0001104659-26-067881
SEC filingKyndryl 营收持平但盈利改善，调整后 EBITDA 增长 6%，但面临销售周期延长和监管不确定性。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $15,092M | $15,057M | 0% |
| Gross Profit | $3,289M | $3,143M | +5% |
| Gross Margin | 21.8% | 20.9% | +90 bps |
| Operating Income | $414M | $435M | -5% |
| Operating Margin | 2.7% | 2.9% | -13 bps |
| Net Income | $198M | $252M | -21% |
| Diluted EPS | $0.85 | $1.05 | -19% |
| Adjusted EBITDA | $2,672M | $2,516M | +6% |
| Operating Cash Flow | $948M | $942M | +1% |
| Free Cash Flow | $340M | $337M | +1% |
营收持平，但盈利能力显著改善。毛利率提升 90 bps 至 21.8%，主要得益于 Advanced Delivery 等效率举措。调整后 EBITDA 增长 6% 至 $2.7B，利润率提升至 17.7%。净收入下降 21% 至 $198M，主要因上年同期包含 SIS 平台出售的 $138M 税后收益，剔除该一次性项目后，净收入实际有所增长。
经营现金流稳定在 $948M，与净收入加回折旧摊销等非现金项目后的水平相符。自由现金流约 $340M，转化率良好。资本支出 $608M，占营收 4.0%，维持稳定。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| United States | $3,784M | -2% | $835M | 22.1% | 低利润合同到期，效率提升 |
| Japan | $2,284M | -3% | $486M | 21.3% | 削减低利润业务，效率提升 |
| Principal Markets | $5,399M | +4% | $834M | 15.4% | 营收增长，但受上年供应商信贷影响 |
| Strategic Markets | $3,625M | 0% | $622M | 17.2% | 营收持平，效率提升 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $2,623M | +$837M |
| Total Debt | $4,089M | +$917M |
| Net Debt | $1,466M | +$80M |
| Operating Cash Flow | $948M | +$6M |
| Capex | $608M | +$3M |
| Free Cash Flow | $340M | +$3M |
总债务增加主要因 2 月借入 $1B 循环信贷，现金增加 $837M。净债务约 $1.5B，杠杆率较低。