International Business Machines (IBM) Financials

$241.01 +1.56 (+0.65%)

Closing price 03:59 PM Eastern

Extended Trading

$240.88 -0.13 (-0.05%)

As of 07:59 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	12,022	13,190	11,872	5,753	8,728	9,431	5,590	5,743	1,639	7,502	6,023
Consolidated Net Income / (Loss)	12,022	13,190	11,872	5,753	8,728	9,431	5,590	5,743	1,639	7,502	6,023
Net Income / (Loss) Continuing Operations	15,751	13,364	11,881	5,758	8,723	7,146	3,932	4,712	1,783	7,514	6,015
Total Pre-Tax Income	19,986	15,945	12,330	11,400	11,342	7,206	2,572	4,837	1,156	8,690	5,797
Total Operating Income	20,470	16,414	12,959	12,013	12,065	7,538	4,662	6,865	2,371	10,296	7,509
Total Gross Profit	46,407	40,684	38,516	36,943	36,936	31,533	30,865	31,486	32,687	34,300	35,551
Total Revenue	92,793	81,741	79,919	79,139	79,591	57,714	55,179	57,350	60,530	61,860	62,753
Operating Revenue	92,793	81,742	79,919	79,139	79,591	57,714	55,179	57,350	60,530	61,860	62,753
Total Cost of Revenue	46,386	41,057	41,403	42,196	42,655	26,181	24,314	25,865	27,842	27,560	27,201
Operating Cost of Revenue	46,386	41,057	41,403	42,196	42,655	26,181	24,314	25,865	27,842	27,560	27,201
Total Operating Expenses	25,937	24,271	25,557	24,930	24,871	23,995	26,203	24,621	30,316	24,004	28,042
Selling, General & Admin Expense	23,180	20,430	20,869	19,680	19,366	18,724	20,561	18,745	18,609	19,003	19,688
Research & Development Expense	4,695	4,565	4,095	4,124	4,353	5,271	5,642	5,876	5,904	5,915	6,483
Other Operating Expenses / (Income)	-1,938	-724	593	1,126	1,152	-	-	-	5,803	-914	1,871
Total Other Income / (Expense), net	-484	-468	-630	-615	-723	-332	-2,090	-2,028	-1,216	-1,607	-1,712
Interest Expense	484	468	630	615	723	1,344	1,288	1,155	1,216	1,607	1,712
Income Tax Expense	4,234	2,581	449	5,642	2,619	60	-1,360	124	-626	1,176	-218
Net Income / (Loss) Discontinued Operations	-3,729	-174	-9.00	-5.00	5.00	2,285	1,658	1,030	-143	-12	8.00
Basic Earnings per Share	$11.97	$13.48	$12.43	$6.17	$9.57	$10.63	$6.28	$6.41	$1.82	$8.23	$6.53
Weighted Average Basic Shares Outstanding	1.00B	978.74M	955.42M	932.83M	912.05M	887.24M	890.35M	895.99M	902.66M	911.21M	921.77M
Diluted Earnings per Share	$11.90	$13.42	$12.38	$6.14	$9.52	$10.56	$6.23	$6.35	$1.80	$8.14	$6.43
Weighted Average Diluted Shares Outstanding	1.01B	982.70M	958.71M	937.39M	916.32M	892.81M	896.56M	904.64M	912.27M	922.07M	937.16M
Weighted Average Basic & Diluted Shares Outstanding	1.00B	978.50M	955.10M	9.28B	912M	888.41M	893.59M	899.31M	907.11M	916.74M	927.26M
Cash Dividends to Common per Share	-	-	$5.50	$5.90	$6.21	$6.43	$6.51	$6.55	$6.59	$6.63	$6.67

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	2,710	927	1,583	1,704	3,288	1,605	1,834	-330	2,914	1,055	2,194
Consolidated Net Income / (Loss)	2,710	927	1,583	1,704	3,288	1,605	1,834	-330	2,914	1,055	2,194
Net Income / (Loss) Continuing Operations	2,870	934	1,581	1,714	3,285	1,575	1,830	-317	2,927	1,054	2,193
Total Pre-Tax Income	3,312	1,058	2,000	1,873	3,759	1,074	2,219	-802	3,306	1,158	2,597
Total Operating Income	-2,050	1,181	2,162	2,070	4,883	1,505	2,646	1,871	2,037	1,613	3,107
Total Gross Profit	9,632	7,509	8,501	8,023	10,267	7,742	8,950	8,420	10,439	8,031	9,977
Total Revenue	16,691	14,252	15,475	14,752	17,381	14,462	15,770	14,968	17,553	14,541	16,977
Total Cost of Revenue	7,057	6,743	6,974	6,729	7,114	6,719	6,820	6,548	7,114	6,510	7,001
Operating Cost of Revenue	7,057	6,743	6,974	6,729	7,114	6,719	6,820	6,548	7,114	6,510	7,001
Total Operating Expenses	11,682	6,328	6,339	5,953	5,384	6,237	6,304	6,549	8,402	6,418	6,870
Selling, General & Admin Expense	4,766	4,853	4,900	4,458	4,792	4,974	4,938	4,911	4,865	4,886	5,027
Research & Development Expense	1,359	1,475	1,439	1,495	1,506	1,580	1,599	1,638	1,666	1,697	1,882
Other Operating Expenses / (Income)	-	-	-	-	-	-317	-233	-	-	-165	-39
Total Other Income / (Expense), net	5,361	-122	-162	-197	-1,126	-432	-427	-2,673	1,270	-455	-510
Interest Expense	313	367	423	412	405	432	427	429	424	455	510
Income Tax Expense	443	124	419	159	474	-502	389	-485	380	103	404
Net Income / (Loss) Discontinued Operations	-159	-7.00	2.00	-10	3.00	30	4.00	-13	-13	1.00	1.00
Basic Earnings per Share	$3.00	$1.02	$1.74	$1.87	$3.61	$1.75	$1.99	($0.36)	$3.15	$1.14	$2.36
Weighted Average Basic Shares Outstanding	902.66M	907.53M	909.86M	912.79M	911.21M	917.18M	920.29M	923.58M	921.77M	928.01M	930.81M
Diluted Earnings per Share	$3.00	$1.01	$1.72	$1.84	$3.61	$1.72	$1.96	($0.36)	$3.11	$1.12	$2.31
Weighted Average Diluted Shares Outstanding	912.27M	917.85M	919.45M	923.67M	922.07M	933.43M	934.40M	923.58M	937.16M	945.37M	947.96M
Weighted Average Basic & Diluted Shares Outstanding	907.11M	908.05M	911.01M	913.12M	916.74M	918.60M	921.15M	924.65M	927.26M	929.40M	931.52M
Cash Dividends to Common per Share	$1.66	$1.65	$1.66	$1.66	$1.67	$1.66	$1.67	$1.67	$1.67	$1.67	$1.68

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-2,240	-790	188	3,225	-135	-3,290	5,361	-6,718	1,032	5,101	1,071
Net Cash From Operating Activities	16,868	17,255	17,084	16,724	15,247	14,770	18,197	12,796	10,435	13,931	13,445
Net Cash From Continuing Operating Activities	16,869	17,256	17,084	16,724	15,248	14,771	18,198	12,796	10,435	13,931	13,445
Net Income / (Loss) Continuing Operations	12,022	13,190	11,872	5,753	8,728	9,431	5,590	5,743	1,639	7,502	6,023
Consolidated Net Income / (Loss)	12,022	13,190	11,872	5,753	8,728	9,431	5,590	5,743	1,639	7,502	6,023
Depreciation Expense	3,145	2,662	2,837	3,021	3,127	4,209	4,227	3,888	2,407	2,109	2,168
Amortization Expense	1,347	1,193	1,544	1,520	1,353	1,850	2,468	2,529	2,395	2,287	2,499
Non-Cash Adjustments To Reconcile Net Income	2,358	1,020	606	548	633	-417	867	846	6,518	963	3,772
Changes in Operating Assets and Liabilities, net	-2,003	-809	225	5,882	1,407	-302	5,046	-210	-2,524	1,070	-1,017
Net Cash From Investing Activities	-3,001	-8,159	-10,928	-7,081	-4,913	-26,936	-3,028	-5,975	-4,202	-7,070	-4,937
Net Cash From Continuing Investing Activities	-3,001	-8,160	-10,928	-7,081	-4,912	-26,936	-3,028	-5,974	-4,202	-7,071	-4,937
Purchase of Property, Plant & Equipment	-3,740	-3,579	-3,567	-3,229	-3,395	-2,286	-2,618	-2,062	-1,346	-1,245	-1,048
Acquisitions	-656	-3,349	-5,696	-701	-139	-32,630	-336	-3,293	-2,348	-5,082	-3,289
Purchase of Investments	-2,338	-3,073	-5,853	-4,949	-7,041	-3,693	-6,246	-3,561	-5,930	-11,143	-7,762
Sale of Property, Plant & Equipment	404	370	424	460	248	537	188	387	111	321	557
Divestitures	2,357	-401	-454	-	0.00	1,076	503	114	1,272	-4.00	698
Sale and/or Maturity of Investments	2,493	2,842	5,692	3,910	6,487	3,961	5,618	3,147	4,665	10,647	6,544
Other Investing Activities, net	-1,521	-970	-1,474	-2,572	-1,072	6,099	-137	-706	-626	-565	-637
Net Cash From Financing Activities	-15,452	-9,413	-5,917	-6,418	-10,469	9,042	-9,721	-13,354	-4,958	-1,769	-7,079
Net Cash From Continuing Financing Activities	-15,452	-9,413	-5,917	-6,416	-10,470	9,043	-9,721	-13,354	-4,958	-1,770	-7,078
Repayment of Debt	-4,644	-5,622	-6,191	-6,816	-8,533	-12,845	-13,273	-8,527	-6,903	-5,321	-6,760
Payment of Dividends	-4,265	-4,897	-5,256	-5,506	-5,666	-5,707	-5,797	-5,869	-5,948	-6,040	-6,147
Issuance of Debt	6,427	5,641	9,158	10,438	8,343	29,228	9,651	482	8,021	9,579	5,735
Issuance of Common Equity	709	322	-	-	-	-	-	-	279	414	745
Other Financing Activities, net	-	-248	-126	-194	-171	-272	-302	560	-407	-402	-651
Effect of Exchange Rate Changes	-655	-473	-51	-	-	-167	-87	-185	-244	9.00	-359
Cash Interest Paid	1,061	995	1,158	1,208	1,423	1,685	1,830	1,512	1,401	1,668	1,978
Cash Income Taxes Paid	5,748	2,657	1,078	1,597	1,745	2,091	2,253	2,103	1,865	1,564	1,723

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	14	1,547	-111	-2,149	5,814	1,676	-287	-1,264	946	-2,999	865
Net Cash From Operating Activities	3,965	3,774	2,638	3,056	4,463	4,168	2,066	2,881	4,330	4,370	1,701
Net Cash From Continuing Operating Activities	3,963	3,778	2,654	3,036	4,463	4,168	2,065	2,882	4,330	4,370	1,702
Net Income / (Loss) Continuing Operations	2,710	927	1,584	1,703	3,288	1,605	1,834	-330	2,914	1,055	2,194
Consolidated Net Income / (Loss)	2,710	927	1,584	1,703	3,288	1,605	1,834	-330	2,914	1,055	2,194
Depreciation Expense	570	527	520	521	541	533	548	563	524	536	578
Amortization Expense	567	547	557	572	611	598	607	705	589	641	687
Non-Cash Adjustments To Reconcile Net Income	-55	268	288	187	220	67	289	2,703	713	379	423
Changes in Operating Assets and Liabilities, net	171	1,509	-295	53	-197	1,365	-1,213	-759	-410	1,759	-2,180
Net Cash From Investing Activities	-1,319	-7,960	7.00	-1,953	2,836	-4,210	2,239	-1,587	-1,379	-12,979	1,698
Net Cash From Continuing Investing Activities	-1,316	-7,960	6.00	-1,952	2,835	-4,210	2,239	-1,587	-1,379	-12,979	1,698
Purchase of Property, Plant & Equipment	-409	-300	-364	-281	-300	-239	-220	-286	-303	-244	-210
Acquisitions	-1,328	-22	-334	-4,589	-137	-82	-153	-2,513	-541	-7,098	-747
Purchase of Investments	-1,456	-8,531	-729	-1,114	-769	-4,934	-662	-905	-1,261	-6,486	-1,254
Sale of Property, Plant & Equipment	13	11	14	112	184	12	45	479	21	74	37
Sale and/or Maturity of Investments	2,010	1,050	1,550	4,042	4,005	464	3,453	1,774	853	927	4,035
Other Investing Activities, net	-147	-168	-137	-112	-148	-134	-224	-138	-141	-151	-163
Net Cash From Financing Activities	-2,852	5,708	-2,730	-3,132	-1,615	1,877	-4,515	-2,765	-1,676	5,443	-2,854
Net Cash From Continuing Financing Activities	-2,853	5,708	-2,730	-3,133	-1,615	1,876	-4,514	-2,766	-1,674	5,443	-2,854
Repayment of Debt	-1,563	-2,128	-1,076	-1,677	-440	-2,149	-3,046	-1,034	-791	-1,318	-1,330
Payment of Dividends	-1,494	-1,497	-1,510	-1,515	-1,518	-1,522	-1,536	-1,543	-1,546	-1,549	-1,563
Issuance of Debt	3.00	9,429	-	157	-7.00	5,486	219	-	30	8,378	7.00
Issuance of Common Equity	-	-	-	-	-	260	-	-	-	216	185
Other Financing Activities, net	-78	-96	-144	-98	-64	-199	-151	-189	-112	-284	-153
Effect of Exchange Rate Changes	-	24	-25	-119	129	-159	-77	207	-330	167	320

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	117,271	110,495	117,470	125,356	123,382	152,186	155,971	132,001	127,243	135,241	137,175
Total Current Assets	47,377	42,504	43,888	49,735	49,146	38,420	39,165	29,539	29,118	32,908	34,482
Cash & Equivalents	8,476	7,686	7,826	11,972	11,379	8,172	13,188	6,650	7,886	13,068	13,947
Restricted Cash	-	-	-	262	225	141	463	307	103	21	214
Short-Term Investments	0.00	508	701	608	618	696	600	600	7,703	6,475	6,903
Accounts Receivable	11,996	9,534	10,239	9,909	8,175	9,603	6,485	7,756	7,358	7,854	7,751
Inventories, net	2,103	1,551	1,553	1,583	1,682	1,619	1,812	1,649	1,552	1,161	1,289
Prepaid Expenses	4,967	4,205	4,564	1,860	2,378	2,101	2,089	3,466	2,611	2,639	2,520
Other Current Assets	-	-	-	1,820	2,299	1,896	1,401	1,890	1,906	1,690	1,859
Plant, Property, & Equipment, net	10,771	10,727	10,830	11,116	10,792	10,010	6,205	5,694	5,334	5,501	5,731
Plant, Property & Equipment, gross	39,034	29,342	30,133	32,331	32,460	32,028	20,100	20,085	18,695	18,122	17,691
Accumulated Depreciation	28,263	18,615	19,303	21,215	21,668	22,018	13,895	14,390	13,361	12,621	11,959
Total Noncurrent Assets	59,124	57,264	62,751	64,504	63,444	103,758	110,601	96,768	92,792	96,830	96,961
Long-Term Investments	-	5,187	4,585	2,783	2,386	2,074	2,187	1,823	1,617	1,626	1,787
Noncurrent Note & Lease Receivables	11,109	10,013	9,021	9,550	9,148	8,712	7,086	5,425	5,806	5,766	5,353
Goodwill	30,556	32,021	36,199	36,788	36,265	58,222	53,765	55,643	55,949	60,178	60,706
Intangible Assets	3,104	3,487	4,688	3,742	3,087	15,235	13,739	12,511	11,184	11,036	10,660
Noncurrent Deferred & Refundable Income Taxes	6,675	4,822	5,224	4,862	5,216	5,182	8,404	7,370	6,256	6,656	6,978
Employee Benefit Assets	2,160	1,734	3,034	4,643	4,666	6,865	7,557	9,850	8,236	7,506	7,492
Other Noncurrent Operating Assets	5,520	-	-	2,136	2,676	7,468	4,716	4,146	3,744	4,062	3,985
Total Liabilities & Shareholders' Equity	117,271	110,495	117,470	125,356	123,382	152,186	155,971	132,001	127,243	135,241	137,175
Total Liabilities	105,257	96,071	99,078	107,631	106,452	131,202	135,244	113,005	105,222	112,628	109,783
Total Current Liabilities	39,581	34,269	36,275	37,363	38,227	37,701	39,869	33,619	31,505	34,122	33,142
Short-Term Debt	5,731	6,461	7,513	6,987	10,207	8,797	7,116	6,787	4,760	6,426	5,089
Accounts Payable	6,864	6,028	6,209	6,451	6,558	4,896	4,033	3,955	4,051	4,132	4,032
Accrued Expenses	-	4,353	4,705	4,510	3,941	4,357	5,632	3,892	4,111	3,521	3,709
Current Deferred Revenue	11,877	11,021	11,035	11,552	11,165	12,026	11,980	12,518	12,032	13,451	13,907
Current Deferred & Payable Income Tax Liabilities	5,084	2,847	3,235	4,219	3,046	2,839	3,198	2,289	2,196	2,270	2,033
Current Employee Benefit Liabilities	4,031	3,560	3,577	3,644	3,310	3,406	3,056	3,204	3,481	3,501	3,605
Other Current Liabilities	5,994	-	-	-	0.00	1,380	1,035	974	874	820	768
Total Noncurrent Liabilities	65,676	61,802	62,802	70,268	68,226	93,500	95,376	79,387	73,717	78,505	76,641
Long-Term Debt	34,991	33,428	34,655	39,837	35,605	54,102	54,217	44,917	46,189	50,121	49,884
Noncurrent Deferred Revenue	3,691	3,771	3,600	3,746	3,445	3,851	3,758	3,577	3,499	3,533	3,622
Noncurrent Employee Benefit Liabilities	18,261	16,504	17,070	16,720	17,002	17,142	17,184	14,435	9,596	10,808	9,432
Other Noncurrent Operating Liabilities	8,733	8,099	7,477	9,965	12,174	18,405	16,900	16,458	14,433	14,043	13,703
Total Equity & Noncontrolling Interests	12,014	14,424	18,392	17,725	16,929	20,985	20,727	18,996	22,021	22,613	27,393
Total Preferred & Common Equity	11,868	14,262	18,246	17,594	16,796	20,841	20,597	18,901	21,944	22,533	27,307
Total Common Equity	11,869	14,261	18,246	17,593	16,795	20,839	20,597	18,902	21,944	22,534	27,306
Common Stock	52,666	53,262	53,935	54,566	55,151	55,895	56,556	57,319	58,343	59,643	61,380
Retained Earnings	137,793	146,124	152,759	153,126	159,206	162,954	162,717	154,209	149,825	151,276	151,163
Treasury Stock	-150,715	-155,518	-159,050	-163,507	-168,071	-169,413	-169,339	-169,392	-169,484	-169,624	-169,968
Accumulated Other Comprehensive Income / (Loss)	-27,875	-29,607	-29,398	-26,592	-29,490	-28,597	-29,337	-23,234	-16,740	-18,761	-15,269
Noncontrolling Interest	146	162	146	131	134	144	129	95	77	80	86

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	127,243	133,637	132,213	129,321	135,241	137,169	133,848	134,339	137,175	145,667	148,585
Total Current Assets	29,118	35,982	34,458	27,705	32,908	36,663	33,299	30,543	34,482	35,336	34,253
Cash & Equivalents	7,886	9,337	9,394	7,257	13,068	14,603	12,210	13,197	13,947	11,035	11,943
Restricted Cash	103	198	31	19	21	162	2,268	17	214	126	83
Short-Term Investments	7,703	8,057	6,904	8,753	6,475	9,389	6,556	5,761	6,903	11,558	9,090
Accounts Receivable	7,358	6,569	6,511	6,172	7,854	6,801	6,526	6,318	7,751	6,754	7,161
Inventories, net	1,552	1,603	1,501	1,398	1,161	1,212	1,234	1,368	1,289	1,431	1,251
Prepaid Expenses	2,611	2,501	2,730	2,582	2,639	2,804	2,784	2,408	2,520	2,770	2,796
Other Current Assets	1,906	1,660	1,822	1,524	1,690	1,691	1,720	1,475	1,859	1,662	1,928
Plant, Property, & Equipment, net	5,334	5,344	5,443	5,369	5,501	5,594	5,600	5,614	5,731	5,742	5,943
Plant, Property & Equipment, gross	18,695	18,761	18,588	18,217	18,122	18,071	17,911	17,994	17,691	17,827	18,160
Accumulated Depreciation	13,361	13,417	13,145	12,848	12,621	12,477	12,311	12,380	11,959	12,085	12,218
Total Noncurrent Assets	92,792	92,311	92,312	96,248	96,830	94,913	94,948	98,183	96,961	104,589	108,389
Long-Term Investments	1,617	1,607	1,585	1,582	1,626	1,678	1,840	2,009	1,787	1,856	1,891
Noncurrent Note & Lease Receivables	5,806	5,065	5,221	4,789	5,766	4,927	5,483	4,931	5,353	4,920	6,171
Goodwill	55,949	56,193	56,385	59,596	60,178	59,534	59,416	61,092	60,706	66,065	67,506
Intangible Assets	11,184	10,905	10,496	11,278	11,036	10,750	10,251	11,090	10,660	12,392	12,253
Noncurrent Deferred & Refundable Income Taxes	6,256	6,419	6,340	6,168	6,656	6,465	6,378	6,943	6,978	7,594	8,475
Employee Benefit Assets	8,236	8,487	8,735	8,901	7,506	7,545	7,630	7,975	7,492	7,670	7,983
Other Noncurrent Operating Assets	3,744	3,635	3,550	3,934	4,062	4,014	3,950	4,143	3,985	4,092	4,110
Total Liabilities & Shareholders' Equity	127,243	133,637	132,213	129,321	135,241	137,169	133,848	134,339	137,175	145,667	148,585
Total Liabilities	105,222	111,964	109,942	106,165	112,628	113,836	109,745	109,809	109,783	118,714	120,998
Total Current Liabilities	31,505	30,993	32,513	30,606	34,122	32,397	29,648	28,853	33,142	35,106	37,726
Short-Term Debt	4,760	4,887	6,785	6,414	6,426	5,471	3,602	3,599	5,089	6,913	8,945
Accounts Payable	4,051	3,728	3,732	3,342	4,132	3,588	3,631	3,274	4,032	3,585	3,974
Accrued Expenses	4,111	3,866	3,651	3,309	3,521	3,605	3,195	3,474	3,709	3,526	3,932
Current Deferred Revenue	12,032	13,220	12,712	11,917	13,451	14,051	13,643	12,882	13,907	15,057	15,022
Current Deferred & Payable Income Tax Liabilities	2,196	1,650	1,606	1,559	2,270	1,710	1,691	1,584	2,033	1,573	1,681
Current Employee Benefit Liabilities	3,481	2,772	3,185	3,257	3,501	3,190	3,125	3,250	3,605	3,653	3,353
Other Current Liabilities	874	869	842	807	820	784	762	790	768	798	820
Total Noncurrent Liabilities	73,717	80,971	77,429	75,560	78,505	81,439	80,096	80,955	76,641	83,609	83,271
Long-Term Debt	46,189	53,826	50,691	48,828	50,121	54,033	52,929	52,980	49,884	56,371	55,219
Noncurrent Deferred Revenue	3,499	3,443	3,264	3,085	3,533	3,488	3,489	3,666	3,622	3,844	3,913
Noncurrent Employee Benefit Liabilities	9,596	9,509	9,385	9,090	10,808	10,421	10,200	10,366	9,432	9,536	9,882
Other Noncurrent Operating Liabilities	14,433	14,193	14,089	14,557	14,043	13,497	13,478	13,943	13,703	13,858	14,257
Total Equity & Noncontrolling Interests	22,021	21,672	22,271	23,156	22,613	23,333	24,103	24,530	27,393	26,953	27,588
Total Preferred & Common Equity	21,944	21,604	22,201	23,081	22,533	23,261	24,026	24,448	27,307	26,880	27,509
Total Common Equity	21,944	21,604	22,201	23,081	22,534	23,260	24,026	24,449	27,306	26,881	27,509
Common Stock	58,343	58,675	58,963	59,313	59,643	60,145	60,501	61,013	61,380	61,913	62,392
Retained Earnings	149,825	149,253	149,318	149,506	151,276	151,362	151,659	149,789	151,163	150,703	151,367
Treasury Stock	-169,484	-169,544	-169,581	-	-169,624	-169,759	-169,815	-169,935	-169,968	-170,160	-170,209
Accumulated Other Comprehensive Income / (Loss)	-16,740	-16,780	-16,499	-16,098	-18,761	-18,488	-18,319	-16,418	-15,269	-15,575	-16,041
Noncontrolling Interest	77	68	70	75	80	72	77	82	86	72	79

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.67%	-11.91%	-2.23%	-0.98%	0.57%	-27.49%	-4.39%	3.93%	5.54%	2.20%	1.44%
EBITDA Growth	-1.43%	-18.80%	-14.45%	-4.53%	-0.05%	-11.70%	-27.75%	17.57%	-42.20%	104.82%	-17.13%
EBIT Growth	-0.85%	-19.81%	-21.05%	-7.30%	0.43%	-29.13%	-54.85%	55.23%	-60.43%	334.25%	-27.07%
NOPAT Growth	-6.29%	-14.73%	-9.23%	-51.41%	52.93%	-19.44%	-4.66%	-6.15%	-45.36%	143.58%	-12.48%
Net Income Growth	-27.06%	9.72%	-9.99%	-51.54%	51.71%	8.05%	-40.73%	2.74%	-71.46%	357.72%	-19.71%
EPS Growth	-20.35%	12.77%	-7.75%	-50.40%	55.05%	8.05%	-40.73%	1.93%	-71.65%	352.22%	-21.01%
Operating Cash Flow Growth	-4.80%	2.29%	-0.99%	-2.11%	-8.83%	-3.13%	23.20%	-29.68%	-18.45%	33.50%	-3.49%
Free Cash Flow Firm Growth	246.93%	-27.14%	-65.07%	-23.01%	119.19%	-270.75%	233.39%	-89.70%	294.20%	-29.16%	-5.27%
Invested Capital Growth	-14.19%	-7.52%	15.93%	3.10%	-1.62%	51.26%	-21.72%	7.59%	-9.22%	4.14%	2.66%
Revenue Q/Q Growth	-2.71%	-2.45%	-0.36%	0.98%	-0.97%	-25.17%	-0.75%	34.68%	-0.01%	1.13%	0.27%
EBITDA Q/Q Growth	-2.32%	-9.16%	0.31%	-2.88%	-0.24%	-15.62%	-10.35%	19.85%	-43.17%	89.72%	-19.16%
EBIT Q/Q Growth	-2.03%	-10.80%	-0.64%	-4.10%	-0.02%	-27.50%	-24.71%	65.57%	-68.70%	206.16%	-27.48%
NOPAT Q/Q Growth	-5.72%	-6.98%	0.67%	-48.99%	52.99%	-12.89%	8.43%	13.22%	-75.00%	207.43%	-26.22%
Net Income Q/Q Growth	-5.51%	-7.18%	0.32%	-49.12%	52.51%	22.29%	-29.28%	20.50%	29.87%	8.35%	-5.85%
EPS Q/Q Growth	-1.49%	-6.35%	1.14%	-48.62%	52.32%	22.29%	-29.28%	19.59%	28.57%	7.25%	-7.22%
Operating Cash Flow Q/Q Growth	17.56%	-17.33%	-8.30%	11.72%	-9.57%	-4.33%	15.26%	-20.58%	15.76%	3.71%	-0.98%
Free Cash Flow Firm Q/Q Growth	86.98%	-21.52%	-47.40%	-38.20%	92.88%	-34.77%	161.61%	-72.22%	-56.47%	267.68%	-44.31%
Invested Capital Q/Q Growth	-12.40%	-6.00%	6.39%	-0.28%	-3.55%	2.19%	-17.46%	-7.73%	-6.74%	-4.64%	-1.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.01%	49.77%	48.19%	46.68%	46.41%	54.64%	55.94%	54.90%	54.00%	55.45%	56.65%
EBITDA Margin	26.90%	24.80%	21.70%	20.92%	20.79%	25.31%	19.13%	21.64%	11.85%	23.75%	19.40%
Operating Margin	22.06%	20.08%	16.22%	15.18%	15.16%	13.06%	8.45%	11.97%	3.92%	16.64%	11.97%
EBIT Margin	22.06%	20.08%	16.22%	15.18%	15.16%	14.81%	7.00%	10.45%	3.92%	16.64%	11.97%
Profit (Net Income) Margin	12.96%	16.14%	14.86%	7.27%	10.97%	16.34%	10.13%	10.01%	2.71%	12.13%	9.60%
Tax Burden Percent	60.15%	82.72%	96.29%	50.46%	76.95%	130.88%	217.34%	118.73%	141.78%	86.33%	103.90%
Interest Burden Percent	97.64%	97.14%	95.15%	94.90%	94.01%	84.28%	66.63%	80.72%	48.76%	84.40%	77.20%
Effective Tax Rate	21.18%	16.19%	3.64%	49.49%	23.09%	0.83%	-52.88%	2.56%	-54.15%	13.53%	-3.76%
Return on Invested Capital (ROIC)	33.67%	32.30%	28.26%	12.59%	19.12%	12.36%	10.98%	11.31%	6.25%	15.67%	13.26%
ROIC Less NNEP Spread (ROIC-NNEP)	20.16%	30.37%	26.04%	11.55%	17.36%	17.07%	7.49%	8.90%	0.94%	11.61%	8.02%
Return on Net Nonoperating Assets (RNNOA)	35.14%	67.48%	44.10%	19.27%	31.25%	37.39%	15.82%	17.61%	1.74%	17.95%	10.83%
Return on Equity (ROE)	68.81%	99.78%	72.35%	31.86%	50.37%	49.75%	26.80%	28.92%	7.99%	33.62%	24.09%
Cash Return on Invested Capital (CROIC)	48.94%	40.11%	13.51%	9.54%	20.75%	-28.44%	35.35%	3.99%	15.92%	11.61%	10.64%
Operating Return on Assets (OROA)	16.81%	14.41%	11.37%	9.89%	9.70%	6.21%	2.51%	4.16%	1.83%	7.85%	5.51%
Return on Assets (ROA)	9.87%	11.58%	10.42%	4.74%	7.02%	6.84%	3.63%	3.99%	1.26%	5.72%	4.42%
Return on Common Equity (ROCE)	68.25%	98.62%	71.67%	31.61%	49.99%	49.38%	26.63%	28.75%	7.96%	33.50%	24.01%
Return on Equity Simple (ROE_SIMPLE)	0.00%	92.48%	65.07%	32.70%	51.96%	45.25%	27.14%	30.38%	7.47%	33.29%	22.06%
Net Operating Profit after Tax (NOPAT)	16,133	13,757	12,487	6,068	9,279	7,475	7,127	6,689	3,655	8,903	7,791
NOPAT Margin	17.39%	16.83%	15.62%	7.67%	11.66%	12.95%	12.92%	11.66%	6.04%	14.39%	12.42%
Net Nonoperating Expense Percent (NNEP)	13.50%	1.93%	2.21%	1.04%	1.77%	-4.71%	3.49%	2.41%	5.31%	4.06%	5.24%
Return On Investment Capital (ROIC_SIMPLE)	30.59%	25.33%	20.62%	9.40%	14.79%	8.91%	8.69%	9.46%	5.01%	11.25%	9.46%
Cost of Revenue to Revenue	49.99%	50.23%	51.81%	53.32%	53.59%	45.36%	44.06%	45.10%	46.00%	44.55%	43.35%
SG&A Expenses to Revenue	24.98%	24.99%	26.11%	24.87%	24.33%	32.44%	37.26%	32.69%	30.74%	30.72%	31.37%
R&D to Revenue	5.06%	5.58%	5.12%	5.21%	5.47%	9.13%	10.22%	10.25%	9.75%	9.56%	10.33%
Operating Expenses to Revenue	27.95%	29.69%	31.98%	31.50%	31.25%	41.58%	47.49%	42.93%	50.08%	38.80%	44.69%
Earnings before Interest and Taxes (EBIT)	20,470	16,414	12,959	12,013	12,065	8,550	3,860	5,992	2,371	10,296	7,509
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	24,962	20,269	17,340	16,554	16,545	14,609	10,555	12,409	7,173	14,692	12,176
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.58	6.24	5.98	5.80	4.62	4.48	4.51	5.52	5.30	6.35	7.39
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)	1.10	1.09	1.37	1.29	0.98	1.62	1.68	1.82	1.92	2.31	3.22
Price to Earnings (P/E)	8.47	6.75	9.20	17.74	8.89	9.91	16.62	18.16	70.99	19.09	33.52
Dividend Yield	4.13%	5.45%	4.79%	5.35%	7.27%	6.09%	6.24%	5.46%	5.12%	4.23%	3.05%
Earnings Yield	11.81%	14.82%	10.87%	5.64%	11.25%	10.09%	6.02%	5.51%	1.41%	5.24%	2.98%
Enterprise Value to Invested Capital (EV/IC)	3.03	2.83	2.92	2.73	2.26	2.00	2.42	2.39	2.70	3.08	3.93
Enterprise Value to Revenue (EV/Rev)	1.45	1.41	1.73	1.69	1.37	2.52	2.50	2.56	2.48	2.89	3.73
Enterprise Value to EBITDA (EV/EBITDA)	5.38	5.71	7.98	8.06	6.58	9.95	13.07	11.82	20.92	12.16	19.23
Enterprise Value to EBIT (EV/EBIT)	6.56	7.05	10.68	11.11	9.03	17.01	35.74	24.49	63.29	17.35	31.18
Enterprise Value to NOPAT (EV/NOPAT)	8.32	8.41	11.08	21.99	11.74	19.45	19.36	21.94	41.06	20.06	30.05
Enterprise Value to Operating Cash Flow (EV/OCF)	7.96	6.70	8.10	7.98	7.15	9.85	7.58	11.47	14.38	12.82	17.41
Enterprise Value to Free Cash Flow (EV/FCFF)	5.72	6.77	23.19	29.04	10.82	0.00	6.01	62.12	16.12	27.08	37.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.39	2.77	2.29	2.64	2.71	3.00	2.96	2.72	2.31	2.50	2.01
Long-Term Debt to Equity	2.91	2.32	1.88	2.25	2.10	2.58	2.62	2.36	2.10	2.22	1.82
Financial Leverage	1.74	2.22	1.69	1.67	1.80	2.19	2.11	1.98	1.85	1.55	1.35
Leverage Ratio	6.97	8.62	6.95	6.72	7.18	7.27	7.39	7.25	6.32	5.88	5.45
Compound Leverage Factor	6.80	8.37	6.61	6.38	6.75	6.13	4.92	5.85	3.08	4.96	4.21
Debt to Total Capital	77.22%	73.44%	69.63%	72.54%	73.02%	74.98%	74.74%	73.13%	69.82%	71.43%	66.74%
Short-Term Debt to Total Capital	10.87%	11.90%	12.41%	10.82%	16.27%	10.49%	8.67%	9.60%	6.52%	8.12%	6.18%
Long-Term Debt to Total Capital	66.35%	61.55%	57.22%	61.72%	56.75%	64.50%	66.07%	63.53%	63.30%	63.32%	60.56%
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	0.28%	0.30%	0.24%	0.20%	0.21%	0.17%	0.16%	0.13%	0.11%	0.10%	0.10%
Common Equity to Total Capital	22.51%	26.26%	30.13%	27.26%	26.77%	24.84%	25.10%	26.74%	30.07%	28.47%	33.15%
Debt to EBITDA	1.63	1.97	2.43	2.83	2.77	4.31	5.81	4.17	7.10	3.85	4.51
Net Debt to EBITDA	1.29	1.31	1.68	1.88	1.89	3.55	4.25	3.41	4.69	2.41	2.64
Long-Term Debt to EBITDA	1.40	1.65	2.00	2.41	2.15	3.70	5.14	3.62	6.44	3.41	4.10
Debt to NOPAT	2.52	2.90	3.38	7.72	4.94	8.41	8.61	7.73	13.94	6.35	7.06
Net Debt to NOPAT	2.00	1.93	2.33	5.14	3.36	6.93	6.30	6.33	9.20	3.97	4.12
Long-Term Debt to NOPAT	2.17	2.43	2.78	6.57	3.84	7.24	7.61	6.72	12.64	5.63	6.40
Altman Z-Score	3.67	3.73	3.60	3.35	3.32	2.50	2.30	2.74	2.83	3.03	3.30
Noncontrolling Interest Sharing Ratio	0.81%	1.17%	0.94%	0.77%	0.77%	0.74%	0.66%	0.56%	0.42%	0.35%	0.33%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	1.24	1.21	1.33	1.29	1.02	0.98	0.88	0.92	0.96	1.04
Quick Ratio	1.02	1.07	1.04	1.18	1.11	0.87	0.77	0.66	0.73	0.80	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	23,453	17,087	5,968	4,595	10,071	-17,197	22,938	2,362	9,311	6,596	6,248
Operating Cash Flow to CapEx	505.64%	537.71%	543.56%	603.97%	484.49%	844.48%	748.85%	763.94%	844.94%	1,507.68%	2,738.29%
Free Cash Flow to Firm to Interest Expense	48.46	36.51	9.47	7.47	13.93	-12.80	17.81	2.05	7.66	4.10	3.65
Operating Cash Flow to Interest Expense	34.85	36.87	27.12	27.19	21.09	10.99	14.13	11.08	8.58	8.67	7.85
Operating Cash Flow Less CapEx to Interest Expense	27.96	30.01	22.13	22.69	16.74	9.69	12.24	9.63	7.57	8.09	7.57
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.72	0.70	0.65	0.64	0.42	0.36	0.40	0.47	0.47	0.46
Accounts Receivable Turnover	7.72	7.59	8.08	7.86	8.80	6.49	6.86	8.05	8.01	8.13	8.04
Inventory Turnover	21.02	22.47	26.68	26.91	26.13	15.86	14.17	14.95	17.40	20.32	22.20
Fixed Asset Turnover	7.55	7.60	7.41	7.21	7.27	5.55	6.81	9.64	10.98	11.42	11.17
Accounts Payable Turnover	6.48	6.37	6.77	6.67	6.56	4.57	5.45	6.48	6.96	6.74	6.66
Days Sales Outstanding (DSO)	47.29	48.07	45.15	46.46	41.47	56.22	53.21	45.32	45.57	44.88	45.38
Days Inventory Outstanding (DIO)	17.36	16.24	13.68	13.56	13.97	23.01	25.75	24.42	20.98	17.97	16.44
Days Payable Outstanding (DPO)	56.36	57.31	53.94	54.76	55.66	79.84	67.02	56.36	52.48	54.19	54.77
Cash Conversion Cycle (CCC)	8.29	7.01	4.90	5.27	-0.22	-0.62	11.94	13.38	14.07	8.66	7.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	44,261	40,931	47,450	48,923	48,131	72,803	56,992	61,319	55,663	57,970	59,513
Invested Capital Turnover	1.94	1.92	1.81	1.64	1.64	0.95	0.85	0.97	1.03	1.09	1.07
Increase / (Decrease) in Invested Capital	-7,320	-3,330	6,519	1,473	-792	24,672	-15,811	4,327	-5,656	2,307	1,543
Enterprise Value (EV)	134,190	115,647	138,400	133,410	108,939	145,413	137,956	146,727	150,063	178,613	234,128
Market Capitalization	101,798	88,977	109,198	102,080	77,601	93,453	92,932	104,308	116,346	143,176	201,920
Book Value per Share	$11.99	$14.70	$19.19	$19.00	$18.48	$23.53	$23.12	$21.08	$24.27	$24.68	$29.53
Tangible Book Value per Share	($22.02)	($21.90)	($23.81)	($24.78)	($24.82)	($59.41)	($52.64)	($54.92)	($49.98)	($53.31)	($47.65)
Total Capital	52,736	54,313	60,560	64,549	62,741	83,884	82,060	70,700	72,970	79,160	82,366
Total Debt	40,722	39,889	42,168	46,824	45,812	62,899	61,333	51,704	50,949	56,547	54,973
Total Long-Term Debt	34,991	33,428	34,655	39,837	35,605	54,102	54,217	44,917	46,189	50,121	49,884
Net Debt	32,246	26,508	29,056	31,199	31,204	51,816	44,895	42,324	33,640	35,357	32,122
Capital Expenditures (CapEx)	3,336	3,209	3,143	2,769	3,147	1,749	2,430	1,675	1,235	924	491
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5,051	6,502	6,599	6,517	8,904	507	-7,839	-4,850	-13,319	-14,352	-14,635
Debt-free Net Working Capital (DFNWC)	13,527	14,696	15,126	19,359	21,126	9,516	6,412	2,707	2,373	5,212	6,429
Net Working Capital (NWC)	7,796	8,235	7,613	12,372	10,919	719	-704	-4,080	-2,387	-1,214	1,340
Net Nonoperating Expense (NNE)	4,111	567	615	315	551	-1,956	1,537	946	2,016	1,401	1,768
Net Nonoperating Obligations (NNO)	32,247	26,507	29,058	31,198	31,202	51,818	36,265	42,323	33,642	35,357	32,120
Total Depreciation and Amortization (D&A)	4,492	3,855	4,381	4,541	4,480	6,059	6,695	6,417	4,802	4,396	4,667
Debt-free, Cash-free Net Working Capital to Revenue	5.44%	7.95%	8.26%	8.23%	11.19%	0.88%	-14.21%	-8.46%	-22.00%	-23.20%	-23.32%
Debt-free Net Working Capital to Revenue	14.58%	17.98%	18.93%	24.46%	26.54%	16.49%	11.62%	4.72%	3.92%	8.43%	10.24%
Net Working Capital to Revenue	8.40%	10.07%	9.53%	15.63%	13.72%	1.25%	-1.28%	-7.11%	-3.94%	-1.96%	2.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$11.49	$12.94	$11.93	$5.92	$9.19	$10.20	$6.03	$6.41	$1.82	$8.23	$6.53
Adjusted Weighted Average Basic Shares Outstanding	1.05B	1.02B	995.34M	971.80M	950.15M	924.30M	927.54M	895.99M	902.66M	911.21M	921.77M
Adjusted Diluted Earnings per Share	$11.42	$12.88	$11.88	$5.89	$9.14	$10.14	$5.98	$6.35	$1.80	$8.14	$6.43
Adjusted Weighted Average Diluted Shares Outstanding	1.05B	1.02B	998.77M	976.55M	954.60M	930.11M	934.02M	904.64M	912.27M	922.07M	937.16M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.03B	1.03B	982.62M	959.65M	927.04M	925.52M	930.92M	899.31M	907.11M	916.74M	927.26M
Normalized Net Operating Profit after Tax (NOPAT)	16,133	13,757	12,487	6,068	9,279	7,475	3,263	6,689	1,660	8,903	5,256
Normalized NOPAT Margin	17.39%	16.83%	15.62%	7.67%	11.66%	12.95%	5.91%	11.66%	2.74%	14.39%	8.38%
Pre Tax Income Margin	21.54%	19.51%	15.43%	14.41%	14.25%	12.49%	4.66%	8.43%	1.91%	14.05%	9.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	42.29	35.07	20.57	19.53	16.69	6.36	3.00	5.19	1.95	6.41	4.39
NOPAT to Interest Expense	33.33	29.40	19.82	9.87	12.83	5.56	5.53	5.79	3.01	5.54	4.55
EBIT Less CapEx to Interest Expense	35.40	28.22	15.58	15.03	12.33	5.06	1.11	3.74	0.93	5.83	4.10
NOPAT Less CapEx to Interest Expense	26.44	22.54	14.83	5.36	8.48	4.26	3.65	4.34	1.99	4.96	4.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	35.48%	37.13%	44.27%	95.71%	64.92%	60.51%	103.70%	102.19%	362.90%	80.51%	102.06%
Augmented Payout Ratio	149.26%	72.07%	73.77%	171.15%	115.82%	74.94%	103.70%	102.19%	362.90%	80.51%	102.06%

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.02%	0.39%	-0.39%	4.57%	4.13%	1.47%	1.91%	1.46%	0.99%	0.55%	7.65%
EBITDA Growth	-120.05%	14.16%	7.20%	211.01%	761.01%	5.44%	8.60%	-73.51%	-47.80%	5.84%	15.02%
EBIT Growth	-164.61%	52.68%	20.01%	154.33%	338.20%	5.54%	9.20%	-116.32%	-58.28%	7.18%	17.42%
NOPAT Growth	-165.61%	5.05%	3.66%	74.70%	340.30%	67.21%	16.44%	-30.86%	-57.75%	-33.46%	20.23%
Net Income Growth	16.16%	26.47%	13.72%	153.32%	21.33%	73.14%	15.86%	-119.37%	-11.37%	-34.27%	19.63%
EPS Growth	15.38%	24.69%	12.42%	151.98%	20.33%	70.30%	13.95%	-119.57%	-13.85%	-34.88%	17.86%
Operating Cash Flow Growth	55.86%	16.19%	99.70%	60.76%	12.56%	10.44%	-21.68%	-5.73%	-2.98%	4.85%	-17.67%
Free Cash Flow Firm Growth	339.43%	-85.96%	-97.73%	-89.91%	-49.48%	797.43%	3,073.85%	148.61%	-86.74%	-212.45%	-233.65%
Invested Capital Growth	-9.22%	0.63%	2.52%	1.85%	4.14%	-6.84%	-6.59%	-1.09%	2.66%	15.19%	19.02%
Revenue Q/Q Growth	18.32%	-14.61%	8.58%	-4.67%	17.82%	-16.79%	9.04%	-5.09%	17.27%	-17.16%	16.75%
EBITDA Q/Q Growth	70.00%	373.82%	40.00%	-3.49%	78.66%	-56.32%	44.20%	-76.45%	251.96%	-1.52%	56.70%
EBIT Q/Q Growth	51.26%	169.56%	69.92%	-5.70%	113.70%	-69.18%	75.81%	-114.10%	646.11%	-6.22%	92.62%
NOPAT Q/Q Growth	-263.77%	158.71%	63.93%	10.84%	125.27%	-59.15%	14.15%	-34.19%	37.65%	-3.47%	78.54%
Net Income Q/Q Growth	184.79%	-65.79%	70.77%	7.64%	92.96%	-51.19%	14.27%	-117.99%	983.03%	-63.80%	107.96%
EPS Q/Q Growth	184.75%	-66.33%	70.30%	6.98%	96.20%	-52.35%	13.95%	-118.37%	963.89%	-63.99%	106.25%
Operating Cash Flow Q/Q Growth	108.57%	-4.82%	-30.10%	15.85%	46.04%	-6.61%	-50.43%	39.45%	50.30%	0.92%	-61.08%
Free Cash Flow Firm Q/Q Growth	-50.60%	-82.98%	-71.08%	314.67%	147.42%	202.42%	2.29%	-67.52%	-86.81%	-34,629.81%	-16.30%
Invested Capital Q/Q Growth	-6.74%	9.93%	1.05%	-1.69%	-4.64%	-1.67%	1.32%	4.10%	-1.02%	10.33%	4.69%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.71%	52.69%	54.93%	54.39%	59.07%	53.53%	56.75%	56.25%	59.47%	55.23%	58.77%
EBITDA Margin	-5.47%	17.54%	22.62%	22.90%	34.72%	18.23%	24.10%	5.98%	17.95%	19.19%	25.75%
Operating Margin	-12.28%	8.29%	13.97%	14.03%	28.09%	8.21%	15.30%	12.50%	11.60%	11.09%	18.30%
EBIT Margin	-12.28%	10.01%	15.66%	15.49%	28.09%	10.41%	16.78%	-2.49%	11.60%	11.09%	18.30%
Profit (Net Income) Margin	16.24%	6.50%	10.23%	11.55%	18.92%	11.10%	11.63%	-2.20%	16.60%	7.26%	12.92%
Tax Burden Percent	81.82%	87.62%	79.15%	90.98%	87.47%	149.44%	82.65%	41.15%	88.14%	91.11%	84.48%
Interest Burden Percent	-161.56%	74.19%	82.54%	81.97%	76.98%	71.36%	83.86%	215.01%	162.30%	71.79%	83.59%
Effective Tax Rate	13.38%	11.72%	20.95%	8.49%	12.61%	-46.74%	17.53%	0.00%	11.49%	8.89%	15.56%
Return on Invested Capital (ROIC)	-11.01%	7.27%	10.94%	13.04%	26.73%	12.66%	13.16%	9.06%	10.97%	10.35%	15.65%
ROIC Less NNEP Spread (ROIC-NNEP)	0.80%	6.98%	10.63%	12.55%	23.89%	12.28%	12.74%	4.58%	14.27%	9.21%	14.50%
Return on Net Nonoperating Assets (RNNOA)	1.48%	13.90%	20.47%	22.36%	36.93%	19.97%	20.11%	7.03%	19.25%	13.25%	20.98%
Return on Equity (ROE)	-9.53%	21.17%	31.42%	35.40%	63.67%	32.64%	33.27%	16.09%	30.22%	23.61%	36.63%
Cash Return on Invested Capital (CROIC)	15.92%	4.91%	2.92%	2.98%	11.61%	23.41%	23.44%	18.56%	10.64%	-2.52%	-5.42%
Operating Return on Assets (OROA)	-5.74%	4.54%	7.30%	7.43%	13.24%	4.77%	7.87%	-1.18%	5.35%	4.93%	8.30%
Return on Assets (ROA)	7.58%	2.95%	4.77%	5.54%	8.92%	5.09%	5.45%	-1.05%	7.65%	3.22%	5.86%
Return on Common Equity (ROCE)	-9.49%	21.10%	31.32%	35.28%	63.44%	32.53%	33.16%	16.04%	30.12%	23.54%	36.52%
Return on Equity Simple (ROE_SIMPLE)	0.00%	8.48%	9.12%	30.00%	0.00%	35.17%	35.09%	26.17%	0.00%	20.36%	0.00%
Net Operating Profit after Tax (NOPAT)	-1,776	1,043	1,709	1,894	4,267	1,743	1,990	1,310	1,803	1,470	2,624
NOPAT Margin	-10.64%	7.32%	11.04%	12.84%	24.55%	12.05%	12.62%	8.75%	10.27%	10.11%	15.45%
Net Nonoperating Expense Percent (NNEP)	-11.81%	0.28%	0.31%	0.49%	2.84%	0.38%	0.43%	4.48%	-3.29%	1.15%	1.15%
Return On Investment Capital (ROIC_SIMPLE)	-2.43%	1.30%	2.14%	2.42%	5.39%	2.10%	2.47%	1.61%	2.19%	1.63%	2.86%
Cost of Revenue to Revenue	42.28%	47.31%	45.07%	45.61%	40.93%	46.46%	43.25%	43.75%	40.53%	44.77%	41.24%
SG&A Expenses to Revenue	28.55%	34.05%	31.66%	30.22%	27.57%	34.39%	31.31%	32.81%	27.72%	33.60%	29.61%
R&D to Revenue	8.14%	10.35%	9.30%	10.13%	8.66%	10.93%	10.14%	10.94%	9.49%	11.67%	11.09%
Operating Expenses to Revenue	69.99%	44.40%	40.96%	40.35%	30.98%	45.32%	41.45%	43.75%	47.87%	44.14%	40.47%
Earnings before Interest and Taxes (EBIT)	-2,050	1,426	2,423	2,285	4,883	1,505	2,646	-373	2,037	1,613	3,107
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-913	2,500	3,500	3,378	6,035	2,636	3,801	895	3,150	2,790	4,372
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.30	5.09	5.13	5.25	6.35	7.25	6.46	8.21	7.39	8.58	9.96
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)	1.92	1.81	1.88	1.98	2.31	2.72	2.49	3.21	3.22	3.67	4.28
Price to Earnings (P/E)	70.99	59.98	56.26	17.50	19.09	20.62	18.41	31.38	33.52	42.13	46.97
Dividend Yield	5.12%	5.45%	5.27%	4.98%	4.23%	3.59%	3.94%	3.06%	3.05%	2.69%	2.27%
Earnings Yield	1.41%	1.67%	1.78%	5.71%	5.24%	4.85%	5.43%	3.19%	2.98%	2.37%	2.13%
Enterprise Value to Invested Capital (EV/IC)	2.70	2.44	2.48	2.61	3.08	3.55	3.27	3.93	3.93	4.10	4.59
Enterprise Value to Revenue (EV/Rev)	2.48	2.47	2.54	2.60	2.89	3.26	3.03	3.78	3.73	4.29	4.92
Enterprise Value to EBITDA (EV/EBITDA)	20.92	20.66	21.05	20.52	12.16	13.72	12.53	15.70	19.23	21.85	24.43
Enterprise Value to EBIT (EV/EBIT)	63.29	57.11	54.01	47.24	17.35	19.65	17.90	22.83	31.18	35.36	39.02
Enterprise Value to NOPAT (EV/NOPAT)	41.06	44.24	46.52	54.86	20.06	20.97	19.01	22.38	30.05	37.85	41.70
Enterprise Value to Operating Cash Flow (EV/OCF)	14.38	13.64	12.50	11.83	12.82	14.13	13.74	17.41	17.41	19.74	23.73
Enterprise Value to Free Cash Flow (EV/FCFF)	16.12	49.88	86.16	88.56	27.08	14.63	13.48	21.07	37.47	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.31	2.71	2.58	2.39	2.50	2.55	2.35	2.31	2.01	2.35	2.33
Long-Term Debt to Equity	2.10	2.48	2.28	2.11	2.22	2.32	2.20	2.16	1.82	2.09	2.00
Financial Leverage	1.85	1.99	1.93	1.78	1.55	1.63	1.58	1.54	1.35	1.44	1.45
Leverage Ratio	6.32	6.54	6.22	5.89	5.88	6.02	5.74	5.53	5.45	5.62	5.46
Compound Leverage Factor	-10.21	4.86	5.14	4.83	4.53	4.29	4.81	11.89	8.84	4.04	4.57
Debt to Total Capital	69.82%	73.04%	72.07%	70.46%	71.43%	71.83%	70.11%	69.76%	66.74%	70.13%	69.93%
Short-Term Debt to Total Capital	6.52%	6.08%	8.51%	8.18%	8.12%	6.60%	4.47%	4.44%	6.18%	7.66%	9.75%
Long-Term Debt to Total Capital	63.30%	66.96%	63.56%	62.28%	63.32%	65.23%	65.64%	65.32%	60.56%	62.47%	60.18%
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	0.11%	0.08%	0.09%	0.10%	0.10%	0.09%	0.10%	0.10%	0.10%	0.08%	0.09%
Common Equity to Total Capital	30.07%	26.88%	27.84%	29.44%	28.47%	28.08%	29.80%	30.14%	33.15%	29.79%	29.98%
Debt to EBITDA	7.10	8.11	7.88	7.13	3.85	4.03	3.75	3.76	4.51	5.13	4.97
Net Debt to EBITDA	4.69	5.46	5.42	4.86	2.41	2.28	2.23	2.36	2.64	3.14	3.19
Long-Term Debt to EBITDA	6.44	7.44	6.95	6.31	3.41	3.66	3.51	3.52	4.10	4.57	4.28
Debt to NOPAT	13.94	17.37	17.42	19.08	6.35	6.16	5.69	5.36	7.06	8.89	8.49
Net Debt to NOPAT	9.20	11.69	11.99	12.99	3.97	3.49	3.39	3.37	4.12	5.44	5.44
Long-Term Debt to NOPAT	12.64	15.93	15.36	16.86	5.63	5.60	5.33	5.02	6.40	7.92	7.30
Altman Z-Score	2.71	2.69	2.74	2.81	2.89	2.96	3.00	3.13	3.16	3.08	3.26
Noncontrolling Interest Sharing Ratio	0.42%	0.32%	0.33%	0.34%	0.35%	0.31%	0.32%	0.33%	0.33%	0.29%	0.30%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.92	1.16	1.06	0.91	0.96	1.13	1.12	1.06	1.04	1.01	0.91
Quick Ratio	0.73	0.97	0.87	0.72	0.80	0.95	0.85	0.88	0.86	0.84	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,880	661	191	792	1,960	5,928	6,064	1,970	260	-7,189	-8,361
Operating Cash Flow to CapEx	1,001.26%	1,305.88%	753.71%	1,808.28%	3,847.41%	1,836.12%	1,180.57%	0.00%	1,535.46%	2,570.59%	983.24%
Free Cash Flow to Firm to Interest Expense	12.40	1.80	0.45	1.92	4.84	13.72	14.20	4.59	0.61	-15.80	-16.39
Operating Cash Flow to Interest Expense	12.67	10.28	6.24	7.42	11.02	9.65	4.84	6.72	10.21	9.60	3.34
Operating Cash Flow Less CapEx to Interest Expense	11.40	9.50	5.41	7.01	10.73	9.12	4.43	7.17	9.55	9.23	3.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.45	0.47	0.48	0.47	0.46	0.47	0.47	0.46	0.44	0.45
Accounts Receivable Turnover	8.01	8.95	9.11	9.71	8.13	9.29	9.57	10.02	8.04	9.27	9.36
Inventory Turnover	17.40	16.41	17.24	17.23	20.32	19.56	20.02	19.67	22.20	20.43	21.87
Fixed Asset Turnover	10.98	11.11	11.29	11.63	11.42	11.35	11.29	11.40	11.17	11.09	11.10
Accounts Payable Turnover	6.96	7.72	7.38	7.70	6.74	7.53	7.44	8.22	6.66	7.53	7.15
Days Sales Outstanding (DSO)	45.57	40.77	40.06	37.59	44.88	39.31	38.15	36.42	45.38	39.37	39.01
Days Inventory Outstanding (DIO)	20.98	22.24	21.17	21.18	17.97	18.66	18.23	18.56	16.44	17.87	16.69
Days Payable Outstanding (DPO)	52.48	47.27	49.46	47.43	54.19	48.49	49.07	44.39	54.77	48.50	51.08
Cash Conversion Cycle (CCC)	14.07	15.74	11.78	11.34	8.66	9.48	7.31	10.59	7.05	8.74	4.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	55,663	61,188	61,832	60,788	57,970	57,003	57,758	60,128	59,513	65,662	68,743
Invested Capital Turnover	1.03	0.99	0.99	1.02	1.09	1.05	1.04	1.04	1.07	1.02	1.01
Increase / (Decrease) in Invested Capital	-5,656	382	1,518	1,102	2,307	-4,185	-4,074	-660	1,543	8,659	10,985
Enterprise Value (EV)	150,063	149,526	153,506	158,870	178,613	202,440	188,963	236,395	234,128	269,355	315,204
Market Capitalization	116,346	109,944	113,874	121,164	143,176	168,696	155,229	200,718	201,920	230,574	273,968
Book Value per Share	$24.27	$23.82	$24.45	$25.34	$24.68	$25.36	$26.15	$26.54	$29.53	$28.99	$29.60
Tangible Book Value per Share	($49.98)	($50.15)	($49.20)	($52.46)	($53.31)	($51.27)	($49.69)	($51.82)	($47.65)	($55.62)	($56.22)
Total Capital	72,970	80,385	79,747	78,398	79,160	82,837	80,634	81,109	82,366	90,237	91,752
Total Debt	50,949	58,713	57,476	55,242	56,547	59,504	56,531	56,579	54,973	63,284	64,164
Total Long-Term Debt	46,189	53,826	50,691	48,828	50,121	54,033	52,929	52,980	49,884	56,371	55,219
Net Debt	33,640	39,514	39,562	37,631	35,357	33,672	33,657	35,595	32,122	38,709	41,157
Capital Expenditures (CapEx)	396	289	350	169	116	227	175	-193	282	170	173
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-13,319	-7,716	-7,599	-12,516	-14,352	-14,417	-13,781	-13,686	-14,635	-15,576	-15,644
Debt-free Net Working Capital (DFNWC)	2,373	9,876	8,730	3,513	5,212	9,737	7,253	5,289	6,429	7,143	5,472
Net Working Capital (NWC)	-2,387	4,989	1,945	-2,901	-1,214	4,266	3,651	1,690	1,340	230	-3,473
Net Nonoperating Expense (NNE)	-4,486	116	126	190	979	138	156	1,640	-1,111	415	430
Net Nonoperating Obligations (NNO)	33,642	39,516	39,561	37,632	35,357	33,670	33,655	35,598	32,120	38,709	41,155
Total Depreciation and Amortization (D&A)	1,137	1,074	1,077	1,093	1,152	1,131	1,155	1,268	1,113	1,177	1,265
Debt-free, Cash-free Net Working Capital to Revenue	-22.00%	-12.74%	-12.56%	-20.46%	-23.20%	-23.23%	-22.10%	-21.87%	-23.32%	-24.79%	-24.43%
Debt-free Net Working Capital to Revenue	3.92%	16.30%	14.42%	5.74%	8.43%	15.69%	11.63%	8.45%	10.24%	11.37%	8.54%
Net Working Capital to Revenue	-3.94%	8.23%	3.21%	-4.74%	-1.96%	6.87%	5.85%	2.70%	2.14%	0.37%	-5.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.00	$1.02	$1.74	$1.87	$3.61	$1.75	$1.99	($0.36)	$3.15	$1.14	$2.36
Adjusted Weighted Average Basic Shares Outstanding	902.66M	907.53M	909.86M	912.79M	911.21M	917.18M	920.29M	923.58M	921.77M	928.01M	930.81M
Adjusted Diluted Earnings per Share	$3.00	$1.01	$1.72	$1.84	$3.61	$1.72	$1.96	($0.36)	$3.11	$1.12	$2.31
Adjusted Weighted Average Diluted Shares Outstanding	912.27M	917.85M	919.45M	923.67M	922.07M	933.43M	934.40M	923.58M	937.16M	945.37M	947.96M
Adjusted Basic & Diluted Earnings per Share	$3.00	$0.00	$0.00	$0.00	$3.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	907.11M	908.05M	911.01M	913.12M	916.74M	918.60M	921.15M	924.65M	927.26M	929.40M	931.52M
Normalized Net Operating Profit after Tax (NOPAT)	-1,776	1,043	1,709	1,894	4,267	832	1,990	1,310	1,803	1,470	2,624
Normalized NOPAT Margin	-10.64%	7.32%	11.04%	12.84%	24.55%	5.75%	12.62%	8.75%	10.27%	10.11%	15.45%
Pre Tax Income Margin	19.84%	7.42%	12.92%	12.70%	21.63%	7.43%	14.07%	-5.36%	18.83%	7.96%	15.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.55	3.89	5.73	5.55	12.06	3.48	6.20	-0.87	4.80	3.55	6.09
NOPAT to Interest Expense	-5.67	2.84	4.04	4.60	10.54	4.04	4.66	3.05	4.25	3.23	5.14
EBIT Less CapEx to Interest Expense	-7.81	3.10	4.90	5.14	11.77	2.96	5.79	-0.42	4.14	3.17	5.75
NOPAT Less CapEx to Interest Expense	-6.94	2.05	3.21	4.19	10.25	3.51	4.25	3.50	3.59	2.86	4.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	362.90%	325.70%	296.05%	86.89%	80.51%	74.14%	72.25%	95.65%	102.06%	112.81%	106.31%
Augmented Payout Ratio	362.90%	325.70%	296.05%	86.89%	80.51%	74.14%	72.25%	95.65%	102.06%	112.81%	106.31%

Key Financial Trends

International Business Machines (IBM) has demonstrated a series of financial trends over the last four years, reflecting its operational performance, investment activities, and capital management.

Positive highlights include:

Consistent revenue growth with total revenue rising from approximately $14.25 billion in Q1 2023 to $16.98 billion in Q2 2025, indicating steady demand for IBM’s products and services.
Robust net income growth from $927 million in Q1 2023 to $2.19 billion in Q2 2025, showing improved profitability and operational efficiency.
Strong gross profit margins maintained, with gross profits around $7.75 billion in Q1 2023 growing to roughly $9.98 billion in Q2 2025, supporting better cost controls relative to sales.
Growing cash and equivalents, from about $9.3 billion in Q1 2023 to $11.9 billion in Q2 2025, strengthening liquidity position and financial flexibility.
Substantial net cash from operating activities consistently generated, peaking at $4.37 billion in Q1 2025 and remaining strong at $1.7 billion in Q2 2025, reflecting solid core business cash flow.
Significant investment activity including acquisitions and purchase of property, plant & equipment, signaling strategic growth and modernization efforts.
Dividends per share have seen slight incremental increases, from $1.65 in early 2023 to $1.68 by Q2 2025, indicating shareholder returns are being maintained and gradually enhanced.
Maintained adequate equity base with total common equity steadily increasing from about $21.6 billion in Q1 2023 to $27.5 billion in Q2 2025.

Neutral observations:

Fluctuations in total liabilities, increasing from about $111.96 billion in Q1 2023 to nearly $121.0 billion in Q2 2025, mainly due to long-term and short-term debt management consistent with strategic financing.
Investments in intangible assets and goodwill remain substantial, reflecting ongoing acquisitions and strategic positioning but requiring monitoring for potential impairments.

Areas of concern or negative impact:

High levels of debt sustained, with long-term debt near $55 billion as of Q2 2025, which is an important consideration for credit risk and interest expense obligations.
Volatile non-operating income/expense, exemplified by a net expense of -$2.67 billion in Q3 2024, which negatively impacted pre-tax income and net income for that period.
Negative net income recorded in Q3 2024 (-$330 million) and Q3 2022 (-$3.2 billion), which could indicate challenges in those periods such as restructuring or special charges.
Decline in short-term investments from near $11.6 billion in Q1 2025 to about $9.1 billion in Q2 2025, possibly reflecting liquidity management or funding needs.

Overall, IBM appears to be on a growth trajectory in terms of revenue and profitability over the last few years, with active investment and solid cash flow from operations. However, the company carries a significant debt load and has experienced some periods of loss that warrant attention. Investors should weigh the positive earnings trends and operational cash flows against the financial leverage and periodic volatility in earnings.

08/19/25 05:27 PMAI Generated. May Contain Errors.

Frequently Asked Questions About International Business Machines' Financials

When does International Business Machines' 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 10 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 $12.02 billion in 2014. The previous period was $7.50 billion in 2023. Find out what analysts predict for International Business Machines in the coming months.

What is International Business Machines' operating income?

International Business Machines' 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 10 years?

Over the last 10 years, International Business Machines' total revenue changed from $92.79 billion in 2014 to $62.75 billion in 2024, a change of -32.4%.

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 4.3% increase since 2014.

How much cash does International Business Machines have?

In the past 10 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 10 years?

Over the last 10 years, International Business Machines' book value per share changed from 11.99 in 2014 to 29.53 in 2024, a change of 146.2%.

Related Companies

This page (NYSE:IBM) was last updated on 8/19/2025 by MarketBeat.com Staff

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International Business Machines (IBM) Financials

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International Business Machines (IBM) Financials

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