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International Business Machines (IBM) Financials

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$263.17 +4.54 (+1.76%)
Closing price 05/27/2025 03:59 PM Eastern
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$263.50 +0.33 (+0.13%)
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Annual Income Statements for International Business Machines

Annual Income Statements for International Business Machines

This table shows International Business Machines' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Income / (Loss) Attributable to Common Shareholders
6,023 7,502 1,639 5,743 5,590 9,431 8,728 5,753 11,872 13,190
Consolidated Net Income / (Loss)
6,023 7,502 1,639 5,743 5,590 9,431 8,728 5,753 11,872 13,190
Net Income / (Loss) Continuing Operations
6,015 7,514 1,783 4,712 3,932 7,146 8,723 5,758 11,881 13,364
Total Pre-Tax Income
5,797 8,690 1,156 4,837 2,572 7,206 11,342 11,400 12,330 15,945
Total Operating Income
7,509 10,296 2,371 6,865 4,662 7,538 12,065 12,013 12,959 16,414
Total Gross Profit
35,551 34,300 32,687 31,486 30,865 31,533 36,936 36,943 38,516 40,684
Total Revenue
62,753 61,860 60,530 57,350 55,179 57,714 79,591 79,139 79,919 81,741
Operating Revenue
62,753 61,860 60,530 57,350 55,179 57,714 79,591 79,139 79,919 81,742
Total Cost of Revenue
27,201 27,560 27,842 25,865 24,314 26,181 42,655 42,196 41,403 41,057
Operating Cost of Revenue
27,201 27,560 27,842 25,865 24,314 26,181 42,655 42,196 41,403 41,057
Total Operating Expenses
28,042 24,004 30,316 24,621 26,203 23,995 24,871 24,930 25,557 24,271
Selling, General & Admin Expense
19,688 19,003 18,609 18,745 20,561 18,724 19,366 19,680 20,869 20,430
Research & Development Expense
6,483 5,915 5,904 5,876 5,642 5,271 4,353 4,124 4,095 4,565
Other Operating Expenses / (Income)
1,871 -914 5,803 - - - 1,152 1,126 593 -724
Total Other Income / (Expense), net
-1,712 -1,607 -1,216 -2,028 -2,090 -332 -723 -615 -630 -468
Interest Expense
1,712 1,607 1,216 1,155 1,288 1,344 723 615 630 468
Income Tax Expense
-218 1,176 -626 124 -1,360 60 2,619 5,642 449 2,581
Net Income / (Loss) Discontinued Operations
8.00 -12 -143 1,030 1,658 2,285 5.00 -5.00 -9.00 -174
Basic Earnings per Share
$6.53 $8.23 $1.82 $6.41 $6.28 $10.63 $9.57 $6.17 $12.43 $13.48
Weighted Average Basic Shares Outstanding
921.77M 911.21M 902.66M 895.99M 890.35M 887.24M 912.05M 932.83M 955.42M 978.74M
Diluted Earnings per Share
$6.43 $8.14 $1.80 $6.35 $6.23 $10.56 $9.52 $6.14 $12.38 $13.42
Weighted Average Diluted Shares Outstanding
937.16M 922.07M 912.27M 904.64M 896.56M 892.81M 916.32M 937.39M 958.71M 982.70M
Weighted Average Basic & Diluted Shares Outstanding
927.26M 916.74M 907.11M 899.31M 893.59M 888.41M 912M 9.28B 955.10M 978.50M
Cash Dividends to Common per Share
$6.67 $6.63 $6.59 $6.55 $6.51 $6.43 $6.21 $5.90 $5.50 -

Quarterly Income Statements for International Business Machines

This table shows International Business Machines' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Income / (Loss) Attributable to Common Shareholders
1,055 2,914 -330 1,834 1,605 3,288 1,704 1,583 927 2,710 -3,196
Consolidated Net Income / (Loss)
1,055 2,914 -330 1,834 1,605 3,288 1,704 1,583 927 2,710 -3,196
Net Income / (Loss) Continuing Operations
1,054 2,927 -317 1,830 1,575 3,285 1,714 1,581 934 2,870 -3,214
Total Pre-Tax Income
1,158 3,306 -802 2,219 1,074 3,759 1,873 2,000 1,058 3,312 -4,501
Total Operating Income
1,613 2,037 1,871 2,413 1,188 4,883 2,070 2,162 1,181 -2,050 1,549
Total Gross Profit
8,031 10,439 8,420 8,950 7,742 10,267 8,023 8,501 7,509 9,632 7,430
Total Revenue
14,541 17,553 14,968 15,770 14,462 17,381 14,752 15,475 14,252 16,691 14,107
Total Cost of Revenue
6,510 7,114 6,548 6,820 6,719 7,114 6,729 6,974 6,743 7,057 6,677
Operating Cost of Revenue
6,510 7,114 6,548 6,820 6,719 7,114 6,729 6,974 6,743 7,057 6,677
Total Operating Expenses
6,418 8,402 6,549 6,537 6,554 5,384 5,953 6,339 6,328 11,682 5,881
Selling, General & Admin Expense
4,886 4,865 4,911 4,938 4,974 4,792 4,458 4,900 4,853 4,766 4,391
Research & Development Expense
1,697 1,666 1,638 1,599 1,580 1,506 1,495 1,439 1,475 1,359 1,490
Other Operating Expenses / (Income)
-165 - - - - - - - - - -
Total Other Income / (Expense), net
-455 1,270 -2,673 -194 -115 -1,126 -197 -162 -122 5,361 -6,050
Interest Expense
455 424 429 427 432 405 412 423 367 313 295
Income Tax Expense
103 380 -485 389 -502 474 159 419 124 443 -1,287
Net Income / (Loss) Discontinued Operations
1.00 -13 -13 4.00 30 3.00 -10 2.00 -7.00 -159 18
Basic Earnings per Share
$1.14 $3.15 ($0.36) $1.99 $1.75 $3.61 $1.87 $1.74 $1.02 $3.00 ($3.54)
Weighted Average Basic Shares Outstanding
928.01M 921.77M 923.58M 920.29M 917.18M 911.21M 912.79M 909.86M 907.53M 902.66M 904.08M
Diluted Earnings per Share
$1.12 $3.11 ($0.36) $1.96 $1.72 $3.61 $1.84 $1.72 $1.01 $3.00 ($3.54)
Weighted Average Diluted Shares Outstanding
945.37M 937.16M 923.58M 934.40M 933.43M 922.07M 923.67M 919.45M 917.85M 912.27M 904.08M
Weighted Average Basic & Diluted Shares Outstanding
929.40M 927.26M 924.65M 921.15M 918.60M 916.74M 913.12M 911.01M 908.05M 907.11M 904.13M
Cash Dividends to Common per Share
$1.67 $1.67 $1.67 $1.67 $1.66 $1.67 $1.66 $1.66 $1.65 $1.66 $1.65

Annual Cash Flow Statements for International Business Machines

This table details how cash moves in and out of International Business Machines' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Change in Cash & Equivalents
1,071 5,101 1,032 -6,718 5,361 -3,290 -135 3,225 188 -790
Net Cash From Operating Activities
13,445 13,931 10,435 12,796 18,197 14,770 15,247 16,724 17,084 17,255
Net Cash From Continuing Operating Activities
13,445 13,931 10,435 12,796 18,198 14,771 15,248 16,724 17,084 17,256
Net Income / (Loss) Continuing Operations
6,023 7,502 1,639 5,743 5,590 9,431 8,728 5,753 11,872 13,190
Consolidated Net Income / (Loss)
6,023 7,502 1,639 5,743 5,590 9,431 8,728 5,753 11,872 13,190
Depreciation Expense
2,168 2,109 2,407 3,888 4,227 4,209 3,127 3,021 2,837 2,662
Amortization Expense
2,499 2,287 2,395 2,529 2,468 1,850 1,353 1,520 1,544 1,193
Non-Cash Adjustments To Reconcile Net Income
3,772 963 6,518 846 867 -417 633 548 606 1,020
Changes in Operating Assets and Liabilities, net
-1,017 1,070 -2,524 -210 5,046 -302 1,407 5,882 225 -809
Net Cash From Investing Activities
-4,937 -7,070 -4,202 -5,975 -3,028 -26,936 -4,913 -7,081 -10,928 -8,159
Net Cash From Continuing Investing Activities
-4,937 -7,071 -4,202 -5,974 -3,028 -26,936 -4,912 -7,081 -10,928 -8,160
Purchase of Property, Plant & Equipment
-1,048 -1,245 -1,346 -2,062 -2,618 -2,286 -3,395 -3,229 -3,567 -3,579
Acquisitions
-3,289 -5,082 -2,348 -3,293 -336 -32,630 -139 -701 -5,696 -3,349
Purchase of Investments
-7,762 -11,143 -5,930 -3,561 -6,246 -3,693 -7,041 -4,949 -5,853 -3,073
Sale of Property, Plant & Equipment
557 321 111 387 188 537 248 460 424 370
Divestitures
698 -4.00 1,272 114 503 1,076 0.00 - -454 -401
Sale and/or Maturity of Investments
6,544 10,647 4,665 3,147 5,618 3,961 6,487 3,910 5,692 2,842
Other Investing Activities, net
-637 -565 -626 -706 -137 6,099 -1,072 -2,572 -1,474 -970
Net Cash From Financing Activities
-7,079 -1,769 -4,958 -13,354 -9,721 9,042 -10,469 -6,418 -5,917 -9,413
Net Cash From Continuing Financing Activities
-7,078 -1,770 -4,958 -13,354 -9,721 9,043 -10,470 -6,416 -5,917 -9,413
Repayment of Debt
-6,760 -5,321 -6,903 -8,527 -13,273 -12,845 -8,533 -6,816 -6,191 -5,622
Payment of Dividends
-6,147 -6,040 -5,948 -5,869 -5,797 -5,707 -5,666 -5,506 -5,256 -4,897
Issuance of Debt
5,735 9,579 8,021 482 9,651 29,228 8,343 10,438 9,158 5,641
Issuance of Common Equity
745 414 279 - - - - - - 322
Other Financing Activities, net
-651 -402 -407 560 -302 -272 -171 -194 -126 -248
Effect of Exchange Rate Changes
-359 9.00 -244 -185 -87 -167 - - -51 -473
Cash Interest Paid
1,978 1,668 1,401 1,512 1,830 1,685 1,423 1,208 1,158 995
Cash Income Taxes Paid
1,723 1,564 1,865 2,103 2,253 2,091 1,745 1,597 1,078 2,657

Quarterly Cash Flow Statements for International Business Machines

This table details how cash moves in and out of International Business Machines' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Change in Cash & Equivalents
-2,999 946 -1,264 -287 1,676 5,814 -2,149 -111 1,547 14 721
Net Cash From Operating Activities
4,370 4,330 2,881 2,066 4,168 4,463 3,056 2,638 3,774 3,965 1,901
Net Cash From Continuing Operating Activities
4,370 4,330 2,882 2,065 4,168 4,463 3,036 2,654 3,778 3,963 1,903
Net Income / (Loss) Continuing Operations
1,055 2,914 -330 1,834 1,605 3,288 1,703 1,584 927 2,710 -3,196
Consolidated Net Income / (Loss)
1,055 2,914 -330 1,834 1,605 3,288 1,703 1,584 927 2,710 -3,196
Depreciation Expense
536 524 563 548 533 541 521 520 527 570 586
Amortization Expense
641 589 705 607 598 611 572 557 547 567 577
Non-Cash Adjustments To Reconcile Net Income
379 713 2,703 289 67 220 187 288 268 -55 6,185
Changes in Operating Assets and Liabilities, net
1,759 -410 -759 -1,213 1,365 -197 53 -295 1,509 171 -2,249
Net Cash From Investing Activities
-12,979 -1,379 -1,587 2,239 -4,210 2,836 -1,953 7.00 -7,960 -1,319 -1,697
Net Cash From Continuing Investing Activities
-12,979 -1,379 -1,587 2,239 -4,210 2,835 -1,952 6.00 -7,960 -1,316 -1,700
Purchase of Property, Plant & Equipment
-244 -303 -286 -220 -239 -300 -281 -364 -300 -409 -317
Acquisitions
-7,098 -541 -2,513 -153 -82 -137 -4,589 -334 -22 -1,328 -62
Purchase of Investments
-6,486 -1,261 -905 -662 -4,934 -769 -1,114 -729 -8,531 -1,456 -2,138
Sale of Property, Plant & Equipment
74 21 479 45 12 184 112 14 11 13 8.00
Divestitures
-1.00 -7.00 2.00 - 703 - -10 6.00 0.00 1.00 3.00
Sale and/or Maturity of Investments
927 853 1,774 3,453 464 4,005 4,042 1,550 1,050 2,010 944
Other Investing Activities, net
-151 -141 -138 -224 -134 -148 -112 -137 -168 -147 -138
Net Cash From Financing Activities
5,443 -1,676 -2,765 -4,515 1,877 -1,615 -3,132 -2,730 5,708 -2,852 713
Net Cash From Continuing Financing Activities
5,443 -1,674 -2,766 -4,514 1,876 -1,615 -3,133 -2,730 5,708 -2,853 714
Repayment of Debt
-1,318 -791 -1,034 -3,046 -1,889 -440 -1,677 -1,076 -2,128 -1,563 -1,397
Payment of Dividends
-1,549 -1,546 -1,543 -1,536 -1,522 -1,518 -1,515 -1,510 -1,497 -1,494 -1,491
Issuance of Debt
8,378 30 - 219 5,486 -7.00 157 - 9,429 3.00 3,616
Issuance of Common Equity
216 - - - - - - - - - -
Other Financing Activities, net
-284 -112 -189 -151 -199 -64 -98 -144 -96 -78 -14
Effect of Exchange Rate Changes
167 -330 207 -77 -159 129 -119 -25 24 - -

Annual Balance Sheets for International Business Machines

This table presents International Business Machines' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Total Assets
137,175 135,241 127,243 132,001 155,971 152,186 123,382 125,356 117,470 110,495
Total Current Assets
34,482 32,908 29,118 29,539 39,165 38,420 49,146 49,735 43,888 42,504
Cash & Equivalents
13,947 13,068 7,886 6,650 13,188 8,172 11,379 11,972 7,826 7,686
Restricted Cash
214 21 103 307 463 141 225 262 - -
Short-Term Investments
6,903 6,475 7,703 600 600 696 618 608 701 508
Accounts Receivable
7,751 7,854 7,358 7,756 6,485 9,603 8,175 9,909 10,239 9,534
Inventories, net
1,289 1,161 1,552 1,649 1,812 1,619 1,682 1,583 1,553 1,551
Prepaid Expenses
2,520 2,639 2,611 3,466 2,089 2,101 2,378 1,860 4,564 4,205
Other Current Assets
1,859 1,690 1,906 1,890 1,401 1,896 2,299 1,820 - -
Plant, Property, & Equipment, net
5,731 5,501 5,334 5,694 6,205 10,010 10,792 11,116 10,830 10,727
Plant, Property & Equipment, gross
17,691 18,122 18,695 20,085 20,100 32,028 32,460 32,331 30,133 29,342
Accumulated Depreciation
11,959 12,621 13,361 14,390 13,895 22,018 21,668 21,215 19,303 18,615
Total Noncurrent Assets
96,961 96,830 92,792 96,768 110,601 103,758 63,444 64,504 62,751 57,264
Long-Term Investments
1,787 1,626 1,617 1,823 2,187 2,074 2,386 2,783 4,585 5,187
Noncurrent Note & Lease Receivables
5,353 5,766 5,806 5,425 7,086 8,712 9,148 9,550 9,021 10,013
Goodwill
60,706 60,178 55,949 55,643 53,765 58,222 36,265 36,788 36,199 32,021
Intangible Assets
10,660 11,036 11,184 12,511 13,739 15,235 3,087 3,742 4,688 3,487
Noncurrent Deferred & Refundable Income Taxes
6,978 6,656 6,256 7,370 8,404 5,182 5,216 4,862 5,224 4,822
Employee Benefit Assets
7,492 7,506 8,236 9,850 7,557 6,865 4,666 4,643 3,034 1,734
Other Noncurrent Operating Assets
3,985 4,062 3,744 4,146 4,716 7,468 2,676 2,136 - -
Total Liabilities & Shareholders' Equity
137,175 135,241 127,243 132,001 155,971 152,186 123,382 125,356 117,470 110,495
Total Liabilities
109,783 112,628 105,222 113,005 135,244 131,202 106,452 107,631 99,078 96,071
Total Current Liabilities
33,142 34,122 31,505 33,619 39,869 37,701 38,227 37,363 36,275 34,269
Short-Term Debt
5,089 6,426 4,760 6,787 7,116 8,797 10,207 6,987 7,513 6,461
Accounts Payable
4,032 4,132 4,051 3,955 4,033 4,896 6,558 6,451 6,209 6,028
Accrued Expenses
3,709 3,521 4,111 3,892 5,632 4,357 3,941 4,510 4,705 4,353
Current Deferred Revenue
13,907 13,451 12,032 12,518 11,980 12,026 11,165 11,552 11,035 11,021
Current Deferred & Payable Income Tax Liabilities
2,033 2,270 2,196 2,289 3,198 2,839 3,046 4,219 3,235 2,847
Current Employee Benefit Liabilities
3,605 3,501 3,481 3,204 3,056 3,406 3,310 3,644 3,577 3,560
Other Current Liabilities
768 820 874 974 1,035 1,380 0.00 - - -
Total Noncurrent Liabilities
76,641 78,505 73,717 79,387 95,376 93,500 68,226 70,268 62,802 61,802
Long-Term Debt
49,884 50,121 46,189 44,917 54,217 54,102 35,605 39,837 34,655 33,428
Noncurrent Deferred Revenue
3,622 3,533 3,499 3,577 3,758 3,851 3,445 3,746 3,600 3,771
Noncurrent Employee Benefit Liabilities
9,432 10,808 9,596 14,435 17,184 17,142 17,002 16,720 17,070 16,504
Other Noncurrent Operating Liabilities
13,703 14,043 14,433 16,458 16,900 18,405 12,174 9,965 7,477 8,099
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
27,393 22,613 22,021 18,996 20,727 20,985 16,929 17,725 18,392 14,424
Total Preferred & Common Equity
27,307 22,533 21,944 18,901 20,597 20,841 16,796 17,594 18,246 14,262
Total Common Equity
27,306 22,534 21,944 18,902 20,597 20,839 16,795 17,593 18,246 14,261
Common Stock
61,380 59,643 58,343 57,319 56,556 55,895 55,151 54,566 53,935 53,262
Retained Earnings
151,163 151,276 149,825 154,209 162,717 162,954 159,206 153,126 152,759 146,124
Treasury Stock
-169,968 -169,624 -169,484 -169,392 -169,339 -169,413 -168,071 -163,507 -159,050 -155,518
Accumulated Other Comprehensive Income / (Loss)
-15,269 -18,761 -16,740 -23,234 -29,337 -28,597 -29,490 -26,592 -29,398 -29,607
Noncontrolling Interest
86 80 77 95 129 144 134 131 146 162

Quarterly Balance Sheets for International Business Machines

This table presents International Business Machines' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Total Assets
145,667 137,175 134,339 133,848 137,169 135,241 129,321 132,213 133,637 127,243 125,850
Total Current Assets
35,336 34,482 30,543 33,299 36,663 32,908 27,705 34,458 35,982 29,118 28,999
Cash & Equivalents
11,035 13,947 13,197 12,210 14,603 13,068 7,257 9,394 9,337 7,886 7,816
Restricted Cash
126 214 17 2,268 162 21 19 31 198 103 159
Short-Term Investments
11,558 6,903 5,761 6,556 9,389 6,475 8,753 6,904 8,057 7,703 1,753
Accounts Receivable
6,754 7,751 6,318 6,526 6,801 7,854 6,172 6,511 6,569 7,358 6,428
Inventories, net
1,431 1,289 1,368 1,234 1,212 1,161 1,398 1,501 1,603 1,552 1,794
Prepaid Expenses
2,770 2,520 2,408 2,784 2,804 2,639 2,582 2,730 2,501 2,611 3,452
Other Current Assets
1,662 1,859 1,475 1,720 1,691 1,690 1,524 1,822 1,660 1,906 1,316
Plant, Property, & Equipment, net
5,742 5,731 5,614 5,600 5,594 5,501 5,369 5,443 5,344 5,334 5,150
Plant, Property & Equipment, gross
17,827 17,691 17,994 17,911 18,071 18,122 18,217 18,588 18,761 18,695 18,675
Accumulated Depreciation
12,085 11,959 12,380 12,311 12,477 12,621 12,848 13,145 13,417 13,361 13,525
Total Noncurrent Assets
104,589 96,961 98,183 94,948 94,913 96,830 96,248 92,312 92,311 92,792 91,701
Long-Term Investments
1,856 1,787 2,009 1,840 1,678 1,626 1,582 1,585 1,607 1,617 1,614
Noncurrent Note & Lease Receivables
4,920 5,353 4,931 5,483 4,927 5,766 4,789 5,221 5,065 5,806 4,781
Goodwill
66,065 60,706 61,092 59,416 59,534 60,178 59,596 56,385 56,193 55,949 54,218
Intangible Assets
12,392 10,660 11,090 10,251 10,750 11,036 11,278 10,496 10,905 11,184 10,967
Noncurrent Deferred & Refundable Income Taxes
7,594 6,978 6,943 6,378 6,465 6,656 6,168 6,340 6,419 6,256 6,868
Employee Benefit Assets
7,670 7,492 7,975 7,630 7,545 7,506 8,901 8,735 8,487 8,236 9,695
Other Noncurrent Operating Assets
4,092 3,985 4,143 3,950 4,014 4,062 3,934 3,550 3,635 3,744 3,558
Total Liabilities & Shareholders' Equity
145,667 137,175 134,339 133,848 137,169 135,241 129,321 132,213 133,637 127,243 125,850
Total Liabilities
118,714 109,783 109,809 109,745 113,836 112,628 106,165 109,942 111,964 105,222 105,703
Total Current Liabilities
35,106 33,142 28,853 29,648 32,397 34,122 30,606 32,513 30,993 31,505 30,466
Short-Term Debt
6,913 5,089 3,599 3,602 5,471 6,426 6,414 6,785 4,887 4,760 5,937
Accounts Payable
3,585 4,032 3,274 3,631 3,588 4,132 3,342 3,732 3,728 4,051 3,806
Accrued Expenses
3,526 3,709 3,474 3,195 3,605 3,521 3,309 3,651 3,866 4,111 3,702
Current Deferred Revenue
15,057 13,907 12,882 13,643 14,051 13,451 11,917 12,712 13,220 12,032 11,139
Current Deferred & Payable Income Tax Liabilities
1,573 2,033 1,584 1,691 1,710 2,270 1,559 1,606 1,650 2,196 1,667
Current Employee Benefit Liabilities
3,653 3,605 3,250 3,125 3,190 3,501 3,257 3,185 2,772 3,481 3,369
Other Current Liabilities
798 768 790 762 784 820 807 842 869 874 844
Total Noncurrent Liabilities
83,609 76,641 80,955 80,096 81,439 78,505 75,560 77,429 80,971 73,717 75,236
Long-Term Debt
56,371 49,884 52,980 52,929 54,033 50,121 48,828 50,691 53,826 46,189 44,942
Noncurrent Deferred Revenue
3,844 3,622 3,666 3,489 3,488 3,533 3,085 3,264 3,443 3,499 3,018
Noncurrent Employee Benefit Liabilities
9,536 9,432 10,366 10,200 10,421 10,808 9,090 9,385 9,509 9,596 11,760
Other Noncurrent Operating Liabilities
13,858 13,703 13,943 13,478 13,497 14,043 14,557 14,089 14,193 14,433 15,516
Total Equity & Noncontrolling Interests
26,953 27,393 24,530 24,103 23,333 22,613 23,156 22,271 21,672 22,021 20,147
Total Preferred & Common Equity
26,880 27,307 24,448 24,026 23,261 22,533 23,081 22,201 21,604 21,944 20,076
Total Common Equity
26,881 27,306 24,449 24,026 23,260 22,534 23,081 22,201 21,604 21,944 20,076
Common Stock
61,913 61,380 61,013 60,501 60,145 59,643 59,313 58,963 58,675 58,343 58,117
Retained Earnings
150,703 151,163 149,789 151,659 151,362 151,276 149,506 149,318 149,253 149,825 148,611
Treasury Stock
-170,160 -169,968 -169,935 -169,815 -169,759 -169,624 - -169,581 -169,544 -169,484 -169,514
Accumulated Other Comprehensive Income / (Loss)
-15,575 -15,269 -16,418 -18,319 -18,488 -18,761 -16,098 -16,499 -16,780 -16,740 -17,138
Noncontrolling Interest
72 86 82 77 72 80 75 70 68 77 71

Annual Metrics And Ratios for International Business Machines

This table displays calculated financial ratios and metrics derived from International Business Machines' official financial filings.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Growth Metrics
- - - - - - - - - -
Revenue Growth
1.44% 2.20% 5.54% 3.93% -4.39% -27.49% 0.57% -0.98% -2.23% -11.91%
EBITDA Growth
-17.13% 104.82% -42.20% 17.57% -27.75% -11.70% -0.05% -4.53% -14.45% -18.80%
EBIT Growth
-27.07% 334.25% -60.43% 55.23% -54.85% -29.13% 0.43% -7.30% -21.05% -19.81%
NOPAT Growth
-12.48% 143.58% -45.36% -6.15% -4.66% -19.44% 52.93% -51.41% -9.23% -14.73%
Net Income Growth
-19.71% 357.72% -71.46% 2.74% -40.73% 8.05% 51.71% -51.54% -9.99% 9.72%
EPS Growth
-21.01% 352.22% -71.65% 1.93% -40.73% 8.05% 55.05% -50.40% -7.75% 12.77%
Operating Cash Flow Growth
-3.49% 33.50% -18.45% -29.68% 23.20% -3.13% -8.83% -2.11% -0.99% 2.29%
Free Cash Flow Firm Growth
-5.27% -29.16% 294.20% -89.70% 233.39% -270.75% 119.19% -23.01% -65.07% -27.14%
Invested Capital Growth
2.66% 4.14% -9.22% 7.59% -21.72% 51.26% -1.62% 3.10% 15.93% -7.52%
Revenue Q/Q Growth
0.27% 1.13% -0.01% 34.68% -0.75% -25.17% -0.97% 0.98% -0.36% -2.45%
EBITDA Q/Q Growth
-19.16% 89.72% -43.17% 19.85% -10.35% -15.62% -0.24% -2.88% 0.31% -9.16%
EBIT Q/Q Growth
-27.48% 206.16% -68.70% 65.57% -24.71% -27.50% -0.02% -4.10% -0.64% -10.80%
NOPAT Q/Q Growth
-26.22% 207.43% -75.00% 13.22% 8.43% -12.89% 52.99% -48.99% 0.67% -6.98%
Net Income Q/Q Growth
-5.85% 8.35% 29.87% 20.50% -29.28% 22.29% 52.51% -49.12% 0.32% -7.18%
EPS Q/Q Growth
-7.22% 7.25% 28.57% 19.59% -29.28% 22.29% 52.32% -48.62% 1.14% -6.35%
Operating Cash Flow Q/Q Growth
-0.98% 3.71% 15.76% -20.58% 15.26% -4.33% -9.57% 11.72% -8.30% -17.33%
Free Cash Flow Firm Q/Q Growth
-44.31% 267.68% -56.47% -72.22% 161.61% -34.77% 92.88% -38.20% -47.40% -21.52%
Invested Capital Q/Q Growth
-1.02% -4.64% -6.74% -7.73% -17.46% 2.19% -3.55% -0.28% 6.39% -6.00%
Profitability Metrics
- - - - - - - - - -
Gross Margin
56.65% 55.45% 54.00% 54.90% 55.94% 54.64% 46.41% 46.68% 48.19% 49.77%
EBITDA Margin
19.40% 23.75% 11.85% 21.64% 19.13% 25.31% 20.79% 20.92% 21.70% 24.80%
Operating Margin
11.97% 16.64% 3.92% 11.97% 8.45% 13.06% 15.16% 15.18% 16.22% 20.08%
EBIT Margin
11.97% 16.64% 3.92% 10.45% 7.00% 14.81% 15.16% 15.18% 16.22% 20.08%
Profit (Net Income) Margin
9.60% 12.13% 2.71% 10.01% 10.13% 16.34% 10.97% 7.27% 14.86% 16.14%
Tax Burden Percent
103.90% 86.33% 141.78% 118.73% 217.34% 130.88% 76.95% 50.46% 96.29% 82.72%
Interest Burden Percent
77.20% 84.40% 48.76% 80.72% 66.63% 84.28% 94.01% 94.90% 95.15% 97.14%
Effective Tax Rate
-3.76% 13.53% -54.15% 2.56% -52.88% 0.83% 23.09% 49.49% 3.64% 16.19%
Return on Invested Capital (ROIC)
13.26% 15.67% 6.25% 11.31% 10.98% 12.36% 19.12% 12.59% 28.26% 32.30%
ROIC Less NNEP Spread (ROIC-NNEP)
8.02% 11.61% 0.94% 8.90% 7.49% 17.07% 17.36% 11.55% 26.04% 30.37%
Return on Net Nonoperating Assets (RNNOA)
10.83% 17.95% 1.74% 17.61% 15.82% 37.39% 31.25% 19.27% 44.10% 67.48%
Return on Equity (ROE)
24.09% 33.62% 7.99% 28.92% 26.80% 49.75% 50.37% 31.86% 72.35% 99.78%
Cash Return on Invested Capital (CROIC)
10.64% 11.61% 15.92% 3.99% 35.35% -28.44% 20.75% 9.54% 13.51% 40.11%
Operating Return on Assets (OROA)
5.51% 7.85% 1.83% 4.16% 2.51% 6.21% 9.70% 9.89% 11.37% 14.41%
Return on Assets (ROA)
4.42% 5.72% 1.26% 3.99% 3.63% 6.84% 7.02% 4.74% 10.42% 11.58%
Return on Common Equity (ROCE)
24.01% 33.50% 7.96% 28.75% 26.63% 49.38% 49.99% 31.61% 71.67% 98.62%
Return on Equity Simple (ROE_SIMPLE)
22.06% 33.29% 7.47% 30.38% 27.14% 45.25% 51.96% 32.70% 65.07% 92.48%
Net Operating Profit after Tax (NOPAT)
7,791 8,903 3,655 6,689 7,127 7,475 9,279 6,068 12,487 13,757
NOPAT Margin
12.42% 14.39% 6.04% 11.66% 12.92% 12.95% 11.66% 7.67% 15.62% 16.83%
Net Nonoperating Expense Percent (NNEP)
5.24% 4.06% 5.31% 2.41% 3.49% -4.71% 1.77% 1.04% 2.21% 1.93%
Return On Investment Capital (ROIC_SIMPLE)
9.46% 11.25% 5.01% 9.46% 8.69% 8.91% 14.79% 9.40% 20.62% 25.33%
Cost of Revenue to Revenue
43.35% 44.55% 46.00% 45.10% 44.06% 45.36% 53.59% 53.32% 51.81% 50.23%
SG&A Expenses to Revenue
31.37% 30.72% 30.74% 32.69% 37.26% 32.44% 24.33% 24.87% 26.11% 24.99%
R&D to Revenue
10.33% 9.56% 9.75% 10.25% 10.22% 9.13% 5.47% 5.21% 5.12% 5.58%
Operating Expenses to Revenue
44.69% 38.80% 50.08% 42.93% 47.49% 41.58% 31.25% 31.50% 31.98% 29.69%
Earnings before Interest and Taxes (EBIT)
7,509 10,296 2,371 5,992 3,860 8,550 12,065 12,013 12,959 16,414
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
12,176 14,692 7,173 12,409 10,555 14,609 16,545 16,554 17,340 20,269
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
7.39 6.35 5.30 5.52 4.51 4.48 4.62 5.80 5.98 6.24
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
3.22 2.31 1.92 1.82 1.68 1.62 0.98 1.29 1.37 1.09
Price to Earnings (P/E)
33.52 19.09 70.99 18.16 16.62 9.91 8.89 17.74 9.20 6.75
Dividend Yield
3.05% 4.23% 5.12% 5.46% 6.24% 6.09% 7.27% 5.35% 4.79% 5.45%
Earnings Yield
2.98% 5.24% 1.41% 5.51% 6.02% 10.09% 11.25% 5.64% 10.87% 14.82%
Enterprise Value to Invested Capital (EV/IC)
3.93 3.08 2.70 2.39 2.42 2.00 2.26 2.73 2.92 2.83
Enterprise Value to Revenue (EV/Rev)
3.73 2.89 2.48 2.56 2.50 2.52 1.37 1.69 1.73 1.41
Enterprise Value to EBITDA (EV/EBITDA)
19.23 12.16 20.92 11.82 13.07 9.95 6.58 8.06 7.98 5.71
Enterprise Value to EBIT (EV/EBIT)
31.18 17.35 63.29 24.49 35.74 17.01 9.03 11.11 10.68 7.05
Enterprise Value to NOPAT (EV/NOPAT)
30.05 20.06 41.06 21.94 19.36 19.45 11.74 21.99 11.08 8.41
Enterprise Value to Operating Cash Flow (EV/OCF)
17.41 12.82 14.38 11.47 7.58 9.85 7.15 7.98 8.10 6.70
Enterprise Value to Free Cash Flow (EV/FCFF)
37.47 27.08 16.12 62.12 6.01 0.00 10.82 29.04 23.19 6.77
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
2.01 2.50 2.31 2.72 2.96 3.00 2.71 2.64 2.29 2.77
Long-Term Debt to Equity
1.82 2.22 2.10 2.36 2.62 2.58 2.10 2.25 1.88 2.32
Financial Leverage
1.35 1.55 1.85 1.98 2.11 2.19 1.80 1.67 1.69 2.22
Leverage Ratio
5.45 5.88 6.32 7.25 7.39 7.27 7.18 6.72 6.95 8.62
Compound Leverage Factor
4.21 4.96 3.08 5.85 4.92 6.13 6.75 6.38 6.61 8.37
Debt to Total Capital
66.74% 71.43% 69.82% 73.13% 74.74% 74.98% 73.02% 72.54% 69.63% 73.44%
Short-Term Debt to Total Capital
6.18% 8.12% 6.52% 9.60% 8.67% 10.49% 16.27% 10.82% 12.41% 11.90%
Long-Term Debt to Total Capital
60.56% 63.32% 63.30% 63.53% 66.07% 64.50% 56.75% 61.72% 57.22% 61.55%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.10% 0.10% 0.11% 0.13% 0.16% 0.17% 0.21% 0.20% 0.24% 0.30%
Common Equity to Total Capital
33.15% 28.47% 30.07% 26.74% 25.10% 24.84% 26.77% 27.26% 30.13% 26.26%
Debt to EBITDA
4.51 3.85 7.10 4.17 5.81 4.31 2.77 2.83 2.43 1.97
Net Debt to EBITDA
2.64 2.41 4.69 3.41 4.25 3.55 1.89 1.88 1.68 1.31
Long-Term Debt to EBITDA
4.10 3.41 6.44 3.62 5.14 3.70 2.15 2.41 2.00 1.65
Debt to NOPAT
7.06 6.35 13.94 7.73 8.61 8.41 4.94 7.72 3.38 2.90
Net Debt to NOPAT
4.12 3.97 9.20 6.33 6.30 6.93 3.36 5.14 2.33 1.93
Long-Term Debt to NOPAT
6.40 5.63 12.64 6.72 7.61 7.24 3.84 6.57 2.78 2.43
Altman Z-Score
3.30 3.03 2.83 2.74 2.30 2.50 3.32 3.35 3.60 3.73
Noncontrolling Interest Sharing Ratio
0.33% 0.35% 0.42% 0.56% 0.66% 0.74% 0.77% 0.77% 0.94% 1.17%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
1.04 0.96 0.92 0.88 0.98 1.02 1.29 1.33 1.21 1.24
Quick Ratio
0.86 0.80 0.73 0.66 0.77 0.87 1.11 1.18 1.04 1.07
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
6,248 6,596 9,311 2,362 22,938 -17,197 10,071 4,595 5,968 17,087
Operating Cash Flow to CapEx
2,738.29% 1,507.68% 844.94% 763.94% 748.85% 844.48% 484.49% 603.97% 543.56% 537.71%
Free Cash Flow to Firm to Interest Expense
3.65 4.10 7.66 2.05 17.81 -12.80 13.93 7.47 9.47 36.51
Operating Cash Flow to Interest Expense
7.85 8.67 8.58 11.08 14.13 10.99 21.09 27.19 27.12 36.87
Operating Cash Flow Less CapEx to Interest Expense
7.57 8.09 7.57 9.63 12.24 9.69 16.74 22.69 22.13 30.01
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
0.46 0.47 0.47 0.40 0.36 0.42 0.64 0.65 0.70 0.72
Accounts Receivable Turnover
8.04 8.13 8.01 8.05 6.86 6.49 8.80 7.86 8.08 7.59
Inventory Turnover
22.20 20.32 17.40 14.95 14.17 15.86 26.13 26.91 26.68 22.47
Fixed Asset Turnover
11.17 11.42 10.98 9.64 6.81 5.55 7.27 7.21 7.41 7.60
Accounts Payable Turnover
6.66 6.74 6.96 6.48 5.45 4.57 6.56 6.67 6.77 6.37
Days Sales Outstanding (DSO)
45.38 44.88 45.57 45.32 53.21 56.22 41.47 46.46 45.15 48.07
Days Inventory Outstanding (DIO)
16.44 17.97 20.98 24.42 25.75 23.01 13.97 13.56 13.68 16.24
Days Payable Outstanding (DPO)
54.77 54.19 52.48 56.36 67.02 79.84 55.66 54.76 53.94 57.31
Cash Conversion Cycle (CCC)
7.05 8.66 14.07 13.38 11.94 -0.62 -0.22 5.27 4.90 7.01
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
59,513 57,970 55,663 61,319 56,992 72,803 48,131 48,923 47,450 40,931
Invested Capital Turnover
1.07 1.09 1.03 0.97 0.85 0.95 1.64 1.64 1.81 1.92
Increase / (Decrease) in Invested Capital
1,543 2,307 -5,656 4,327 -15,811 24,672 -792 1,473 6,519 -3,330
Enterprise Value (EV)
234,128 178,613 150,063 146,727 137,956 145,413 108,939 133,410 138,400 115,647
Market Capitalization
201,920 143,176 116,346 104,308 92,932 93,453 77,601 102,080 109,198 88,977
Book Value per Share
$29.53 $24.68 $24.27 $21.08 $23.12 $23.53 $18.48 $19.00 $19.19 $14.70
Tangible Book Value per Share
($47.65) ($53.31) ($49.98) ($54.92) ($52.64) ($59.41) ($24.82) ($24.78) ($23.81) ($21.90)
Total Capital
82,366 79,160 72,970 70,700 82,060 83,884 62,741 64,549 60,560 54,313
Total Debt
54,973 56,547 50,949 51,704 61,333 62,899 45,812 46,824 42,168 39,889
Total Long-Term Debt
49,884 50,121 46,189 44,917 54,217 54,102 35,605 39,837 34,655 33,428
Net Debt
32,122 35,357 33,640 42,324 44,895 51,816 31,204 31,199 29,056 26,508
Capital Expenditures (CapEx)
491 924 1,235 1,675 2,430 1,749 3,147 2,769 3,143 3,209
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-14,635 -14,352 -13,319 -4,850 -7,839 507 8,904 6,517 6,599 6,502
Debt-free Net Working Capital (DFNWC)
6,429 5,212 2,373 2,707 6,412 9,516 21,126 19,359 15,126 14,696
Net Working Capital (NWC)
1,340 -1,214 -2,387 -4,080 -704 719 10,919 12,372 7,613 8,235
Net Nonoperating Expense (NNE)
1,768 1,401 2,016 946 1,537 -1,956 551 315 615 567
Net Nonoperating Obligations (NNO)
32,120 35,357 33,642 42,323 36,265 51,818 31,202 31,198 29,058 26,507
Total Depreciation and Amortization (D&A)
4,667 4,396 4,802 6,417 6,695 6,059 4,480 4,541 4,381 3,855
Debt-free, Cash-free Net Working Capital to Revenue
-23.32% -23.20% -22.00% -8.46% -14.21% 0.88% 11.19% 8.23% 8.26% 7.95%
Debt-free Net Working Capital to Revenue
10.24% 8.43% 3.92% 4.72% 11.62% 16.49% 26.54% 24.46% 18.93% 17.98%
Net Working Capital to Revenue
2.14% -1.96% -3.94% -7.11% -1.28% 1.25% 13.72% 15.63% 9.53% 10.07%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$6.53 $8.23 $1.82 $6.41 $6.03 $10.20 $9.19 $5.92 $11.93 $12.94
Adjusted Weighted Average Basic Shares Outstanding
921.77M 911.21M 902.66M 895.99M 927.54M 924.30M 950.15M 971.80M 995.34M 1.02B
Adjusted Diluted Earnings per Share
$6.43 $8.14 $1.80 $6.35 $5.98 $10.14 $9.14 $5.89 $11.88 $12.88
Adjusted Weighted Average Diluted Shares Outstanding
937.16M 922.07M 912.27M 904.64M 934.02M 930.11M 954.60M 976.55M 998.77M 1.02B
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $10.20 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
927.26M 916.74M 907.11M 899.31M 930.92M 925.52M 927.04M 959.65M 982.62M 1.03B
Normalized Net Operating Profit after Tax (NOPAT)
5,256 8,903 1,660 6,689 3,263 7,475 9,279 6,068 12,487 13,757
Normalized NOPAT Margin
8.38% 14.39% 2.74% 11.66% 5.91% 12.95% 11.66% 7.67% 15.62% 16.83%
Pre Tax Income Margin
9.24% 14.05% 1.91% 8.43% 4.66% 12.49% 14.25% 14.41% 15.43% 19.51%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
4.39 6.41 1.95 5.19 3.00 6.36 16.69 19.53 20.57 35.07
NOPAT to Interest Expense
4.55 5.54 3.01 5.79 5.53 5.56 12.83 9.87 19.82 29.40
EBIT Less CapEx to Interest Expense
4.10 5.83 0.93 3.74 1.11 5.06 12.33 15.03 15.58 28.22
NOPAT Less CapEx to Interest Expense
4.26 4.96 1.99 4.34 3.65 4.26 8.48 5.36 14.83 22.54
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
102.06% 80.51% 362.90% 102.19% 103.70% 60.51% 64.92% 95.71% 44.27% 37.13%
Augmented Payout Ratio
102.06% 80.51% 362.90% 102.19% 103.70% 74.94% 115.82% 171.15% 73.77% 72.07%

Quarterly Metrics And Ratios for International Business Machines

This table displays calculated financial ratios and metrics derived from International Business Machines' official financial filings.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Growth Metrics
- - - - - - - - - - -
Revenue Growth
0.55% 0.99% 1.46% 1.91% 1.47% 4.13% 4.57% -0.39% 0.39% -0.02% 6.46%
EBITDA Growth
5.84% -47.80% -73.51% 8.60% 5.44% 761.01% 211.01% 7.20% 14.16% -120.05% -209.19%
EBIT Growth
7.18% -58.28% -116.32% 9.20% 5.54% 338.20% 154.33% 20.01% 52.68% -164.61% -481.32%
NOPAT Growth
-33.46% -57.75% -30.86% 16.44% 67.21% 340.30% 74.70% 3.66% 5.05% -165.61% -36.89%
Net Income Growth
-34.27% -11.37% -119.37% 15.86% 73.14% 21.33% 153.32% 13.72% 26.47% 16.16% -382.83%
EPS Growth
-34.88% -13.85% -119.57% 13.95% 70.30% 20.33% 151.98% 12.42% 24.69% 15.38% -383.20%
Operating Cash Flow Growth
4.85% -2.98% -5.73% -21.68% 10.44% 12.56% 60.76% 99.70% 16.19% 55.86% -29.93%
Free Cash Flow Firm Growth
-212.45% -86.74% 148.61% 3,073.85% 797.43% -49.48% -89.91% -97.73% -85.96% 339.43% 82.14%
Invested Capital Growth
15.19% 2.66% -1.09% -6.59% -6.84% 4.14% 1.85% 2.52% 0.63% -9.22% -10.19%
Revenue Q/Q Growth
-17.16% 17.27% -5.09% 9.04% -16.79% 17.82% -4.67% 8.58% -14.61% 18.32% -9.19%
EBITDA Q/Q Growth
-1.52% 251.96% -76.45% 44.20% -56.32% 78.66% -3.49% 40.00% 373.82% 70.00% -193.20%
EBIT Q/Q Growth
-6.22% 646.11% -114.10% 75.81% -69.18% 113.70% -5.70% 69.92% 169.56% 51.26% -308.32%
NOPAT Q/Q Growth
-3.47% 37.65% -34.19% 14.15% -59.15% 125.27% 10.84% 63.93% 158.71% -263.77% -34.24%
Net Income Q/Q Growth
-63.80% 983.03% -117.99% 14.27% -51.19% 92.96% 7.64% 70.77% -65.79% 184.79% -329.60%
EPS Q/Q Growth
-63.99% 963.89% -118.37% 13.95% -52.35% 96.20% 6.98% 70.30% -66.33% 184.75% -331.37%
Operating Cash Flow Q/Q Growth
0.92% 50.30% 39.45% -50.43% -6.61% 46.04% 15.85% -30.10% -4.82% 108.57% 43.91%
Free Cash Flow Firm Q/Q Growth
-34,629.81% -86.81% -67.52% 2.29% 202.42% 147.42% 314.67% -71.08% -82.98% -50.60% -6.52%
Invested Capital Q/Q Growth
10.33% -1.02% 4.10% 1.32% -1.67% -4.64% -1.69% 1.05% 9.93% -6.74% -1.04%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
55.23% 59.47% 56.25% 56.75% 53.53% 59.07% 54.39% 54.93% 52.69% 57.71% 52.67%
EBITDA Margin
19.19% 17.95% 5.98% 24.10% 18.23% 34.72% 22.90% 22.62% 17.54% -5.47% -21.57%
Operating Margin
11.09% 11.60% 12.50% 15.30% 8.21% 28.09% 14.03% 13.97% 8.29% -12.28% 10.98%
EBIT Margin
11.09% 11.60% -2.49% 16.78% 10.41% 28.09% 15.49% 15.66% 10.01% -12.28% -29.82%
Profit (Net Income) Margin
7.26% 16.60% -2.20% 11.63% 11.10% 18.92% 11.55% 10.23% 6.50% 16.24% -22.66%
Tax Burden Percent
91.11% 88.14% 41.15% 82.65% 149.44% 87.47% 90.98% 79.15% 87.62% 81.82% 71.01%
Interest Burden Percent
71.79% 162.30% 215.01% 83.86% 71.36% 76.98% 81.97% 82.54% 74.19% -161.56% 107.01%
Effective Tax Rate
8.89% 11.49% 0.00% 17.53% -46.74% 12.61% 8.49% 20.95% 11.72% 13.38% 0.00%
Return on Invested Capital (ROIC)
10.35% 10.97% 9.06% 13.16% 12.66% 26.73% 13.04% 10.94% 7.27% -11.01% 7.38%
ROIC Less NNEP Spread (ROIC-NNEP)
9.21% 14.27% 4.58% 12.74% 12.28% 23.89% 12.55% 10.63% 6.98% 0.80% -2.86%
Return on Net Nonoperating Assets (RNNOA)
13.25% 19.25% 7.03% 20.11% 19.97% 36.93% 22.36% 20.47% 13.90% 1.48% -5.62%
Return on Equity (ROE)
23.61% 30.22% 16.09% 33.27% 32.64% 63.67% 35.40% 31.42% 21.17% -9.53% 1.75%
Cash Return on Invested Capital (CROIC)
-2.52% 10.64% 18.56% 23.44% 23.41% 11.61% 2.98% 2.92% 4.91% 15.92% 33.91%
Operating Return on Assets (OROA)
4.93% 5.35% -1.18% 7.87% 4.77% 13.24% 7.43% 7.30% 4.54% -5.74% -13.37%
Return on Assets (ROA)
3.22% 7.65% -1.05% 5.45% 5.09% 8.92% 5.54% 4.77% 2.95% 7.58% -10.16%
Return on Common Equity (ROCE)
23.54% 30.12% 16.04% 33.16% 32.53% 63.44% 35.28% 31.32% 21.10% -9.49% 1.74%
Return on Equity Simple (ROE_SIMPLE)
20.36% 0.00% 26.17% 35.09% 35.17% 0.00% 30.00% 9.12% 8.48% 0.00% 6.29%
Net Operating Profit after Tax (NOPAT)
1,470 1,803 1,310 1,990 1,743 4,267 1,894 1,709 1,043 -1,776 1,084
NOPAT Margin
10.11% 10.27% 8.75% 12.62% 12.05% 24.55% 12.84% 11.04% 7.32% -10.64% 7.69%
Net Nonoperating Expense Percent (NNEP)
1.15% -3.29% 4.48% 0.43% 0.38% 2.84% 0.49% 0.31% 0.28% -11.81% 10.24%
Return On Investment Capital (ROIC_SIMPLE)
1.63% 2.19% 1.61% 2.47% 2.10% 5.39% 2.42% 2.14% 1.30% -2.43% 1.53%
Cost of Revenue to Revenue
44.77% 40.53% 43.75% 43.25% 46.46% 40.93% 45.61% 45.07% 47.31% 42.28% 47.33%
SG&A Expenses to Revenue
33.60% 27.72% 32.81% 31.31% 34.39% 27.57% 30.22% 31.66% 34.05% 28.55% 31.13%
R&D to Revenue
11.67% 9.49% 10.94% 10.14% 10.93% 8.66% 10.13% 9.30% 10.35% 8.14% 10.56%
Operating Expenses to Revenue
44.14% 47.87% 43.75% 41.45% 45.32% 30.98% 40.35% 40.96% 44.40% 69.99% 41.69%
Earnings before Interest and Taxes (EBIT)
1,613 2,037 -373 2,646 1,505 4,883 2,285 2,423 1,426 -2,050 -4,206
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
2,790 3,150 895 3,801 2,636 6,035 3,378 3,500 2,500 -913 -3,043
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
8.58 7.39 8.21 6.46 7.25 6.35 5.25 5.13 5.09 5.30 4.82
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
3.67 3.22 3.21 2.49 2.72 2.31 1.98 1.88 1.81 1.92 1.60
Price to Earnings (P/E)
42.13 33.52 31.38 18.41 20.62 19.09 17.50 56.26 59.98 70.99 76.75
Dividend Yield
2.69% 3.05% 3.06% 3.94% 3.59% 4.23% 4.98% 5.27% 5.45% 5.12% 6.14%
Earnings Yield
2.37% 2.98% 3.19% 5.43% 4.85% 5.24% 5.71% 1.78% 1.67% 1.41% 1.30%
Enterprise Value to Invested Capital (EV/IC)
4.10 3.93 3.93 3.27 3.55 3.08 2.61 2.48 2.44 2.70 2.29
Enterprise Value to Revenue (EV/Rev)
4.29 3.73 3.78 3.03 3.26 2.89 2.60 2.54 2.47 2.48 2.25
Enterprise Value to EBITDA (EV/EBITDA)
21.85 19.23 15.70 12.53 13.72 12.16 20.52 21.05 20.66 20.92 10.81
Enterprise Value to EBIT (EV/EBIT)
35.36 31.18 22.83 17.90 19.65 17.35 47.24 54.01 57.11 63.29 18.01
Enterprise Value to NOPAT (EV/NOPAT)
37.85 30.05 22.38 19.01 20.97 20.06 54.86 46.52 44.24 41.06 9.34
Enterprise Value to Operating Cash Flow (EV/OCF)
19.74 17.41 17.41 13.74 14.13 12.82 11.83 12.50 13.64 14.38 15.14
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 37.47 21.07 13.48 14.63 27.08 88.56 86.16 49.88 16.12 6.38
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
2.35 2.01 2.31 2.35 2.55 2.50 2.39 2.58 2.71 2.31 2.53
Long-Term Debt to Equity
2.09 1.82 2.16 2.20 2.32 2.22 2.11 2.28 2.48 2.10 2.23
Financial Leverage
1.44 1.35 1.54 1.58 1.63 1.55 1.78 1.93 1.99 1.85 1.97
Leverage Ratio
5.62 5.45 5.53 5.74 6.02 5.88 5.89 6.22 6.54 6.32 6.35
Compound Leverage Factor
4.04 8.84 11.89 4.81 4.29 4.53 4.83 5.14 4.86 -10.21 6.80
Debt to Total Capital
70.13% 66.74% 69.76% 70.11% 71.83% 71.43% 70.46% 72.07% 73.04% 69.82% 71.63%
Short-Term Debt to Total Capital
7.66% 6.18% 4.44% 4.47% 6.60% 8.12% 8.18% 8.51% 6.08% 6.52% 8.36%
Long-Term Debt to Total Capital
62.47% 60.56% 65.32% 65.64% 65.23% 63.32% 62.28% 63.56% 66.96% 63.30% 63.28%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.08% 0.10% 0.10% 0.10% 0.09% 0.10% 0.10% 0.09% 0.08% 0.11% 0.10%
Common Equity to Total Capital
29.79% 33.15% 30.14% 29.80% 28.08% 28.47% 29.44% 27.84% 26.88% 30.07% 28.27%
Debt to EBITDA
5.13 4.51 3.76 3.75 4.03 3.85 7.13 7.88 8.11 7.10 4.03
Net Debt to EBITDA
3.14 2.64 2.36 2.23 2.28 2.41 4.86 5.42 5.46 4.69 3.13
Long-Term Debt to EBITDA
4.57 4.10 3.52 3.51 3.66 3.41 6.31 6.95 7.44 6.44 3.56
Debt to NOPAT
8.89 7.06 5.36 5.69 6.16 6.35 19.08 17.42 17.37 13.94 3.48
Net Debt to NOPAT
5.44 4.12 3.37 3.39 3.49 3.97 12.99 11.99 11.69 9.20 2.70
Long-Term Debt to NOPAT
7.92 6.40 5.02 5.33 5.60 5.63 16.86 15.36 15.93 12.64 3.07
Altman Z-Score
3.08 3.16 3.13 3.00 2.96 2.89 2.81 2.74 2.69 2.71 2.56
Noncontrolling Interest Sharing Ratio
0.29% 0.33% 0.33% 0.32% 0.31% 0.35% 0.34% 0.33% 0.32% 0.42% 0.47%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.01 1.04 1.06 1.12 1.13 0.96 0.91 1.06 1.16 0.92 0.95
Quick Ratio
0.84 0.86 0.88 0.85 0.95 0.80 0.72 0.87 0.97 0.73 0.73
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-7,189 260 1,970 6,064 5,928 1,960 792 191 661 3,880 7,854
Operating Cash Flow to CapEx
2,570.59% 1,535.46% 0.00% 1,180.57% 1,836.12% 3,847.41% 1,808.28% 753.71% 1,305.88% 1,001.26% 615.21%
Free Cash Flow to Firm to Interest Expense
-15.80 0.61 4.59 14.20 13.72 4.84 1.92 0.45 1.80 12.40 26.62
Operating Cash Flow to Interest Expense
9.60 10.21 6.72 4.84 9.65 11.02 7.42 6.24 10.28 12.67 6.44
Operating Cash Flow Less CapEx to Interest Expense
9.23 9.55 7.17 4.43 9.12 10.73 7.01 5.41 9.50 11.40 5.40
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.44 0.46 0.47 0.47 0.46 0.47 0.48 0.47 0.45 0.47 0.45
Accounts Receivable Turnover
9.27 8.04 10.02 9.57 9.29 8.13 9.71 9.11 8.95 8.01 8.69
Inventory Turnover
20.43 22.20 19.67 20.02 19.56 20.32 17.23 17.24 16.41 17.40 15.19
Fixed Asset Turnover
11.09 11.17 11.40 11.29 11.35 11.42 11.63 11.29 11.11 10.98 8.47
Accounts Payable Turnover
7.53 6.66 8.22 7.44 7.53 6.74 7.70 7.38 7.72 6.96 6.95
Days Sales Outstanding (DSO)
39.37 45.38 36.42 38.15 39.31 44.88 37.59 40.06 40.77 45.57 42.02
Days Inventory Outstanding (DIO)
17.87 16.44 18.56 18.23 18.66 17.97 21.18 21.17 22.24 20.98 24.04
Days Payable Outstanding (DPO)
48.50 54.77 44.39 49.07 48.49 54.19 47.43 49.46 47.27 52.48 52.53
Cash Conversion Cycle (CCC)
8.74 7.05 10.59 7.31 9.48 8.66 11.34 11.78 15.74 14.07 13.52
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
65,662 59,513 60,128 57,758 57,003 57,970 60,788 61,832 61,188 55,663 59,686
Invested Capital Turnover
1.02 1.07 1.04 1.04 1.05 1.09 1.02 0.99 0.99 1.03 0.96
Increase / (Decrease) in Invested Capital
8,659 1,543 -660 -4,074 -4,185 2,307 1,102 1,518 382 -5,656 -6,770
Enterprise Value (EV)
269,355 234,128 236,395 188,963 202,440 178,613 158,870 153,506 149,526 150,063 136,463
Market Capitalization
230,574 201,920 200,718 155,229 168,696 143,176 121,164 113,874 109,944 116,346 96,855
Book Value per Share
$28.99 $29.53 $26.54 $26.15 $25.36 $24.68 $25.34 $24.45 $23.82 $24.27 $22.23
Tangible Book Value per Share
($55.62) ($47.65) ($51.82) ($49.69) ($51.27) ($53.31) ($52.46) ($49.20) ($50.15) ($49.98) ($49.94)
Total Capital
90,237 82,366 81,109 80,634 82,837 79,160 78,398 79,747 80,385 72,970 71,026
Total Debt
63,284 54,973 56,579 56,531 59,504 56,547 55,242 57,476 58,713 50,949 50,879
Total Long-Term Debt
56,371 49,884 52,980 52,929 54,033 50,121 48,828 50,691 53,826 46,189 44,942
Net Debt
38,709 32,122 35,595 33,657 33,672 35,357 37,631 39,562 39,514 33,640 39,537
Capital Expenditures (CapEx)
170 282 -193 175 227 116 169 350 289 396 309
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-15,576 -14,635 -13,686 -13,781 -14,417 -14,352 -12,516 -7,599 -7,716 -13,319 -5,258
Debt-free Net Working Capital (DFNWC)
7,143 6,429 5,289 7,253 9,737 5,212 3,513 8,730 9,876 2,373 4,470
Net Working Capital (NWC)
230 1,340 1,690 3,651 4,266 -1,214 -2,901 1,945 4,989 -2,387 -1,467
Net Nonoperating Expense (NNE)
415 -1,111 1,640 156 138 979 190 126 116 -4,486 4,280
Net Nonoperating Obligations (NNO)
38,709 32,120 35,598 33,655 33,670 35,357 37,632 39,561 39,516 33,642 39,539
Total Depreciation and Amortization (D&A)
1,177 1,113 1,268 1,155 1,131 1,152 1,093 1,077 1,074 1,137 1,163
Debt-free, Cash-free Net Working Capital to Revenue
-24.79% -23.32% -21.87% -22.10% -23.23% -23.20% -20.46% -12.56% -12.74% -22.00% -8.69%
Debt-free Net Working Capital to Revenue
11.37% 10.24% 8.45% 11.63% 15.69% 8.43% 5.74% 14.42% 16.30% 3.92% 7.38%
Net Working Capital to Revenue
0.37% 2.14% 2.70% 5.85% 6.87% -1.96% -4.74% 3.21% 8.23% -3.94% -2.42%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$1.14 $3.15 ($0.36) $1.99 $1.75 $3.61 $1.87 $1.74 $1.02 $3.00 ($3.54)
Adjusted Weighted Average Basic Shares Outstanding
928.01M 921.77M 923.58M 920.29M 917.18M 911.21M 912.79M 909.86M 907.53M 902.66M 904.08M
Adjusted Diluted Earnings per Share
$1.12 $3.11 ($0.36) $1.96 $1.72 $3.61 $1.84 $1.72 $1.01 $3.00 ($3.54)
Adjusted Weighted Average Diluted Shares Outstanding
945.37M 937.16M 923.58M 934.40M 933.43M 922.07M 923.67M 919.45M 917.85M 912.27M 904.08M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $3.61 $0.00 $0.00 $0.00 $3.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
929.40M 927.26M 924.65M 921.15M 918.60M 916.74M 913.12M 911.01M 908.05M 907.11M 904.13M
Normalized Net Operating Profit after Tax (NOPAT)
1,470 1,803 1,310 1,990 832 4,267 1,894 1,709 1,043 -1,776 1,084
Normalized NOPAT Margin
10.11% 10.27% 8.75% 12.62% 5.75% 24.55% 12.84% 11.04% 7.32% -10.64% 7.69%
Pre Tax Income Margin
7.96% 18.83% -5.36% 14.07% 7.43% 21.63% 12.70% 12.92% 7.42% 19.84% -31.91%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
3.55 4.80 -0.87 6.20 3.48 12.06 5.55 5.73 3.89 -6.55 -14.26
NOPAT to Interest Expense
3.23 4.25 3.05 4.66 4.04 10.54 4.60 4.04 2.84 -5.67 3.68
EBIT Less CapEx to Interest Expense
3.17 4.14 -0.42 5.79 2.96 11.77 5.14 4.90 3.10 -7.81 -15.31
NOPAT Less CapEx to Interest Expense
2.86 3.59 3.50 4.25 3.51 10.25 4.19 3.21 2.05 -6.94 2.63
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
112.81% 102.06% 95.65% 72.25% 74.14% 80.51% 86.89% 296.05% 325.70% 362.90% 469.73%
Augmented Payout Ratio
112.81% 102.06% 95.65% 72.25% 74.14% 80.51% 86.89% 296.05% 325.70% 362.90% 469.73%

Frequently Asked Questions About International Business Machines' Financials

When does International Business Machines's financial year end?

According to the most recent income statement we have on file, International Business Machines' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has International Business Machines' net income changed over the last 9 years?

International Business Machines' net income appears to be on a downward trend, with a most recent value of $6.02 billion in 2024, falling from $13.19 billion in 2015. The previous period was $7.50 billion in 2023. View International Business Machines' forecast to see where analysts expect International Business Machines to go next.

What is International Business Machines's operating income?
International Business Machines's total operating income in 2024 was $7.51 billion, based on the following breakdown:
  • Total Gross Profit: $35.55 billion
  • Total Operating Expenses: $28.04 billion
How has International Business Machines revenue changed over the last 9 years?

Over the last 9 years, International Business Machines' total revenue changed from $81.74 billion in 2015 to $62.75 billion in 2024, a change of -23.2%.

How much debt does International Business Machines have?

International Business Machines' total liabilities were at $109.78 billion at the end of 2024, a 2.5% decrease from 2023, and a 14.3% increase since 2015.

How much cash does International Business Machines have?

In the past 9 years, International Business Machines' cash and equivalents has ranged from $6.65 billion in 2021 to $13.95 billion in 2024, and is currently $13.95 billion as of their latest financial filing in 2024.

How has International Business Machines' book value per share changed over the last 9 years?

Over the last 9 years, International Business Machines' book value per share changed from 14.70 in 2015 to 29.53 in 2024, a change of 100.9%.



This page (NYSE:IBM) was last updated on 5/28/2025 by MarketBeat.com Staff
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