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

Kyndryl Holdings, Inc. 10-K/A