in years)	5 years
Equipment leases \| Minimum
Leases
Lease terms (in years)	2 years
Equipment leases \| Maximum
Leases
Lease terms (in years)	5 years

TAXES - Reconciliation of Statutory U.S. Federal Tax Rate (Details)	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
TAXES.
Statutory rate	21.00%	21.00%	21.00%
Tax differential on foreign income	4.50%	(17.40%)	(3.90%)
State and local taxes	0.70%	17.80%	5.70%
Valuation allowances	(4.10%)	(67.70%)	(72.00%)
Reserves for uncertain tax positions	14.20%	(7.80%)	(6.50%)
Global Intangible Low-Taxed Income (GILTI)	1.50%		(2.00%)
Undistributed foreign earnings	(2.50%)	2.20%	1.50%
Impact of foreign operations	20.90%	(43.60%)	(8.60%)
Basis adjustment		(6.20%)
Tax credits	(13.10%)	28.70%	4.70%
Return to provision	(3.10%)	(19.30%)	0.30%
Nondeductible items	1.90%	(8.60%)	(2.00%)
Other		(1.40%)
Effective tax rate	41.90%	(102.20%)	(61.60%)

SEGMENTS (Tables)

12 Months Ended

Mar. 31, 2025

SEGMENTS

Summary of results of segments


	Year Ended March 31, 2025
	United				Principal		Strategic		Total
(Dollars in millions)	States		Japan		Markets		Markets		Segments
Revenue	$	3,876	$	2,358	$	5,206	$	3,617	$	15,057
Cost of service, excluding depreciation and amortization *		(2,476)		(1,613)		(3,471)		(2,405)		(9,964)
Selling, general and administrative expenses, excluding depreciation and amortization *		(638)		(343)		(831)		(561)		(2,372)
Other items†		(37)		(13)		(19)		(46)		(115)
Segment adjusted EBITDA	$	725	$	390	$	886	$	606	$	2,606

	Year Ended March 31, 2024
	United				Principal		Strategic		Total
(Dollars in millions)	States		Japan		Markets		Markets		Segments
Revenue	$	4,295	$	$2,344	$	5,479	$	$3,934	$	16,052
Cost of service, excluding depreciation and amortization *		(2,778)		(1,651)		(3,957)		(2,720)		(11,106)
Selling, general and administrative expenses, excluding depreciation and amortization *		(735)		(322)		(847)		(577)		(2,480)
Other items†		(2)		(9)		2		4		(5)
Segment adjusted EBITDA	$	781	$	361	$	677	$	642	$	2,461

	Year Ended March 31, 2023
	United				Principal		Strategic		Total
(Dollars in millions)	States		Japan		Markets		Markets		Segments
Revenue	$	4,726	$	2,502	$	5,556	$	4,241	$	17,026
Cost of service, excluding depreciation and amortization *		(3,072)		(1,747)		(4,430)		(3,063)		(12,312)
Selling, general and administrative expenses, excluding depreciation and amortization *		(812)		(340)		(810)		(696)		(2,657)
Other items†		(4)		(9)		7		2		(3)
Segment adjusted EBITDA	$	839	$	407	$	323	$	484	$	2,052

* Cost of service, excluding depreciation and amortization and selling, general and administrative expenses, excluding depreciation and
amortization are both used in calculating segment adjusted EBITDA and exclude depreciation of property, equipment and capitalized software
and amortization of transition costs and prepaid software.

† Other items include workforce rebalancing charges incurred subsequent to March 31, 2024 and other expense.

Summary of reconciliation of adjusted EBITDA to consolidated pretax income (loss)


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Segment adjusted EBITDA	$	2,606	$	2,461	$	2,052
Workforce rebalancing charges incurred prior to March 31, 2024		—		(138)		(71)
Charges related to ceasing to use leased/fixed assets and lease terminations		(48)		(39)		(80)
Transaction-related (costs) benefits		125		46		(264)
Stock-based compensation expense		(100)		(95)		(113)
Interest expense		(100)		(122)		(94)
Depreciation of property, equipment and capitalized software		(660)		(834)		(900)
Amortization expense		(1,308)		(1,287)		(1,245)
Corporate expense not allocated to the segments		(90)		(95)		(77)
Other adjustments*		10		(68)		(59)
Pretax income (loss)	$	435	$	(168)	$	(851)

* Other adjustments represent pension expenses other than pension servicing costs and multi-employer plan costs, significant litigation costs and benefits, and currency impacts of highly inflationary countries. For the year ended March 31, 2024, other adjustments also included an adjustment to reduce amortization expense for the amount already included in transaction-related (costs) benefits above.

Summary of geographic information


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Revenue*
United States	$	3,876	$	4,295	$	4,726
Japan		2,358		2,344		2,502
Other countries		8,823		9,413		9,797
Total revenue	$	15,057	$	16,052	$	17,026

*	Revenues are attributed to countries based on the location of the client and exclude certain allocations.


	At March 31,
(Dollars in millions)	2025		2024
Property and equipment, net
United States *	$	883	$	951
Other countries		1,687		1,724
Total property and equipment, net	$	2,570	$	2,674

Operating right-of-use assets, net
United States *	$	134	$	113
Belgium		92		135
France		81		68
Italy		76		95
Other countries		349		453
Total operating right-of-use assets, net	$	731	$	864

* Includes corporate and other.

WORKFORCE REBALANCING AND SITE-RATIONALIZATION CHARGES - Classification of restructuring activity (Details) - USD ($) $ in Millions	12 Months Ended			36 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2025
RESTRUCTURING
Charges	$ 162	$ 174	$ 135
Workforce Rebalancing Liabilities Inherited from Former Parent
RESTRUCTURING
Charges		4
Fiscal 2025 Program
RESTRUCTURING
Charges	162
Fiscal 2024 Program
RESTRUCTURING
Charges		174	135	$ 310
Cost of service
RESTRUCTURING
Charges	$ 45	$ 23	$ 71
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Revenue	Cost of Revenue	Cost of Revenue
Cost of service \| Fiscal 2025 Program
RESTRUCTURING
Charges	$ 45
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Revenue
Cost of service \| Fiscal 2024 Program
RESTRUCTURING
Charges				$ 94
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]				Cost of Revenue
Selling, general and administrative expense
RESTRUCTURING
Charges	$ 3	$ 16	$ 9
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Selling, general and administrative expense \| Fiscal 2025 Program
RESTRUCTURING
Charges	$ 3
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense
Selling, general and administrative expense \| Fiscal 2024 Program
RESTRUCTURING
Charges				$ 25
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]				Selling, General and Administrative Expense
Workforce rebalancing charges
RESTRUCTURING
Charges	$ 114	$ 135	$ 55
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Workforce Rebalancing Costs	Workforce Rebalancing Costs	Workforce Rebalancing Costs
Workforce rebalancing charges \| Fiscal 2025 Program
RESTRUCTURING
Charges	$ 114
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Workforce Rebalancing Costs
Workforce rebalancing charges \| Fiscal 2024 Program
RESTRUCTURING
Charges				$ 190
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]				Workforce Rebalancing Costs

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SEGMENTS - Reconciliation of segment adjusted EBITDA to consolidated pretax income (loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
SEGMENTS
Segment adjusted EBITDA	$ 2,606	$ 2,461	$ 2,052
Workforce rebalancing charges incurred prior to March 31, 2024		(138)	(71)
Charges related to ceasing to use leased/fixed assets and lease terminations	(48)	(39)	(80)
Transaction-related (costs) benefits	125	46	(264)
Stock-based compensation expense	(100)	(95)	(113)
Interest expense	(100)	(122)	(94)
Depreciation of property, equipment and capitalized software	(660)	(834)	(900)
Amortization expense	(1,308)	(1,287)	(1,245)
Corporate expense not allocated to the segments	(90)	(95)	(77)
Other adjustments	10	(68)	(59)
Income (loss) before income taxes	$ 435	$ (168)	$ (851)

EQUITY (Tables)

12 Months Ended

Mar. 31, 2025

EQUITY

Reclassifications and taxes related to items of other comprehensive income (loss)


(Dollars in millions)	Pretax		Tax (Expense)		Net-of-Tax
For the year ended March 31, 2025	Amount		Benefit		Amount
Foreign currency translation adjustments:
Foreign currency translation adjustments	$	(50)	$	—	$	(50)
Unrealized gains (losses) on net investment hedges		4		(2)		2
Total foreign currency translation adjustments	$	(46)	$	(2)	$	(48)
Unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) arising during the period	$	(14)	$	3	$	(11)
Reclassification of (gains) losses to net income		11		—		11
Total unrealized gains (losses) on cash flow hedges	$	(2)	$	3	$	—
Retirement-related benefit plans:
Prior service (credits) costs	$	2	$	(1)	$	1
Net gains (losses) arising during the period		17		(4)		13
Curtailments and settlements		7		(2)		5
Amortization of net (gains) losses		16		(4)		12
Total retirement-related benefit plans	$	42	$	(10)	$	32
Other comprehensive income (loss)	$	(6)	$	(10)	$	(16)


(Dollars in millions)	Pretax		Tax (Expense)		Net-of-Tax
For the year ended March 31, 2024	Amount		Benefit		Amount
Foreign currency translation adjustments:
Foreign currency translation adjustments	$	(36)	$	—	$	(36)
Unrealized losses on net investment hedges		(11)		—		(11)
Total foreign currency translation adjustments	$	(47)	$	—	$	(47)
Unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) arising during the period	$	22	$	(1)	$	21
Reclassification of (gains) losses to net income		(21)		—		(21)
Total unrealized gains (losses) on cash flow hedges	$	1	$	(1)	$	—
Retirement-related benefit plans:
Prior service (credits) costs	$	(3)	$	1	$	(2)
Net gains (losses) arising during the period		(56)		10		(45)
Curtailments and settlements		10		(2)		8
Amortization of prior service (credits) costs		1		—		1
Amortization of net (gains) losses		5		(2)		3
Total retirement-related benefit plans	$	(42)	$	7	$	(36)
Other comprehensive income (loss)	$	(88)	$	6	$	(82)


(Dollars in millions)	Pretax		Tax (Expense)		Net-of-Tax
For the year ended March 31, 2023	Amount		Benefit		Amount
Foreign currency translation adjustments	$	(186)	$	—	$	(186)
Unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) arising during the period	$	(4)	$	—	$	(4)
Reclassification of (gains) losses to net income		2		—		2
Total unrealized gains (losses) on cash flow hedges	$	(3)	$	—	$	(2)
Retirement-related benefit plans:
Prior service (credits) costs	$	4	$	—	$	3
Net gains (losses) arising during the period		175		—		175
Curtailments and settlements		10		(2)		8
Amortization of prior service (credits) costs		1		—		1
Amortization of net (gains) losses		40		(11)		29
Total retirement-related benefit plans	$	229	$	(14)	$	215
Other comprehensive income (loss)	$	40	$	(14)	$	27

Accumulated other comprehensive income (loss), net of taxes

The following table presents the components of accumulated other comprehensive income (loss), net of taxes:


	Net Unrealized		Foreign Currency		Net Change in		Accumulated Other
	Gains (Losses)		Translation		Retirement-Related		Comprehensive
(Dollars in millions)	on Cash Flow Hedges		Adjustments*		Benefit Plans		Income (Loss)
March 31, 2022	$	3	$	(735)	$	(357)	$	(1,089)
Other comprehensive income (loss)		(2)		(186)		215		27
March 31, 2023	$	—	$	(921)	$	(142)	$	(1,062)
Other comprehensive income (loss)		—		(47)		(36)		(82)
March 31, 2024	$	—	$	(967)	$	(178)	$	(1,145)
Other comprehensive income (loss)		—		(48)		32		(16)
March 31, 2025	$	1	$	(1,016)	$	(145)	$	(1,160)

*	Foreign currency translation adjustments are presented gross except for any associated hedges, which are presented net of tax.

LEASES - Finance leases recognized in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
RESTRUCTURING
Right-of-use assets - Property and equipment	$ 297	$ 309
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Lease Liabilities:
Current	$ 100	$ 95
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Short-term Debt	Short-term Debt
Noncurrent	$ 150	$ 193
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Lease Obligation	Long-term Debt and Lease Obligation
Charges	$ 162	$ 174	$ 135
Liabilities Related to Ceasing to Use Leased Assets
Lease Liabilities:
Charges	$ 39	$ 14	$ 69

TRANSACTIONS WITH FORMER PARENT

12 Months Ended

Mar. 31, 2025

TRANSACTIONS WITH FORMER PARENT

TRANSACTIONS WITH FORMER PARENT

NOTE 18. TRANSACTIONS WITH FORMER PARENT

Change in Beneficial Ownership

IBM transferred all of its 19.9% initially retained interest in Kyndryl common stock to a third-party financial institution through exchange agreements in May and August 2022. IBM ceased to be a related party of Kyndryl in August 2022. Transactions related to former Parent after August 11, 2022 are no longer reported as related-party activities. As a result, there was no related-party revenue or cost of services recognized subsequent to August 11, 2022.

Revenue and Purchases Related to Former Parent

While IBM was a related party, Kyndryl provided various services to IBM, including those related to hosting data centers and servicing IBM’s information technology infrastructure, which are reported as revenue in the Company’s Consolidated Income Statement. Related-party revenue generated from these services was $287 million for the year ended March 31, 2023. No related-party revenue was recognized after August 2022. During the year ended March 31, 2024, the Company reached an agreement to collect previously reserved receivables from our former Parent, which resulted in a gain recorded within transaction-related costs (benefits).

Kyndryl utilizes various IBM products and services, recognized as costs of services, in the fulfillment of services contracts. While IBM was a related party, total cost of services recognized from these related-party transactions in the Company’s Consolidated Income Statement was $1.4 billion for the year ended March 31, 2023. No related-party cost of services was recognized after August 2022.

Capital Expenditures with Former Parent

Related-party capital expenditures for purchases of IBM hardware were reflected as payments for property and equipment within the investing section of the Company’s Consolidated Statement of Cash Flows in the amount of $89 million for the year ended March 31, 2023. Additionally, as part of the Separation, IBM committed to provide Kyndryl, at no cost, up to approximately $265 million of upgraded hardware over an expected two-year period. For the year ended March 31, 2024, $265 million of the upgraded hardware committed by IBM was delivered to Kyndryl. The Company intends to recognize depreciation expense related to such equipment over its useful life in accordance with the Company’s depreciation policy, as described in Note 1 – Significant Accounting Policies.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

REVENUE RECOGNITION

12 Months Ended

Mar. 31, 2025

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 3. REVENUE RECOGNITION

Disaggregation of Revenue

The Company views its segment results to be the best view of disaggregated revenue. Refer to Note 4 – Segments.

Remaining Performance Obligations

The remaining performance obligation (“RPO”) represents the aggregate amount of contractual deliverables yet to be recognized as revenue at the end of the reporting period. It is intended to be a statement of overall work under contract that has not yet been performed and does not include contracts in which the customer is not committed. The customer is not considered committed when it is able to terminate for convenience without payment of a substantive penalty. The RPO also includes estimates of variable consideration. RPO estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustments for revenue that has not materialized and adjustments for currency.

At March 31, 2025, the aggregate amount of RPO related to customer contracts that are unsatisfied or partially unsatisfied was $34.7 billion. Approximately 57 percent of the amount is expected to be recognized as revenue in the next two years, approximately 37 percent in the subsequent three years, and the balance thereafter.

Revenue Recognized for Performance Obligations Satisfied (or Partially Satisfied) in Prior Periods

For the year ended March 31, 2025, revenue increased by $59 million for performance obligations satisfied (or partially satisfied) in previous periods, mainly due to changes in estimates.

Contract Balances

The following table provides information about accounts receivable, contract assets and deferred income balances:


	At March 31,
(Dollars in millions)	2025		2024
Accounts receivable (net of allowances for credit losses of $13 at March 31, 2025 and $22 at March 31, 2024) *	$	1,345	$	1,599
Contract assets †		50		30
Deferred income (current)		746		825
Deferred income (noncurrent)		341		314

*	Including unbilled receivable balances of $425 million at March 31, 2025 and $377 million at March 31, 2024.

†

Contract assets represent services performed by the Company prior to billing the client, which give the Company the right to consideration that is typically subject to milestone completion or client acceptance. They are included within prepaid expenses and other current assets in the Consolidated Balance Sheet.

The amount of revenue recognized during the year ended March 31, 2025 that was included within the deferred income balance at March 31, 2024 was $754 million.

The following table provides roll-forwards of the accounts receivable allowance for expected credit losses for the years ended March 31, 2025, 2024 and 2023:


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Beginning balance	$	22	$	32	$	44
Additions (releases)		(7)		4		6
Write-offs		(1)		(4)		(13)
Other *		(1)		(9)		(5)
Ending balance	$	13	$	22	$	32

* Primarily represents translation adjustments.

The contract assets allowance for expected credit losses was not material in any of the periods presented.

Major Clients

No single client represented more than 10 percent of the Company’s total revenue during the years ended March 31, 2025, 2024 and 2023. No single client represented more than 10 percent of the Company’s total accounts receivable balance as of March 31, 2025. Other than receivables with the former Parent, no single client represented more than 10 percent of the Company’s total accounts receivable balance as of March 31, 2024.

Deferred Costs

The following table provides amounts of capitalized costs to acquire and fulfill customer contracts at March 31, 2025 and 2024:


	At March 31,
(Dollars in millions)	2025		2024
Deferred transition costs	$	697	$	753
Prepaid software costs		876		770
Capitalized costs to fulfill contracts		195		212
Capitalized costs to obtain contracts		281		265
Total deferred costs *	$	2,049	$	2,000

* Of the total deferred costs, $1,009 million was current and $1,040 million was noncurrent at March 31, 2025, and $1,081 million was current and $920 million was noncurrent at March 31, 2024.

The amount of total deferred costs amortized during the year ended March 31, 2025 was $1.7 billion, composed of $291 million of amortization of deferred transition costs, $986 million of amortization of prepaid software and $420 million of amortization of capitalized contract costs. The amount of total deferred costs amortized during the year ended March 31, 2024 was $1.8 billion, composed of $335 million of amortization of deferred transition costs, $921 million of amortization of prepaid software and $531 million of amortization of capitalized contract costs. The amount of total deferred costs amortized during the year ended March 31, 2023 was $1.7 billion, composed of $342 million of amortization of deferred transition costs, $857 million of amortization of prepaid software and $472 million of amortization of capitalized contract costs. There were no material impairment losses incurred in any period. Refer to Note 1 – Significant Accounting Policies for additional information on deferred costs to fulfill a contract and capitalized costs of obtaining a contract.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SEGMENTS - Results of segments (Details) - USD ($)
$ in Millions

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

Segment Information

Revenues

^[1]

$ 15,057

$ 16,052

$ 17,026

Cost of service, excluding depreciation and amortization

(9,964)

(11,106)

(12,312)

Selling, general and administrative expenses, excluding depreciation and amortization

(2,372)

(2,480)

(2,657)

Other items

(115)

(5)

(3)

Segment adjusted EBITDA

$ 2,606

2,461

2,052

Other items, description

Other items include workforce rebalancing charges incurred subsequent to March 31, 2024 and other expense

United States

Segment Information

Revenues

$ 3,876

4,295

4,726

Cost of service, excluding depreciation and amortization

(2,476)

(2,778)

(3,072)

Selling, general and administrative expenses, excluding depreciation and amortization

(638)

(735)

(812)

Other items

(37)

(2)

(4)

Segment adjusted EBITDA

725

781

839

Japan

Segment Information

Revenues

2,358

2,344

2,502

Cost of service, excluding depreciation and amortization

(1,613)

(1,651)

(1,747)

Selling, general and administrative expenses, excluding depreciation and amortization

(343)

(322)

(340)

Other items

(13)

(9)

Segment adjusted EBITDA

390

361

407

Principal Markets

Segment Information

Revenues

5,206

5,479

5,556

Cost of service, excluding depreciation and amortization

(3,471)

(3,957)

(4,430)

Selling, general and administrative expenses, excluding depreciation and amortization

(831)

(847)

(810)

Other items

(19)

Segment adjusted EBITDA

886

677

323

Strategic Markets

Segment Information

Revenues

3,617

3,934

4,241

Cost of service, excluding depreciation and amortization

(2,405)

(2,720)

(3,063)

Selling, general and administrative expenses, excluding depreciation and amortization

(561)

(577)

(696)

Other items

(46)

Segment adjusted EBITDA

$ 606

$ 642

$ 484

[1]	Including related-party revenue of $287 for the year ended March 31, 2023

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Mar. 31, 2025

STOCK-BASED COMPENSATION

Stock-based compensation cost associated with employees


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Cost of services	$	12	$	16	$	21
Selling, general and administrative expense		89		78		92
Pretax stock-based compensation expense	$	100	$	95	$	113
Income tax benefits		(7)		(5)		(5)
Stock-based compensation cost, net of tax	$	93	$	90	$	108

Summary of restricted stock units, market-conditioned stock units, and performance-conditioned stock units activity


					Market-Conditioned				Performance-Conditioned
	RSUs				Stock Units				Stock Units*
			Weighted-				Weighted-				Weighted-
			Average				Average				Average
	Number		Grant-Date		Number		Grant-Date		Number		Grant-Date
	of Units		Fair Value		of Units		Fair Value		of Units		Fair Value
	(in millions)		(per share)		(in millions)		(per share)		(in millions)		(per share)
Nonvested balance at March 31, 2022		9.8	$	26.36		1.8	$	15.14		—	$	—
Awards granted		5.0	$	10.80		0.7	$	12.51		2.5	$	10.62
Awards vested		(4.9)		26.09		—		—		—		—
Awards canceled/forfeited		(0.5)		23.09		(0.2)		14.46		(0.1)		10.62
Nonvested balance at March 31, 2023		9.4	$	18.43		2.3	$	14.40		2.3	$	10.62
Awards granted		3.1	$	13.52		0.6	$	14.10		2.0	$	13.37
Awards vested		(4.0)		21.92		—		—		—		—
Awards canceled/forfeited		(0.4)		17.43		(0.1)		14.43		(0.1)		11.85
Nonvested balance at March 31, 2024		8.0	$	15.33		2.9	$	14.32		4.3	$	12.28
Awards granted		1.7	$	26.65		0.4	$	26.23		1.2	$	26.47
Awards vested		(3.3)		17.14		(0.8)		15.14		—		—
Awards canceled/forfeited		(0.3)		16.58		(0.8)		15.12		(0.1)		12.13
Nonvested balance at March 31, 2025		6.1	$	17.49		1.6	$	16.33		5.4	$	15.01

*	The grant-date fair value of performance-conditioned stock units issued was determined using the stock price at the grant date.

Summary of assumptions used in estimation of fair value of market-conditioned stock units


	Year Ended March 31,
Market-conditioned Stock Units:	2025	2024	2023
Share price	$26.51	$13.55	$10.89
Expected volatility*	43%	39%	39%
Risk-free interest rate	4.60%	4.57% - 5.38%	2.85%
Dividend yield	0%	0%	0%

*	Based on the average three-year historic volatility across a group of peer companies.

Summary of stock option activity


	Stock Options
									Weighted-
					Weighted-				Average
			Weighted-		Average		Aggregate		Remaining
	Number		Average		Grant Date		Intrinsic		Contractual
	of Units		Exercise Price		Fair Value		Value		Term
	(in millions)		(per share)		(per share)		(in millions)		(in years)
Outstanding balance at March 31, 2022		3.8	$	17.76	$	6.54	$	—	9.7
Awards exercised		—		—		—		—
Awards canceled/forfeited		(0.2)		17.78		6.54
Outstanding balance at March 31, 2023		3.7	$	17.76	$	6.54	$	—	8.7
Awards exercised		(0.0)		17.30		6.61		—
Awards canceled/forfeited		(0.1)		17.78		6.54
Outstanding balance at March 31, 2024		3.5	$	17.77	$	6.54	$	—	7.3
Awards exercised		(0.4)		17.69		6.56		4.7
Awards canceled/forfeited		(0.0)		17.78		6.54
Outstanding balance at March 31, 2025		3.1	$	17.78	$	6.54	$	42.7	6.4
Options vested and exercisable at March 31, 2025		2.4	$	17.78	$	6.54	$	32.1	6.3

TAXES (Tables)

12 Months Ended

Mar. 31, 2025

TAXES.

Income (loss) before income taxes by geography


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Income (loss) before income taxes:
U.S. operations	$	(158)	$	(678)	$	(1,543)
Non-U.S. operations		593		510		692
Total income (loss) before income taxes	$	435	$	(168)	$	(851)

Components of the provision for income taxes by taxing jurisdiction


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
U.S. federal:
Current	$	1	$	39	$	—
Deferred		(18)		(10)		(19)
	$	(17)	$	29	$	(19)
U.S. state and local:
Current	$	4	$	2	$	2
Deferred		2		1		(4)
	$	6	$	3	$	(2)
Non-U.S.:
Current	$	177	$	142	$	236
Deferred		18		(2)		308
	$	195	$	140	$	545
Total provision for income taxes	$	184	$	172	$	524

Effective income tax rate reconciliation


	Year Ended March 31,
	2025		2024		2023
Statutory rate	21.0	%	21.0	%	21.0	%
Tax differential on foreign income	4.5	%	(17.4)	%	(3.9)	%
State and local taxes	0.7	%	17.8	%	5.7	%
Valuation allowances	(4.1)	%	(67.7)	%	(72.0)	%
Reserves for uncertain tax positions	14.2	%	(7.8)	%	(6.5)	%
Global Intangible Low-Taxed Income (GILTI)	1.5	%	—	%	(2.0)	%
Undistributed foreign earnings	(2.5)	%	2.2	%	1.5	%
Impact of foreign operations	20.9	%	(43.6)	%	(8.6)	%
Basis adjustment	—	%	(6.2)	%	—	%
Tax credits	(13.1)	%	28.7	%	4.7	%
Return to provision	(3.1)	%	(19.3)	%	0.3	%
Nondeductible items	1.9	%	(8.6)	%	(2.0)	%
Other	—	%	(1.4)	%	—	%
Effective tax rate	41.9	%	(102.2)	%	(61.6)	%

Components of deferred tax assets and liabilities


	March 31,
(Dollars in millions)	2025		2024
Deferred tax assets
Retirement benefits	$	106	$	121
Leases		253		308
Stock-based and other compensation		75		90
U.S. tax loss/credit carryforwards		520		441
Deferred income		38		65
Foreign tax loss/credit carryforwards		75		66
Allowance for credit losses		9		12
Goodwill and intangible assets		61		59
Workforce rebalancing charges		8		15
Limitation on deductibility of interest		88		79
Accruals		99		94
Other		52		57
Gross deferred tax assets	$	1,384	$	1,406
Less: valuation allowance		(749)		(748)
Net deferred tax assets	$	634	$	657

Deferred tax liabilities
Fixed assets and depreciation	$	97	$	34
Leases and right-of-use assets		242		294
Undistributed foreign earnings		5		16
Deferred transition costs		121		131
Prepaids		2		4
Other		15		16
Gross deferred tax liabilities	$	482	$	494

Reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Balance at beginning of period	$	108	$	104	$	55
Additions based on tax positions related to the current year		35		36		46
Additions for tax positions of prior years		28		—		3
Reductions for tax positions of prior years (including impacts due to a lapse of statute)		(3)		(32)		—
Balance at end of period	$	168	$	108	$	104

SEGMENTS (Details)	12 Months Ended
SEGMENTS (Details)	Mar. 31, 2025 USD ($)
SEGMENTS
Number of reportable segments	4

INTANGIBLE ASSETS INCLUDING GOODWILL - Intangible Assets Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Intangible assets
Impairment of intangible assets	$ 0	$ 0	$ 0
Net carrying amount of intangible assets increased	29
Intangible asset amortization including capitalized software	72	$ 63	$ 46
Capitalized software
Intangible assets
Intangible asset amortization expense	42
Retirement of fully amortized intangible assets	$ 75

LEASES - Supplemental information relating to the cash flows (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
LEASES
Operating cash outflows for finance leases	$ 17	$ 14	$ 5
Financing cash outflows for finance leases	117	116	83
Operating cash outflows for operating leases	404	387	417
Right-of-use assets obtained in exchange for new finance lease liabilities	70	212	111
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 204	$ 291	$ 175

RETIREMENT-RELATED BENEFITS - Net Periodic Pension Cost for Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Cost/(Income) of Pension Plans
Cost of defined contribution expense	$ 131	$ 140	$ 142
Defined Benefit Pension Plans
Cost/(Income) of Pension Plans
Service cost	34	38	44
Interest cost	$ 52	$ 55	$ 32
Interest cost - income statement location	Other expense	Other expense	Other expense
Expected return on plan assets	$ (59)	$ (60)	$ (43)
Expected return on plan assets - income statement location	Other expense	Other expense	Other expense
Amortization of prior service costs (credits)	$ 1	$ 1	$ 1
Amortization of prior service costs (credits) - income statement location	Other expense	Other expense	Other expense
Recognized actuarial losses	$ 16	$ 4	$ 40
Recognized actuarial losses - income statement location	Other expense	Other expense	Other expense
Curtailments and settlements	$ 8	$ 13	$ 10
Curtailments and settlements - income statement location	Other expense	Other expense	Other expense
Total net periodic pension cost	$ 53	$ 51	$ 84

PROPERTY AND EQUIPMENT - Balances (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
PROPERTY AND EQUIPMENT
Property and equipment, gross	$ 8,597	$ 9,300
Less: Accumulated depreciation	(6,026)	(6,626)
Property, plant and equipment - net	2,570	2,674
Information technology equipment
PROPERTY AND EQUIPMENT
Property and equipment, gross	5,858	6,374
Buildings and leasehold improvements
PROPERTY AND EQUIPMENT
Property and equipment, gross	2,402	2,502
Office and other equipment
PROPERTY AND EQUIPMENT
Property and equipment, gross	268	354
Land and land improvements
PROPERTY AND EQUIPMENT
Property and equipment, gross	$ 68	$ 70

RETIREMENT-RELATED BENEFITS - ABO and APBO in Excess of Plan Assets (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Defined Benefit Plan, Pension and Non-Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Plans with PBO in excess of plan assets, Benefit Obligation	$ 745	$ 714
Plans with PBO in excess of plan assets, Plan Assets	233	187
Plans with ABO in excess of plan assets, Benefit Obligation	605	712
Plans with ABO in excess of plan assets, Plan Assets	157	186
Plans with assets in excess of PBO, Benefit Obligation	818	957
Plans with assets in excess of PBO, Plan Assets	$ 966	$ 1,061

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Mar. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

Summary of estimated useful lives of the assets


Classification		Estimated Useful Life
Buildings		30 to 50 years
Land improvements		20 years
Leasehold improvements*		Estimated useful life or term of lease
Office and other equipment		2 to 20 years
Information technology equipment (acquired as used)		1.5 to 3 years
Information technology equipment (acquired as new)†		6 years

* Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease term, rarely exceeding 10 years.

† Extended from five to six years effective April 1, 2024.

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Mar. 31, 2025	May 23, 2025	Sep. 30, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2025
Entity File Number	001-40853
Entity Registrant Name	Kyndryl Holdings, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1185492
Entity Address, Address Line One	One Vanderbilt Avenue, 15th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	896-2098
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	KD
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		229,944,566
Entity Public Float			$ 5.3
Entity Central Index Key	0001867072
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	New York, New York

ACQUISITIONS AND DIVESTITURES (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2024	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
ACQUISITIONS
Goodwill		$ 790	$ 805	$ 812
Completed technology
ACQUISITIONS
Useful life	5 years
Customer relationships
ACQUISITIONS
Useful life	8 years
Skytap, Inc
ACQUISITIONS
Cash consideration	$ 45
Cash acquired in acquisition	4
Intangible assets	43
Goodwill	11
Assets transferred	24
Cash and cash equivalents acquired	4
Liabilities assumed	29
Skytap, Inc \| Completed technology
ACQUISITIONS
Intangible assets	13
Skytap, Inc \| Customer relationships
ACQUISITIONS
Intangible assets	$ 30

FINANCIAL ASSETS AND LIABILITIES (Tables)

12 Months Ended

Mar. 31, 2025

FINANCIAL ASSETS AND LIABILITIES

Financial assets and financial liabilities measured at fair value on a recurring basis


	Fair Value
	Hierarchy	At March 31, 2025						At March 31, 2024
(Dollars in millions)	Level	Assets		Liabilities		Fair Value		Assets		Liabilities		Fair Value
Derivatives designated as hedging instruments:
Foreign exchange contracts	2	$	6	$	29	$	(23)	$	2	$	1	$	1
Cross-currency swap contracts	2		12		11		—		1		11		(9)
Derivatives not designated as hedging instruments:
Foreign exchange contracts	2		27		2		25		2		6		(4)
Total		$	45	$	43	$	2	$	5	$	18	$	(13)

Summary of notional amounts of outstanding derivatives


	At March 31, 2025						At March 31, 2024
(Dollars in millions)	Foreign Exchange Contracts		Cross-currency Swap Contracts		Total Notional Amount		Foreign Exchange Contracts		Cross-currency Swap Contracts		Total Notional Amount
Derivatives designated as hedging instruments
Cash flow hedges	$	357	$	—	$	357	$	281	$	—	$	281
Net investment hedges		1,485		500		1,985		—		500		500
Derivatives not designated as hedging instruments	$	1,148	$	—	$	1,148	$	1,624	$	—	$	1,624

Effect of derivative instruments in the Consolidated Income Statement - designated


	Gain (Loss) Recognized in Consolidated Income Statement
	and Other Comprehensive Income
	Year Ended March 31,
(Dollars in millions)	2025		2024		2023

Derivative instruments in cash flow hedges:	Recognized in OCI
Foreign exchange contracts	$	(14)	$	22	$	(4)
Derivative instruments in net investment hedges:
Cross-currency swaps	$	10	$	(11)	$	—
Foreign exchange contracts		(5)		—		—
Total	$	(9)	$	11	$	(4)


		Gain (Loss) Recognized in Consolidated Income Statement
		and Other Comprehensive Income
								Amounts Excluded from
	Consolidated	Reclassified from AOCI						Effectiveness Testing
	Income Statement	Year Ended March 31,						Year Ended March 31,
(Dollars in millions)	Line Item	2025		2024		2023		2025		2024		2023
Derivative instruments in cash flow hedges:
Foreign exchange contracts	Cost of services	$	(11)	$	21	$	(2)	$	—	$	—	$	—
Derivative instruments in net investment hedges:
Cross-currency swaps	Interest expenses		—		—		—		12		1		—
Foreign exchange contracts	Interest expenses		—		—		—		10		—		—
Total	Total	$	(11)	$	21	$	(2)	$	22	$	1	$	—

Effect of derivative instruments in the Consolidated Income Statement- Not designated


		Gain (Loss) Recognized in Consolidated Income Statement
	Consolidated
	Income Statement	Year Ended March 31,
(Dollars in millions)	Line Item	2025		2024		2023

Derivative instruments not designated as hedging instruments:
Foreign exchange contracts	Other expense (income)	$	(15)	$	(48)	$	20
Total		$	(15)	$	(48)	$	20

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

NOTE 1. SIGNIFICANT ACCOUNTING POLICIES

Kyndryl Holdings, Inc. (“we”, “the Company” or “Kyndryl”) is a leading provider of mission-critical enterprise technology services offering advisory, implementation and managed service capabilities to thousands of customers in more than 60 countries. As the world’s largest IT infrastructure services provider, the Company designs, builds, manages and modernizes the complex information systems that the world depends on every day.

Description of Business

Our purpose is to design, build and manage secure and responsive private, public and multi-cloud environments to serve our customers’ needs and accelerate their digital transformations. We have a long track record of helping enterprises navigate major technological changes, particularly by enabling our customers to focus on the core aspects of their businesses during these shifts while trusting us with their most critical systems.

We provide engineering talent, operating solutions and insights derived from our knowledge and data around IT systems. This enables us to deliver advisory, implementation and managed services at scale across technology infrastructures that allow our customers to de-risk and realize the full value of their digital transformations. We do this while embracing new technologies and solutions and continually expanding our skills and capabilities, as we help advance the vital systems that power progress for our customers. We deliver technology services capabilities, insights and depth of expertise to modernize and manage IT environments based on our customers’ unique needs. We offer services across domains such as cloud services, core enterprise and zCloud services, applications, data and artificial intelligence services, digital workplace services, security and resiliency services and network and edge services as we continue to support our customers through technological change. Our services enable us to modernize and manage cloud and on-premises environments as “one” for our customers, enabling them to scale seamlessly. To deliver these services, we rely on our global team of skilled practitioners.

Kyndryl’s History

Prior to November 3, 2021, the Company was wholly owned by International Business Machines Corporation (“IBM” or “former Parent”). In November 2021, our former Parent effected the spin-off (the “Separation” or the “Spin-off”) of the infrastructure services unit of its Global Technology Services segment through the distribution to IBM stockholders of shares of Kyndryl’s common stock representing 80.1% of total shares outstanding. Kyndryl’s stock began trading as an independent company on November 4, 2021, and IBM disposed of its 19.9% retained interest in Kyndryl common stock in the year following the Spin-off. In connection with the Separation, the Company entered into several agreements with IBM governing the relationship of the parties following the Separation.

Basis of Presentation

We prepare our consolidated financial statements in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”), which requires us to make estimates and assumptions that impact the amounts reported and disclosed in our consolidated financial statements and the accompanying notes. We prepared these estimates based on the most current and best available information, but actual results could differ materially from these estimates and assumptions.

Principles of Consolidation

All significant transactions and intercompany accounts between Kyndryl entities were eliminated. Within the financial statements and tables presented, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts. Certain items have been recast to conform to current-period presentation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts that are reported in the consolidated financial statements and accompanying disclosures. Estimates are used in determining the following, among others: revenue, costs to complete service contracts, income taxes, pension assumptions, valuation of assets including goodwill and intangible assets, the depreciable and amortizable lives of long-lived assets, loss contingencies, allowance for credit losses, deferred transition costs and other matters. Actual results may be different from these estimates.

Revenue

The Company accounts for a contract with a client when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection.

Revenue is recognized when, or as, control of a promised service or product transfers to a client, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those products or services. If the consideration promised in a contract includes a variable amount, the Company estimates the amount to which it expects to be entitled using either the expected value or most likely amount method. The Company’s contracts may include terms that could cause variability in the transaction price, including, for example, rebates, volume discounts, service-level penalties and performance bonuses or other forms of variable consideration. In certain rare circumstances, if we grant the customer the right to return a product and receive a full or partial credit or refund of any consideration paid, the Company (i) recognizes revenue for the transferred products in the amount of consideration to which it expects to be entitled, (ii) records a refund liability and (iii) recognizes an asset for its right to recover products from customers on settling the refund liability.

The Company only includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company may not be able to reliably estimate variable consideration in certain long-term arrangements due to uncertainties that are not expected to be resolved for a long period of time or when the Company’s experience with similar types of contracts is limited. Changes in estimates of variable consideration are included in Note 3 – Revenue Recognition.

The Company’s standard billing terms are that payment is due upon receipt of invoice, payable within 30 days. Invoices are generally issued as services are rendered and/or as control transfers, either at monthly or quarterly intervals or upon achievement of contractual milestones. In some services contracts, the Company bills the client prior to recognizing revenue from performing the services. In these cases, deferred income is presented in the Consolidated Balance Sheet. In other services contracts, the Company performs the services prior to billing the client. When the Company performs services prior to billing the client, the right to consideration is typically subject to milestone completion or client acceptance, and the amount is recorded as a contract asset. Contract assets are generally classified as current and are recorded on a net basis with deferred income (i.e., contract liabilities) at the contract level. The Company’s rights to consideration are presented separately depending on whether those rights are conditional or unconditional. Conditional contract assets are included in prepaid expenses and other current assets in the Consolidated Balance Sheet. Unconditional contract assets (“unbilled accounts receivable”) are included in accounts receivable in the Consolidated Balance Sheet. Refer to Note 3 – Revenue Recognition for contract assets for the periods presented.

Additionally, in determining the transaction price, the Company would adjust the promised amount of consideration for the effects of the time value of money if the billing terms are not standard and the timing of payments agreed to by the parties to the contract provide the client or the Company with a significant benefit of financing, in which case the contract contains a significant financing component. As a practical expedient, the Company does not account for significant financing components if the period between when the Company transfers the promised product or service to the client and when the client pays for that product or service will be one year or less.

The Company may include subcontractor services or original equipment manufacturer (OEM) hardware and/or OEM software components in certain integrated services arrangements. In these types of arrangements, revenue from sales of OEM hardware and/or OEM software components or services is recorded net of costs when the Company is acting as an agent between the client and the vendor and gross when the Company is the principal for the transaction. To determine whether the Company is an agent or principal, the Company considers whether it obtains control of the products or services before they are transferred to the customer. In making this evaluation, several factors are considered, most notably whether the Company has primary responsibility for fulfillment to the client, as well as inventory risk and pricing discretion.

The Company reports revenue net of any revenue-based taxes assessed by governmental authorities that are imposed on and concurrent with specific revenue-producing transactions.

Performance Obligations

The Company’s capabilities as an infrastructure services company include offerings that often encompass multiple types of services and may integrate various OEM hardware and/or OEM software components. When an arrangement contains multiple separate performance obligations, revenue follows the specific revenue recognition policies for each performance obligation, depending on the type of offering. The Company determines if the products or services are distinct and allocates the consideration to each separate performance obligation on a relative standalone selling price basis. When products and services are not distinct, the Company determines an appropriate measure of progress based on the nature of its overall promise for the single performance obligation.

The revenue policies below are applied to each performance obligation, as applicable.

Standalone Selling Price

The Company allocates the transaction price to each performance obligation on a relative standalone selling price basis. The standalone selling price (SSP) is the price at which the Company would sell a promised product or service separately to a client. The Company establishes SSP based on management’s estimated selling price or observable prices of products or services sold separately in comparable circumstances to similar clients. For OEM hardware and/or OEM software components, the Company is able to establish SSP based on the cost from the vendor. The Company reassesses SSP ranges on a periodic basis or when facts and circumstances change.

In certain instances, the Company may not be able to establish an SSP range based on observable prices and the Company estimates SSP. The Company estimates SSP by considering multiple factors including, but not limited to, overall market conditions, including geographic or regional specific factors, competitive positioning, competitor actions, internal costs, profit objectives and pricing practices. Estimating SSP is a formal process that includes review and approval by the Company’s management.

Nature of Products and Services

The Company delivers transformation and secure cloud services capabilities, insights and depth of expertise to modernize and manage IT environments based on its customers’ needs. The Company offers services such as cloud managed services, application hosting and modernization, security and resiliency services, enterprise infrastructure services, digital workplace services, network services and distributed cloud services to support its customers through technological change. Many of these services can be delivered entirely or partially through cloud or as-a-service delivery models. The Company’s services are provided on a time-and-material basis, as a fixed-price contract or as a fixed-price-per-measure-of-output contract, and the contract terms range from less than one year to over 10 years. The Company typically satisfies the performance obligation and recognizes revenue over time in services arrangements because the client simultaneously receives and consumes the benefits provided as the Company performs the services.

In outsourcing, other managed services, application management and other cloud-based services arrangements, the Company determines whether the services performed during the initial phases of the arrangement, such as setup activities, are distinct. In most cases, the arrangement is a single performance obligation comprised of a series of distinct

services that are substantially the same and that have the same pattern of transfer (i.e., distinct days of service). The Company applies a measure of progress (typically time-based) to any fixed consideration and allocates variable consideration to the distinct periods of service based on usage. As a result, revenue is generally recognized over the period the services are provided on a usage basis. This results in revenue recognition that corresponds with the value to the client of the services transferred to date relative to the remaining services promised.

Revenue from time-and-material contracts is recognized on an output basis as labor hours are delivered and/or direct expenses are incurred. Revenue from as-a-service type contracts is recognized either on a straight-line basis or on a usage basis, depending on the terms of the arrangement (such as whether the Company is standing ready to perform or whether the contract has usage-based metrics). If an as-a-service contract includes setup activities, those promises in the arrangement are evaluated to determine if they are distinct.

In design and build arrangements, revenue is recognized based on progress toward completion of the performance obligation using a cost-to-cost measure of progress (e.g., labor costs incurred to date as a percentage of the total estimated labor costs to fulfill the contract). The estimation of cost at completion is complex, subject to many variables and requires significant judgment. Changes in original estimates are reflected in revenue on a cumulative catch-up basis in the period in which the circumstances that gave rise to the revision become known by the Company. Refer to Note 3 – Revenue Recognition for the amount of revenue recognized in the reporting period on a cumulative catch-up basis (i.e., from performance obligations satisfied, or partially satisfied, in previous periods).

The Company performs ongoing profitability analyses of its design and build services contracts accounted for using a cost-to-cost measure of progress to determine whether the latest estimates of revenues, costs and profits require updating. If at any time these estimates indicate that the contract will be unprofitable, the entire estimated loss for the remainder of the contract is recorded immediately. For other types of services contracts, any losses are recorded as incurred.

The Company’s services offerings may include the integration and/or sale of OEM hardware and/or software components. Contracts that include hardware and/or software components are evaluated to determine if they are separate performance obligations as discussed in “Performance Obligations” above. For distinct OEM hardware sales, revenue is recognized when control has transferred to the customer, which typically occurs when the hardware has been shipped to the client, risk of loss has transferred to the client and the Company has a present right to payment for the hardware.

Cost of Services

Recurring operating costs for services contracts are recognized as incurred. Certain eligible, nonrecurring costs (i.e., setup costs) incurred in the initial phases of outsourcing contracts and other cloud-based services contracts, are capitalized when the costs relate directly to the contract, the costs generate or enhance resources of the Company that will be used in satisfying the performance obligation in the future and the costs are expected to be recovered. These costs consist of transition and setup costs related to the installation of systems and processes and other deferred fulfillment costs, including, for example, prepaid assets used in services contracts (i.e., prepaid software or prepaid maintenance). Capitalized costs are amortized on a straight-line basis over the expected period of benefit, which approximates the pattern of transfer to the client of the services to which the asset relates and includes anticipated contract renewals or extensions. Additionally, fixed assets associated with these contracts are capitalized and depreciated on a straight-line basis over the expected useful life of the asset and recorded in cost of sales. If an asset is contract-specific and cannot be repurposed, then the depreciation period is the shorter of the useful life of the asset or the contract term. The Company performs periodic reviews to assess the recoverability of deferred contract transition and setup costs. If the carrying amount is deemed not recoverable, an impairment loss is recognized. Refer to Note 3 – Revenue Recognition for the deferred costs to fulfill contracts for the periods presented.

In situations in which an outsourcing contract is terminated, the terms of the contract may require the client to reimburse the Company for the recovery of unbilled accounts receivable, unamortized deferred contract costs and additional costs incurred by the Company to transition the services.

Incremental Costs of Obtaining a Contract

Incremental costs of obtaining a contract (e.g., sales commissions) are capitalized and amortized on a straight-line basis, which approximates the pattern that the assets’ economic benefits are expected to be consumed, over the expected customer relationship period if the Company expects to recover those costs. The expected customer relationship period is determined based on the average customer relationship period, including expected renewals, for each offering type and ranges from three to six years. Expected renewal periods are only included in the expected customer relationship period if commission amounts paid upon renewal are not commensurate with amounts paid on the initial contract. Incremental costs of obtaining a contract include only those costs the Company incurs to obtain a contract that it would not have incurred if the contract had not been obtained. The Company has determined that certain commissions programs meet the requirements to be capitalized. For contracts shorter than one year, the Company has elected the practical expedient to recognize sales commissions as incurred. Additionally, some commission programs are not subject to capitalization as the revenue for services is received over time and the commission expense is paid and recognized as the related revenue is recognized. Refer to Note 3 – Revenue Recognition for capitalized costs to obtain contracts for the periods presented.

Expense and Other (Income)

Selling, General and Administrative Expenses

Selling, general and administrative expense (“SG&A”) is charged to income as incurred, except for certain sales commissions, which are capitalized and amortized. For further information regarding capitalizing sales commissions, see “Incremental Costs of Obtaining a Contract” above. Expenses of promoting and selling services are classified as selling expense and, in addition to sales commissions, include such items as compensation, advertising and travel. General and administrative expense includes such items as compensation, legal costs, office supplies, non-income taxes, insurance and office rental. In addition, general and administrative expense includes other operating items such as allowance for credit losses, amortization of certain intangible assets and research, development and engineering (“RD&E”) costs. Total RD&E costs were $49 million, $58 million, and $79 million for the years ended March 31, 2025, 2024 and 2023, respectively.

Advertising and promotional costs are expensed as incurred. Advertising and promotional expense, which includes media, agency and promotional expense directly incurred by the Company was $83 million, $115 million, and $136 million for the years ended March 31, 2025, 2024 and 2023, respectively. Costs related to the initial establishment of the Kyndryl brand are recorded in Transaction-related costs in the Consolidated Income Statement. All other advertising and promotional costs are recorded in SG&A in the Consolidated Income Statement.

Other Expense

Other expense primarily consists of (income) and expense related to certain components of retirement-related costs, including interest costs, expected return on plan assets, amortization of prior service costs (credits), curtailments and settlements and other net periodic benefit costs. Also included are gains and losses from foreign currency transactions.

Defined Benefit Pension and Nonpension Postretirement Benefit Plans

For defined benefit pension plans, the benefit obligation is the projected benefit obligation (PBO), which represents the actuarial present value of benefits expected to be paid upon retirement based on employee services already rendered and estimated future compensation levels. For nonpension postretirement benefit plans, the benefit obligation is the accumulated postretirement benefit obligation (APBO), which represents the actuarial present value of postretirement benefits attributed to employee services already rendered. The fair value of plan assets represents the current market value of assets held for the benefit of participants. For co-sponsored plans, the fair value of plan assets based on Company contributions, distributions and market returns and the benefit obligation attributed to employees of the Company are allocated to Kyndryl.

Overfunded plans, in which the fair value of plan assets exceeds the benefit obligation, are aggregated, and recorded in pension assets in the Consolidated Balance Sheet. Underfunded plans, in which the benefit obligation exceeds the fair value of plan assets, are aggregated and the noncurrent portion of this excess is recorded in retirement and nonpension postretirement benefit obligations in the Consolidated Balance Sheet. The current portion of the benefit obligation in excess of the fair value of plan assets represents the actuarial present value of benefits payable in the next twelve months, measured on a plan-by-plan basis. The current portion of this obligation is recorded in accrued compensation and benefits in the Consolidated Balance Sheet.

Net periodic benefit cost of defined benefit pension and nonpension postretirement benefit plans is recorded in the Consolidated Income Statement and includes service cost, interest cost, expected return on plan assets, amortization of prior service costs (credits) and actuarial (gains) losses previously recognized as a component of other comprehensive income (loss) (“OCI”). The service cost component of net benefit cost is recorded in Cost of services and SG&A in the Consolidated Income Statement (unless eligible for capitalization) based on the employees’ respective functions. The other components of net benefit cost are presented separately from service cost within other expense in the Consolidated Income Statement.

Actuarial (gains) losses and prior service costs (credits) are recognized as a component of OCI in the Consolidated Statement of Comprehensive Income (Loss) as they arise. Those actuarial (gains) losses and prior service costs (credits) are subsequently recognized as a component of net periodic benefit cost pursuant to the recognition and amortization provisions of applicable accounting guidance. Actuarial (gains) losses arise as a result of differences between actual experience and assumptions or as a result of changes in actuarial assumptions. Prior service costs (credits) represent the cost of benefit changes attributable to prior service granted in plan amendments.

The measurement of benefit obligations and net periodic benefit cost is based on estimates and assumptions approved by the Company’s management. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain assumptions, including estimates of discount rates, expected return on plan assets, rate of compensation increases, interest crediting rates and mortality rates.

The Company participates in non-U.S. multi-employer pension plans and makes required contributions to those plans, which are recorded in Cost of services and SG&A in the Consolidated Income Statement based on the employees’ respective functions.

Defined Contribution Plans

Prior to the Separation, the former Parent offered various defined contribution plans for U.S. and non-U.S. employees. In September 2021, in preparation for the Separation, Kyndryl established standalone defined contribution plans, and employees identified as Kyndryl employees were enrolled into these plans. Contribution expense associated with employer matching benefits is recorded when the employee renders service to the Company. The charge is recorded in Cost of services and SG&A in the Consolidated Income Statement based on the employees’ respective functions.

Stock-Based Compensation

Stock-based compensation expense represents the cost related to stock-based awards granted to employees under Kyndryl’s stock-based compensation plan (the “Kyndryl Plan”). The Company establishes stock-based compensation values at the grant date, based on the estimated fair value of the award and recognizes the cost on a straight-line basis (net of actual forfeitures) over the requisite employee service period. Kyndryl grants the Company’s employees Restricted Stock Units (RSUs), market-conditioned stock units, performance-conditioned stock units and stock options. RSUs are stock units granted to employees that entitle the holder to shares of Kyndryl common stock as the award vests, typically over a one- to four-year period. Market-conditioned stock units are granted to employees with vesting conditions based on the Company’s achievement of a market condition and are cliff vested at the end of the three-year service period. Performance-conditioned stock units are granted to employees with vesting conditions based on the attainment of operational targets (e.g., signings and free cash flows) and are cliff vested at the end of the three-year performance period. Stock options are vested over a one- to four-year period and have a ten-year contractual term.

As of March 31, 2025, 47.9 million shares of common stock have been approved to be granted to employees under the Kyndryl Plan. Dividend equivalents are not paid on the stock-based awards described above.

The fair value of the RSUs is determined on the grant date based on Kyndryl’s stock price, adjusted for the exclusion of dividend equivalents where applicable. The fair value of market-conditioned stock units is determined on the date of grant using a Monte Carlo simulation model which estimates the probability of satisfying market conditions. The fair value of the performance-conditioned stock units is determined on the grant date based on Kyndryl’s stock price and subsequently adjusted based upon the probability of attainment. The fair value of stock options is determined on the grant date using a Black-Scholes model. Stock-based compensation cost is recorded in Cost of services and SG&A in the Consolidated Income Statement based upon the employees’ respective functions.

The Company records deferred tax assets for awards that result in tax deductions in the consolidated financial statements calculated based on the amount of compensation cost recognized and the relevant statutory tax rates. The differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the income tax return are recorded as a benefit or expense to the provision for income taxes in the Consolidated Income Statement.

Derivative Financial Instruments

Derivative financial instruments that qualify for hedge accounting are designated as either cash flow hedges or net investment hedges. The Company may enter into derivative contracts that economically hedge certain risks, even when hedge accounting does not apply, or the Company elects not to apply hedge accounting. The Company does not use derivative financial instruments for trading or speculative purposes.

Derivatives are recognized in the Consolidated Balance Sheet at fair value on a gross basis as either assets or liabilities and classified as current or noncurrent based upon the timing of the instrument’s expected cash flows.

Changes in the fair value of derivatives designated as cash flow hedges are recorded, net of applicable taxes, in OCI and subsequently reclassified into the same income statement line item as the hedged exposure when the underlying hedged item is recognized in earnings. Derivatives designated as net investment hedges are accounted for using the spot method, with changes in the fair value of the derivatives attributable to changes in spot rates recorded within foreign currency translation adjustments (“CTA”) as a component of other comprehensive income (loss) and remaining there until the hedged net investments are sold or substantially liquidated. The changes in the fair value of the derivatives that are attributable to changes in the difference between the forward rate and spot rate are excluded from the assessment of hedge effectiveness. The changes in fair value that are attributable to the excluded components are initially recorded in CTA and then recognized in interest expense on the Consolidated Income Statement over the life of the derivative instruments. Changes in fair value of derivatives not designated as hedges are reported in other expense in the Consolidated Income Statement. See Note 7 – Financial Assets and Liabilities for further information.

The cash flows associated with derivatives designated as cash flow hedges are reported as cash flows from operating activities in the Consolidated Statement of Cash Flows. Cash flows from derivatives designated as net investment hedges are reported as cash flows from investing activities in the Consolidated Statement of Cash Flows, except for cash flows from the periodic interest settlements of cross-currency interest rate swaps designated as net investment hedges, which are reported as cash flows from operating activities in the Consolidated Statement of Cash Flows. Cash flows from derivatives not designated as hedges are reported as cash flows from investing activities in the Consolidated Statement of Cash Flows.

Translation of Non-U.S. Currency Amounts

Assets and liabilities of non-U.S. subsidiaries that have a local functional currency are translated to U.S. dollars at year-end exchange rates. Translation adjustments are recorded in OCI. Income and expense items are translated at weighted-average rates of exchange prevailing during the year.

Property and equipment, deferred income and other non-monetary assets and liabilities of non-U.S. subsidiaries and branches that operate in U.S. dollars are translated at the approximate exchange rates prevailing when the Company acquired the assets or liabilities. All other assets and liabilities denominated in a currency other than U.S. dollars are translated at year-end exchange rates with the transaction gain or loss recognized in other expense. Income and expense items are translated at the weighted-average rates of exchange prevailing during the year. These translation gains and losses are included in net income for the period in which exchange rates change.

Cash and Cash Equivalents

All highly liquid investments with an original maturity of three months or less on the date of purchase are considered to be cash equivalents.

Accounts Receivable and Allowance for Current Expected Credit Losses

The Company classifies the right to consideration in exchange for products or services transferred to a client as a receivable. Receivables are recorded concurrent with billing and delivery of a service to customers. An allowance for uncollectible receivables and contract assets, if needed, is estimated based on specific customer situations, current and future expected economic conditions and past experiences of losses, as well as an assessment of potential recoverability of the balance due.

Receivable losses are charged against the allowance in the period in which the receivable is deemed uncollectible. Subsequent recoveries, if any, are credited to the allowance. Write-offs of receivables and associated reserves occur to the extent that the customer is no longer in operation and/or there is no reasonable expectation of additional collections or repossession.

Transfers of Financial Assets

The Company has entered into arrangements with third-party financial institutions to sell certain financial assets (primarily trade receivables) without recourse. The Company has determined these are true sales. The carrying value of the financial asset sold is derecognized, and a net gain or loss on the sale is recognized, at the time of the transfer. The first agreement, which was executed in November 2021 and subsequently amended, enabled us to sell certain of our trade receivables to the counterparty. The initial term of this agreement was 18 months, and the agreement automatically resets to a term of 18 months after every six months, unless either party elects not to extend. This agreement was further amended during the quarter ended September 30, 2024 to reduce the committed facility limit from $1 billion to $600 million and to add an incremental uncommitted facility limit of $200 million that is subject to the counterparty’s sole discretion to purchase such incremental amounts. The second agreement was executed in June 2022 with a separate third-party financial institution and renews automatically on its anniversary date, unless either party elects not to extend.

The net proceeds from these arrangements are reflected as cash provided by operating activities in the Consolidated Statement of Cash Flows. Gross proceeds from receivables sold to third parties were $3.2 billion, $3.6 billion, and $3.1 billion for the years ended March 31, 2025, 2024 and 2023, respectively. The fees associated with the transfers of receivables were $38 million, $49 million, and $47 million for the years ended March 31, 2025, 2024 and 2023, respectively.

Fair Value Measurement

In determining the fair value of its financial instruments, the Company uses methods and assumptions that are based on market conditions and risks existing at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company classifies certain assets and liabilities based on the following fair value hierarchy:

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Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed at the measurement date;

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Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

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Level 3 — Unobservable inputs for the asset or liability.

The level of an asset or liability within the fair value hierarchy is determined based on the lowest level of any input that is significant to the fair value measurement. The determination of fair value considers various factors including yield curves and time value underlying the financial instruments. For derivatives and debt securities, the Company uses a discounted cash flow analysis using discount rates commensurate with the duration of the instrument.

In determining the fair value of financial instruments, the Company considers certain market valuation adjustments to the “base valuations” using the methodologies described below for several parameters that market participants would consider in determining fair value:

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Counterparty credit risk adjustments are applied to financial instruments, taking into account the actual credit risk of a counterparty as observed in the credit default swap market to determine the true fair value of such an instrument.

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Credit risk adjustments are applied to reflect the Company’s own credit risk when valuing liabilities measured at fair value. The methodology is consistent with that applied in developing counterparty credit risk adjustments, but incorporates the Company’s credit risk as observed in the credit default swap market.

Certain non-financial assets such as property, plant and equipment, operating right-of-use assets, land, goodwill and intangible assets are recorded at fair value or at cost, as appropriate, in the period they are initially recognized, and such balances may be adjusted in subsequent periods if an event occurs or circumstances change that indicate that the asset may be impaired. The impairment models used for non-financial assets depend on the type of asset. The fair value measurements, in such instances, would be classified in Level 3 of the fair value hierarchy.

Supplier Financing Program

In the year ended March 31, 2024, the Company initiated a supplier financing program with a third-party financial institution under which the Company agrees to pay the financial institution the stated amounts of invoices from participating suppliers on the originally invoiced due date, which have an average term of 90 to 120 days. The financial institution offers earlier payment of the invoices at the sole discretion of the supplier for a discounted amount. The Company does not provide secured legal assets or other forms of guarantees under the arrangements. The Company is not a party to the arrangement between its suppliers and the financial institution. The Company or the financial institution may terminate the agreement upon at least 180 days’ notice. The Company’s obligations under this program continue to be recognized as accounts payable in the Consolidated Balance Sheet. The obligations outstanding under this program at March 31, 2025 and March 31, 2024 were immaterial.

Leases

When procuring goods or services, the Company determines whether an arrangement contains a lease at its inception. As part of that evaluation, the Company considers whether there is an implicitly or explicitly identified asset in the arrangement and whether the Company, as the lessee, has the right to control the use of that asset. Leases are classified as either finance leases or operating leases.

The Company recognized right-of-use (“ROU”) assets and associated lease liabilities in the Consolidated Balance Sheet for leases with a term of more than twelve months when a majority percentage of utilization was attributed to the Company. As an implicit rate of return is not readily determinable in transactions where the Company is the lessee, an incremental borrowing rate is used in determining the present value of lease payments, calculated based on information available at the lease commencement date. The ROU asset equals the lease liability adjusted for any initial direct costs, prepaid rent and lease incentives. The Company’s variable lease payments generally relate to payments tied to various indexes, non-lease components and payments above a contractual minimum fixed amount.

Operating leases are included in operating right-of-use assets net, operating lease liabilities (current and non-current) in the Consolidated Balance Sheet. Finance leases are included in property and equipment, current portion of long-term debt and long-term debt in the Consolidated Balance Sheet. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

The Company made a policy election to not recognize leases with a lease term of twelve months or less in the Consolidated Balance Sheet.

For all asset classes, the Company has elected the lessee practical expedient to combine lease and non-lease components (e.g., maintenance services) and account for the combined unit as a single lease component. A significant portion of the Company’s lease portfolio is real estate leases, which are mainly accounted for as operating leases and are primarily used for corporate offices and data centers. The average term of the real estate leases is approximately five years. The Company also has equipment leases, such as for IT equipment and vehicles, which have lease terms that range from two to five years. For certain of these operating and finance leases, the Company applies a portfolio approach to account for the lease assets and lease liabilities.

Intangible Assets Including Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets, including the amount assigned to identifiable intangible assets. The primary drivers that generate goodwill are the value of synergies between the acquired entities and the Company and the acquired assembled workforce, neither of which qualifies as a separately identifiable intangible asset. Goodwill recorded in an acquisition is assigned to applicable reporting units based on expected revenues or expected cash flows. Goodwill inherited from the former Parent pre-Separation represents the historical goodwill balances in the former Parent’s managed infrastructure services business arising from acquisitions specific to the Company. Identifiable intangible assets with finite lives are amortized on a straight-line basis over their useful lives, which approximates the pattern that the assets’ economic benefits are expected to be consumed over time. Amortization of completed technology is recorded in cost of services, and amortization of all other intangible assets is recorded in SG&A in the Consolidated Income Statement. All costs related to internally developed computer software during the preliminary project stage and post-implementation operation stage are expensed as incurred. Costs incurred during application development stage are capitalized and included in intangibles and amortized over the estimated useful life of the software.

Impairment

Long-lived assets, other than goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The impairment test is based on undiscounted cash flows and, if impaired, the asset is written down to fair value based on either discounted cash flows or appraised values. Goodwill is tested for impairment at least annually and whenever changes in circumstances indicate an impairment may exist. The goodwill impairment test is performed at the reporting unit level, which aligns with our operating segments. Impairment charges related to long-lived assets, intangible assets and goodwill, if any, are recorded as impairment expense in the Consolidated Income Statement.

Transaction-Related Costs

The Company classifies certain expenses and benefits related to the Separation, acquisitions and divestitures as “transaction-related costs (benefits)” in the Consolidated Income Statement. Transaction-related costs include gains or

losses, employee retention expenses, information technology costs, marketing expenses to establish the Kyndryl brand, legal, accounting, consulting and other professional service costs, costs and benefits resulting from settlements with our former Parent associated with pre-Separation and Separation-related matters, and other costs related to contract and supplier novation and integration, associated with acquisitions, divestitures or the Separation.

Workforce Rebalancing and Site-Rationalization Charges

The Company has incurred workforce rebalancing charges, charges related to ceasing to use leased and owned fixed assets and charges related to lease terminations. We record a liability for employee termination benefits either when it is probable that an employee is entitled to it and the amount of the benefits can be reasonably estimated or when management has communicated the termination plan to employees. Workforce rebalancing charges are recorded as a separate line on the Consolidated Income Statement. Charges related to ceasing to use leased assets and owned fixed assets and charges related to lease terminations are recognized as cost of services or selling, general and administrative expenses based on our classification policy for each category. Refer to Note 19 – Workforce Rebalancing and Site-Rationalization Charges for details of this program.

Property and Equipment

Property and equipment are recorded at cost, or in the case of acquired property and equipment, at fair value at the date of the acquisition. Expenditures for repairs and maintenance costs are expensed as incurred, whereas expenditures that extend the life or increase the functionality of the asset are capitalized as additions to property and equipment. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in the determination of net income or loss.

In March 2024, the Company completed its assessment of the useful lives of its information technology equipment. Based on our usage experience and data analysis, the Company determined it should increase the estimated useful lives of its information technology equipment from five to six years. This change in accounting estimate became effective on April 1, 2024. Based on the carrying amount of information technology equipment included in property and equipment, net as of March 31, 2024, the effect of this change in estimate was a reduction in depreciation expense and an improvement of income before income taxes of approximately $180 million, or $0.80 before income taxes per basic share and $0.77 before income taxes per diluted share, for the year ended March 31, 2025.

We compute depreciation expense on a straight-line method over the estimated useful lives of the assets as follows:


Classification		Estimated Useful Life
Buildings		30 to 50 years
Land improvements		20 years
Leasehold improvements*		Estimated useful life or term of lease
Office and other equipment		2 to 20 years
Information technology equipment (acquired as used)		1.5 to 3 years
Information technology equipment (acquired as new)†		6 years

* Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease term, rarely exceeding 10 years.

† Extended from five to six years effective April 1, 2024.

Environmental

The costs of internal environmental protection programs that are preventative in nature are expensed as incurred. When a cleanup program becomes likely and it is probable that the Company will incur cleanup costs and those costs can be reasonably estimated, the Company accrues remediation costs for known environmental liabilities.

Income Taxes

Income tax provisions are calculated based on Kyndryl’s operating footprint, as well as tax return elections and assertions. Liabilities related to unrecognized tax benefits for which the Company is liable are reported within the Consolidated Balance Sheet based upon tax authorities’ ability to assert the Company may be the primary obligor for historical taxes, among other factors.

Income tax expense is based on reported income before income taxes. Deferred income taxes reflect the tax effect of temporary differences between asset and liability amounts that are recognized for financial reporting purposes and the amounts that are recognized for income tax purposes. These deferred taxes are measured by applying currently enacted tax laws. U.S. tax reform introduced Global Intangible Low-Taxed Income (“GILTI”), which subjects a U.S. shareholder to current tax on income earned by certain foreign subsidiaries. GAAP allows companies to either (i) recognize deferred taxes for temporary differences that are expected to reverse as GILTI in future years or (ii) account for taxes on GILTI as period costs in the year the tax is incurred. The Company has elected to recognize GILTI impact in the specific period in which it occurs.

Valuation allowances are recognized to reduce deferred tax assets to the amount that will more likely than not be realized. In assessing the need for a valuation allowance, management considers all available evidence for each jurisdiction including past operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies and actions. When there is a change in the determination as to the amount of deferred tax assets that can be realized, the valuation allowance is adjusted with a corresponding impact to provision for income taxes in the period in which such determination is made.

The Company recognizes additional tax liabilities when the Company believes that certain positions may not be fully sustained upon review by tax authorities. Benefits from tax positions are measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. The noncurrent portion of tax liabilities is included in other noncurrent liabilities in the Consolidated Balance Sheet. To the extent that new information becomes available which causes the Company to change its judgment regarding the adequacy of existing tax liabilities, such changes to tax liabilities will impact income tax expense in the period in which such determination is made. Interest and penalties, if any, related to accrued liabilities for potential tax assessments are included in income tax expense.

Earnings per Share

Basic earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average shares of common stock outstanding during the period and potentially dilutive securities, including restricted stock units, performance-conditioned awards, market-conditioned awards, and stock options using the treasury stock method. Refer to Note 6 – Earnings per Share for a reconciliation as well as Note 16 – Stock-based Compensation for further discussion on awards.

LEASES - Lease cost (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Lease cost (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
LEASES
Finance lease costs	$ 95	$ 112	$ 85
Operating lease costs	331	388	434
Short-term lease costs	1	4	7
Variable lease costs	154	135	108
Sublease income	(6)	(11)	(9)
Total lease costs	576	629	625
Sale and leaseback transactions	$ 0	$ 0	$ 0

RETIREMENT-RELATED BENEFITS (Tables)

12 Months Ended

Mar. 31, 2025

RETIREMENT-RELATED BENEFITS

Components of net periodic pension cost for the defined benefit pension plans



	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Service cost	$	34	$	38	$	44
Interest cost*		52		55		32
Expected return on plan assets*		(59)		(60)		(43)
Amortization of prior service costs (credits)*		1		1		1
Recognized actuarial losses*		16		4		40
Curtailments and settlements*		8		13		10
Total net periodic pension cost	$	53	$	51	$	84

*These components of net periodic pension cost are included in other expense in the Consolidated Income Statement.

Changes in benefit obligations


	Year Ended March 31,
(Dollars in millions)	2025		2024
Change in benefit obligation
Benefit obligation at beginning of period	$	1,670	$	1,659
Service cost		34		38
Interest cost		52		55
Plan participants’ contributions		3		3
Actuarial losses (gains)*		(53)		83
Benefits paid from trust		(22)		(24)
Direct benefit payments		(39)		(38)
Business combination/divestiture		—		(23)
Foreign exchange impact		(2)		(23)
Amendments, curtailments, settlements and other		(80)		(61)
Benefit obligation at end of period	$	1,563	$	1,670
Accumulated benefit obligation	$	1,484	$	1,583
Change in plan assets
Fair value of plan assets at beginning of period	$	1,248	$	1,226
Actual return on plan assets		15		87
Employer contributions		17		14
Fair value of plan assets assumed from former Parent†		—		27
Plan participants’ contributions		3		3
Benefits paid from trust		(22)		(24)
Business combination/divestiture		—		(18)
Foreign exchange impact		3		(18)
Settlements		(65)		(49)
Fair value of plan assets at end of period	$	1,199	$	1,248
Funded status at end of period	$	(364)	$	(422)

*	The year-over-year change was primarily driven by lower inflation rates and demographic factors.

†	Due to the separation of a pension plan that used to be co-sponsored by Kyndryl and the former Parent.

Changes in plan assets

The following table presents the changes in net benefit obligation and plan assets for the defined benefit pension plans.


	Year Ended March 31,
(Dollars in millions)	2025		2024
Change in benefit obligation
Benefit obligation at beginning of period	$	1,670	$	1,659
Service cost		34		38
Interest cost		52		55
Plan participants’ contributions		3		3
Actuarial losses (gains)*		(53)		83
Benefits paid from trust		(22)		(24)
Direct benefit payments		(39)		(38)
Business combination/divestiture		—		(23)
Foreign exchange impact		(2)		(23)
Amendments, curtailments, settlements and other		(80)		(61)
Benefit obligation at end of period	$	1,563	$	1,670
Accumulated benefit obligation	$	1,484	$	1,583
Change in plan assets
Fair value of plan assets at beginning of period	$	1,248	$	1,226
Actual return on plan assets		15		87
Employer contributions		17		14
Fair value of plan assets assumed from former Parent†		—		27
Plan participants’ contributions		3		3
Benefits paid from trust		(22)		(24)
Business combination/divestiture		—		(18)
Foreign exchange impact		3		(18)
Settlements		(65)		(49)
Fair value of plan assets at end of period	$	1,199	$	1,248
Funded status at end of period	$	(364)	$	(422)

*	The year-over-year change was primarily driven by lower inflation rates and demographic factors.

†	Due to the separation of a pension plan that used to be co-sponsored by Kyndryl and the former Parent.

Net funded status


	At March 31,
(Dollars in millions)	2025		2024
Noncurrent assets – pension assets	$	148	$	105
Current liabilities – accrued compensation and benefits		(40)		(40)
Noncurrent liabilities – retirement and nonpension postretirement benefit obligations		(471)		(487)
Funded status, net	$	(364)	$	(422)

Defined benefit pension plans with accumulated benefit obligations (ABO) or projected benefit obligations (PBO) in excess of plan assets


	At March 31, 2025				At March 31, 2024
	Benefit		Plan		Benefit		Plan
(Dollars in millions)	Obligation		Assets		Obligation		Assets
Plans with PBO in excess of plan assets	$	745	$	233	$	714	$	187
Plans with ABO in excess of plan assets		605		157		712		186
Plans with plan assets in excess of PBO		818		966		957		1,061

Pretax net loss and prior service costs (credits) recognized in OCI and the changes in pretax net loss and prior service costs (credits) recognized in AOCI


	Year Ended March 31,
(Dollars in millions)	2025		2024
Net loss (gain) at beginning of period	$	296	$	253
Current period loss (gain)		(17)		57
Curtailments and settlements		(8)		(10)
Amortization of net loss included in net periodic benefit cost		(16)		(4)
Net loss (gain) at end of period	$	256	$	296
Prior service costs (credits) at beginning of period		4		8
Current period prior service costs (credits)		(2)		(2)
Amortization for prior service costs (credits) included in net periodic benefit cost		(1)		(1)
Prior service costs (credits) at end of period	$	1	$	4
Total amounts recognized in accumulated other comprehensive loss (income) *	$	257	$	301

See Note 15 – Equity for the total change in AOCI and the Consolidated Statement of Comprehensive Income for the components of net periodic benefit cost, which includes components related to nonpension postretirement benefit plans as well as the related tax effects, recognized in OCI for the retirement-related benefit plans.

Assumptions used to measure the net periodic pension cost and the year-end benefit obligations


	Year Ended March 31,
Weighted-average assumptions used to measure:	2025		2024		2023
Net periodic pension cost
Discount rate	3.30	%	3.57	%	1.88	%
Expected long-term returns on plan assets	4.63	%	4.69	%	3.33	%
Rate of compensation increase	2.84	%	2.85	%	2.54	%
Benefit obligations
Discount rate	3.68	%	3.30	%	3.57	%
Rate of compensation increase	2.80	%	2.84	%	2.85	%
Interest crediting rate – cash balance plans	1.83	%	1.65	%	1.52	%

Defined benefit pension plans' asset classes and their associated fair value


	At March 31, 2025								At March 31, 2024
(Dollars in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Equity
Equity securities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Fixed income
Government and related ⁽¹⁾		—		104		—		104		—		112		—		112
Corporate bonds		—		21		—		21		—		21		—		21
Insurance contracts		—		169		—		169		—		189		—		189
Cash and short-term investments ⁽²⁾		3		—		—		3		3		1		—		3
Derivative assets ⁽³⁾		—		4		—		4		—		5		—		5
Subtotal	$	3	$	297	$	—	$	301	$	3	$	327	$	—	$	329
Investments measured at net asset value using NAV as a practical expedient ⁽⁴⁾		—		—		—		898		—		—		—		919
Fair value of plan assets	$	3	$	297	$	—	$	1,199	$	3	$	327	$	—	$	1,248

(1)	Includes debt issued by national, state and local governments and agencies.

(2)	Includes cash, cash equivalents and short-term marketable securities.

(3)	Includes forward contracts, interest rate swaps, exchange traded and other over-the-counter derivatives.

(4)	Investments measured at fair value using the net asset value (NAV) per share (or its equivalent), as a practical expedient. These investments include commingled funds, hedge funds, common collective trusts, private equity partnerships and real estate partnerships.

Total expected benefit payments


	Expected
(Dollars in millions)	Benefit Payments
Fiscal year ending March 31,
2026	$	110
2027		103
2028		107
2029		109
2030		110
2031-2035		597

PROPERTY AND EQUIPMENT - Depreciation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Mar. 31, 2023
PROPERTY AND EQUIPMENT
Depreciation of property and equipment		$ 618		$ 801	$ 900
Unpaid property and equipment		45		29
Charges		$ 162		$ 174	135
Abandonment of Certain Company Owned Fixed Assets
PROPERTY AND EQUIPMENT
Charges	$ 8		$ 21		$ 7

REVENUE RECOGNITION - Reconciliation of Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Reconciliation of Contract Balances
Accounts receivable (net of allowances for credit losses of $13 at March 31, 2025 and $22 at March 31, 2024) *	$ 1,345.0	$ 1,599.0
Contract assets	50.0	30.0
Deferred income (current)	746.0	825.0
Deferred income (noncurrent)	341.0	314.0
Accounts receivable, allowances	13.0	22.0
Unbilled receivable	425.0	$ 377.0
Revenue recognized that was included in deferred income at the beginning of the period	$ 754.0

REVENUE RECOGNITION - Deferred Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Deferred Contract Costs
Deferred costs	$ 2,049	$ 2,000
Deferred costs, current	1,009	1,081
Deferred costs, noncurrent	1,040	920
Total deferred costs amortized	1,700	1,800	$ 1,700
Amortization of deferred costs	420	531	472
Deferred transition costs
Deferred Contract Costs
Deferred costs	697	753
Total deferred costs amortized	291	335	342
Prepaid software costs
Deferred Contract Costs
Deferred costs	876	770
Total deferred costs amortized	986	921	$ 857
Capitalized costs to fulfill contracts
Deferred Contract Costs
Deferred costs	195	212
Capitalized costs to obtain contracts
Deferred Contract Costs
Deferred costs	$ 281	$ 265

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Mar. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

FINANCIAL ASSETS AND LIABILITIES - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent, Accrued Liabilities and Other Liabilities, Current	Other Liabilities, Noncurrent, Accrued Liabilities and Other Liabilities, Current
Level 2
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	$ 45	$ 5
Derivative liabilities	43	18
Fair value, net	2	(13)
Designated as hedging instruments \| Foreign exchange contracts \| Level 2
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	6	2
Derivative liabilities	29	1
Fair value, net	(23)	1
Designated as hedging instruments \| Cross-currency swap contracts \| Level 2
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	12	1
Derivative liabilities	11	11
Fair value, net		(9)
Not designated as hedging instruments - economic hedges \| Foreign exchange contracts \| Level 2
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	27	2
Derivative liabilities	2	6
Fair value, net	$ 25	$ (4)

EARNINGS PER SHARE (Tables)

12 Months Ended

Mar. 31, 2025

EARNINGS PER SHARE

Schedule of computation of basic and diluted earnings per share of common stock


	Year Ended March 31,
(In millions, except per share amounts)	2025		2024		2023
Net income (loss) on which basic and diluted earnings per share is calculated	$	252	$	(340)	$	(1,374)

Number of shares on which basic earnings (loss) per share is calculated		231.5		229.2		226.7
Dilutive effect of stock options and equity awards		7.7		—		—
Number of shares on which diluted earnings (loss) per share is calculated		239.1		229.2		226.7

Basic earnings (loss) per share	$	1.09	$	(1.48)	$	(6.06)
Diluted earnings (loss) per share		1.05		(1.48)		(6.06)

Schedule of anti dilutive securities were not included in the computation of diluted net earnings per share


	Year Ended March 31,
(In millions)	2025	2024	2023
Nonvested restricted stock units	0.6	8.8	9.4
Nonvested performance-conditioned stock units	4.2	3.0	2.3
Nonvested market-conditioned stock units	0.7	2.7	2.3
Stock options issued and outstanding	—	3.6	3.7
Total	5.5	18.1	17.7

LEASES (Tables)

12 Months Ended

Mar. 31, 2025

LEASES

Schedule of components of lease expense


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Finance lease costs	$	95	$	112	$	85
Operating lease costs		331		388		434
Short-term lease costs		1		4		7
Variable lease costs		154		135		108
Sublease income		(6)		(11)		(9)
Total lease costs	$	576	$	629	$	625

Schedule of supplemental information relating to the cash flows arising from lease transactions


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for finance leases	$	17	$	14	$	5
Financing cash outflows for finance leases		117		116		83
Operating cash outflows for operating leases		404		387		417
Right-of-use assets obtained in exchange for new finance lease liabilities		70		212		111
Right-of-use assets obtained in exchange for new operating lease liabilities		204		291		175

Schedule of weighted-average lease terms and discount rates


	At March 31,
	2025		2024
Finance leases
Weighted-average remaining lease term	4.1	years	3.8	years
Weighted-average discount rate	5.74	%	5.58	%
Operating leases
Weighted-average remaining lease term	4.4	years	4.8	years
Weighted-average discount rate	5.07	%	5.15	%

Schedule of maturities of the finance leases liabilities


	Year Ending March 31,												Imputed
(Dollars in millions)	2026		2027		2028		2029		2030		Thereafter		Interest*		Total
Finance leases	$	126	$	97	$	56	$	19	$	3	$	—	$	52	$	250
Operating leases	$	346	$	223	$	142	$	113	$	60	$	100	$	198	$	785

* Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

Schedule of maturities of the operating leases liabilities


	Year Ending March 31,												Imputed
(Dollars in millions)	2026		2027		2028		2029		2030		Thereafter		Interest*		Total
Finance leases	$	126	$	97	$	56	$	19	$	3	$	—	$	52	$	250
Operating leases	$	346	$	223	$	142	$	113	$	60	$	100	$	198	$	785

* Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

Schedule of finance leases recognized in the Consolidated Balance Sheet


	At March 31,
(Dollars in millions)	2025		2024
Right-of-use assets – Property and equipment, net	$	297	$	309
Lease liabilities:
Current – Current portion of long-term debt		100		95
Noncurrent – Long-term debt		150		193

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Mar. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Basis of Presentation

Principles of Consolidation

Principles of Consolidation

Use of Estimates

Use of Estimates

Revenue

Revenue

The Company reports revenue net of any revenue-based taxes assessed by governmental authorities that are imposed on and concurrent with specific revenue-producing transactions.

Performance Obligations

The revenue policies below are applied to each performance obligation, as applicable.

Standalone Selling Price

Nature of Products and Services

Cost of Services

Cost of Services

Incremental Costs of Obtaining a Contract

Selling, General and Administrative

Selling, General and Administrative Expenses

Other Expense

Defined Benefit Pension and Nonpension Postretirement Benefit Plans

Defined Benefit Pension and Nonpension Postretirement Benefit Plans

Defined Contribution Plans

Stock-Based Compensation

Stock-Based Compensation

Derivative Financial Instruments

Derivative Financial Instruments

Translation of Non-U.S. Currency Amounts

Translation of Non-U.S. Currency Amounts

Cash and Cash Equivalents

Cash and Cash Equivalents

All highly liquid investments with an original maturity of three months or less on the date of purchase are considered to be cash equivalents.

Accounts Receivable and Allowance for Current Expected Credit Losses

Accounts Receivable and Allowance for Current Expected Credit Losses

Transfers of Financial Assets

Transfers of Financial Assets

Fair Value Measurement

Fair Value Measurement

●

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed at the measurement date;

●

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

●

Level 3 — Unobservable inputs for the asset or liability.

●

Supplier Financing Program

Supplier Financing Program

Leases

Leases

The Company made a policy election to not recognize leases with a lease term of twelve months or less in the Consolidated Balance Sheet.

Intangible Assets Including Goodwill

Intangible Assets Including Goodwill

Impairment

Impairment

Transaction-Related Costs

Transaction-Related Costs

Workforce Rebalancing and Site-Rationalization Charges

Workforce Rebalancing and Site-Rationalization Charges

Property and Equipment

Property and Equipment

We compute depreciation expense on a straight-line method over the estimated useful lives of the assets as follows:


Classification		Estimated Useful Life
Buildings		30 to 50 years
Land improvements		20 years
Leasehold improvements*		Estimated useful life or term of lease
Office and other equipment		2 to 20 years
Information technology equipment (acquired as used)		1.5 to 3 years
Information technology equipment (acquired as new)†		6 years

* Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease term, rarely exceeding 10 years.

† Extended from five to six years effective April 1, 2024.

Environmental

Environmental

Income Taxes

Income Taxes

Earnings per Share

Earnings per Share

STOCK-BASED COMPENSATION - Fair Value (Details) - Market-Conditioned Performance Awards - $ / shares	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Share Price	$ 26.51	$ 13.55	$ 10.89
Volatility rate	43.00%	39.00%	39.00%
Risk-free interest rate	4.60%		2.85%
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate		4.57%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate		5.38%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
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+ Details

LEASES - Maturity analysis (Details) $ in Millions	Mar. 31, 2025 USD ($)
Finance leases
2026	$ 126
2027	97
2028	56
2029	19
2030	3
Imputed Interest	52
Total	250
Operating leases
2026	346
2027	223
2028	142
2029	113
2030	60
Thereafter	100
Imputed Interest	198
Total	$ 785

FINANCIAL ASSETS AND LIABILITIES - Derivative Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Designated as hedging instruments \| Derivative instruments in cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 357	$ 281
Designated as hedging instruments \| Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	1,985	500
Not designated as hedging instruments - economic hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	1,148	1,624
Foreign exchange contracts \| Designated as hedging instruments \| Derivative instruments in cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	357	281
Foreign exchange contracts \| Designated as hedging instruments \| Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	1,485
Foreign exchange contracts \| Not designated as hedging instruments - economic hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	1,148	1,624
Cross-currency swap contracts \| Designated as hedging instruments \| Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 500	$ 500

BORROWINGS - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
BORROWINGS
Financing lease and other obligations	$ 250	$ 291
Total	3,190	3,259
Less: Unamortized discount	4	5
Less: Unamortized debt issuance costs	14	16
Less: Current portion of debt	129	126
Total	$ 3,042	3,112
Finance lease obligations, interest rate (as a percent)	5.74%
Unsecured senior notes due 2034, including cross-currency swaps
BORROWINGS
Debt instrument, weighted-average interest rate (as a percent)	3.84%
Commercial loan agreement
BORROWINGS
Long-term debt	$ 39	68
Debt instrument, weighted-average interest rate (as a percent)	3.00%
Unsecured senior notes due 2026
BORROWINGS
Long-term debt	$ 700	700
Debt instrument, weighted-average interest rate (as a percent)	2.05%
Unsecured senior notes due 2028
BORROWINGS
Long-term debt	$ 500	500
Debt instrument, weighted-average interest rate (as a percent)	2.70%
Unsecured senior notes due 2031
BORROWINGS
Long-term debt	$ 650	650
Debt instrument, weighted-average interest rate (as a percent)	3.15%
Unsecured senior notes due 2034
BORROWINGS
Long-term debt	$ 500	500
Debt instrument, weighted-average interest rate (as a percent)	6.35%
Unsecured senior notes due 2041
BORROWINGS
Long-term debt	$ 550	$ 550
Debt instrument, weighted-average interest rate (as a percent)	4.10%

CONSOLIDATED INCOME STATEMENT (Parenthetical) - USD ($)
$ in Millions

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

Revenue

^[1]

$ 15,057

$ 16,052

$ 17,026

Cost of services

^[2]

$ 11,914

$ 13,189

14,498

Related Party [Member]

Revenue

287

Cost of services

$ 1,382

[1]	Including related-party revenue of $287 for the year ended March 31, 2023
[2]	Including related-party cost of service of $1,382 for the year ended March 31, 2023

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Apr. 01, 2024
Property and Equipment
Depreciation	$ 660	$ 834	$ 900
Benefit to net income from change in accounting estimate	$ 180
Per share impact of change in accounting estimate, basic	$ 0.8
Per share impact of change in accounting estimate, diluted	$ 0.77
Buildings \| Minimum
Property and Equipment
Estimated useful lives (in years)	30 years
Buildings \| Maximum
Property and Equipment
Estimated useful lives (in years)	50 years
Land improvements
Property and Equipment
Estimated useful lives (in years)	20 years
Leasehold improvements \| Maximum
Property and Equipment
Estimated useful lives (in years)	10 years
Office and other equipment \| Minimum
Property and Equipment
Estimated useful lives (in years)	2 years
Office and other equipment \| Maximum
Property and Equipment
Estimated useful lives (in years)	20 years
Information technology equipment
Property and Equipment
Estimated useful lives (in years)		5 years		6 years
Information technology equipment (acquired as used) \| Minimum
Property and Equipment
Estimated useful lives (in years)	1 year 6 months
Information technology equipment (acquired as used) \| Maximum
Property and Equipment
Estimated useful lives (in years)	3 years
Information technology equipment (acquired as new)
Property and Equipment
Estimated useful lives (in years)	6 years
Information technology equipment (acquired as new) \| Minimum
Property and Equipment
Estimated useful lives (in years)				5 years
Information technology equipment (acquired as new) \| Maximum
Property and Equipment
Estimated useful lives (in years)				6 years

OTHER LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
OTHER LIABILITIES.
Workforce rebalancing (current)	$ 29	$ 45
Other current accruals	426	476
Other accrued expenses and liabilities	454	521
Workforce rebalancing (noncurrent)	3	12
Deferred taxes	51	55
Income tax reserve	136	90
Other	253	174
Other non-current liabilities	$ 443	$ 332

SEGMENTS

12 Months Ended

Mar. 31, 2025

SEGMENTS

SEGMENTS

NOTE 4. SEGMENTS

Our reportable segments correspond to how the chief operating decision maker (“CODM”), our chief executive officer, reviews performance and allocates resources. Our four reportable segments consist of the following:

United States: This reportable segment is comprised of Kyndryl’s operations in the United States.

Japan: This reportable segment is comprised of Kyndryl’s operations in Japan.

Principal Markets: This reportable segment represents the aggregation of our operations in Canada, France, Germany, India, Italy, Spain / Portugal, and the United Kingdom / Ireland.

Strategic Markets: This reportable segment is comprised of our operations in all other countries in which we operate.

The Company made a minor change to its geographic reportable segments effective June 1, 2024 to reflect how the Company manages its operations and measures business performance, transitioning the reporting and management of its operations in Australia/New Zealand from the Principal Markets segment to the Strategic Markets segment. All historical segment information has been recast to reflect this change.

The measure of segment operating performance used by Kyndryl’s CODM is adjusted EBITDA, which allows our CODM to evaluate operating results excluding certain items whose fluctuation from period to period do not necessarily correspond to changes in the operations of our business. Adjusted EBITDA is defined as net income (loss) excluding income taxes, interest expense, depreciation and amortization (excluding depreciation of right-of-use assets and amortization of capitalized contract costs), charges related to ceasing to use leased and owned fixed assets, charges related to lease terminations, transaction-related costs and benefits, pension expenses other than pension servicing costs and multi-employer plan costs, stock-based compensation expense, workforce rebalancing charges incurred prior to March 31, 2024, impairment expense, significant litigation costs and benefits, and currency impacts of highly

inflationary countries. The CODM reviews budget-to-actual variances of revenue and adjusted EBITDA to assess performance and allocate resources to the segments.

Our geographic markets frequently work together to sell and implement certain contracts. The resulting revenues and costs from these contracts may be apportioned among the participating geographic markets. The economic environment and its effects on the industries served by our geographic markets affect revenues and operating expenses within our geographic markets to differing degrees. Currency fluctuations also tend to affect our geographic markets differently, depending on the geographic concentrations and locations of their businesses.

The following tables reflect the results of the Company’s segments:


	Year Ended March 31, 2025
	United				Principal		Strategic		Total
(Dollars in millions)	States		Japan		Markets		Markets		Segments
Revenue	$	3,876	$	2,358	$	5,206	$	3,617	$	15,057
Cost of service, excluding depreciation and amortization *		(2,476)		(1,613)		(3,471)		(2,405)		(9,964)
Selling, general and administrative expenses, excluding depreciation and amortization *		(638)		(343)		(831)		(561)		(2,372)
Other items†		(37)		(13)		(19)		(46)		(115)
Segment adjusted EBITDA	$	725	$	390	$	886	$	606	$	2,606

	Year Ended March 31, 2024
	United				Principal		Strategic		Total
(Dollars in millions)	States		Japan		Markets		Markets		Segments
Revenue	$	4,295	$	$2,344	$	5,479	$	$3,934	$	16,052
Cost of service, excluding depreciation and amortization *		(2,778)		(1,651)		(3,957)		(2,720)		(11,106)
Selling, general and administrative expenses, excluding depreciation and amortization *		(735)		(322)		(847)		(577)		(2,480)
Other items†		(2)		(9)		2		4		(5)
Segment adjusted EBITDA	$	781	$	361	$	677	$	642	$	2,461

	Year Ended March 31, 2023
	United				Principal		Strategic		Total
(Dollars in millions)	States		Japan		Markets		Markets		Segments
Revenue	$	4,726	$	2,502	$	5,556	$	4,241	$	17,026
Cost of service, excluding depreciation and amortization *		(3,072)		(1,747)		(4,430)		(3,063)		(12,312)
Selling, general and administrative expenses, excluding depreciation and amortization *		(812)		(340)		(810)		(696)		(2,657)
Other items†		(4)		(9)		7		2		(3)
Segment adjusted EBITDA	$	839	$	407	$	323	$	484	$	2,052

† Other items include workforce rebalancing charges incurred subsequent to March 31, 2024 and other expense.

The following table reconciles segment adjusted EBITDA to consolidated pretax income (loss):


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Segment adjusted EBITDA	$	2,606	$	2,461	$	2,052
Workforce rebalancing charges incurred prior to March 31, 2024		—		(138)		(71)
Charges related to ceasing to use leased/fixed assets and lease terminations		(48)		(39)		(80)
Transaction-related (costs) benefits		125		46		(264)
Stock-based compensation expense		(100)		(95)		(113)
Interest expense		(100)		(122)		(94)
Depreciation of property, equipment and capitalized software		(660)		(834)		(900)
Amortization expense		(1,308)		(1,287)		(1,245)
Corporate expense not allocated to the segments		(90)		(95)		(77)
Other adjustments*		10		(68)		(59)
Pretax income (loss)	$	435	$	(168)	$	(851)

Segment Assets and Other Items

The Company does not allocate assets to the above reportable segments for our CODM’s review.

Geographic Information

The following tables provide information for those countries that represent 10 percent or more of the specific category. Refer to Note 8 – Property and Equipment and Note 9 – Leases for more information on allocation methodologies.


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Revenue*
United States	$	3,876	$	4,295	$	4,726
Japan		2,358		2,344		2,502
Other countries		8,823		9,413		9,797
Total revenue	$	15,057	$	16,052	$	17,026

*	Revenues are attributed to countries based on the location of the client and exclude certain allocations.


	At March 31,
(Dollars in millions)	2025		2024
Property and equipment, net
United States *	$	883	$	951
Other countries		1,687		1,724
Total property and equipment, net	$	2,570	$	2,674

Operating right-of-use assets, net
United States *	$	134	$	113
Belgium		92		135
France		81		68
Italy		76		95
Other countries		349		453
Total operating right-of-use assets, net	$	731	$	864

* Includes corporate and other.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

TRANSACTIONS WITH FORMER PARENT - Related Party Revenue and Purchases (Details) - USD ($)
$ in Millions

12 Months Ended

24 Months Ended

32 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2024

Mar. 31, 2025

Aug. 11, 2022

Revenues

^[1]

$ 15,057

$ 16,052

$ 17,026

Cost of services

^[2]

11,914

13,189

14,498

Payment for purchase of hardware from IBM

605

651

865

Other noncurrent assets

162

$ 67

$ 162

Property and equipment, net

$ 2,570

2,674

2,570

Related Party [Member]

Revenues

287

Cost of services

1,382

IBM

Ownership interest transferred

19.90%

IBM | Related Party [Member]

Revenues

287

Cost of services

1,400

$ 0

Payment for purchase of hardware from IBM

Other noncurrent assets

$ 265

Property and equipment, net

$ 265

Upgraded hardware period

2 years

[1]	Including related-party revenue of $287 for the year ended March 31, 2023
[2]	Including related-party cost of service of $1,382 for the year ended March 31, 2023

WORKFORCE REBALANCING AND SITE-RATIONALIZATION CHARGES (Tables)

12 Months Ended

Mar. 31, 2025

WORKFORCE REBALANCING AND SITE-RATIONALIZATION CHARGES.

Schedule of segment breakout of workforce rebalancing and site-rationalization charges


							Costs Incurred to Date
	Year Ended March 31,						Fiscal 2025		Fiscal 2024
(Dollars in millions)	2025		2024		2023		Program		Program
United States	$	62	$	29	$	14	$	62	$	43
Japan		12		2		2		12		4
Principal Markets^*		30		69		59		30		128
Strategic Markets^*		58		71		51		58		122
Sub-total	$	162	$	171	$	125	$	162	$	297
Corporate and other		—		3		10		—		13
Total charges	$	162	$	174	$	135	$	162	$	310

*	Kyndryl’s operations in Australia/New Zealand transitioned from Principal Markets to Strategic Markets in the quarter ended June 30, 2024; historical segment information has been recast to reflect this change.

Summary of classification of workforce rebalancing and site-rationalization activities


								Costs Incurred to Date
	Year Ended March 31,							Fiscal 2025		Fiscal 2024
(Dollars in millions)	2025		2024			2023		Program		Program
Cost of services	$	45	$	23		$	71	$	45	$	94
Selling, general and administrative expenses		3		16			9		3		25
Workforce rebalancing charges		114		135	*		55		114		190
Total charges	$	162	$	174		$	135	$	162	$	310

*	Excludes $4 million liability adjustment related to workforce rebalancing actions taken by the former Parent prior to Separation.

Schedule of components of and changes in workforce rebalancing and site-rationalization charges


			Liabilities		Liabilities		Liabilities
	Workforce		Related to		Related to		Related to
	Rebalancing		Ceasing to Use		Lease		Ceasing to Use
(Dollars in millions)	Liabilities*		Leased Assets		Terminations		Fixed Assets		Total
Fiscal 2024 Program
Balance at March 31, 2022	$	—	$	—	$	—	$	—	$	—
Charges		55		69		4		7		135
Cash payments		—		—		(1)		—		(1)
Non-cash adjustments		—		(69)		—		(7)		(76)
Balance at March 31, 2023	$	55	$	—	$	3	$	—	$	58
Charges (benefits)		135		14		(1)		26		174
Cash payments		(161)		—		(2)		(5)		(168)
Non-cash adjustments		(1)		(14)		—		(21)		(36)
Balance at March 31, 2024	$	28	$	—	$	—	$	—	$	28
Cash payments		(25)		—		—		—		(25)
Non-cash adjustments		(3)		—		—		—		(3)
Balance at March 31, 2025	$	—	$	—	$	—	$	—	$	—

Fiscal 2025 Program
Balance at March 31, 2024	$	—	$	—	$	—	$	—	$	—
Charges		114		39		—		8		162
Cash payments		(100)		—		—		—		(100)
Non-cash adjustments		2		(39)		—		(8)		(46)
Balance at March 31, 2025	$	16	$	—	$	—	$	—	$	16

Balance at March 31, 2022 excludes workforce rebalancing liabilities inherited from the former Parent of $57 million, charges of $16 million related to one-off terminations and cash payments of $32 million. Balance as of March 31, 2023 excludes workforce rebalancing liabilities inherited from the former Parent of $42 million, charges of $4 million related to one-off terminations, cash payments of $15 million and ending balance of $29 million as of March 31, 2024. Current-year movement excludes cash payments of $14 million, non-cash adjustments of $1 million and ending balance of $16 million related to actions initiated by the former Parent. Workforce rebalancing liabilities are recorded within Other Liabilities; refer to Note 13 – Other Liabilities for further details.

EQUITY - Share Repurchase Program (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Nov. 30, 2024
Share Repurchase Program
Purchases of treasury stock	$ 139	$ 22	$ 19
Maximum
Share Repurchase Program
Authorized amount under stock repurchase program				$ 300
Share Repurchase Program
Share Repurchase Program
Purchases of treasury stock	$ 94
Purchases of treasury stock (in shares)	2.6

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

FINANCIAL ASSETS AND LIABILITIES - Gains and Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Derivative instruments in cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Amounts Excluded from Effectiveness Testing	$ 0	$ 0	$ 0
Designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Recognized in OCI	(9)	11	(4)
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Reclassified from AOCI	(11)	21	(2)
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Amounts Excluded from Effectiveness Testing	22	1
Not designated as hedging instruments - economic hedges
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (loss) from derivatives	(15)	(48)	20
Foreign exchange contracts \| Designated as hedging instruments \| Derivative instruments in cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Recognized in OCI	(14)	22	(4)
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Reclassified from AOCI	$ (11)	$ 21	$ (2)
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Revenue	Cost of Revenue	Cost of Revenue
Foreign exchange contracts \| Designated as hedging instruments \| Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Recognized in OCI	$ (5)
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Amounts Excluded from Effectiveness Testing	$ 10
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense	Interest Expense
Foreign exchange contracts \| Not designated as hedging instruments - economic hedges
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (loss) from derivatives	$ (15)	$ (48)	$ 20
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Income and Expense	Other Income and Expense	Other Income and Expense
Cross-currency swap contracts \| Designated as hedging instruments \| Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Recognized in OCI	$ 10	$ (11)
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Amounts Excluded from Effectiveness Testing	$ 12	$ 1
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense	Interest Expense

SIGNIFICANT ACCOUNTING POLICIES - Transfers of Financial Assets and Supplier Financing Program (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2024
Financing receivable sale agreement, term	6 months
Financing receivable sale agreement, renewal term	18 months
Financing receivable sale agreement, initial term	18 months
Financing receivables sold		$ 3,200	$ 3,600	$ 3,100
Fees associated with the transfers of receivables		$ 38	$ 49	$ 47
Supplier financing program, termination notice		180 days
Committed Facility
Aggregate amount of debt issued	$ 1,000				$ 600
Uncommitted Facility
Aggregate amount of debt issued					$ 200
Minimum
Supplier financing program, average term		90 days
Maximum
Supplier financing program, average term		120 days

FINANCIAL ASSETS AND LIABILITIES - Not Measured at Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Financial assets and financial liabilities:
Derivative assets impacted by netting arrangements	$ 0	$ 0
Long-term debt	2,900	2,900
Long-term debt, fair value	2,700	2,600
Time deposits
Financial assets and financial liabilities:
Impairments of non-financial assets	0	0	$ 0
Cash and cash equivalents
Financial assets and financial liabilities:
Time deposits, carrying value	$ 765	$ 828

RETIREMENT-RELATED BENEFITS - Changes in Benefit Obligation and Plan Assets (Details) - Pension Plans - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Changes in benefit obligation
Benefit obligation, at beginning of period	$ 1,670	$ 1,659
Service cost	34	38
Interest cost	52	55
Plan participants' contributions	3	3
Actuarial losses (gains)	(53)	83
Benefits paid from trust	(22)	(24)
Direct benefit payments	(39)	(38)
Business combination/divestiture		(23)
Foreign exchange impact	(2)	(23)
Amendments, curtailments, settlements and other	(80)	(61)
Benefit obligation, at end of period	1,563	1,670
Change in plan assets
Fair value of plan assets, at beginning of period	1,248	1,226
Actual return on plan assets	15	87
Employer contributions	17	14
Fair value of plan assets assumed from former Parent		27
Plan participants' contributions	3	3
Benefits paid from trust	(22)	(24)
Business combination/divestiture		(18)
Foreign exchange impact	3	(18)
Settlements	(65)	(49)
Fair value of plan assets, at end of period	1,199	1,248
Funded status at end of period	(364)	(422)
Accumulated benefit obligation	$ 1,484	$ 1,583

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Mar. 31, 2025

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES

NOTE 14. COMMITMENTS AND CONTINGENCIES

The Company guarantees certain loans and financial commitments. The maximum potential future payment under these financial guarantees and the fair value of these guarantees recognized in the Consolidated Balance Sheet at March 31, 2025 and 2024 were not material. Additionally, the Company has contractual commitments that are noncancellable with certain software, hardware and cloud partners used in the delivery of services to customers. The Company has determined that these commitments may exceed the Company’s needs over the next two to three years. If the Company is unable to satisfy, reduce or amend its contractual commitments, it will record the future charges for any payments related to excess commitments as cost of services. At March 31, 2025, we had short-term (April 2025 through March 2026), mid-term (April 2026 through March 2028) and long-term (April 2028 onward) purchase commitments in the amount of $0.2 billion, $0.6 billion and $0.1 billion, respectively. During the year ended March 31, 2025, contractual commitments decreased due to satisfaction of existing commitments outpacing new additions.

As a Fortune 500 company with customers and employees around the world, Kyndryl is subject to, or could become subject to, either as plaintiff or defendant, a variety of contingencies, including claims, demands and suits, investigations, tax matters and proceedings that arise from time to time in the ordinary course of its business. Given the rapidly evolving external landscape of cybersecurity, privacy and data protection laws, regulations and threat actors, the Company or its clients could become subject to actions or proceedings in various jurisdictions. Also, as is typical for companies of Kyndryl’s scope and scale, the Company is subject to, or could become subject to, actions and proceedings in various jurisdictions involving a wide range of labor and employment issues (including matters related to contested employment decisions, country-specific labor and employment laws, and the Company’s benefit plans), as well as actions with respect to contracts, securities, foreign operations, competition law and environmental matters. These actions may be commenced by a number of different parties, including competitors, clients, employees, government and regulatory agencies, stockholders and representatives of the locations in which the Company does business. Some of the actions to which the Company is, or may become, party may involve particularly complex technical issues, and some actions may raise novel questions under the laws of the various jurisdictions in which these matters arise. Additionally, the Company is, or may be, a party to agreements pursuant to which it may be obligated to indemnify the other party with respect to certain matters.

The Company records a provision with respect to a claim, suit, investigation or proceeding when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In accordance with the relevant accounting guidance, the Company provides disclosures of matters for which the likelihood of material loss is at least reasonably possible. In addition, the Company may also disclose matters based on its consideration of other matters and qualitative factors.

The Company reviews claims, suits, investigations and proceedings at least quarterly, and decisions are made with respect to recording or adjusting provisions and disclosing reasonably possible losses or range of losses (individually or in the aggregate) to reflect the impact and status of settlement discussions, discovery, procedural and substantive rulings, reviews by counsel and other information pertinent to a particular matter.

Whether any losses, damages or remedies finally determined in any claim, suit, investigation or proceeding could reasonably have a material effect on the Company’s business, financial condition, results of operations or cash flows will depend on a number of variables, including the timing and amount of such losses or damages; the structure and type of any such remedies; the significance of the impact any such losses, damages or remedies may have in the consolidated financial statements; and the unique facts and circumstances of the particular matter that may give rise to additional factors. While the Company will continue to defend itself vigorously, it is possible that the Company’s business, financial condition, results of operations or cash flows could be affected in any particular period by the resolution of one or more of these matters.

In July 2017, BMC Software, Inc. (“BMC”) filed suit against IBM in the U.S. Court for the Southern District of Texas in a dispute involving various aspects of IBM’s business, including its managed infrastructure business. BMC alleged IBM’s removal of BMC software from one of its client’s sites at the client’s request constituted breach of contract, fraudulent inducement and trade secret misappropriation. In May 2022, the trial court entered a judgment against IBM and awarded BMC $717 million in direct damages and $717 million in punitive damages, plus interest, for which IBM might have tried to seek an indemnity from the Company. However, IBM appealed the judgment, and in April 2024, the court of appeals overturned the judgment against IBM. In March 2025, the United States Supreme Court denied a request by BMC to review the court of appeals’ ruling. Accordingly, we do not expect to have any liability related to this judgment.

Separately, certain contractual disputes have arisen between Kyndryl and IBM following the Separation. Over the course of this fiscal year, Kyndryl and IBM have resolved most of these matters, with certain of these matters resulting in a credit recorded in cost of services in the three months ended June 30, 2024, and other matters being resolved during the period largely in line with the Company’s accruals with no net cash outlays required by Kyndryl.

SEGMENTS - Geographic Information (Details) - USD ($)
$ in Millions

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

Segment Information

Revenue

^[1]

$ 15,057

$ 16,052

$ 17,026

Property and equipment, net

2,570

2,674

Operating right-of-use assets, net

731

864

United States.

Segment Information

Revenue

3,876

4,295

4,726

Property and equipment, net

883

951

Operating right-of-use assets, net

134

113

Belgium

Segment Information

Operating right-of-use assets, net

135

France

Segment Information

Operating right-of-use assets, net

Italy

Segment Information

Operating right-of-use assets, net

Japan.

Segment Information

Revenue

2,358

2,344

2,502

Other countries, excluding United States and Japan

Segment Information

Revenue

8,823

9,413

$ 9,797

Other countries excluding United States

Segment Information

Property and equipment, net

1,687

1,724

Other countries excluding United States, Belgium, France, and Italy

Segment Information

Operating right-of-use assets, net

$ 349

$ 453

[1]	Including related-party revenue of $287 for the year ended March 31, 2023

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 1,786	$ 1,553
Restricted cash	3	1
Accounts receivable (net of allowances for credit losses of $13 at March 31, 2025 and $22 at March 31, 2024)	1,345	1,599
Deferred costs (current portion)	1,009	1,081
Prepaid expenses and other current assets	446	514
Total current assets	4,589	4,747
Property and equipment, net	2,570	2,674
Operating right-of-use assets, net	731	864
Deferred costs (noncurrent portion)	1,040	920
Deferred taxes	204	220
Goodwill	790	805
Intangible assets, net	218	188
Pension assets	148	105
Other noncurrent assets	162	67
Total assets	10,452	10,590
Current liabilities:
Accounts payable	1,351	1,408
Value-added tax and income tax liabilities	256	327
Current portion of long-term debt	129	126
Accrued compensation and benefits	652	609
Deferred income (current portion)	746	825
Operating lease liabilities (current portion)	274	285
Accrued contract costs	437	487
Other accrued expenses and liabilities	454	521
Total current liabilities	4,300	4,589
Long-term debt	3,042	3,112
Retirement and nonpension postretirement benefit obligations	483	500
Deferred income (noncurrent portion)	341	314
Operating lease liabilities (noncurrent portion)	511	622
Other noncurrent liabilities	443	332
Total liabilities	9,121	9,468
Commitments and contingencies
Stockholders' equity
Common stock, par value $0.01 per share, and additional paid-in capital (shares authorized: 1,000.0; shares issued: March 31, 2025 - 238.2, March 31, 2024 - 233.7)	4,631	4,524
Accumulated deficit	(2,067)	(2,319)
Treasury stock, at cost (shares: March 31, 2025 - 7.5, March 31, 2024 - 3.3)	(184)	(45)
Accumulated other comprehensive income (loss)	(1,160)	(1,145)
Total stockholders' equity before non-controlling interests	1,219	1,015
Non-controlling interests	113	107
Total equity	1,331	1,122
Total liabilities and equity	$ 10,452	$ 10,590

BORROWINGS (Tables)

12 Months Ended

Mar. 31, 2025

BORROWINGS

Summary of components of debt


			March 31,		March 31,
(Dollars in millions)	Interest Rate	Maturity	2025		2024
Commercial loan agreement	3.00%	July 2026	$	39	$	68
Unsecured senior notes due 2026	2.05%	October 2026		700		700
Unsecured senior notes due 2028	2.70%	October 2028		500		500
Unsecured senior notes due 2031	3.15%	October 2031		650		650
Unsecured senior notes due 2034	6.35% *	February 2034		500		500
Unsecured senior notes due 2041	4.10%	October 2041		550		550
Finance lease obligations	5.74% †	2025-2031		250		291
			$	3,190	$	3,259
Less: Unamortized discount				4		5
Less: Unamortized debt issuance costs				14		16
Less: Current portion of long-term debt				129		126
Total long-term debt			$	3,042	$	3,112

† Weighted-average discount rate

Schedule of contractual obligations of long-term debt outstanding


(Dollars in millions)*	Principal
Year ending March 31:
2026	$	29
2027		710
2028		—
2029		500
2030		—
Thereafter		1,700
Total	$	2,939

* Contractual obligations approximate scheduled repayments.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-Paragraph 1
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+ Details

STOCK-BASED COMPENSATION

12 Months Ended

Mar. 31, 2025

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 16. STOCK-BASED COMPENSATION

Stock-based incentive awards are granted to employees under the terms of Kyndryl’s employment and the Kyndryl Plan (see Note 1 – Significant Accounting Policies). Awards under the Kyndryl Plan principally include Restricted Stock Units (RSUs), market-conditioned and performance-conditioned stock units and stock options. RSUs and stock options generally vest based on continued passage of time. Market-conditioned and performance-conditioned stock units are cliff-vested at the end of the performance period if the market or performance conditions have been satisfied.

The following table summarizes stock-based compensation cost, which is included in net income (loss).


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Cost of services	$	12	$	16	$	21
Selling, general and administrative expense		89		78		92
Pretax stock-based compensation expense	$	100	$	95	$	113
Income tax benefits		(7)		(5)		(5)
Stock-based compensation cost, net of tax	$	93	$	90	$	108

The Company’s total unrecognized compensation cost related to non-vested awards at March 31, 2025 was $123 million and is expected to be recognized over a weighted-average period of approximately 2.1 years. Capitalized stock-based compensation cost was not material during any period presented.

Stock Units

The following table summarizes the activity related to Kyndryl’s RSUs, market-conditioned stock units and performance-conditioned stock units:


					Market-Conditioned				Performance-Conditioned
	RSUs				Stock Units				Stock Units*
			Weighted-				Weighted-				Weighted-
			Average				Average				Average
	Number		Grant-Date		Number		Grant-Date		Number		Grant-Date
	of Units		Fair Value		of Units		Fair Value		of Units		Fair Value
	(in millions)		(per share)		(in millions)		(per share)		(in millions)		(per share)
Nonvested balance at March 31, 2022		9.8	$	26.36		1.8	$	15.14		—	$	—
Awards granted		5.0	$	10.80		0.7	$	12.51		2.5	$	10.62
Awards vested		(4.9)		26.09		—		—		—		—
Awards canceled/forfeited		(0.5)		23.09		(0.2)		14.46		(0.1)		10.62
Nonvested balance at March 31, 2023		9.4	$	18.43		2.3	$	14.40		2.3	$	10.62
Awards granted		3.1	$	13.52		0.6	$	14.10		2.0	$	13.37
Awards vested		(4.0)		21.92		—		—		—		—
Awards canceled/forfeited		(0.4)		17.43		(0.1)		14.43		(0.1)		11.85
Nonvested balance at March 31, 2024		8.0	$	15.33		2.9	$	14.32		4.3	$	12.28
Awards granted		1.7	$	26.65		0.4	$	26.23		1.2	$	26.47
Awards vested		(3.3)		17.14		(0.8)		15.14		—		—
Awards canceled/forfeited		(0.3)		16.58		(0.8)		15.12		(0.1)		12.13
Nonvested balance at March 31, 2025		6.1	$	17.49		1.6	$	16.33		5.4	$	15.01

*	The grant-date fair value of performance-conditioned stock units issued was determined using the stock price at the grant date.

The Company used the following assumptions in the Monte-Carlo simulation pricing model to estimate the grant-date fair values of the market-conditioned stock units granted within each of the following fiscal years.


	Year Ended March 31,
Market-conditioned Stock Units:	2025	2024	2023
Share price	$26.51	$13.55	$10.89
Expected volatility*	43%	39%	39%
Risk-free interest rate	4.60%	4.57% - 5.38%	2.85%
Dividend yield	0%	0%	0%

*	Based on the average three-year historic volatility across a group of peer companies.

Stock Options

The following table summarizes the activity related to Kyndryl’s stock options:


	Stock Options
									Weighted-
					Weighted-				Average
			Weighted-		Average		Aggregate		Remaining
	Number		Average		Grant Date		Intrinsic		Contractual
	of Units		Exercise Price		Fair Value		Value		Term
	(in millions)		(per share)		(per share)		(in millions)		(in years)
Outstanding balance at March 31, 2022		3.8	$	17.76	$	6.54	$	—	9.7
Awards exercised		—		—		—		—
Awards canceled/forfeited		(0.2)		17.78		6.54
Outstanding balance at March 31, 2023		3.7	$	17.76	$	6.54	$	—	8.7
Awards exercised		(0.0)		17.30		6.61		—
Awards canceled/forfeited		(0.1)		17.78		6.54
Outstanding balance at March 31, 2024		3.5	$	17.77	$	6.54	$	—	7.3
Awards exercised		(0.4)		17.69		6.56		4.7
Awards canceled/forfeited		(0.0)		17.78		6.54
Outstanding balance at March 31, 2025		3.1	$	17.78	$	6.54	$	42.7	6.4
Options vested and exercisable at March 31, 2025		2.4	$	17.78	$	6.54	$	32.1	6.3

REVENUE RECOGNITION - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Roll forward of accounts receivable - allowance for credit losses
Beginning balance	$ 22	$ 32	$ 44
Additions (releases)	(7)	4	6
Write-offs	(1)	(4)	(13)
Other	(1)	(9)	(5)
Ending balance	$ 13	$ 22	$ 32

REVENUE RECOGNITION - Remaining Performance Obligations (Details) $ in Billions	Mar. 31, 2025 USD ($)
REVENUE RECOGNITION
Remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied	$ 34.7

BORROWINGS - Term Loan, Revolving Credit Facility, and Loan Agreement (Details) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2021 USD ($) item	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Debt issuance cost		$ 5	$ 5
Number of consecutive fiscal quarters \| item	4
Net leverage ratio	3.5
Revolving Credit Agreement
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 3,150
Amount drawn		$ 0

ACCOUNTING PRONOUNCEMENTS

12 Months Ended

Mar. 31, 2025

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS

NOTE 2. ACCOUNTING PRONOUNCEMENTS

Standards Implemented

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The guidance should be applied retrospectively, effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted the guidance for the fiscal year ended March 31, 2025. For additional information, see Note 4 – Segments.

Recent Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which is intended to enhance the transparency and usefulness of income tax disclosures through improved reporting related to the rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company has elected not to early adopt this ASU and is currently evaluating the impact of this guidance on the disclosures in its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which is intended to improve the usefulness of expense information contained in public entity income statements through the disaggregation of relevant expense captions in the notes to the financial statements. The guidance should be applied prospectively, effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the disclosures in its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends the guidance for determining the accounting acquirer in certain transactions. The guidance should be applied prospectively, effective for the fiscal years beginning after December 15, 2026 and interim reporting periods within fiscal years beginning after December 15, 2026, with early adoption permitted. The Company has evaluated the impact of the guidance and does not expect it to have a material impact on the Company’s consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

TAXES - Provision by taxing jurisdiction (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
U.S. federal
Current	$ 1	$ 39
Deferred	(18)	(10)	$ (19)
U.S. federal total	(17)	29	(19)
U.S. state and local
Current	4	2	2
Deferred	2	1	(4)
U.S. state and local total	6	3	(2)
Non-U.S.
Current	177	142	236
Deferred	18	(2)	308
Total Non-U.S.	195	140	545
Total provision for income taxes	$ 184	$ 172	$ 524

INTANGIBLE ASSETS INCLUDING GOODWILL - Goodwill by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Changes in Goodwill Balances
Beginning Balance	$ 805	$ 812
Acquisitions and (Divestitures)	(15)
Translation Adjustments	1	(7)
Impairment	0
Goodwill accumulated impairment losses	469
Ending Balance	790	805
EMEA
Changes in Goodwill Balances
Goodwill accumulated impairment losses	293
Japan
Changes in Goodwill Balances
Beginning Balance	488	495
Translation Adjustments	1	(7)
Ending Balance	489	488
United States
Changes in Goodwill Balances
Acquisitions and (Divestitures)	11
Goodwill accumulated impairment losses	176
Ending Balance	11
Principal Markets
Changes in Goodwill Balances
Beginning Balance	141	142
Acquisitions and (Divestitures)	(27)
Translation Adjustments		(1)
Reallocation	(23)
Ending Balance	92	141
Strategic Markets
Changes in Goodwill Balances
Beginning Balance	176	176
Reallocation	23
Ending Balance	$ 198	$ 176

INTANGIBLE ASSETS INCLUDING GOODWILL - Future Amortization Expense (Details) $ in Millions	Mar. 31, 2025 USD ($)
Future amortization expense, by year
2026	$ 74
2027	71
2028	31
2029	24
2030	10
Thereafter	8
Capitalized software
Future amortization expense, by year
2026	47
2027	47
2028	23
2029	17
2030	6
Customer relationships
Future amortization expense, by year
2026	21
2027	19
2028	5
2029	5
2030	4
Thereafter	8
Completed technology
Future amortization expense, by year
2026	3
2027	3
2028	3
2029	3
Patents and trademarks
Future amortization expense, by year
2026	3
2027	$ 2

WORKFORCE REBALANCING AND SITE-RATIONALIZATION CHARGES

12 Months Ended

Mar. 31, 2025

WORKFORCE REBALANCING AND SITE-RATIONALIZATION CHARGES.

WORKFORCE REBALANCING AND SITE-RATIONALIZATION CHARGES

NOTE 19. WORKFORCE REBALANCING AND SITE-RATIONALIZATION CHARGES

During the year ended March 31, 2025, the Company initiated actions to reduce our overall cost structure and increase our operating efficiency which continued through the end of the 2025 fiscal year. These actions resulted in workforce rebalancing charges and charges related to ceasing to use leased and owned fixed assets (collectively, the “Fiscal 2025 Program”). The total charges incurred related to the Fiscal 2025 Program were $162 million, consisting of $114 million in workforce rebalancing charges and $48 million in charges related to ceasing to use leased and owned

fixed assets. The Company expects that these actions will reduce future payroll costs, rent expenses and depreciation of property and equipment.

During the year ended March 31, 2023, the Company initiated actions to reduce our overall cost structure and increase our operating efficiency, which continued through the year ended March 31, 2024. These actions resulted in workforce rebalancing charges, charges related to ceasing to use leased and owned fixed assets, and lease termination charges (collectively, the “Fiscal 2024 Program”). The total charges incurred related to the Fiscal 2024 Program were $310 million, consisting of approximately 60% for workforce rebalancing charges and approximately 40% for charges related to ceasing to use leased and owned fixed assets and lease termination charges. The Company expects that these actions will reduce future payroll costs, rent expenses and depreciation of property and equipment.

The following table presents the segment breakout of charges incurred during the years ended March 31, 2025, 2024 and 2023.


							Costs Incurred to Date
	Year Ended March 31,						Fiscal 2025		Fiscal 2024
(Dollars in millions)	2025		2024		2023		Program		Program
United States	$	62	$	29	$	14	$	62	$	43
Japan		12		2		2		12		4
Principal Markets^*		30		69		59		30		128
Strategic Markets^*		58		71		51		58		122
Sub-total	$	162	$	171	$	125	$	162	$	297
Corporate and other		—		3		10		—		13
Total charges	$	162	$	174	$	135	$	162	$	310

*	Kyndryl’s operations in Australia/New Zealand transitioned from Principal Markets to Strategic Markets in the quarter ended June 30, 2024; historical segment information has been recast to reflect this change.

The following table presents the classification of workforce rebalancing and site-rationalization activities in the Consolidated Income Statement during the years ended March 31, 2025, 2024 and 2023.


								Costs Incurred to Date
	Year Ended March 31,							Fiscal 2025		Fiscal 2024
(Dollars in millions)	2025		2024			2023		Program		Program
Cost of services	$	45	$	23		$	71	$	45	$	94
Selling, general and administrative expenses		3		16			9		3		25
Workforce rebalancing charges		114		135	*		55		114		190
Total charges	$	162	$	174		$	135	$	162	$	310

*	Excludes $4 million liability adjustment related to workforce rebalancing actions taken by the former Parent prior to Separation.

The following table presents the components of and changes in our workforce rebalancing and site-rationalization charges liabilities during the years ended March 31, 2025, 2024 and 2023.


			Liabilities		Liabilities		Liabilities
	Workforce		Related to		Related to		Related to
	Rebalancing		Ceasing to Use		Lease		Ceasing to Use
(Dollars in millions)	Liabilities*		Leased Assets		Terminations		Fixed Assets		Total
Fiscal 2024 Program
Balance at March 31, 2022	$	—	$	—	$	—	$	—	$	—
Charges		55		69		4		7		135
Cash payments		—		—		(1)		—		(1)
Non-cash adjustments		—		(69)		—		(7)		(76)
Balance at March 31, 2023	$	55	$	—	$	3	$	—	$	58
Charges (benefits)		135		14		(1)		26		174
Cash payments		(161)		—		(2)		(5)		(168)
Non-cash adjustments		(1)		(14)		—		(21)		(36)
Balance at March 31, 2024	$	28	$	—	$	—	$	—	$	28
Cash payments		(25)		—		—		—		(25)
Non-cash adjustments		(3)		—		—		—		(3)
Balance at March 31, 2025	$	—	$	—	$	—	$	—	$	—

Fiscal 2025 Program
Balance at March 31, 2024	$	—	$	—	$	—	$	—	$	—
Charges		114		39		—		8		162
Cash payments		(100)		—		—		—		(100)
Non-cash adjustments		2		(39)		—		(8)		(46)
Balance at March 31, 2025	$	16	$	—	$	—	$	—	$	16

RETIREMENT-RELATED BENEFITS

12 Months Ended

Mar. 31, 2025

RETIREMENT-RELATED BENEFITS

RETIREMENT-RELATED BENEFITS

NOTE 17. RETIREMENT-RELATED BENEFITS

Defined Benefit Pension Plans

The Company sponsors and co-sponsors defined benefit pension plans that cover certain non-U.S. employees and retirees. The defined benefit pension plan benefits are based principally on employees’ years of service and/or compensation levels at or near retirement. These plans are accounted for as defined benefit pension plans for purposes of the consolidated financial statements. Accordingly, the net benefit obligations, plan assets and the related benefit plan expenses of those plans have been recorded in the Company’s consolidated financial statements.

The following tables present the components of net periodic pension cost for the defined benefit pension plans recognized in the Consolidated Income Statement.



	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Service cost	$	34	$	38	$	44
Interest cost*		52		55		32
Expected return on plan assets*		(59)		(60)		(43)
Amortization of prior service costs (credits)*		1		1		1
Recognized actuarial losses*		16		4		40
Curtailments and settlements*		8		13		10
Total net periodic pension cost	$	53	$	51	$	84

*These components of net periodic pension cost are included in other expense in the Consolidated Income Statement.

The following table presents the changes in net benefit obligation and plan assets for the defined benefit pension plans.


	Year Ended March 31,
(Dollars in millions)	2025		2024
Change in benefit obligation
Benefit obligation at beginning of period	$	1,670	$	1,659
Service cost		34		38
Interest cost		52		55
Plan participants’ contributions		3		3
Actuarial losses (gains)*		(53)		83
Benefits paid from trust		(22)		(24)
Direct benefit payments		(39)		(38)
Business combination/divestiture		—		(23)
Foreign exchange impact		(2)		(23)
Amendments, curtailments, settlements and other		(80)		(61)
Benefit obligation at end of period	$	1,563	$	1,670
Accumulated benefit obligation	$	1,484	$	1,583
Change in plan assets
Fair value of plan assets at beginning of period	$	1,248	$	1,226
Actual return on plan assets		15		87
Employer contributions		17		14
Fair value of plan assets assumed from former Parent†		—		27
Plan participants’ contributions		3		3
Benefits paid from trust		(22)		(24)
Business combination/divestiture		—		(18)
Foreign exchange impact		3		(18)
Settlements		(65)		(49)
Fair value of plan assets at end of period	$	1,199	$	1,248
Funded status at end of period	$	(364)	$	(422)

*	The year-over-year change was primarily driven by lower inflation rates and demographic factors.

†	Due to the separation of a pension plan that used to be co-sponsored by Kyndryl and the former Parent.

The following table presents the amounts recorded in the Consolidated Balance Sheet for the defined benefit pension plans.


	At March 31,
(Dollars in millions)	2025		2024
Noncurrent assets – pension assets	$	148	$	105
Current liabilities – accrued compensation and benefits		(40)		(40)
Noncurrent liabilities – retirement and nonpension postretirement benefit obligations		(471)		(487)
Funded status, net	$	(364)	$	(422)

The following table presents information for defined benefit pension plans with accumulated benefit obligations (ABO) or projected benefit obligations (PBO) in excess of plan assets.


	At March 31, 2025				At March 31, 2024
	Benefit		Plan		Benefit		Plan
(Dollars in millions)	Obligation		Assets		Obligation		Assets
Plans with PBO in excess of plan assets	$	745	$	233	$	714	$	187
Plans with ABO in excess of plan assets		605		157		712		186
Plans with plan assets in excess of PBO		818		966		957		1,061

The following table presents the pretax net loss and prior service costs (credits) recognized in OCI and the changes in pretax net loss and prior service costs (credits) recognized in AOCI for the defined benefit pension plans.


	Year Ended March 31,
(Dollars in millions)	2025		2024
Net loss (gain) at beginning of period	$	296	$	253
Current period loss (gain)		(17)		57
Curtailments and settlements		(8)		(10)
Amortization of net loss included in net periodic benefit cost		(16)		(4)
Net loss (gain) at end of period	$	256	$	296
Prior service costs (credits) at beginning of period		4		8
Current period prior service costs (credits)		(2)		(2)
Amortization for prior service costs (credits) included in net periodic benefit cost		(1)		(1)
Prior service costs (credits) at end of period	$	1	$	4
Total amounts recognized in accumulated other comprehensive loss (income) *	$	257	$	301

The following table presents the weighted-average assumptions used to measure the net periodic pension cost and the year-end benefit obligations for the defined benefit pension plans.


	Year Ended March 31,
Weighted-average assumptions used to measure:	2025		2024		2023
Net periodic pension cost
Discount rate	3.30	%	3.57	%	1.88	%
Expected long-term returns on plan assets	4.63	%	4.69	%	3.33	%
Rate of compensation increase	2.84	%	2.85	%	2.54	%
Benefit obligations
Discount rate	3.68	%	3.30	%	3.57	%
Rate of compensation increase	2.80	%	2.84	%	2.85	%
Interest crediting rate – cash balance plans	1.83	%	1.65	%	1.52	%

In certain countries, a hypothetical portfolio of high-quality corporate bonds is used to construct a yield curve. Projected cash flows from the Company’s expected benefit obligation payments are matched to the yield curve to derive discounts. In other countries where the markets for high-quality long-term bonds are not as well developed, a portfolio of long-term government bonds is used as a base and a credit spread is added to simulate corporate bond yields at these maturities in the jurisdiction of each plan. This is the benchmark for developing the respective discount rates.

In developing the expected long-term rate of return on assets, the Company considers the long-term expectations for future returns. The use of expected returns may result in pension income that is greater or less than the actual return of those plan assets in a given year. Over time, however, the expected rate of return is expected to approximate the actual long-term results, leading to a pattern of income or loss recognition that more closely matches the pattern of services provided by the employees.

The investment objective of the defined benefit plans is to generate returns that will enable the plan to meet its future obligations. The weighted-average target allocation for the defined benefit plans is 28% equity securities, 46% fixed-income securities, 6% real estate, 14% insurance contracts and 6% other investments. Typically the responsibility for determining the target allocation and managing the investments lies with a plan governing board that may include up to 50 percent of members elected by employees and retirees. Generally, these defined benefit plans do not invest in illiquid assets, and their use of derivatives is mainly for currency hedging, interest rate risk management, credit exposure and alternative investment strategies.

The following table presents the Company’s defined benefit pension plans’ asset classes and their associated fair value at March 31, 2025 and 2024.


	At March 31, 2025								At March 31, 2024
(Dollars in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Equity
Equity securities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Fixed income
Government and related ⁽¹⁾		—		104		—		104		—		112		—		112
Corporate bonds		—		21		—		21		—		21		—		21
Insurance contracts		—		169		—		169		—		189		—		189
Cash and short-term investments ⁽²⁾		3		—		—		3		3		1		—		3
Derivative assets ⁽³⁾		—		4		—		4		—		5		—		5
Subtotal	$	3	$	297	$	—	$	301	$	3	$	327	$	—	$	329
Investments measured at net asset value using NAV as a practical expedient ⁽⁴⁾		—		—		—		898		—		—		—		919
Fair value of plan assets	$	3	$	297	$	—	$	1,199	$	3	$	327	$	—	$	1,248

(1)	Includes debt issued by national, state and local governments and agencies.

(2)	Includes cash, cash equivalents and short-term marketable securities.

(3)	Includes forward contracts, interest rate swaps, exchange traded and other over-the-counter derivatives.

(4)	Investments measured at fair value using the net asset value (NAV) per share (or its equivalent), as a practical expedient. These investments include commingled funds, hedge funds, common collective trusts, private equity partnerships and real estate partnerships.

Approximately 57 percent of plan assets are held in plans which are co-sponsored by the Company and the former Parent. The allocation of the fair value of co-sponsored plan assets is based on the initial pension assets assumed in connection with establishment of certain Kyndryl legal entities, Company contributions, distributions and market returns.

Defined benefit pension plan assets are recognized and measured at fair value. Because of the inherent uncertainty of valuations, these fair value measurements may not necessarily reflect the amounts the Company could realize in current market transactions. The following is a description of the valuation techniques used to measure plan assets at fair value. There were no changes in valuation techniques during the periods presented.

Equity securities and mutual funds: Equity securities are valued at the closing price reported on the stock exchange on which the individual securities are traded. Mutual funds are typically valued based on quoted market prices. These assets are generally classified as Level 1.

Fixed income: Fixed-income securities, other than insurance contracts, are typically valued using the closing price reported on the major market on which the individual securities are traded, if available. Assets fair-valued using this methodology are generally classified as Level 2. If market prices are unavailable, the fair value is estimated using pricing models or quoted prices of securities with similar characteristics.

Insurance contracts: Fair value is based on the expected value of the insurance benefits of the insurance contracts. The insurance benefits are assessed using the same interest rate and mortality table used to determine the liability. These assets are generally classified as Level 2.

Cash and short-term investments: Cash includes money market accounts that are valued at their cost plus interest on a daily basis, which approximates fair value. Short-term investments represent securities with original maturities of one year or less. These assets are generally classified as Level 1.

Derivatives assets: Exchange-traded derivatives are valued at the closing price reported on the exchange on which the individual securities are traded. Forward contracts are valued using a mid-close price. Over-the-counter derivatives are valued using pricing models. These models require a variety of inputs, yield curves, credit curves,

measures of volatility and foreign exchange rates. Derivative assets are classified as Level 1 or Level 2 depending on availability of quoted market prices.

Investments measured at net asset value: Certain investments are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient. These investments, which may include commingled funds, hedge funds, common collective trusts, private equity partnerships and real estate partnerships, are typically valued using the NAV provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus liabilities multiplied by the plan’s ownership of the investment.

It is the Company’s general practice to fund amounts for pensions sufficient to meet the minimum requirements set forth in applicable employee benefits laws and local tax laws. From time to time, the Company contributes additional amounts as it deems appropriate. The Company contributed $17 million, $14 million, and $27 million to the defined benefit pension plans during the years ended March 31, 2025, 2024 and 2023, respectively. Additionally, the Company made direct payments of $44 million, $46 million, and $37 million to participants of the defined benefit pension plans during the years ended March 31, 2025, 2024 and 2023, respectively.

The Company estimates contributions to its defined benefit pension plans in fiscal year 2026 to be approximately $12 million. This amount generally represents legally mandated minimum contributions. Financial market performance in fiscal year 2026 could increase or decrease the legally mandated minimum contribution in certain countries that require monthly or daily remeasurement of the funded status. The Company could also elect to contribute more than the legally mandated amount based on market conditions or other factors.

The following table presents the total expected benefit payments to participants of the defined benefit pension plans.


	Expected
(Dollars in millions)	Benefit Payments
Fiscal year ending March 31,
2026	$	110
2027		103
2028		107
2029		109
2030		110
2031-2035		597

The fiscal year 2026 expected benefit payments not covered by the respective plan assets represent a component of compensation and benefits, within current liabilities, in the Consolidated Balance Sheet.

Defined Contribution Retirement Plans

The Company sponsors defined contribution retirement plans for certain eligible employees. The Company’s contribution expense associated with employer matching benefits was $131 million, $140 million, and $142 million, for the years ended March 31, 2025, 2024 and 2023, respectively.

Nonpension Postretirement Benefit Plans and Multi-Employer Plans

Certain Company employees participate in multi-employer defined benefit pension plans and post-retirement health plans which are sponsored by third parties and include other participants as well as other nonpension postretirement benefit plans that are sponsored by the Company. Accordingly, the Company does not record an asset or liability to recognize the funded status of the multi-employer plans. However, the Company records service cost attributable to its employees who participate in the multi-employer plans, as well as expense allocated for certain corporate and shared functional employees. These amounts are included in the Consolidated Income Statement, and were not material for any of the periods presented. The nonpension postretirement benefit plans provide a fixed monthly dollar credit for retiree health care expense. The related expenses for these plans are included in the consolidated financial statements, and were not material for any period presented.

Contributions to the nonpension postretirement benefit plans and the multi-employer plans and components of net periodic benefit cost related to these plans and were not material for any period presented. Additionally, the components resulting in a change in benefit obligation and the activity recognized in AOCI related to the nonpension postretirement benefit plans were not material for the periods presented. The nonpension postretirement benefit plans had a noncurrent liability recorded in retirement and nonpension postretirement benefit obligation in the Consolidated Balance Sheet of $9 million at March 31, 2025 and $10 million at March 31, 2024. The weighted-average discount rate used to measure the nonpension postretirement benefit plan obligation was 3.16%, 2.89% and 3.02%, for the years ended March 31, 2025, 2024 and 2023, respectively. There were no plan assets in the nonpension postretirement benefit plans for any period presented. As a result, the noncurrent liability related to these plans represented the accumulated postretirement benefit obligation in excess of plan assets for each period presented. Future expected benefit payments to participants of the nonpension postretirement benefit plans are not expected to be material, and the Company expects contributions to the multi-employer and nonpension postretirement benefits plans to be immaterial in fiscal year 2026.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	12 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation cost, allocation of recognized costs
Pretax stock-based compensation expense	$ 100	$ 95	$ 113
Income tax benefits	(7)	(5)	(5)
Stock-based compensation cost, net of tax	93	90	108
Unrecognized compensation cost related to non-vested awards	$ 123
Unrecognized compensation cost related to non-vested awards, weighted average period of recognition	2 years 1 month 6 days
Cost of service
Stock-based compensation cost, allocation of recognized costs
Pretax stock-based compensation expense	$ 12	16	21
Selling, general and administrative expense
Stock-based compensation cost, allocation of recognized costs
Pretax stock-based compensation expense	$ 89	$ 78	$ 92

WORKFORCE REBALANCING AND SITE-RATIONALIZATION CHARGES - Rollforward (Details) - USD ($) $ in Millions	12 Months Ended					36 Months Ended
	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2025
RESTRUCTURING
Charges		$ 162		$ 174	$ 135
Fiscal 2025 Program
RESTRUCTURING
Charges		162
Cash payments		(100)
Non-cash adjustments		(46)
Balance at end of period		16				$ 16
Fiscal 2024 Program
RESTRUCTURING
Balance at beginning of period		28		58
Charges				174	135	310
Cash payments		(25)		(168)	(1)
Non-cash adjustments		(3)		(36)	(76)
Balance at end of period				28	58
Workforce Rebalancing Charges \| Fiscal 2025 Program
RESTRUCTURING
Charges		114
Cash payments		(100)
Non-cash adjustments		2
Balance at end of period		16				16
Workforce Rebalancing Charges \| Fiscal 2024 Program
RESTRUCTURING
Balance at beginning of period		28		55
Charges				135	55
Cash payments		(25)		(161)
Non-cash adjustments		(3)		(1)
Balance at end of period				28	55
Liabilities Related to Ceasing to Use Leased Assets
RESTRUCTURING
Charges		39		14	69
Liabilities Related to Ceasing to Use Leased Assets \| Fiscal 2025 Program
RESTRUCTURING
Charges		39
Non-cash adjustments		(39)
Liabilities Related to Ceasing to Use Leased Assets \| Fiscal 2024 Program
RESTRUCTURING
Charges				14	69
Non-cash adjustments				(14)	(69)
Liabilities Related to Lease Terminations \| Fiscal 2024 Program
RESTRUCTURING
Balance at beginning of period				3
Charges				(1)	4
Cash payments				(2)	(1)
Balance at end of period					3
Liabilities Related to Ceasing to Use Fixed Assets \| Fiscal 2025 Program
RESTRUCTURING
Charges		8
Non-cash adjustments		(8)
Liabilities Related to Ceasing to Use Fixed Assets \| Fiscal 2024 Program
RESTRUCTURING
Charges				26	7
Cash payments				(5)
Non-cash adjustments				(21)	(7)
Abandonment of Certain Company Owned Fixed Assets
RESTRUCTURING
Charges	$ 8		$ 21		7
Charges Related to One-Off Terminations
RESTRUCTURING
Charges				4	16
Workforce Rebalancing Liabilities Inherited from Former Parent
RESTRUCTURING
Balance at beginning of period		29		42	57	57
Charges				4
Cash payments		(14)		(15)	(32)
Non-cash adjustments		1
Balance at end of period		$ 16		$ 29	$ 42	$ 16

TAXES - Tax Effects of Temporary Differences of Deferred Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Deferred tax assets
Retirement benefits	$ 106	$ 121
Leases	253	308
Stock-based and other compensation	75	90
U.S. tax loss/credit carryforwards	520	441
Deferred income	38	65
Foreign tax loss/credit carryforwards	75	66
Allowance for credit losses	9	12
Goodwill and intangible assets	61	59
Workforce rebalancing charges	8	15
Limitation on deductibility of interest	88	79
Accruals	99	94
Other	52	57
Gross deferred tax assets	1,384	1,406
Less: valuation allowance	(749)	(748)
Net deferred tax assets	634	657
Deferred tax liabilities
Fixed assets and depreciation	97	34
Leases and right-of-use assets	242	294
Undistributed foreign earnings	5	16
Deferred transition costs	121	131
Prepaids	2	4
Other	15	16
Gross deferred tax liabilities	$ 482	$ 494

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2022	Mar. 31, 2025
Loss Contingencies
Purchase commitment, short-term		$ 200
Purchase commitment, mid-term		600
Purchase commitment, long-term		$ 100
Minimum
Loss Contingencies
Duration of contractual commitments		2 years
Maximum
Loss Contingencies
Duration of contractual commitments		3 years
BMC v. IBM \| IBM
Loss Contingencies
Direct damages sought, value	$ 717
Punitive damages sought, value	$ 717

RETIREMENT-RELATED BENEFITS - Nonpension Postretirement Benefits Plans and Mult-Employer Plans (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Retirement-Related Benefit Plans Disclosures [Line Items]
Retirement and nonpension postretirement benefit obligations	$ 483	$ 500
Non Pension Postretirement Benefit Plans
Retirement-Related Benefit Plans Disclosures [Line Items]
Retirement and nonpension postretirement benefit obligations	$ 9	$ 10
Discount rate	3.16%	2.89%	3.02%
Fair Value of plan assets	$ 0	$ 0	$ 0

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

TAXES

12 Months Ended

Mar. 31, 2025

TAXES.

TAXES

NOTE 5. TAXES

Income (loss) before income taxes by geography was as follows:


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Income (loss) before income taxes:
U.S. operations	$	(158)	$	(678)	$	(1,543)
Non-U.S. operations		593		510		692
Total income (loss) before income taxes	$	435	$	(168)	$	(851)

The components of the provision for income taxes by taxing jurisdiction were as follows:


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
U.S. federal:
Current	$	1	$	39	$	—
Deferred		(18)		(10)		(19)
	$	(17)	$	29	$	(19)
U.S. state and local:
Current	$	4	$	2	$	2
Deferred		2		1		(4)
	$	6	$	3	$	(2)
Non-U.S.:
Current	$	177	$	142	$	236
Deferred		18		(2)		308
	$	195	$	140	$	545
Total provision for income taxes	$	184	$	172	$	524

A reconciliation of the statutory U.S. federal tax rate to the Company’s effective tax rate from continuing operations was as follows:


	Year Ended March 31,
	2025		2024		2023
Statutory rate	21.0	%	21.0	%	21.0	%
Tax differential on foreign income	4.5	%	(17.4)	%	(3.9)	%
State and local taxes	0.7	%	17.8	%	5.7	%
Valuation allowances	(4.1)	%	(67.7)	%	(72.0)	%
Reserves for uncertain tax positions	14.2	%	(7.8)	%	(6.5)	%
Global Intangible Low-Taxed Income (GILTI)	1.5	%	—	%	(2.0)	%
Undistributed foreign earnings	(2.5)	%	2.2	%	1.5	%
Impact of foreign operations	20.9	%	(43.6)	%	(8.6)	%
Basis adjustment	—	%	(6.2)	%	—	%
Tax credits	(13.1)	%	28.7	%	4.7	%
Return to provision	(3.1)	%	(19.3)	%	0.3	%
Nondeductible items	1.9	%	(8.6)	%	(2.0)	%
Other	—	%	(1.4)	%	—	%
Effective tax rate	41.9	%	(102.2)	%	(61.6)	%

The provision for income taxes for the year ended March 31, 2025 was $184 million as compared to $172 million for the year ended March 31, 2024. The increase in income tax expense was primarily driven by an increase in pretax book income. The provision for income taxes for the year ended March 31, 2024 was $172 million as compared to $524 million for the year ended March 31, 2023. The decrease in income tax expense was primarily driven by valuation allowances established in fiscal year 2023, changes in uncertain tax positions during fiscal year 2024 as a result of audit settlements and statutes of limitations lapsing, offset by increases in taxes on foreign operations.

The Company’s effective tax rate for the year ended March 31, 2025 was higher than the Company’s statutory tax rate primarily due to the Company’s pretax income in fiscal year 2025, compared to a pretax loss in fiscal year 2024. The Company’s effective tax rate for the year ended March 31, 2024 was lower (more negative) than the Company’s statutory tax rate primarily due to the Company’s pretax loss being significantly lower in fiscal year 2024 and current year losses not benefitted due to the existing valuation allowances. The Company’s effective tax rate for the year ended March 31, 2023 was lower than the Company’s statutory tax rate primarily due to changes in valuation allowances, taxes on foreign operations and uncertain tax positions. The Organization for Economic Cooperation and Development’s Pillar Two rules, effective beginning in fiscal year 2025, did not significantly affect the Company’s tax rate or cash flows for the year ending March 31, 2025.

The tax effects of temporary differences that give rise to significant portions of the deferred taxes were as follows:


	March 31,
(Dollars in millions)	2025		2024
Deferred tax assets
Retirement benefits	$	106	$	121
Leases		253		308
Stock-based and other compensation		75		90
U.S. tax loss/credit carryforwards		520		441
Deferred income		38		65
Foreign tax loss/credit carryforwards		75		66
Allowance for credit losses		9		12
Goodwill and intangible assets		61		59
Workforce rebalancing charges		8		15
Limitation on deductibility of interest		88		79
Accruals		99		94
Other		52		57
Gross deferred tax assets	$	1,384	$	1,406
Less: valuation allowance		(749)		(748)
Net deferred tax assets	$	634	$	657

Deferred tax liabilities
Fixed assets and depreciation	$	97	$	34
Leases and right-of-use assets		242		294
Undistributed foreign earnings		5		16
Deferred transition costs		121		131
Prepaids		2		4
Other		15		16
Gross deferred tax liabilities	$	482	$	494

As of March 31, 2025, the Company had tax-affected U.S. and foreign net operating loss/credit carryforwards deferred tax assets of $520 million and $75 million, respectively. As of March 31, 2024, the Company had tax-affected U.S. and foreign net operating loss/credit carryforwards deferred tax assets of $441 million and $66 million, respectively. If not utilized, the U.S. state and foreign net operating loss carryforwards will begin to expire in 2026. The U.S. federal net operating losses incurred post 2017 can be carried forward indefinitely. Certain of our acquired U.S. net operating losses and general business credits are subject to limitations under IRC Section 382 and will begin to expire in 2029.

The valuation allowances as of March 31, 2025 and 2024 were $749 million and $748 million, respectively. The increase in valuation allowances from March 31, 2024 to March 31, 2025 was $1 million. The change in valuation allowances primarily reflects an increase in the U.S. due to current-year tax credit carryforwards generated and the impact of purchase accounting related to acquired net operating losses, which are not more likely than not to be realized. This increase was partially offset by the release and reduction in the valuation allowance for certain foreign jurisdictions resulting from the reversal of deductible temporary differences. Estimates of future taxable income could change, perhaps materially, which may require us to revise our assessment of the recoverability of the deferred tax asset at that time.

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Balance at beginning of period	$	108	$	104	$	55
Additions based on tax positions related to the current year		35		36		46
Additions for tax positions of prior years		28		—		3
Reductions for tax positions of prior years (including impacts due to a lapse of statute)		(3)		(32)		—
Balance at end of period	$	168	$	108	$	104

Liabilities related to unrecognized tax benefits for which the Company is liable are reported within the Consolidated Balance Sheet based upon tax authorities’ ability to assert the Company may be the primary obligor for historical taxes, among other factors.

With limited exceptions, the Company is generally subject to income tax audits for tax years subsequent to September 1, 2021, or post-Separation, including in the U.S., Germany, Japan and Spain. Pursuant to the terms of the Separation, any tax liabilities attributable to the tax period (or portion thereof) ending on or before November 3, 2021, are generally not the Company’s liability. As of March 31, 2025, the Company is not aware of any material open income tax audits that would result in a liability owed by the Company. The Company does not expect a significant increase or decrease in unrecognized tax benefits within the next twelve months. The net amount of $168 million unrecognized tax benefits, if recognized, would favorably affect the Company’s effective tax rate. Interest and penalties related to income tax liabilities are included in income tax expense. During the year ended March 31, 2025, the Company recognized $12.5 million in interest expense and penalties. The Company had $4 million for interest and penalties accrued at March 31, 2024.

Pursuant to the terms of the Separation, there were certain tax refunds related to estimated tax payments and refundable value-added taxes for which we would have been required to reimburse our former Parent as the refunds were received, as well as certain tax benefits related to net operating losses that were transferred to the Company for which we would have been required to pay to our former Parent as the tax benefits were realized. In addition, our former Parent had obligations to indemnify the Company for tax liabilities attributable to tax periods (or portions thereof) ending on or before November 3, 2021. During fiscal year 2025, an agreement was executed with our former Parent that resolved both parties’ obligations related to the Separation. The agreement did not have a material impact on the Company’s financial statements.

As of March 31, 2025, the Company’s undistributed earnings from certain non-U.S. subsidiaries were not indefinitely reinvested. Accordingly, the Company recorded a deferred tax liability of $4 million for the estimated taxes associated with the repatriation of these earnings. The Company intends to repatriate certain foreign earnings that have been taxed in the U.S. and undistributed earnings to the extent the foreign earnings are not restricted by local laws and can be accessed in a cost-effective manner.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 231
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

FINANCIAL ASSETS AND LIABILITIES - Foreign Exchange Risk (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Designated as hedging instruments
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Amounts Excluded from Effectiveness Testing	$ 22.0	$ 1.0
Not designated as hedging instruments - economic hedges \| Currency swaps \| Maximum
Derivatives, Fair Value [Line Items]
Term of contract	1 year
Derivative instruments in cash flow hedges
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Amounts Excluded from Effectiveness Testing	$ 0.0	0.0	$ 0.0
Derivative instruments in cash flow hedges \| Designated as hedging instruments \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Maximum length of time hedged	1 year
Weighted average remaining maturity	6 months
Net gains from derivatives		$ 2.0
Net loss from derivatives	$ 1.0
Deferred net losses on derivatives reclassified to net income	$ 1.0
Net investment hedges
Derivatives, Fair Value [Line Items]
Investment hedges			$ 0.0
Net investment hedges \| Designated as hedging instruments
Derivatives, Fair Value [Line Items]
Maximum length of time hedged	9 years
Weighted average remaining maturity	3 years	10 years
Net loss from derivatives	$ 6.0	$ 11.0
Net investment hedges \| Designated as hedging instruments \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Amounts Excluded from Effectiveness Testing	10.0
Net investment hedges \| Designated as hedging instruments \| Cross-currency swap contracts
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in Earnings and Other Comprehensive Income - Amounts Excluded from Effectiveness Testing	$ 12.0	$ 1.0

RETIREMENT-RELATED BENEFITS - OCI and AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Changes in AOCI for retirement-related benefits
Current period loss (gain)	$ (17)	$ 56	$ (175)
Curtailments and settlements	(7)	(10)	(10)
Amortization of net loss included in net periodic benefit cost	(16)	(5)	(40)
Current period prior service costs (credits)	(2)	3	(4)
Pension Plans
Changes in AOCI for retirement-related benefits
Net loss (gain) at beginning of period	296	253
Current period loss (gain)	(17)	57
Curtailments and settlements	(8)	(10)
Amortization of net loss included in net periodic benefit cost	(16)	(4)
Net loss (gain) at end of period	256	296	253
Prior service costs (credits) at beginning of period	4	8
Current period prior service costs (credits)	(2)	(2)
Amortization for prior service costs (credits) included in net periodic benefit cost	(1)	(1)
Prior service costs (credits) at end of period	1	4	$ 8
Total amounts recognized in accumulated other comprehensive loss (income)	$ 257	$ 301

INTANGIBLE ASSETS INCLUDING GOODWILL (Tables)

12 Months Ended

Mar. 31, 2025

INTANGIBLE ASSETS INCLUDING GOODWILL

Intangible asset balances by major asset class


	At March 31, 2025						At March 31, 2024
	Gross Carrying		Accumulated		Net Carrying		Gross Carrying		Accumulated		Net Carrying
(Dollars in millions)	Amount		Amortization		Amount		Amount		Amortization		Amount
Capitalized software	$	216	$	(76)	$	141	$	172	$	(48)	$	125
Customer relationships*		121		(60)		61		152		(96)		56
Completed technology		13		(2)		11		—		—		—
Patents and trademarks*		15		(10)		5		14		(6)		8
Total	$	365	$	(148)	$	218	$	339	$	(150)	$	188

* Amounts include effects from foreign currency translation.

Intangible assets, future amortization expense


	Capitalized		Customer		Completed		Patents and
(Dollars in millions)	Software		Relationships		Technology		Trademarks		Total
Year ending March 31:
2026	$	47	$	21	$	3	$	3	$	74
2027		47		19		3		2		71
2028		23		5		3		—		31
2029		17		5		3		—		24
2030		6		4		—		—		10
Thereafter		—		8		—		—		8

Changes in goodwill balances by reportable segment


	United				Principal		Strategic
(Dollars in millions)	States		Japan		Markets		Markets		Total
Balance as of March 31, 2023	$	—	$	495	$	142	$	176	$	812
Translation Adjustments		—		(7)		(1)		—		(7)
Balance as of March 31, 2024	$	—	$	488	$	141	$	176	$	805
Acquisitions and (Divestitures)*	$	11	$	—	$	(27)	$	—	$	(15)
Translation Adjustments		—		1		—		—		1
Reallocation		—		—		(23)		23		—
Balance as of March 31, 2025	$	11	$	489	$	92	$	198	$	790

*	Represents the goodwill acquired as part of the purchase of Skytap and the removal of goodwill related to the divestiture of the SIS platform using the relative fair value approach. See Note 10 – Acquisitions and Divestitures for additional details.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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+ Details

SIGNIFICANT ACCOUNTING POLICIES - Stock-Based Compensation (Details) shares in Millions	12 Months Ended
	Mar. 31, 2025 shares
Stock-Based Compensation
Contractual term	10 years
Shares authorized under existing stock based compensation plans (in shares)	47.9
Performance Shares [Member]
Stock-Based Compensation
Vesting period	3 years
Market-conditioned stock units
Stock-Based Compensation
Vesting period	3 years
Restricted Stock Units (RSUs) [Member] \| Minimum
Stock-Based Compensation
Vesting period	1 year
Restricted Stock Units (RSUs) [Member] \| Maximum
Stock-Based Compensation
Vesting period	4 years
Employee Stock Option [Member] \| Minimum
Stock-Based Compensation
Vesting period	1 year
Employee Stock Option [Member] \| Maximum
Stock-Based Compensation
Vesting period	4 years

EQUITY - AOCI Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
EQUITY - AOCI Rollforward (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) (net of tax)
Balance at the beginning of the period	$ 1,122	$ 1,462	$ 2,711
Other comprehensive income (loss)	(16)	(82)	27
Balance at the end of the period	1,331	1,122	1,462
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (net of tax)
Balance at the beginning of the period	(1,145)	(1,062)	(1,089)
Other comprehensive income (loss)	(16)	(82)	27
Balance at the end of the period	(1,160)	(1,145)	(1,062)
Unrealized Gains (Losses) on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) (net of tax)
Balance at the beginning of the period			3
Other comprehensive income (loss)			(2)
Balance at the end of the period	1
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) (net of tax)
Balance at the beginning of the period	(967)	(921)	(735)
Other comprehensive income (loss)	(48)	(47)	(186)
Balance at the end of the period	(1,016)	(967)	(921)
Net Change Retirement-Related Benefit Plans
Accumulated Other Comprehensive Income (Loss) (net of tax)
Balance at the beginning of the period	(178)	(142)	(357)
Other comprehensive income (loss)	32	(36)	215
Balance at the end of the period	$ (145)	$ (178)	$ (142)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

ACQUISITIONS AND DIVESTITURES - Disposal of the SIS Business (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
ACQUISITIONS
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Business Combination, Acquisition Related Costs
Disposal group, held-for-sale, not discontinued operations \| Securities Industry Services
ACQUISITIONS
Definitive agreement		$ 185
Disposal group, disposed of by sale, not discontinued operations \| Securities Industry Services
ACQUISITIONS
Gain on disposal	$ 145

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2025	Mar. 31, 2024
CONSOLIDATED BALANCE SHEET
Notes and accounts receivable - trade, allowances	$ 13.0	$ 22.0
Common Stock, Par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares authorized (in shares)	1,000.0	1,000.0
Common Stock, Shares issued (in shares)	238.2	233.7
Treasury Stock (in shares)	7.5	3.3

ACQUISITIONS AND DIVESTITURES

12 Months Ended

Mar. 31, 2025

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES

NOTE 10. ACQUISITIONS AND DIVESTITURES

Acquisition of Skytap

In April 2024, the Company completed the acquisition of Skytap, Inc. (“Skytap”), a leading specialized workload services provider, by acquiring all outstanding equity interests of Skytap in exchange for cash consideration. The acquisition of Skytap was accounted for as a business combination in accordance with ASC 805, Business

Combinations. Our financial statements for the year ended March 31, 2025 reflect the assets, liabilities, operating results and cash flows of Skytap, commencing from the acquisition date. The Company acquired Skytap for cash consideration of approximately $45 million, net of cash acquired of $4 million. Costs associated with this acquisition were immaterial. Pro forma financial information has not been presented, as revenue and expenses related to the acquisition do not have a material impact on the Company’s Consolidated Financial Statements.

The acquisition of Skytap expands the Company’s hybrid cloud services portfolio. The final purchase price allocation resulted in approximately $43 million in intangible assets, primarily consisting of $13 million in completed technologies and $30 million in customer relationships with estimated useful lives of five and eight years, respectively, assets transferred of $24 million (inclusive of cash acquired of $4 million), liabilities assumed of $29 million, and goodwill of $11 million, primarily attributable to synergies expected to arise from this acquisition. We do not expect the goodwill to be deductible for income tax purposes.

Since the completion of the acquisition, the Company has made immaterial adjustments to the preliminary purchase price allocation impacting the valuation of goodwill and assets transferred.

Disposal of the Securities Industry Services (“SIS”) Platform in Canada

During the three months ended December 31, 2024, the Company completed the sale of its transaction processing platform for securities brokerage industry services in Canada (which is a component of the Company’s Principal Markets segment), for approximately $185 million in cash. In connection with the sale, the Company recognized a $145 million pretax gain, which was recorded within transaction-related costs (benefits) on the Consolidated Income Statement. This disposition is not accounted for as discontinued operations as it does not meet the relevant criteria. The carrying value of the net assets sold was not material.

CONSOLIDATED INCOME STATEMENT - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

CONSOLIDATED INCOME STATEMENT

Revenues

^[1]

$ 15,057

$ 16,052

$ 17,026

Cost of services

^[2]

11,914

13,189

14,498

Selling, general and administrative expenses

2,591

2,773

2,914

Workforce rebalancing charges

114

138

Transaction-related costs (benefits)

(125)

(46)

264

Interest expense

100

122

Other expense

Total costs and expenses

14,622

16,221

17,876

Income (loss) before income taxes

435

(168)

(851)

Provision for income taxes

184

172

524

Net income (loss)

$ 252

$ (340)

$ (1,374)

EARNINGS PER SHARE

Basic earnings (loss) per share (in dollars per share)

$ 1.09

$ (1.48)

$ (6.06)

Diluted earnings (loss) per share (in dollars per share)

$ 1.05

$ (1.48)

$ (6.06)

Weighted-average basic shares outstanding (in shares)

231.5

229.2

226.7

Weighted-average diluted shares outstanding (in shares)

239.1

229.2

226.7

[1]	Including related-party revenue of $287 for the year ended March 31, 2023
[2]	Including related-party cost of service of $1,382 for the year ended March 31, 2023

REVENUE RECOGNITION (Tables)

12 Months Ended

Mar. 31, 2025

REVENUE RECOGNITION

Schedule of reconciliation of contract balances


	At March 31,
(Dollars in millions)	2025		2024
Accounts receivable (net of allowances for credit losses of $13 at March 31, 2025 and $22 at March 31, 2024) *	$	1,345	$	1,599
Contract assets †		50		30
Deferred income (current)		746		825
Deferred income (noncurrent)		341		314

*	Including unbilled receivable balances of $425 million at March 31, 2025 and $377 million at March 31, 2024.

†

Schedule of notes and accounts receivable allowance for expected credit losses


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Beginning balance	$	22	$	32	$	44
Additions (releases)		(7)		4		6
Write-offs		(1)		(4)		(13)
Other *		(1)		(9)		(5)
Ending balance	$	13	$	22	$	32

* Primarily represents translation adjustments.

Schedule of capitalized costs to acquire and fulfill customer contracts


	At March 31,
(Dollars in millions)	2025		2024
Deferred transition costs	$	697	$	753
Prepaid software costs		876		770
Capitalized costs to fulfill contracts		195		212
Capitalized costs to obtain contracts		281		265
Total deferred costs *	$	2,049	$	2,000

* Of the total deferred costs, $1,009 million was current and $1,040 million was noncurrent at March 31, 2025, and $1,081 million was current and $920 million was noncurrent at March 31, 2024.

EARNINGS PER SHARE - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
EARNINGS PER SHARE
Stock dividends declared	$ 0	$ 0	$ 0
Net income (loss) on which basic and diluted earnings per share is calculated	$ 252	$ (340)	$ (1,374)
Number of shares on which basic earnings (loss) per share is calculated	231.5	229.2	226.7
Dilutive effect of stock options and equity awards	7.7
Number of shares on which diluted earnings (loss) per share is calculated	239.1	229.2	226.7
Basic earnings (loss) per share	$ 1.09	$ (1.48)	$ (6.06)
Diluted earnings (loss) per share	$ 1.05	$ (1.48)	$ (6.06)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Number of Shares under Option
Beginning balance (in shares)	3.5	3.7	3.8
Awards exercised (in shares)	(0.4)	0.0
Awards canceled/ forfeited (in shares)	0.0	(0.1)	(0.2)
Ending balance (in shares)	3.1	3.5	3.7	3.8
Options vested and exercisable (in shares)	2.4
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 17.77	$ 17.76	$ 17.76
Awards exercised (in dollars per share)	17.69	17.3
Awards canceled/forfeited (in dollars per share)	17.78	17.78	17.78
Ending balance (in dollars per share)	17.78	17.77	17.76	$ 17.76
Options vested and exercisable (in dollars per share)	17.78
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	6.54	6.54	6.54
Awards exercised (in dollars per share)	6.56	6.61
Awards canceled/forfeited (in dollars per share)	6.54	6.54	6.54
Ending balance (in dollars per share)	6.54	$ 6.54	$ 6.54	$ 6.54
Options vested and exercisable (in dollars per share)	$ 6.54
Awards exercised, intrinsic value	$ 4.7
Awards outstanding, total intrinsic value	42.7
Options vested and exercisable, intrinsic value	$ 32.1
Awards outstanding, weighted average remaining contractual life	6 years 4 months 24 days	7 years 3 months 18 days	8 years 8 months 12 days	9 years 8 months 12 days
Options vested and exercisable, weighted average remaining contractual life	6 years 3 months 18 days

BORROWINGS - Senior Unsecured Notes (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 29, 2024	Oct. 31, 2021
Fixed Rate, Senior Unsecured Notes
BORROWINGS
Aggregate amount of debt issued		$ 2,400
Senior Notes due 2026
BORROWINGS
Aggregate amount of debt issued		$ 700
Coupon rate (as a percent)		2.05%
Senior Notes due 2028
BORROWINGS
Aggregate amount of debt issued		$ 500
Coupon rate (as a percent)		2.70%
Senior Notes due 2031
BORROWINGS
Aggregate amount of debt issued		$ 650
Coupon rate (as a percent)		3.15%
Senior Notes due 2034
BORROWINGS
Aggregate amount of debt issued	$ 500
Coupon rate (as a percent)	6.35%
Net proceeds	$ 494
Senior Notes due 2041
BORROWINGS
Aggregate amount of debt issued		$ 550
Coupon rate (as a percent)		4.10%

SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details)	Mar. 31, 2025
SIGNIFICANT ACCOUNTING POLICIES
Payment due period from receipt of invoice, per standard billing terms	30 days
Practical expedient, financing components	true
Minimum \| Services
SIGNIFICANT ACCOUNTING POLICIES
Contract term, low end of range	1 year
Maximum \| Services
SIGNIFICANT ACCOUNTING POLICIES
Contract term, high end of range	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 252	$ (340)	$ (1,374)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation of property, equipment and capitalized software	660	834	900
Depreciation of right-of-use assets	327	319	428
Amortization of transition costs and prepaid software	1,278	1,256	1,199
Amortization of capitalized contract costs	420	531	472
Amortization of acquisition-related intangible assets	30	30	46
Stock-based compensation	100	95	113
Deferred taxes	(1)	(13)	285
Net (gain) loss on asset sales and other	(152)	43	6
Change in operating assets and liabilities:
Deferred costs (excluding amortization)	(1,762)	(1,569)	(1,592)
Right-of-use assets and liabilities (excluding depreciation)	(314)	(335)	(361)
Workforce rebalancing liabilities	(25)	(38)	41
Receivables	289	11	664
Accounts payable	(89)	(305)	282
Taxes	(1)	(2)	90
Other assets and other liabilities	(71)	(63)	(415)
Net cash provided by operating activities	942	454	781
Cash flows from investing activities:
Capital expenditures	(605)	(651)	(865)
Proceeds from disposition of property and equipment	83	138	23
Acquisitions and divestitures, net of cash acquired	139
Other investing activities, net	(20)	(40)	7
Net cash used in investing activities	(404)	(553)	(835)
Cash flows from financing activities:
Debt repayments	(148)	(644)	(118)
Proceeds from issuance of debt, net of debt issuance costs		494
Common stock repurchases	(93)
Common stock repurchases for tax withholdings	(45)	(22)	(19)
Other financing activities, net		2	(4)
Net cash used in financing activities	(286)	(170)	(141)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(16)	(37)	(100)
Net change in cash, cash equivalents and restricted cash	235	(306)	(294)
Cash, cash equivalents and restricted cash at beginning of period	1,554	1,860	2,154
Cash, cash equivalents and restricted cash at end of period	1,789	1,554	1,860
Supplemental data
Income taxes paid, net of refunds received	149	191	167
Interest paid on debt	$ 119	$ 118	$ 98

SIGNIFICANT ACCOUNTING POLICIES - RD&E, Advertising, and Promotional Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Research, development and engineering expenses	$ 49	$ 58	$ 79
Advertising and promotional expense	$ 83	$ 115	$ 136

BORROWINGS - Contractual obligations of long-term debt outstanding (Details) $ in Millions	Mar. 31, 2025 USD ($)
Pre-swap annual contractual obligations of long-term debt outstanding
2026	$ 29
2027	710
2029	500
Thereafter	1,700
Total	$ 2,939

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Mar. 31, 2025

PROPERTY AND EQUIPMENT

Summary of balances of property and equipment by type


	At March 31,
(Dollars in millions)	2025		2024
Information technology equipment	$	5,858	$	6,374
Buildings and leasehold improvements		2,402		2,502
Office and other equipment		268		354
Land and land improvements		68		70
Property and equipment, gross	$	8,597	$	9,300
Accumulated depreciation		(6,026)		(6,626)
Property and equipment, net	$	2,570	$	2,674

INTANGIBLE ASSETS INCLUDING GOODWILL - Intangible Assets by Class (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Intangible asset balances by major asset class
Gross Carrying Amount	$ 365	$ 339
Accumulated Amortization	(148)	(150)
Net Carrying Amount	218	188
Capitalized software
Intangible asset balances by major asset class
Gross Carrying Amount	216	172
Accumulated Amortization	(76)	(48)
Net Carrying Amount	141	125
Customer relationships
Intangible asset balances by major asset class
Gross Carrying Amount	121	152
Accumulated Amortization	(60)	(96)
Net Carrying Amount	61	56
Completed technology
Intangible asset balances by major asset class
Gross Carrying Amount	13
Accumulated Amortization	(2)
Net Carrying Amount	11
Patents and trademarks
Intangible asset balances by major asset class
Gross Carrying Amount	15	14
Accumulated Amortization	(10)	(6)
Net Carrying Amount	$ 5	$ 8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

RETIREMENT-RELATED BENEFITS - Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Retirement-Related Benefits
Percentage of Co-sponsored plan assets	57.00%
Pension Plans
Retirement-Related Benefits
Fair value of plan assets, gross	$ 301	$ 329
Investments measured at net asset value using NAV as a practical expedient	898	919
Fair value of plan assets	1,199	1,248	$ 1,226
Pension Plans \| Government and related
Retirement-Related Benefits
Fair value of plan assets, gross	104	112
Pension Plans \| Corporate bonds
Retirement-Related Benefits
Fair value of plan assets, gross	21	21
Pension Plans \| Insurance contracts
Retirement-Related Benefits
Fair value of plan assets, gross	169	189
Pension Plans \| Cash and short-term investments
Retirement-Related Benefits
Fair value of plan assets, gross	3	3
Pension Plans \| Derivatives
Retirement-Related Benefits
Fair value of plan assets, gross	4	5
Pension Plans \| Level 1
Retirement-Related Benefits
Fair value of plan assets, gross	3	3
Fair value of plan assets	3	3
Pension Plans \| Level 1 \| Cash and short-term investments
Retirement-Related Benefits
Fair value of plan assets, gross	3	3
Pension Plans \| Level 2
Retirement-Related Benefits
Fair value of plan assets, gross	297	327
Fair value of plan assets	297	327
Pension Plans \| Level 2 \| Government and related
Retirement-Related Benefits
Fair value of plan assets, gross	104	112
Pension Plans \| Level 2 \| Corporate bonds
Retirement-Related Benefits
Fair value of plan assets, gross	21	21
Pension Plans \| Level 2 \| Insurance contracts
Retirement-Related Benefits
Fair value of plan assets, gross	169	189
Pension Plans \| Level 2 \| Cash and short-term investments
Retirement-Related Benefits
Fair value of plan assets, gross		1
Pension Plans \| Level 2 \| Derivatives
Retirement-Related Benefits
Fair value of plan assets, gross	$ 4	$ 5

RETIREMENT-RELATED BENEFITS - Investment Strategy (Details)	12 Months Ended
	Mar. 31, 2025
Maximum
Investment Policies And Strategies
Percentage of board members, elected by employees and retirees for managing investments (as a percent)	50.00%
Equity securities
Investment Policies And Strategies
Target allocation (as a percent)	28.00%
Fixed-income securities
Investment Policies And Strategies
Target allocation (as a percent)	46.00%
Real Estate.
Investment Policies And Strategies
Target allocation (as a percent)	6.00%
Insurance contracts
Investment Policies And Strategies
Target allocation (as a percent)	14.00%
Other investments
Investment Policies And Strategies
Target allocation (as a percent)	6.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

RETIREMENT-RELATED BENEFITS - Net Funded Status (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Net funded status recognized in the Consolidated Balance Sheet
Noncurrent assets - pension assets	$ 148	$ 105
Current liabilities - accrued compensation and benefits	(652)	(609)
Noncurrent liabilities - retirement and nonpension postretirement benefit obligations	(483)	(500)
Pension Plans
Net funded status recognized in the Consolidated Balance Sheet
Noncurrent assets - pension assets	148	105
Current liabilities - accrued compensation and benefits	(40)	(40)
Noncurrent liabilities - retirement and nonpension postretirement benefit obligations	(471)	(487)
Funded status, net	$ (364)	$ (422)

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

LEASES

12 Months Ended

Mar. 31, 2025

LEASES

LEASES

NOTE 9. LEASES

The following table presents the various components of lease costs:


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Finance lease costs	$	95	$	112	$	85
Operating lease costs		331		388		434
Short-term lease costs		1		4		7
Variable lease costs		154		135		108
Sublease income		(6)		(11)		(9)
Total lease costs	$	576	$	629	$	625

During the fiscal years of 2025, 2024 and 2023, we identified and ceased use of certain operating right-of-use assets that were inherited from the former Parent at Separation. We determined that we will no longer receive economic benefits from these leased properties and do not have the intent or practical ability to sublease or sell them. Accordingly, we recorded accelerated depreciation in the amount of $39 million, $14 million and $69 million (representing the remaining carrying value of the identified right-of-use assets, not included in the operating lease costs in the table above) for the years ended March 31, 2025, 2024 and 2023, respectively. Refer to Note 19 – Workforce Rebalancing and Site-Rationalization Charges for details of this program.

The Company had no sale and leaseback transactions for the years ended March 31, 2025, 2024 and 2023.

The following table presents supplemental information relating to the cash flows arising from lease transactions. Cash payments related to variable lease costs and short-term leases are not included in the measurement of operating and finance lease liabilities and, as such, are excluded from the amounts below.


	Year Ended March 31,
(Dollars in millions)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for finance leases	$	17	$	14	$	5
Financing cash outflows for finance leases		117		116		83
Operating cash outflows for operating leases		404		387		417
Right-of-use assets obtained in exchange for new finance lease liabilities		70		212		111
Right-of-use assets obtained in exchange for new operating lease liabilities		204		291		175

The following table presents the weighted-average lease term and discount rate for finance and operating leases:


	At March 31,
	2025		2024
Finance leases
Weighted-average remaining lease term	4.1	years	3.8	years
Weighted-average discount rate	5.74	%	5.58	%
Operating leases
Weighted-average remaining lease term	4.4	years	4.8	years
Weighted-average discount rate	5.07	%	5.15	%

The following table presents a maturity analysis of expected undiscounted cash flows for operating and finance leases on an annual basis for the next five years and thereafter.


	Year Ending March 31,												Imputed
(Dollars in millions)	2026		2027		2028		2029		2030		Thereafter		Interest*		Total
Finance leases	$	126	$	97	$	56	$	19	$	3	$	—	$	52	$	250
Operating leases	$	346	$	223	$	142	$	113	$	60	$	100	$	198	$	785

* Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

The following table presents the total amount of finance leases recognized in the Consolidated Balance Sheet:


	At March 31,
(Dollars in millions)	2025		2024
Right-of-use assets – Property and equipment, net	$	297	$	309
Lease liabilities:
Current – Current portion of long-term debt		100		95
Noncurrent – Long-term debt		150		193

RETIREMENT-RELATED BENEFITS - Expected Benefit Payments (Details) - Pension Plans $ in Millions	Mar. 31, 2025 USD ($)
Expected Benefit Payments
2026	$ 110
2027	103
2028	107
2029	109
2030	110
2031-2035	$ 597

PROPERTY AND EQUIPMENT

12 Months Ended

Mar. 31, 2025

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

NOTE 8. PROPERTY AND EQUIPMENT

The following table presents the balances of property and equipment by type:


	At March 31,
(Dollars in millions)	2025		2024
Information technology equipment	$	5,858	$	6,374
Buildings and leasehold improvements		2,402		2,502
Office and other equipment		268		354
Land and land improvements		68		70
Property and equipment, gross	$	8,597	$	9,300
Accumulated depreciation		(6,026)		(6,626)
Property and equipment, net	$	2,570	$	2,674

The unpaid property and equipment balance included in accounts payable and accrued expenses was $45 million and $29 million at March 31, 2025 and 2024, respectively. Depreciation of property and equipment was $618 million, $801 million, and $900 million for the years ended March 31, 2025, 2024 and 2023, respectively. Additionally, as part of the site-rationalization program, the Company recognized $8 million, $21 million and $7 million of accelerated depreciation related to ceasing to use certain owned fixed assets for the years ended March 31, 2025, 2024 and 2023, respectively. Refer to Note 19 – Workforce Rebalancing and Site-Rationalization Charges for additional details.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 252	$ (340)	$ (1,374)
Foreign currency translation adjustments:
Foreign currency translation adjustments	(50)	(36)	(186)
Unrealized gains (losses) on net investment hedges	4	(11)
Total foreign currency translation adjustments	(46)	(47)	(186)
Unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) arising during the period	(14)	22	(4)
Reclassification of (gains) losses to net income	11	(21)	2
Total unrealized gains (losses) on cash flow hedges	(2)	1	(3)
Retirement-related benefit plans:
Prior service costs (credits)	2	(3)	4
Net gains (losses) arising during the period	17	(56)	175
Curtailments and settlements	7	10	10
Amortization of prior service (credits) costs		1	1
Amortization of net (gains) losses	16	5	40
Total retirement-related benefit plans	42	(42)	229
Other comprehensive income (loss), before tax	(6)	(88)	40
Income tax (expense) benefit related to items of other comprehensive income (loss)	(10)	6	(14)
Other comprehensive income (loss), net of tax	(16)	(82)	27
Total comprehensive income (loss)	$ 236	$ (423)	$ (1,347)

RETIREMENT-RELATED BENEFITS - Assumptions (Details) - Pension Plans	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Weighted-average assumptions used to measure net periodic benefit cost
Discount rate	3.30%	3.57%	1.88%
Expected long-term returns on plan assets	4.63%	4.69%	3.33%
Rate of compensation increase	2.84%	2.85%	2.54%
Weighted-average assumptions used to measure benefit obligations
Discount rate	3.68%	3.30%	3.57%
Rate of compensation increase	2.80%	2.84%	2.85%
Interest crediting rate - cash balance plans	1.83%	1.65%	1.52%

SIGNIFICANT ACCOUNTING POLICIES - Kyndryl's Spin-off and Description of Business (Details) - USD ($)	Nov. 03, 2021	Mar. 31, 2025	Nov. 04, 2021
Percentage of common stock transferred on spin off	80.10%
IBM
Ownership percentage retained			19.90%
Minimum
Number of countries		60

TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
TAXES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
TAXES.
Effective tax rate (as a percent)	41.90%	(102.20%)	(61.60%)
Domestic net operating loss deferred tax assets	$ 520.0	$ 441.0
Foreign net operating loss deferred tax assets	75.0	66.0
Valuation allowance	749.0	748.0
Increase (decrease) to valuation allowance	1.0
Net unrecognized tax benefit amount, would favorably affect the company's effective tax rate	168.0
Interest and penalties accrued	12.5	$ 4.0
Undistributed earnings	$ 4.0

REVENUE RECOGNITION - Remaining Performance Obligations, Expected Timing of Satisfaction (Details)	Mar. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Remaining Performance Obligations
Percentage of remaining performance obligation expected to be recognized	57.00%
Duration of expected recognition period for remaining performance obligation	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Remaining Performance Obligations
Percentage of remaining performance obligation expected to be recognized	37.00%
Duration of expected recognition period for remaining performance obligation	3 years

REVENUE RECOGNITION - Major Clients (Details) - client	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Revenue
Concentration Risk [Line Items]
Concentration risk, major clients	0	0	0
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, major clients	0	0

REVENUE RECOGNITION - Performance Obligations Satisfied or Partially Satisfied in Prior Periods (Details) $ in Millions	12 Months Ended
	Mar. 31, 2025 USD ($)
REVENUE RECOGNITION
Impact to revenue from performance obligations satisfied (or partially satisfied) in previous periods	$ 59

STOCK-BASED COMPENSATION - RSUs, Market-Conditioned Stock Units and Performance-Conditioned Stock Units Awards Activity (Details) - $ / shares shares in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Restricted stock units
Number of Units
Beginning balance (in shares)	8.0	9.4	9.8
Awards granted (in shares)	1.7	3.1	5.0
Awards vested (in shares)	(3.3)	(4.0)	(4.9)
Awards canceled/ forfeited (in shares)	(0.3)	(0.4)	(0.5)
Ending balance (in shares)	6.1	8.0	9.4
Weighted Average Grant Price
Beginning balance (in dollars per share)	$ 15.33	$ 18.43	$ 26.36
Awards granted (in dollars per share)	26.65	13.52	10.8
Awards vested (in dollars per share)	17.14	21.92	26.09
Awards canceled/ forfeited (in dollars per share)	16.58	17.43	23.09
Ending balance (in dollars per share)	$ 17.49	$ 15.33	$ 18.43
Market-Conditioned Performance Awards
Number of Units
Beginning balance (in shares)	2.9	2.3	1.8
Awards granted (in shares)	0.4	0.6	0.7
Awards vested (in shares)	(0.8)
Awards canceled/ forfeited (in shares)	(0.8)	(0.1)	(0.2)
Ending balance (in shares)	1.6	2.9	2.3
Weighted Average Grant Price
Beginning balance (in dollars per share)	$ 14.32	$ 14.4	$ 15.14
Awards granted (in dollars per share)	26.23	14.1	12.51
Awards vested (in dollars per share)	15.14
Awards canceled/ forfeited (in dollars per share)	15.12	14.43	14.46
Ending balance (in dollars per share)	$ 16.33	$ 14.32	$ 14.4
Performance-conditioned stock units
Number of Units
Beginning balance (in shares)	4.3	2.3
Awards granted (in shares)	1.2	2.0	2.5
Awards canceled/ forfeited (in shares)	(0.1)	(0.1)	(0.1)
Ending balance (in shares)	5.4	4.3	2.3
Weighted Average Grant Price
Beginning balance (in dollars per share)	$ 12.28	$ 10.62
Awards granted (in dollars per share)	26.47	13.37	$ 10.62
Awards canceled/ forfeited (in dollars per share)	12.13	11.85	10.62
Ending balance (in dollars per share)	$ 15.01	$ 12.28	$ 10.62

TAXES - Income (loss) before income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
TAXES.
U.S. operations	$ (158)	$ (678)	$ (1,543)
Non-U.S. operations	593	510	692
Income (loss) before income taxes	$ 435	$ (168)	$ (851)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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+ Details

CONSOLIDATED STATEMENT OF EQUITY - USD ($) shares in Millions, $ in Millions	Common Stock and Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Accumulated Deficit	Non-Controlling Interests	Total
Balance at the beginning of the period at Mar. 31, 2022	$ 4,315	$ (1,089)	$ (4)	$ (605)	$ 94	$ 2,711
Balance at the beginning of the period (in shares) at Mar. 31, 2022	224.5
Equity
Net income (loss)				(1,374)		(1,374)
Other comprehensive income (loss), net of tax		27				27
Activity related to employee stock plans	$ 113					113
Activity related to employee stock plans (in shares)	4.8
Purchases of treasury stock			(19)			(19)
Purchases of treasury stock (in shares)	(1.7)
Changes in non-controlling interests					4	4
Balance at the end of the period at Mar. 31, 2023	$ 4,428	(1,062)	(23)	(1,978)	97	1,462
Balance at the end of the period (in shares) at Mar. 31, 2023	227.7
Equity
Net income (loss)				(340)		(340)
Other comprehensive income (loss), net of tax		(82)				(82)
Activity related to employee stock plans	$ 95					95
Activity related to employee stock plans (in shares)	4.1
Purchases of treasury stock			(22)			(22)
Purchases of treasury stock (in shares)	(1.4)
Changes in non-controlling interests					10	10
Balance at the end of the period at Mar. 31, 2024	$ 4,524	(1,145)	(45)	(2,319)	107	1,122
Balance at the end of the period (in shares) at Mar. 31, 2024	230.4
Equity
Net income (loss)				252		252
Other comprehensive income (loss), net of tax		(16)				(16)
Activity related to employee stock plans	$ 107					107
Activity related to employee stock plans (in shares)	4.5
Purchases of treasury stock			(139)			(139)
Purchases of treasury stock (in shares)	(4.2)
Changes in non-controlling interests					6	6
Balance at the end of the period at Mar. 31, 2025	$ 4,631	$ (1,160)	$ (184)	$ (2,067)	$ 113	$ 1,331
Balance at the end of the period (in shares) at Mar. 31, 2025	230.6

EQUITY

12 Months Ended

Mar. 31, 2025

EQUITY

EQUITY

NOTE 15. EQUITY

The following tables present reclassifications and taxes related to items of other comprehensive income (loss) for the years ended March 31, 2025, 2024 and 2023:


(Dollars in millions)	Pretax		Tax (Expense)		Net-of-Tax
For the year ended March 31, 2025	Amount		Benefit		Amount
Foreign currency translation adjustments:
Foreign currency translation adjustments	$	(50)	$	—	$	(50)
Unrealized gains (losses) on net investment hedges		4		(2)		2
Total foreign currency translation adjustments	$	(46)	$	(2)	$	(48)
Unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) arising during the period	$	(14)	$	3	$	(11)
Reclassification of (gains) losses to net income		11		—		11
Total unrealized gains (losses) on cash flow hedges	$	(2)	$	3	$	—
Retirement-related benefit plans:
Prior service (credits) costs	$	2	$	(1)	$	1
Net gains (losses) arising during the period		17		(4)		13
Curtailments and settlements		7		(2)		5
Amortization of net (gains) losses		16		(4)		12
Total retirement-related benefit plans	$	42	$	(10)	$	32
Other comprehensive income (loss)	$	(6)	$	(10)	$	(16)


(Dollars in millions)	Pretax		Tax (Expense)		Net-of-Tax
For the year ended March 31, 2024	Amount		Benefit		Amount
Foreign currency translation adjustments:
Foreign currency translation adjustments	$	(36)	$	—	$	(36)
Unrealized losses on net investment hedges		(11)		—		(11)
Total foreign currency translation adjustments	$	(47)	$	—	$	(47)
Unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) arising during the period	$	22	$	(1)	$	21
Reclassification of (gains) losses to net income		(21)		—		(21)
Total unrealized gains (losses) on cash flow hedges	$	1	$	(1)	$	—
Retirement-related benefit plans:
Prior service (credits) costs	$	(3)	$	1	$	(2)
Net gains (losses) arising during the period		(56)		10		(45)
Curtailments and settlements		10		(2)		8
Amortization of prior service (credits) costs		1		—		1
Amortization of net (gains) losses		5		(2)		3
Total retirement-related benefit plans	$	(42)	$	7	$	(36)
Other comprehensive income (loss)	$	(88)	$	6	$	(82)


(Dollars in millions)	Pretax		Tax (Expense)		Net-of-Tax
For the year ended March 31, 2023	Amount		Benefit		Amount
Foreign currency translation adjustments	$	(186)	$	—	$	(186)
Unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) arising during the period	$	(4)	$	—	$	(4)
Reclassification of (gains) losses to net income		2		—		2
Total unrealized gains (losses) on cash flow hedges	$	(3)	$	—	$	(2)
Retirement-related benefit plans:
Prior service (credits) costs	$	4	$	—	$	3
Net gains (losses) arising during the period		175		—		175
Curtailments and settlements		10		(2)		8
Amortization of prior service (credits) costs		1		—		1
Amortization of net (gains) losses		40		(11)		29
Total retirement-related benefit plans	$	229	$	(14)	$	215
Other comprehensive income (loss)	$	40	$	(14)	$	27

The following table presents the components of accumulated other comprehensive income (loss), net of taxes:


	Net Unrealized		Foreign Currency		Net Change in		Accumulated Other
	Gains (Losses)		Translation		Retirement-Related		Comprehensive
(Dollars in millions)	on Cash Flow Hedges		Adjustments*		Benefit Plans		Income (Loss)
March 31, 2022	$	3	$	(735)	$	(357)	$	(1,089)
Other comprehensive income (loss)		(2)		(186)		215		27
March 31, 2023	$	—	$	(921)	$	(142)	$	(1,062)
Other comprehensive income (loss)		—		(47)		(36)		(82)
March 31, 2024	$	—	$	(967)	$	(178)	$	(1,145)
Other comprehensive income (loss)		—		(48)		32		(16)
March 31, 2025	$	1	$	(1,016)	$	(145)	$	(1,160)

*	Foreign currency translation adjustments are presented gross except for any associated hedges, which are presented net of tax.

Share Repurchase Program

In November 2024, the Company’s Board of Directors authorized a share repurchase program of up to $300 million of the Company’s common stock (the “Share Repurchase Program”). Under the Share Repurchase Program, the

Company may repurchase shares of its common stock from time to time in open market transactions and may also repurchase shares in accelerated share buyback programs, tender offers, privately negotiated transactions or by other means. Repurchases may also be made under a Rule 10b5-1 trading plan. The timing and amount of repurchase transactions will be determined by the Company’s management based on its evaluation of market conditions, share price, legal requirements and other factors. The program does not have a set expiration date and may be suspended, modified or discontinued at any time without prior notice.

During the year ended March 31, 2025, the Company repurchased 2.6 million shares of its common stock at an aggregate cost of $94 million under the Share Repurchase Program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

LEASES - Weighted-average lease term and discount rate (Details)	Mar. 31, 2025	Mar. 31, 2024
LEASES
Finance leases, Weighted-average remaining lease term	4 years 1 month 6 days	3 years 9 months 18 days
Finance leases, Weighted-average discount rate	5.74%	5.58%
Operating leases, Weighted-average remaining lease term	4 years 4 months 24 days	4 years 9 months 18 days
Operating leases, Weighted-average discount rate	5.07%	5.15%

EARNINGS PER SHARE

12 Months Ended

Mar. 31, 2025

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 6. EARNINGS PER SHARE

We did not declare any stock dividends in the periods presented. The following table provides the computation of basic and diluted earnings per share of common stock for the years ended March 31, 2025, 2024 and 2023.


	Year Ended March 31,
(In millions, except per share amounts)	2025		2024		2023
Net income (loss) on which basic and diluted earnings per share is calculated	$	252	$	(340)	$	(1,374)

Number of shares on which basic earnings (loss) per share is calculated		231.5		229.2		226.7
Dilutive effect of stock options and equity awards		7.7		—		—
Number of shares on which diluted earnings (loss) per share is calculated		239.1		229.2		226.7

Basic earnings (loss) per share	$	1.09	$	(1.48)	$	(6.06)
Diluted earnings (loss) per share		1.05		(1.48)		(6.06)

For the years ended March 31, 2024 and 2023, the number of shares on which basic and diluted earnings (loss) per share is calculated was the same as a result of the net loss incurred in the period. The following securities were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive:


	Year Ended March 31,
(In millions)	2025	2024	2023
Nonvested restricted stock units	0.6	8.8	9.4
Nonvested performance-conditioned stock units	4.2	3.0	2.3
Nonvested market-conditioned stock units	0.7	2.7	2.3
Stock options issued and outstanding	—	3.6	3.7
Total	5.5	18.1	17.7

OTHER LIABILITIES

12 Months Ended

Mar. 31, 2025

OTHER LIABILITIES.

OTHER LIABILITIES

NOTE 13. OTHER LIABILITIES

The following table provides the components of other liabilities at March 31, 2025 and 2024.


	At March 31,
(Dollars in millions)	2025		2024
Workforce rebalancing (current)	$	29	$	45
Other current accruals		426		476
Other accrued expenses and liabilities	$	454	$	521
Workforce rebalancing (noncurrent)	$	3	$	12
Deferred taxes		51		55
Income tax reserve		136		90
Other		253		174
Other noncurrent liabilities	$	443	$	332

In response to changing business needs, the Company has taken workforce rebalancing actions to increase productivity, enhance cost-competitiveness and rebalance skills. The workforce rebalancing liabilities at March 31, 2025 and 2024 include liabilities inherited from our former Parent plus new actions taken by Kyndryl during the fiscal year. Refer to Note 19 – Workforce Rebalancing and Site-Rationalization Charges for details.

Pursuant to the terms of the Separation, the Company may be required to reimburse our former Parent for certain tax refunds we receive and to indemnify our former Parent for certain tax payments. For more information, see Note 5 – Taxes.

EARNINGS PER SHARE - Anti dilutive securities (Details) - shares shares in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Securities not included in the computation of diluted earnings (loss) per share
Anti dilutive securities	5.5	18.1	17.7
Restricted stock units
Securities not included in the computation of diluted earnings (loss) per share
Anti dilutive securities	0.6	8.8	9.4
Performance-conditioned stock units
Securities not included in the computation of diluted earnings (loss) per share
Anti dilutive securities	4.2	3.0	2.3
Market-conditioned stock units
Securities not included in the computation of diluted earnings (loss) per share
Anti dilutive securities	0.7	2.7	2.3
Employee Stock Option
Securities not included in the computation of diluted earnings (loss) per share
Anti dilutive securities		3.6	3.7

RETIREMENT-RELATED BENEFITS - Contributions and Direct Benefit Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Defined benefit plans
Defined Benefit Plan Disclosure [Line Items]
Total	$ 17	$ 14	$ 27
Direct payments
Defined Benefit Plan Disclosure [Line Items]
Total	44	$ 46	$ 37
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Estimated cash contributions to the defined benefit plans in next fiscal year	$ 12

SIGNIFICANT ACCOUNTING POLICIES - Incremental Costs of Obtaining a Contract (Details)	Mar. 31, 2025
Minimum
SIGNIFICANT ACCOUNTING POLICIES
Capitalized costs to obtain contract, expected customer relationship period as amortization period	3 years
Maximum
SIGNIFICANT ACCOUNTING POLICIES
Capitalized costs to obtain contract, expected customer relationship period as amortization period	6 years

EQUITY - Reclassifications and Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Reclassifications and Taxes Related to Items of Other Comprehensive Income (Loss)
Other comprehensive income (loss)	$ (16)	$ (82)	$ 27
Accumulated Other Comprehensive Income (Loss)
Reclassifications and Taxes Related to Items of Other Comprehensive Income (Loss)
Other comprehensive income (loss), before tax amount	(6)	(88)	40
Other comprehensive income (loss), tax (expense) benefit	(10)	6	(14)
Other comprehensive income (loss)	(16)	(82)	27
Foreign Currency Translation Adjustments
Reclassifications and Taxes Related to Items of Other Comprehensive Income (Loss)
Other comprehensive income (loss), before tax amount	(46)	(47)
Other comprehensive income (loss), tax (expense) benefit	(2)
Other comprehensive income (loss)	(48)	(47)	(186)
Foreign Currency Translation Adjustments Excluding Net Investment Hedges
Reclassifications and Taxes Related to Items of Other Comprehensive Income (Loss)
Unrealized gains (losses) arising during the period, before tax amount	(50)	(36)	(186)
Unrealized gains (losses) arising during the period, net of tax amount	(50)	(36)	(186)
Unrealized Gains (Losses) on Net Investment Hedges
Reclassifications and Taxes Related to Items of Other Comprehensive Income (Loss)
Unrealized gains (losses) arising during the period, before tax amount	4	(11)
Unrealized gains (losses) arising during the period, tax (expense) benefit	(2)
Unrealized gains (losses) arising during the period, net of tax amount	2	(11)
Unrealized Gains (Losses) on Cash Flow Hedges
Reclassifications and Taxes Related to Items of Other Comprehensive Income (Loss)
Unrealized gains (losses) arising during the period, before tax amount	(14)	22	(4)
Unrealized gains (losses) arising during the period, tax (expense) benefit	3	(1)
Unrealized gains (losses) arising during the period, net of tax amount	(11)	21	(4)
Reclassification/amortization, before tax amount	11	(21)	2
Reclassification/amortization, net of tax amount	11	(21)	2
Other comprehensive income (loss), before tax amount	(2)	1	(3)
Other comprehensive income (loss), tax (expense) benefit	3	(1)
Other comprehensive income (loss)			(2)
Net Change Retirement-Related Benefit Plans
Reclassifications and Taxes Related to Items of Other Comprehensive Income (Loss)
Other comprehensive income (loss), before tax amount	42	(42)	229
Other comprehensive income (loss), tax (expense) benefit	(10)	7	(14)
Other comprehensive income (loss)	32	(36)	215
Retirement-Related Benefit Plans, Curtailments and Settlements
Reclassifications and Taxes Related to Items of Other Comprehensive Income (Loss)
Unrealized gains (losses) arising during the period, before tax amount	7	10	10
Unrealized gains (losses) arising during the period, tax (expense) benefit	(2)	(2)	(2)
Unrealized gains (losses) arising during the period, net of tax amount	5	8	8
Retirement-Related Benefit Plans, Prior Service Costs (Credits)
Reclassifications and Taxes Related to Items of Other Comprehensive Income (Loss)
Unrealized gains (losses) arising during the period, before tax amount	2	(3)	4
Unrealized gains (losses) arising during the period, tax (expense) benefit	(1)	1
Unrealized gains (losses) arising during the period, net of tax amount	1	(2)	3
Reclassification/amortization, before tax amount		1	1
Reclassification/amortization, net of tax amount		1	1
Retirement-Related Benefit Plans, Net Gains (Losses)
Reclassifications and Taxes Related to Items of Other Comprehensive Income (Loss)
Unrealized gains (losses) arising during the period, before tax amount	17	(56)	(175)
Unrealized gains (losses) arising during the period, tax (expense) benefit	(4)	10
Unrealized gains (losses) arising during the period, net of tax amount	13	(45)	(175)
Reclassification/amortization, before tax amount	16	5	40
Reclassification/amortization, tax (expense) benefit	(4)	(2)	(11)
Reclassification/amortization, net of tax amount	$ 12	$ 3	$ 29