International Business Machines (IBM) Financials

$258.80 -1.44 (-0.55%)

Closing price 03:59 PM Eastern

Extended Trading

$257.80 -1.01 (-0.39%)

As of 08:00 PM Eastern

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	-

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

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

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	-	-

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

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

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%

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 fiscal year end?

According to the most recent income statement we have on file, International Business Machines' financial year ends in December. Their financial 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. See where experts think International Business Machines is headed by visiting International Business Machines' forecast page.

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%.

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This page (NYSE:IBM) was last updated on 5/29/2025 by MarketBeat.com Staff

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