IBM vs Kyndryl
IBM reported revenue of $67.5 billion in fiscal 2025, 4.5 times Kyndryl's $15.1 billion in fiscal 2026. IBM's revenue grew 7.6% in its latest year, and Kyndryl's grew 0.2%. Free cash flow was $12.1 billion at IBM and $340 million at Kyndryl. Their fiscal years end in different months (December 31 and March 31), so the periods don't line up exactly.
Side by side
| IBM | Kyndryl | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2026, Mar 31, 2026 |
| Revenue | $67.5B | $15.1B |
| Revenue growth | 7.6% | 0.2% |
| Revenue growth a year, last 5 years | 4.1% | −4.9% |
| Gross margin | 58.2% | 21.8% |
| Operating margin | — | — |
| Net margin | 15.7% | 1.3% |
| Free cash flow | $12.1B | $340M |
| Free cash flow margin | 17.9% | 2.2% |
| Return on capital | 15.4% | 7.8% |
| Net debt to EBITDA | 3.1x | 1.8x |
| Dividends and buybacks | $6.3B | $304M |
| Change in diluted share count | 1.2% | −2.2% |
| Last close | $253.44 | $14.68 |
| P/E at the last close | 21.6× | 39.7× |
| Insider trades, last 12 months | bought $417,157, sold $5.8 million | sold $177,248 |
| Piotroski F-score | 6 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
IBMKyndryl
Operating margin
Percent of revenue
IBMKyndryl
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
IBMKyndryl