Here are 1-2 brief analogies for Kyndryl:

• Accenture for enterprise IT infrastructure.

  Like Accenture, Kyndryl provides global IT services and consulting, but with a specialized focus on managing, modernizing, and running the core, mission-critical IT infrastructure (like data centers, networks, and cloud environments) for large corporations.

• GE Aerospace for digital infrastructure.

  Similar to how GE Aerospace maintains and services complex, critical jet engines for airlines, Kyndryl focuses on maintaining, optimizing, and modernizing the equally complex and critical digital infrastructure (servers, networks, mainframes, hybrid cloud systems) that powers large businesses worldwide.

Kyndryl (KD) provides a range of IT infrastructure services, categorized as follows:

• Cloud Services: Services for managing, optimizing, and migrating to multi-cloud environments, including hybrid cloud solutions.
• Applications, Data & AI Services: Modernizing business applications, managing data platforms, and integrating artificial intelligence solutions.
• Security & Resiliency Services: Protecting IT infrastructure from cyber threats and ensuring business continuity through disaster recovery and incident response.
• Network & Edge Services: Designing, building, and managing secure and performant network infrastructures, including edge computing capabilities.
• Digital Workplace Services: Enhancing employee productivity and experience through end-user support, device management, and collaborative tools.
• Core Enterprise & zCloud Services: Managing and modernizing mission-critical mainframe (IBM Z) environments and delivering related cloud services.
• Advisory & Implementation Services: Providing expert consulting and project execution for complex IT transformation initiatives.

For the public company Kyndryl (symbol: KD), its primary business model involves selling services primarily to other companies (B2B).

Kyndryl provides IT infrastructure services, including cloud services, core enterprise and zCloud, applications, data and AI, digital workplace, and security and resiliency services to large enterprises globally.

Major Customers:

Kyndryl serves a broad global customer base, which includes approximately 75 of the Fortune 100 companies and more than half of the Fortune 500 companies. However, Kyndryl's SEC filings (e.g., 2023 10-K) state that no single customer accounted for more than 10% of its revenue for the years ended December 31, 2023, 2022, and 2021. This indicates a highly diversified customer base rather than reliance on a few dominant "major" customers in the traditional sense that would require individual disclosure.

While specific revenue contributions from individual clients are generally not disclosed by Kyndryl, they do publicly announce collaborations and client engagements with large enterprises across various sectors. An example of a publicly identified client through a strategic partnership announcement is:

• Allianz Technology, a subsidiary of Allianz SE (FWB: ALV, OTC: AZSEY). Kyndryl announced a strategic partnership with Allianz Technology for global IT transformation, indicating a significant engagement with this major insurer and financial services provider.

Beyond specific named clients, Kyndryl's customer base comprises large enterprises across a wide array of industries, including financial services, manufacturing, retail & consumer goods, healthcare, telecommunications, and the public sector.

Martin Schroeter, Chairman and Chief Executive Officer. Martin Schroeter was appointed the inaugural Chief Executive Officer of Kyndryl in January 2021 and became Chairman in November 2021. Before joining Kyndryl, he retired from IBM, where he served as Senior Vice President, Global Markets from 2018 to 2020 and as Chief Financial Officer from 2014 to 2017. He also led IBM Global Financing, managing a total asset base exceeding $37 billion. Schroeter held numerous leadership roles in Japan, the United States, and Australia during his tenure at IBM. He was instrumental in the creation and leadership of Kyndryl as an IBM spinoff.

David Wyshner, Chief Financial Officer. David Wyshner joined Kyndryl as Chief Financial Officer in July 2021. He possesses extensive experience in spin-offs and acquisitions, with Kyndryl being his sixth involvement in a company spin-off. Prior to Kyndryl, he served as CFO at XPO Logistics, where he oversaw the global finance organization and prepared the company for a spin-off. As CFO of Wyndham Worldwide, he led the company's separation into one privately acquired business and two public companies, and spearheaded the acquisition of La Quinta Holdings. Wyshner also served as President and CFO of Avis Budget Group and was involved in the spin-off of a multi-billion dollar subsidiary of Cendant, breaking it into four independent groups.

Elly Keinan, Group President. As Group President of Kyndryl, Elly Keinan oversees global operations and profit and loss across 63 countries, as well as Kyndryl's six global practices, global alliances, and technology platform. He previously spent 33 years at IBM, holding global leadership positions such as General Manager of IBM North America, General Manager of IBM Latin America, and Chairman of IBM Japan.

Maryjo Charbonnier, Chief Human Resources Officer. Maryjo Charbonnier is Kyndryl's Chief Human Resources Officer.

Edward Sebold, General Counsel and Secretary. Edward Sebold serves as Kyndryl's General Counsel and Secretary.

Kyndryl (symbol: KD) has an addressable market opportunity of $530 billion globally, a figure the company doubled through expanding its offerings beyond specific technologies and platforms.

The company could also tap into an estimated $415 billion market that encompasses advanced cloud technologies, digital security, and AI-based automation. Kyndryl's main products and services include cloud, security and resiliency, network and edge computing, digital workplace, core enterprise and zCloud, and applications, data, and AI. Kyndryl also offers business consulting services through Kyndryl Consult.

More specifically, the global cyber resilience market is projected to reach $100 billion by 2025. Additionally, the global market for data center services is projected to grow from approximately $115.96 billion in 2025 to around $320.89 billion by 2030.

Kyndryl (symbol: KD) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

1. Growth in Kyndryl Consult Services: Kyndryl Consult, the company's advisory services arm, has been a consistent high-growth area, with revenue increasing significantly year-over-year (32% in constant currency over the past year, 28% in Q2 FY26, and 30% in Q1 FY26). This segment is expected to continue growing at a double-digit rate, outpacing market growth and contributing to margin expansion.

2. Expansion of Hyperscaler Alliances and Cloud Services: Kyndryl is seeing substantial revenue growth from its alliances with major cloud hyperscalers like AWS, Google Cloud, and Microsoft. Hyperscaler-related revenues have doubled over the past year and increased by 65% year-over-year in Q2 FY26, positioning the company to exceed its initial fiscal 2026 target of $1.8 billion for this area. Strategic acquisitions, such as a midsized cloud services provider in Europe, further enhance Kyndryl's capabilities in the cloud services sector, including sovereign cloud.

3. Increased Adoption of AI and Automation Services: Kyndryl is focusing heavily on integrating Artificial Intelligence (AI) and automation into its offerings, including enhancements to its Agentic AI Framework and the deployment of its AI-powered Kyndryl Bridge operating platform. Approximately 25% of recent new contracts included AI-related services, indicating a strong demand for AI integration and modernization across industries.

4. Infrastructure Modernization and Expanding Scope with Existing Customers: Kyndryl's deep expertise in modernizing mission-critical systems and established customer relationships are crucial for driving growth. The company aims to expand the scope of its services with existing clients, addressing "tech debt" and supporting their digital transformation and AI adoption journeys. This focus on infrastructure modernization leads to additional managed services opportunities and new signings.

5. Strategic Shift to Higher-Margin Offerings: Kyndryl is actively restructuring its business by stepping away from inherited low-margin and no-margin contracts to concentrate on higher-value and more profitable engagements. While this strategy has led to some near-term revenue adjustments, it is intended to improve overall profitability and contribute to sustainable revenue growth in the long run.

Share Repurchases

• Kyndryl's Board of Directors authorized a $300 million share repurchase program in November 2024.
• In November 2025, the company announced an additional $400 million increase to its share repurchase program, bringing the total authorized amount to $700 million.
• As of September 30, 2025, Kyndryl had repurchased 7.3 million shares at a cost of $249 million under the November 2024 authorization. In the second quarter of fiscal year 2026 (ended September 30, 2025), the company repurchased 2.9 million shares at a cost of $89 million. In the first quarter of fiscal year 2026 (ended June 30, 2025), Kyndryl bought back 1.8 million shares at a cost of $65 million.

Share Issuance

• Kyndryl was spun off from IBM on November 3, 2021, with IBM distributing 80.1% of its Kyndryl shares to IBM shareholders.
• IBM shareholders received one share of Kyndryl common stock for every five shares of IBM common stock held as of the record date of October 25, 2021.
• As of May 23, 2025, the number of outstanding shares of Kyndryl's common stock was 229,944,566.

Outbound Investments

• In November 2025, Kyndryl announced an agreement to acquire Solvinity Group B.V., a provider of secure managed cloud platforms and services in the Netherlands, to expand its secure cloud services capabilities. The financial terms of the acquisition were not disclosed.
• In May 2024, Kyndryl announced the acquisition of Skytap and the divestiture of Securities Industry Services to Broadridge Financial Solutions as part of a portfolio optimization strategy.

Capital Expenditures

• Kyndryl expects net capital expenditures to be approximately $700 million for fiscal year 2026 (April 2025 to March 2026).
• The company reported net capital expenditures of $125 million in the second quarter of fiscal year 2026 (ended September 30, 2025). In the first quarter of fiscal year 2026 (ended June 30, 2025), net capital expenditures were $97 million.
• Kyndryl plans to invest $2.25 billion in India over the next three years (from August 2025), focusing on modernizing essential technology infrastructure, expanding AI initiatives, and developing technology talent, including establishing an AI Innovation Lab in Bengaluru.