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International Business Machines (IBM) Financials

International Business Machines logo
$218.40 +3.76 (+1.75%)
Closing price 03:59 PM Eastern
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$218.82 +0.42 (+0.19%)
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Annual Income Statements for International Business Machines

Annual Income Statements for International Business Machines

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 13,190 11,872 5,753 8,728 9,431 5,590 5,743 1,639 7,502 6,023 10,593
Consolidated Net Income / (Loss)		 13,190 11,872 5,753 8,728 9,431 5,590 5,743 1,639 7,502 6,023 10,593
Net Income / (Loss) Continuing Operations		 13,364 11,881 5,758 8,723 7,146 3,932 4,712 1,783 7,514 6,015 10,571
Total Pre-Tax Income 		15,945 12,330 11,400 11,342 7,206 2,572 4,837 1,156 8,690 5,797 10,328
Total Operating Income		 16,414 12,959 12,013 12,065 7,538 4,662 6,865 2,371 10,296 7,509 12,264
Total Gross Profit		 40,684 38,516 36,943 36,936 31,533 30,865 31,486 32,687 34,300 35,551 39,297
Total Revenue		 81,741 79,919 79,139 79,591 57,714 55,179 57,350 60,530 61,860 62,753 67,535
Total Cost of Revenue		 41,057 41,403 42,196 42,655 26,181 24,314 25,865 27,842 27,560 27,201 28,239
Operating Cost of Revenue		 41,057 41,403 42,196 42,655 26,181 24,314 25,865 27,842 27,560 27,201 28,239
Total Operating Expenses		 24,271 25,557 24,930 24,871 23,995 26,203 24,621 30,316 24,004 28,042 27,033
Selling, General & Admin Expense		 20,430 20,869 19,680 19,366 18,724 20,561 18,745 18,609 19,003 19,688 20,123
Research & Development Expense		 4,565 4,095 4,124 4,353 5,271 5,642 5,876 5,904 5,915 6,483 7,352
Other Operating Expenses / (Income)		 -724 593 1,126 1,152 - - - 5,803 -914 1,871 -442
Total Other Income / (Expense), net		 -468 -630 -615 -723 -332 -2,090 -2,028 -1,216 -1,607 -1,712 -1,935
Interest Expense		 468 630 615 723 1,344 1,288 1,155 1,216 1,607 1,712 1,935
Income Tax Expense		 2,581 449 5,642 2,619 60 -1,360 124 -626 1,176 -218 -242
Net Income / (Loss) Discontinued Operations		 -174 -9.00 -5.00 5.00 2,285 1,658 1,030 -143 -12 8.00 22
Basic Earnings per Share		 $13.48 $12.43 $6.17 $9.57 $10.63 $6.28 $6.41 $1.82 $8.23 $6.53 $11.36
Weighted Average Basic Shares Outstanding		 978.74M 955.42M 932.83M 912.05M 887.24M 890.35M 895.99M 902.66M 911.21M 921.77M 932.29M
Diluted Earnings per Share		 $13.42 $12.38 $6.14 $9.52 $10.56 $6.23 $6.35 $1.80 $8.14 $6.43 $11.17
Weighted Average Diluted Shares Outstanding		 982.70M 958.71M 937.39M 916.32M 892.81M 896.56M 904.64M 912.27M 922.07M 937.16M 948.68M
Weighted Average Basic & Diluted Shares Outstanding		 978.50M 955.10M 9.28B 912M 888.41M 893.59M 899.31M 907.11M 916.74M 927.26M 938.03M
Cash Dividends to Common per Share		 - $5.50 $5.90 $6.21 $6.43 $6.51 $6.55 $6.59 $6.63 $6.67 $6.71

Quarterly Income Statements for International Business Machines

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 1,704 3,288 1,605 1,834 -330 2,914 1,055 2,194 1,744 5,600 1,216
Consolidated Net Income / (Loss)		 1,704 3,288 1,605 1,834 -330 2,914 1,055 2,194 1,744 5,600 1,216
Net Income / (Loss) Continuing Operations		 1,714 3,285 1,575 1,830 -317 2,927 1,054 2,193 1,744 5,580 1,216
Total Pre-Tax Income 		1,873 3,759 1,074 2,219 -802 3,306 1,158 2,597 2,430 4,143 1,387
Total Operating Income		 2,070 4,883 1,505 2,646 -373 2,037 1,613 3,107 2,922 4,622 1,861
Total Gross Profit		 8,023 10,267 7,742 8,950 8,420 10,439 8,031 9,977 9,360 11,929 8,950
Total Revenue		 14,752 17,381 14,462 15,770 14,968 17,553 14,541 16,977 16,331 19,686 15,917
Total Cost of Revenue		 6,729 7,114 6,719 6,820 6,548 7,114 6,510 7,001 6,970 7,758 6,968
Operating Cost of Revenue		 6,729 7,114 6,719 6,820 6,548 7,114 6,510 7,001 6,970 7,758 6,968
Total Operating Expenses		 5,953 5,384 6,237 6,304 8,793 8,402 6,418 6,870 6,438 7,307 7,089
Selling, General & Admin Expense		 4,458 4,792 4,974 4,938 4,911 4,865 4,886 5,027 4,748 5,462 5,089
Research & Development Expense		 1,495 1,506 1,580 1,599 1,638 1,666 1,697 1,882 1,863 1,910 2,001
Other Operating Expenses / (Income)		 - - -317 -233 2,244 - -165 -39 -173 -65 -1.00
Total Other Income / (Expense), net		 -197 -1,126 -432 -427 -429 1,270 -455 -510 -492 -478 -473
Interest Expense		 412 405 432 427 429 424 455 510 492 478 473
Income Tax Expense		 159 474 -502 389 -485 380 103 404 686 -1,435 172
Net Income / (Loss) Discontinued Operations		 -10 3.00 30 4.00 -13 -13 1.00 1.00 0.00 20 0.00
Basic Earnings per Share		 $1.87 $3.61 $1.75 $1.99 ($0.36) $3.15 $1.14 $2.36 $1.87 $5.99 $1.30
Weighted Average Basic Shares Outstanding		 912.79M 911.21M 917.18M 920.29M 923.58M 921.77M 928.01M 930.81M 933.86M 932.29M 938.53M
Diluted Earnings per Share		 $1.84 $3.61 $1.72 $1.96 ($0.36) $3.11 $1.12 $2.31 $1.84 $5.90 $1.28
Weighted Average Diluted Shares Outstanding		 923.67M 922.07M 933.43M 934.40M 923.58M 937.16M 945.37M 947.96M 948.93M 948.68M 952.13M
Weighted Average Basic & Diluted Shares Outstanding		 913.12M 916.74M 918.60M 921.15M 924.65M 927.26M 929.40M 931.52M 934.74M 938.03M 939.89M
Cash Dividends to Common per Share		 $1.66 $1.67 $1.66 $1.67 - $1.67 $1.67 $1.68 - - $1.68

Annual Cash Flow Statements for International Business Machines

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -790 188 3,225 -135 -3,290 5,361 -6,718 1,032 5,101 1,071 -520
Net Cash From Operating Activities		 17,255 17,084 16,724 15,247 14,770 18,197 12,796 10,435 13,931 13,445 13,193
Net Cash From Continuing Operating Activities		 17,256 17,084 16,724 15,248 14,771 18,198 12,796 10,435 13,931 13,445 13,194
Net Income / (Loss) Continuing Operations		 13,190 11,872 5,753 8,728 9,431 5,590 5,743 1,639 7,502 6,023 10,593
Consolidated Net Income / (Loss)		 13,190 11,872 5,753 8,728 9,431 5,590 5,743 1,639 7,502 6,023 10,593
Depreciation Expense		 2,662 2,837 3,021 3,127 4,209 4,227 3,888 2,407 2,109 2,168 2,284
Amortization Expense		 1,193 1,544 1,520 1,353 1,850 2,468 2,529 2,395 2,287 2,499 2,737
Non-Cash Adjustments To Reconcile Net Income		 1,020 606 548 633 -417 867 846 6,518 963 3,772 1,676
Changes in Operating Assets and Liabilities, net		 -809 225 5,882 1,407 -302 5,046 -210 -2,524 1,070 -1,017 -4,096
Net Cash From Investing Activities		 -8,159 -10,928 -7,081 -4,913 -26,936 -3,028 -5,975 -4,202 -7,070 -4,937 -10,302
Net Cash From Continuing Investing Activities		 -8,160 -10,928 -7,081 -4,912 -26,936 -3,028 -5,974 -4,202 -7,071 -4,937 -10,303
Purchase of Property, Plant & Equipment		 -3,579 -3,567 -3,229 -3,395 -2,286 -2,618 -2,062 -1,346 -1,245 -1,048 -1,091
Acquisitions		 -3,349 -5,696 -701 -139 -32,630 -336 -3,293 -2,348 -5,082 -3,289 -8,294
Purchase of Investments		 -3,073 -5,853 -4,949 -7,041 -3,693 -6,246 -3,561 -5,930 -11,143 -7,762 -10,095
Sale of Property, Plant & Equipment		 370 424 460 248 537 188 387 111 321 557 121
Divestitures		 -401 -454 - 0.00 1,076 503 114 1,272 -4.00 698 -1.00
Sale and/or Maturity of Investments		 2,842 5,692 3,910 6,487 3,961 5,618 3,147 4,665 10,647 6,544 9,704
Other Investing Activities, net		 -970 -1,474 -2,572 -1,072 6,099 -137 -706 -626 -565 -637 -647
Net Cash From Financing Activities		 -9,413 -5,917 -6,418 -10,469 9,042 -9,721 -13,354 -4,958 -1,769 -7,079 -3,829
Net Cash From Continuing Financing Activities		 -9,413 -5,917 -6,416 -10,470 9,043 -9,721 -13,354 -4,958 -1,770 -7,078 -3,829
Repayment of Debt		 -5,622 -6,191 -6,816 -8,533 -12,845 -13,273 -8,527 -6,903 -5,321 -6,760 -5,628
Payment of Dividends		 -4,897 -5,256 -5,506 -5,666 -5,707 -5,797 -5,869 -5,948 -6,040 -6,147 -6,255
Issuance of Debt		 5,641 9,158 10,438 8,343 29,228 9,651 482 8,021 9,579 5,735 8,362
Issuance of Common Equity		 322 - - - - - - 279 414 745 710
Other Financing Activities, net		 -248 -126 -194 -171 -272 -302 560 -407 -402 -651 -1,018
Effect of Exchange Rate Changes		 -473 -51 - - -167 -87 -185 -244 9.00 -359 418
Cash Interest Paid		 995 1,158 1,208 1,423 1,685 1,830 1,512 1,401 1,668 1,978 2,042
Cash Income Taxes Paid		 2,657 1,078 1,597 1,745 2,091 2,253 2,103 1,865 1,564 1,723 1,948

Quarterly Cash Flow Statements for International Business Machines

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -2,149 5,814 1,676 -287 -1,264 946 -2,999 865 -427 2,041 -2,777
Net Cash From Operating Activities		 3,056 4,463 4,168 2,066 2,881 4,330 4,370 1,701 3,082 4,040 5,169
Net Cash From Continuing Operating Activities		 3,036 4,463 4,168 2,065 2,882 4,330 4,370 1,702 3,081 4,041 5,170
Net Income / (Loss) Continuing Operations		 1,703 3,288 1,605 1,834 -330 2,914 1,055 2,194 1,744 5,600 1,216
Consolidated Net Income / (Loss)		 1,703 3,288 1,605 1,834 -330 2,914 1,055 2,194 1,744 5,600 1,216
Depreciation Expense		 521 541 533 548 563 524 536 578 584 586 555
Amortization Expense		 572 611 598 607 705 589 641 687 699 710 719
Non-Cash Adjustments To Reconcile Net Income		 187 220 67 289 2,703 713 379 423 437 437 495
Changes in Operating Assets and Liabilities, net		 53 -197 1,365 -1,213 -759 -410 1,759 -2,180 -383 -3,292 2,185
Net Cash From Investing Activities		 -1,953 2,836 -4,210 2,239 -1,587 -1,379 -12,979 1,698 -438 1,417 -10,489
Net Cash From Continuing Investing Activities		 -1,952 2,835 -4,210 2,239 -1,587 -1,379 -12,979 1,698 -438 1,416 -10,488
Purchase of Property, Plant & Equipment		 -281 -300 -239 -220 -286 -303 -244 -210 -255 -382 -232
Acquisitions		 -4,589 -137 -82 -153 -2,513 -541 -7,098 -747 -58 -391 -10,465
Purchase of Investments		 -1,114 -769 -4,934 -662 -905 -1,261 -6,486 -1,254 -1,170 -1,185 -1,612
Sale of Property, Plant & Equipment		 112 184 12 45 479 21 74 37 7.00 3.00 8.00
Divestitures		 -10 - 703 - 2.00 -7.00 -1.00 - - - 1.00
Sale and/or Maturity of Investments		 4,042 4,005 464 3,453 1,774 853 927 4,035 1,200 3,542 1,971
Other Investing Activities, net		 -112 -148 -134 -224 -138 -141 -151 -163 -162 -171 -159
Net Cash From Financing Activities		 -3,132 -1,615 1,877 -4,515 -2,765 -1,676 5,443 -2,854 -3,012 -3,406 2,719
Net Cash From Continuing Financing Activities		 -3,133 -1,615 1,876 -4,514 -2,766 -1,674 5,443 -2,854 -3,012 -3,406 2,719
Repayment of Debt		 -1,677 -440 -2,149 -3,046 -1,034 -791 -1,318 -1,330 -1,169 -1,811 -2,970
Payment of Dividends		 -1,515 -1,518 -1,522 -1,536 -1,543 -1,546 -1,549 -1,563 -1,569 -1,574 -1,576
Issuance of Debt		 157 -7.00 5,486 219 - 30 8,378 7.00 6.00 -29 7,437
Issuance of Common Equity		 - - 260 - - - 216 185 134 175 178
Other Financing Activities, net		 -98 -64 -199 -151 -189 -112 -284 -153 -414 -167 -350
Effect of Exchange Rate Changes		 -119 129 -159 -77 207 -330 167 320 -58 -11 -177

Annual Balance Sheets for International Business Machines

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 110,495 117,470 125,356 123,382 152,186 155,971 132,001 127,243 135,241 137,175 151,880
Total Current Assets		 42,504 43,888 49,735 49,146 38,420 39,165 29,539 29,118 32,908 34,482 36,944
Cash & Equivalents		 7,686 7,826 11,972 11,379 8,172 13,188 6,650 7,886 13,068 13,947 13,587
Restricted Cash		 - - 262 225 141 463 307 103 21 214 54
Short-Term Investments		 508 701 608 618 696 600 600 7,703 6,475 6,903 8,174
Accounts Receivable		 9,534 10,239 9,909 8,175 9,603 6,485 7,756 7,358 7,854 7,751 9,164
Inventories, net		 1,551 1,553 1,583 1,682 1,619 1,812 1,649 1,552 1,161 1,289 1,220
Prepaid Expenses		 4,205 4,564 1,860 2,378 2,101 2,089 3,466 2,611 2,639 2,520 2,530
Other Current Assets		 - - 1,820 2,299 1,896 1,401 1,890 1,906 1,690 1,859 2,215
Plant, Property, & Equipment, net		 10,727 10,830 11,116 10,792 10,010 6,205 5,694 5,334 5,501 5,731 5,899
Plant, Property & Equipment, gross		 29,342 30,133 32,331 32,460 32,028 20,100 20,085 18,695 18,122 17,691 17,874
Accumulated Depreciation		 18,615 19,303 21,215 21,668 22,018 13,895 14,390 13,361 12,621 11,959 11,975
Total Noncurrent Assets		 57,264 62,751 64,504 63,444 103,758 110,601 96,768 92,792 96,830 96,961 109,036
Long-Term Investments		 5,187 4,585 2,783 2,386 2,074 2,187 1,823 1,617 1,626 1,787 2,112
Noncurrent Note & Lease Receivables		 10,013 9,021 9,550 9,148 8,712 7,086 5,425 5,806 5,766 5,353 7,708
Goodwill		 32,021 36,199 36,788 36,265 58,222 53,765 55,643 55,949 60,178 60,706 67,717
Intangible Assets		 3,487 4,688 3,742 3,087 15,235 13,739 12,511 11,184 11,036 10,660 11,391
Noncurrent Deferred & Refundable Income Taxes		 4,822 5,224 4,862 5,216 5,182 8,404 7,370 6,256 6,656 6,978 8,610
Employee Benefit Assets		 1,734 3,034 4,643 4,666 6,865 7,557 9,850 8,236 7,506 7,492 7,544
Other Noncurrent Operating Assets		 - - 2,136 2,676 7,468 4,716 4,146 3,744 4,062 3,985 3,954
Total Liabilities & Shareholders' Equity		 110,495 117,470 125,356 123,382 152,186 155,971 132,001 127,243 135,241 137,175 151,880
Total Liabilities		 96,071 99,078 107,631 106,452 131,202 135,244 113,005 105,222 112,628 109,783 119,139
Total Current Liabilities		 34,269 36,275 37,363 38,227 37,701 39,869 33,619 31,505 34,122 33,142 38,658
Short-Term Debt		 6,461 7,513 6,987 10,207 8,797 7,116 6,787 4,760 6,426 5,089 6,424
Accounts Payable		 6,028 6,209 6,451 6,558 4,896 4,033 3,955 4,051 4,132 4,032 4,756
Accrued Expenses		 4,353 4,705 4,510 3,941 4,357 5,632 3,892 4,111 3,521 3,709 4,116
Current Deferred Revenue		 11,021 11,035 11,552 11,165 12,026 11,980 12,518 12,032 13,451 13,907 16,101
Current Deferred & Payable Income Tax Liabilities		 2,847 3,235 4,219 3,046 2,839 3,198 2,289 2,196 2,270 2,033 2,347
Current Employee Benefit Liabilities		 3,560 3,577 3,644 3,310 3,406 3,056 3,204 3,481 3,501 3,605 4,114
Other Current Liabilities		 - - - 0.00 1,380 1,035 974 874 820 768 800
Total Noncurrent Liabilities		 61,802 62,802 70,268 68,226 93,500 95,376 79,387 73,717 78,505 76,641 80,482
Long-Term Debt		 33,428 34,655 39,837 35,605 54,102 54,217 44,917 46,189 50,121 49,884 54,836
Noncurrent Deferred Revenue		 3,771 3,600 3,746 3,445 3,851 3,758 3,577 3,499 3,533 3,622 4,271
Noncurrent Employee Benefit Liabilities		 16,504 17,070 16,720 17,002 17,142 17,184 14,435 9,596 10,808 9,432 9,018
Other Noncurrent Operating Liabilities		 8,099 7,477 9,965 12,174 18,405 16,900 16,458 14,433 14,043 13,703 12,357
Total Equity & Noncontrolling Interests		 14,424 18,392 17,725 16,929 20,985 20,727 18,996 22,021 22,613 27,393 32,740
Total Preferred & Common Equity		 14,262 18,246 17,594 16,796 20,841 20,597 18,901 21,944 22,533 27,307 32,648
Total Common Equity		 14,261 18,246 17,593 16,795 20,839 20,597 18,902 21,944 22,534 27,306 32,648
Common Stock		 53,262 53,935 54,566 55,151 55,895 56,556 57,319 58,343 59,643 61,380 63,318
Retained Earnings		 146,124 152,759 153,126 159,206 162,954 162,717 154,209 149,825 151,276 151,163 155,648
Treasury Stock		 -155,518 -159,050 -163,507 -168,071 -169,413 -169,339 -169,392 -169,484 -169,624 -169,968 -170,605
Accumulated Other Comprehensive Income / (Loss)		 -29,607 -29,398 -26,592 -29,490 -28,597 -29,337 -23,234 -16,740 -18,761 -15,269 -15,713
Noncontrolling Interest		 162 146 131 134 144 129 95 77 80 86 93

Quarterly Balance Sheets for International Business Machines

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

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 132,213 129,321 135,241 137,169 133,848 134,339 137,175 145,667 148,585 146,312 156,229
Total Current Assets		 34,458 27,705 32,908 36,663 33,299 30,543 34,482 35,336 34,253 32,740 31,914
Cash & Equivalents		 9,394 7,257 13,068 14,603 12,210 13,197 13,947 11,035 11,943 11,569 10,819
Restricted Cash		 31 19 21 162 2,268 17 214 126 83 30 45
Short-Term Investments		 6,904 8,753 6,475 9,389 6,556 5,761 6,903 11,558 9,090 8,442 6,731
Accounts Receivable		 6,511 6,172 7,854 6,801 6,526 6,318 7,751 6,754 7,161 6,706 7,735
Inventories, net		 1,501 1,398 1,161 1,212 1,234 1,368 1,289 1,431 1,251 1,397 1,476
Prepaid Expenses		 2,730 2,582 2,639 2,804 2,784 2,408 2,520 2,770 2,796 2,739 3,209
Other Current Assets		 1,822 1,524 1,690 1,691 1,720 1,475 1,859 1,662 1,928 1,858 1,900
Plant, Property, & Equipment, net		 5,443 5,369 5,501 5,594 5,600 5,614 5,731 5,742 5,943 5,851 5,781
Plant, Property & Equipment, gross		 18,588 18,217 18,122 18,071 17,911 17,994 17,691 17,827 18,160 18,058 17,765
Accumulated Depreciation		 13,145 12,848 12,621 12,477 12,311 12,380 11,959 12,085 12,218 12,207 11,985
Total Noncurrent Assets		 92,312 96,248 96,830 94,913 94,948 98,183 96,961 104,589 108,389 107,719 118,536
Long-Term Investments		 1,585 1,582 1,626 1,678 1,840 2,009 1,787 1,856 1,891 1,796 2,009
Noncurrent Note & Lease Receivables		 5,221 4,789 5,766 4,927 5,483 4,931 5,353 4,920 6,171 6,258 7,014
Goodwill		 56,385 59,596 60,178 59,534 59,416 61,092 60,706 66,065 67,506 67,396 74,709
Intangible Assets		 10,496 11,278 11,036 10,750 10,251 11,090 10,660 12,392 12,253 11,729 14,624
Noncurrent Deferred & Refundable Income Taxes		 6,340 6,168 6,656 6,465 6,378 6,943 6,978 7,594 8,475 8,505 8,552
Employee Benefit Assets		 8,735 8,901 7,506 7,545 7,630 7,975 7,492 7,670 7,983 8,044 7,578
Other Noncurrent Operating Assets		 3,550 3,934 4,062 4,014 3,950 4,143 3,985 4,092 4,110 3,991 4,050
Total Liabilities & Shareholders' Equity		 132,213 129,321 135,241 137,169 133,848 134,339 137,175 145,667 148,585 146,312 156,229
Total Liabilities		 109,942 106,165 112,628 113,836 109,745 109,809 109,783 118,714 120,998 118,322 123,174
Total Current Liabilities		 32,513 30,606 34,122 32,397 29,648 28,853 33,142 35,106 37,726 35,142 40,101
Short-Term Debt		 6,785 6,414 6,426 5,471 3,602 3,599 5,089 6,913 8,945 7,942 8,655
Accounts Payable		 3,732 3,342 4,132 3,588 3,631 3,274 4,032 3,585 3,974 3,867 4,039
Accrued Expenses		 3,651 3,309 3,521 3,605 3,195 3,474 3,709 3,526 3,932 3,477 3,582
Current Deferred Revenue		 12,712 11,917 13,451 14,051 13,643 12,882 13,907 15,057 15,022 13,878 17,034
Current Deferred & Payable Income Tax Liabilities		 1,606 1,559 2,270 1,710 1,691 1,584 2,033 1,573 1,681 1,663 2,053
Current Employee Benefit Liabilities		 3,185 3,257 3,501 3,190 3,125 3,250 3,605 3,653 3,353 3,508 3,941
Other Current Liabilities		 842 807 820 784 762 790 768 798 820 807 798
Total Noncurrent Liabilities		 77,429 75,560 78,505 81,439 80,096 80,955 76,641 83,609 83,271 83,180 83,074
Long-Term Debt		 50,691 48,828 50,121 54,033 52,929 52,980 49,884 56,371 55,219 55,174 57,706
Noncurrent Deferred Revenue		 3,264 3,085 3,533 3,488 3,489 3,666 3,622 3,844 3,913 3,863 4,195
Noncurrent Employee Benefit Liabilities		 9,385 9,090 10,808 10,421 10,200 10,366 9,432 9,536 9,882 9,735 8,763
Other Noncurrent Operating Liabilities		 14,089 14,557 14,043 13,497 13,478 13,943 13,703 13,858 14,257 14,408 12,410
Total Equity & Noncontrolling Interests		 22,271 23,156 22,613 23,333 24,103 24,530 27,393 26,953 27,588 27,990 33,056
Total Preferred & Common Equity		 22,201 23,081 22,533 23,261 24,026 24,448 27,307 26,880 27,509 27,905 32,974
Total Common Equity		 22,201 23,081 22,534 23,260 24,026 24,449 27,306 26,881 27,509 27,905 32,974
Common Stock		 58,963 59,313 59,643 60,145 60,501 61,013 61,380 61,913 62,392 62,819 63,936
Retained Earnings		 149,318 149,506 151,276 151,362 151,659 149,789 151,163 150,703 151,367 151,581 155,327
Treasury Stock		 -169,581 - -169,624 -169,759 -169,815 -169,935 -169,968 -170,160 -170,209 -170,512 -170,874
Accumulated Other Comprehensive Income / (Loss)		 -16,499 -16,098 -18,761 -18,488 -18,319 -16,418 -15,269 -15,575 -16,041 -15,983 -15,415
Noncontrolling Interest		 70 75 80 72 77 82 86 72 79 85 81

Annual Metrics And Ratios for International Business Machines

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -11.91% -2.23% -0.98% 0.57% -27.49% -4.39% 3.93% 5.54% 2.20% 1.44% 7.62%
EBITDA Growth		 -18.80% -14.45% -4.53% -0.05% -11.70% -27.75% 17.57% -42.20% 104.82% -17.13% 41.96%
EBIT Growth		 -19.81% -21.05% -7.30% 0.43% -29.13% -54.85% 55.23% -60.43% 334.25% -27.07% 63.32%
NOPAT Growth		 -14.73% -9.23% -51.41% 52.93% -19.44% -4.66% -6.15% -45.36% 143.58% -12.48% 61.09%
Net Income Growth		 9.72% -9.99% -51.54% 51.71% 8.05% -40.73% 2.74% -71.46% 357.72% -19.71% 75.88%
EPS Growth		 12.77% -7.75% -50.40% 55.05% 8.05% -40.73% 1.93% -71.65% 352.22% -21.01% 73.72%
Operating Cash Flow Growth		 2.29% -0.99% -2.11% -8.83% -3.13% 23.20% -29.68% -18.45% 33.50% -3.49% -1.87%
Free Cash Flow Firm Growth		 -27.14% -65.07% -23.01% 119.19% -270.75% 233.39% -89.70% 294.20% -29.16% -5.27% -68.11%
Invested Capital Growth		 -7.52% 15.93% 3.10% -1.62% 51.26% -21.72% 7.59% -9.22% 4.14% 2.66% 17.74%
Revenue Q/Q Growth		 -2.45% -0.36% 0.98% -0.97% -25.17% -0.75% 34.68% -0.01% 1.13% 0.27% 3.26%
EBITDA Q/Q Growth		 -9.16% 0.31% -2.88% -0.24% -15.62% -10.35% 19.85% -43.17% 89.72% -19.16% 6.63%
EBIT Q/Q Growth		 -10.80% -0.64% -4.10% -0.02% -27.50% -24.71% 65.57% -68.70% 206.16% -27.48% 7.83%
NOPAT Q/Q Growth		 -6.98% 0.67% -48.99% 52.99% -12.89% 8.43% 13.22% -75.00% 207.43% -26.22% 32.29%
Net Income Q/Q Growth		 -7.18% 0.32% -49.12% 52.51% 22.29% -29.28% 20.50% 29.87% 8.35% -5.85% 33.97%
EPS Q/Q Growth		 -6.35% 1.14% -48.62% 52.32% 22.29% -29.28% 19.59% 28.57% 7.25% -7.22% 33.29%
Operating Cash Flow Q/Q Growth		 -17.33% -8.30% 11.72% -9.57% -4.33% 15.26% -20.58% 15.76% 3.71% -0.98% -2.15%
Free Cash Flow Firm Q/Q Growth		 -21.52% -47.40% -38.20% 92.88% -34.77% 161.61% -72.22% -56.47% 267.68% -44.31% 472.38%
Invested Capital Q/Q Growth		 -6.00% 6.39% -0.28% -3.55% 2.19% -17.46% -7.73% -6.74% -4.64% -1.02% 1.16%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 49.77% 48.19% 46.68% 46.41% 54.64% 55.94% 54.90% 54.00% 55.45% 56.65% 58.19%
EBITDA Margin		 24.80% 21.70% 20.92% 20.79% 25.31% 19.13% 21.64% 11.85% 23.75% 19.40% 25.59%
Operating Margin		 20.08% 16.22% 15.18% 15.16% 13.06% 8.45% 11.97% 3.92% 16.64% 11.97% 18.16%
EBIT Margin		 20.08% 16.22% 15.18% 15.16% 14.81% 7.00% 10.45% 3.92% 16.64% 11.97% 18.16%
Profit (Net Income) Margin		 16.14% 14.86% 7.27% 10.97% 16.34% 10.13% 10.01% 2.71% 12.13% 9.60% 15.69%
Tax Burden Percent		 82.72% 96.29% 50.46% 76.95% 130.88% 217.34% 118.73% 141.78% 86.33% 103.90% 102.57%
Interest Burden Percent		 97.14% 95.15% 94.90% 94.01% 84.28% 66.63% 80.72% 48.76% 84.40% 77.20% 84.21%
Effective Tax Rate		 16.19% 3.64% 49.49% 23.09% 0.83% -52.88% 2.56% -54.15% 13.53% -3.76% -2.34%
Return on Invested Capital (ROIC)		 32.30% 28.26% 12.59% 19.12% 12.36% 10.98% 11.31% 6.25% 15.67% 13.26% 19.37%
ROIC Less NNEP Spread (ROIC-NNEP)		 30.37% 26.04% 11.55% 17.36% 17.07% 7.49% 8.90% 0.94% 11.61% 8.02% 13.73%
Return on Net Nonoperating Assets (RNNOA)		 67.48% 44.10% 19.27% 31.25% 37.39% 15.82% 17.61% 1.74% 17.95% 10.83% 15.86%
Return on Equity (ROE)		 99.78% 72.35% 31.86% 50.37% 49.75% 26.80% 28.92% 7.99% 33.62% 24.09% 35.23%
Cash Return on Invested Capital (CROIC)		 40.11% 13.51% 9.54% 20.75% -28.44% 35.35% 3.99% 15.92% 11.61% 10.64% 3.08%
Operating Return on Assets (OROA)		 14.41% 11.37% 9.89% 9.70% 6.21% 2.51% 4.16% 1.83% 7.85% 5.51% 8.49%
Return on Assets (ROA)		 11.58% 10.42% 4.74% 7.02% 6.84% 3.63% 3.99% 1.26% 5.72% 4.42% 7.33%
Return on Common Equity (ROCE)		 98.62% 71.67% 31.61% 49.99% 49.38% 26.63% 28.75% 7.96% 33.50% 24.01% 35.13%
Return on Equity Simple (ROE_SIMPLE)		 92.48% 65.07% 32.70% 51.96% 45.25% 27.14% 30.38% 7.47% 33.29% 22.06% 0.00%
Net Operating Profit after Tax (NOPAT)		 13,757 12,487 6,068 9,279 7,475 7,127 6,689 3,655 8,903 7,791 12,551
NOPAT Margin		 16.83% 15.62% 7.67% 11.66% 12.95% 12.92% 11.66% 6.04% 14.39% 12.42% 18.59%
Net Nonoperating Expense Percent (NNEP)		 1.93% 2.21% 1.04% 1.77% -4.71% 3.49% 2.41% 5.31% 4.06% 5.24% 5.64%
Return On Investment Capital (ROIC_SIMPLE)		 25.33% 20.62% 9.40% 14.79% 8.91% 8.69% 9.46% 5.01% 11.25% 9.46% 13.35%
Cost of Revenue to Revenue		 50.23% 51.81% 53.32% 53.59% 45.36% 44.06% 45.10% 46.00% 44.55% 43.35% 41.81%
SG&A Expenses to Revenue		 24.99% 26.11% 24.87% 24.33% 32.44% 37.26% 32.69% 30.74% 30.72% 31.37% 29.80%
R&D to Revenue		 5.58% 5.12% 5.21% 5.47% 9.13% 10.22% 10.25% 9.75% 9.56% 10.33% 10.89%
Operating Expenses to Revenue		 29.69% 31.98% 31.50% 31.25% 41.58% 47.49% 42.93% 50.08% 38.80% 44.69% 40.03%
Earnings before Interest and Taxes (EBIT)		 16,414 12,959 12,013 12,065 8,550 3,860 5,992 2,371 10,296 7,509 12,264
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 20,269 17,340 16,554 16,545 14,609 10,555 12,409 7,173 14,692 12,176 17,285
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.24 5.98 5.80 4.62 4.48 4.51 5.52 5.30 6.35 7.39 8.43
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)		 1.09 1.37 1.29 0.98 1.62 1.68 1.82 1.92 2.31 3.22 4.08
Price to Earnings (P/E)		 6.75 9.20 17.74 8.89 9.91 16.62 18.16 70.99 19.09 33.52 25.99
Dividend Yield		 5.45% 4.79% 5.35% 7.27% 6.09% 6.24% 5.46% 5.12% 4.23% 3.05% 2.28%
Earnings Yield		 14.82% 10.87% 5.64% 11.25% 10.09% 6.02% 5.51% 1.41% 5.24% 2.98% 3.85%
Enterprise Value to Invested Capital (EV/IC)		 2.83 2.92 2.73 2.26 2.00 2.42 2.39 2.70 3.08 3.93 4.46
Enterprise Value to Revenue (EV/Rev)		 1.41 1.73 1.69 1.37 2.52 2.50 2.56 2.48 2.89 3.73 4.63
Enterprise Value to EBITDA (EV/EBITDA)		 5.71 7.98 8.06 6.58 9.95 13.07 11.82 20.92 12.16 19.23 18.09
Enterprise Value to EBIT (EV/EBIT)		 7.05 10.68 11.11 9.03 17.01 35.74 24.49 63.29 17.35 31.18 25.50
Enterprise Value to NOPAT (EV/NOPAT)		 8.41 11.08 21.99 11.74 19.45 19.36 21.94 41.06 20.06 30.05 24.92
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.70 8.10 7.98 7.15 9.85 7.58 11.47 14.38 12.82 17.41 23.70
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.77 23.19 29.04 10.82 0.00 6.01 62.12 16.12 27.08 37.47 156.97
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.77 2.29 2.64 2.71 3.00 2.96 2.72 2.31 2.50 2.01 1.87
Long-Term Debt to Equity		 2.32 1.88 2.25 2.10 2.58 2.62 2.36 2.10 2.22 1.82 1.67
Financial Leverage		 2.22 1.69 1.67 1.80 2.19 2.11 1.98 1.85 1.55 1.35 1.16
Leverage Ratio		 8.62 6.95 6.72 7.18 7.27 7.39 7.25 6.32 5.88 5.45 4.81
Compound Leverage Factor		 8.37 6.61 6.38 6.75 6.13 4.92 5.85 3.08 4.96 4.21 4.05
Debt to Total Capital		 73.44% 69.63% 72.54% 73.02% 74.98% 74.74% 73.13% 69.82% 71.43% 66.74% 65.17%
Short-Term Debt to Total Capital		 11.90% 12.41% 10.82% 16.27% 10.49% 8.67% 9.60% 6.52% 8.12% 6.18% 6.83%
Long-Term Debt to Total Capital		 61.55% 57.22% 61.72% 56.75% 64.50% 66.07% 63.53% 63.30% 63.32% 60.56% 58.34%
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		 0.30% 0.24% 0.20% 0.21% 0.17% 0.16% 0.13% 0.11% 0.10% 0.10% 0.10%
Common Equity to Total Capital		 26.26% 30.13% 27.26% 26.77% 24.84% 25.10% 26.74% 30.07% 28.47% 33.15% 34.73%
Debt to EBITDA		 1.97 2.43 2.83 2.77 4.31 5.81 4.17 7.10 3.85 4.51 3.54
Net Debt to EBITDA		 1.31 1.68 1.88 1.89 3.55 4.25 3.41 4.69 2.41 2.64 2.16
Long-Term Debt to EBITDA		 1.65 2.00 2.41 2.15 3.70 5.14 3.62 6.44 3.41 4.10 3.17
Debt to NOPAT		 2.90 3.38 7.72 4.94 8.41 8.61 7.73 13.94 6.35 7.06 4.88
Net Debt to NOPAT		 1.93 2.33 5.14 3.36 6.93 6.30 6.33 9.20 3.97 4.12 2.97
Long-Term Debt to NOPAT		 2.43 2.78 6.57 3.84 7.24 7.61 6.72 12.64 5.63 6.40 4.37
Altman Z-Score		 3.73 3.60 3.35 3.32 2.50 2.30 2.74 2.83 3.03 3.30 3.52
Noncontrolling Interest Sharing Ratio		 1.17% 0.94% 0.77% 0.77% 0.74% 0.66% 0.56% 0.42% 0.35% 0.33% 0.30%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.24 1.21 1.33 1.29 1.02 0.98 0.88 0.92 0.96 1.04 0.96
Quick Ratio		 1.07 1.04 1.18 1.11 0.87 0.77 0.66 0.73 0.80 0.86 0.80
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 17,087 5,968 4,595 10,071 -17,197 22,938 2,362 9,311 6,596 6,248 1,992
Operating Cash Flow to CapEx		 537.71% 543.56% 603.97% 484.49% 844.48% 748.85% 763.94% 844.94% 1,507.68% 2,738.29% 1,360.10%
Free Cash Flow to Firm to Interest Expense		 36.51 9.47 7.47 13.93 -12.80 17.81 2.05 7.66 4.10 3.65 1.03
Operating Cash Flow to Interest Expense		 36.87 27.12 27.19 21.09 10.99 14.13 11.08 8.58 8.67 7.85 6.82
Operating Cash Flow Less CapEx to Interest Expense		 30.01 22.13 22.69 16.74 9.69 12.24 9.63 7.57 8.09 7.57 6.32
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.72 0.70 0.65 0.64 0.42 0.36 0.40 0.47 0.47 0.46 0.47
Accounts Receivable Turnover		 7.59 8.08 7.86 8.80 6.49 6.86 8.05 8.01 8.13 8.04 7.99
Inventory Turnover		 22.47 26.68 26.91 26.13 15.86 14.17 14.95 17.40 20.32 22.20 22.51
Fixed Asset Turnover		 7.60 7.41 7.21 7.27 5.55 6.81 9.64 10.98 11.42 11.17 11.61
Accounts Payable Turnover		 6.37 6.77 6.67 6.56 4.57 5.45 6.48 6.96 6.74 6.66 6.43
Days Sales Outstanding (DSO)		 48.07 45.15 46.46 41.47 56.22 53.21 45.32 45.57 44.88 45.38 45.71
Days Inventory Outstanding (DIO)		 16.24 13.68 13.56 13.97 23.01 25.75 24.42 20.98 17.97 16.44 16.21
Days Payable Outstanding (DPO)		 57.31 53.94 54.76 55.66 79.84 67.02 56.36 52.48 54.19 54.77 56.79
Cash Conversion Cycle (CCC)		 7.01 4.90 5.27 -0.22 -0.62 11.94 13.38 14.07 8.66 7.05 5.13
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 40,931 47,450 48,923 48,131 72,803 56,992 61,319 55,663 57,970 59,513 70,072
Invested Capital Turnover		 1.92 1.81 1.64 1.64 0.95 0.85 0.97 1.03 1.09 1.07 1.04
Increase / (Decrease) in Invested Capital		 -3,330 6,519 1,473 -792 24,672 -15,811 4,327 -5,656 2,307 1,543 10,559
Enterprise Value (EV)		 115,647 138,400 133,410 108,939 145,413 137,956 146,727 150,063 178,613 234,128 312,734
Market Capitalization		 88,977 109,198 102,080 77,601 93,453 92,932 104,308 116,346 143,176 201,920 275,308
Book Value per Share		 $14.70 $19.19 $19.00 $18.48 $23.53 $23.12 $21.08 $24.27 $24.68 $29.53 $34.93
Tangible Book Value per Share		 ($21.90) ($23.81) ($24.78) ($24.82) ($59.41) ($52.64) ($54.92) ($49.98) ($53.31) ($47.65) ($49.70)
Total Capital		 54,313 60,560 64,549 62,741 83,884 82,060 70,700 72,970 79,160 82,366 94,000
Total Debt		 39,889 42,168 46,824 45,812 62,899 61,333 51,704 50,949 56,547 54,973 61,260
Total Long-Term Debt		 33,428 34,655 39,837 35,605 54,102 54,217 44,917 46,189 50,121 49,884 54,836
Net Debt		 26,508 29,056 31,199 31,204 51,816 44,895 42,324 33,640 35,357 32,122 37,333
Capital Expenditures (CapEx)		 3,209 3,143 2,769 3,147 1,749 2,430 1,675 1,235 924 491 970
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 6,502 6,599 6,517 8,904 507 -7,839 -4,850 -13,319 -14,352 -14,635 -17,105
Debt-free Net Working Capital (DFNWC)		 14,696 15,126 19,359 21,126 9,516 6,412 2,707 2,373 5,212 6,429 4,710
Net Working Capital (NWC)		 8,235 7,613 12,372 10,919 719 -704 -4,080 -2,387 -1,214 1,340 -1,714
Net Nonoperating Expense (NNE)		 567 615 315 551 -1,956 1,537 946 2,016 1,401 1,768 1,958
Net Nonoperating Obligations (NNO)		 26,507 29,058 31,198 31,202 51,818 36,265 42,323 33,642 35,357 32,120 37,332
Total Depreciation and Amortization (D&A)		 3,855 4,381 4,541 4,480 6,059 6,695 6,417 4,802 4,396 4,667 5,021
Debt-free, Cash-free Net Working Capital to Revenue		 7.95% 8.26% 8.23% 11.19% 0.88% -14.21% -8.46% -22.00% -23.20% -23.32% -25.33%
Debt-free Net Working Capital to Revenue		 17.98% 18.93% 24.46% 26.54% 16.49% 11.62% 4.72% 3.92% 8.43% 10.24% 6.97%
Net Working Capital to Revenue		 10.07% 9.53% 15.63% 13.72% 1.25% -1.28% -7.11% -3.94% -1.96% 2.14% -2.54%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $12.94 $11.93 $5.92 $9.19 $10.20 $6.03 $6.41 $1.82 $8.23 $6.53 $11.36
Adjusted Weighted Average Basic Shares Outstanding		 1.02B 995.34M 971.80M 950.15M 924.30M 927.54M 895.99M 902.66M 911.21M 921.77M 932.29M
Adjusted Diluted Earnings per Share		 $12.88 $11.88 $5.89 $9.14 $10.14 $5.98 $6.35 $1.80 $8.14 $6.43 $11.17
Adjusted Weighted Average Diluted Shares Outstanding		 1.02B 998.77M 976.55M 954.60M 930.11M 934.02M 904.64M 912.27M 922.07M 937.16M 948.68M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $10.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 1.03B 982.62M 959.65M 927.04M 925.52M 930.92M 899.31M 907.11M 916.74M 927.26M 938.03M
Normalized Net Operating Profit after Tax (NOPAT)		 13,757 12,487 6,068 9,279 7,475 3,263 6,689 1,660 8,903 5,256 8,585
Normalized NOPAT Margin		 16.83% 15.62% 7.67% 11.66% 12.95% 5.91% 11.66% 2.74% 14.39% 8.38% 12.71%
Pre Tax Income Margin		 19.51% 15.43% 14.41% 14.25% 12.49% 4.66% 8.43% 1.91% 14.05% 9.24% 15.29%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 35.07 20.57 19.53 16.69 6.36 3.00 5.19 1.95 6.41 4.39 6.34
NOPAT to Interest Expense		 29.40 19.82 9.87 12.83 5.56 5.53 5.79 3.01 5.54 4.55 6.49
EBIT Less CapEx to Interest Expense		 28.22 15.58 15.03 12.33 5.06 1.11 3.74 0.93 5.83 4.10 5.84
NOPAT Less CapEx to Interest Expense		 22.54 14.83 5.36 8.48 4.26 3.65 4.34 1.99 4.96 4.26 5.99
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 37.13% 44.27% 95.71% 64.92% 60.51% 103.70% 102.19% 362.90% 80.51% 102.06% 59.05%
Augmented Payout Ratio		 72.07% 73.77% 171.15% 115.82% 74.94% 103.70% 102.19% 362.90% 80.51% 102.06% 59.05%

Quarterly Metrics And Ratios for International Business Machines

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 939,885,280.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 939,885,280.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.29
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.57% 4.13% 1.47% 1.91% 1.46% 0.99% 0.55% 7.65% 9.11% 12.15% 9.46%
EBITDA Growth		 211.01% 761.01% 5.44% 8.60% -73.51% -47.80% 5.84% 15.02% 369.83% 22.17% 12.37%
EBIT Growth		 154.33% 338.20% 5.54% 9.20% -116.32% -58.28% 7.18% 17.42% 883.38% 23.88% 15.38%
NOPAT Growth		 74.70% 340.30% 67.21% 16.44% -30.86% -57.75% -33.46% 20.23% 903.18% 88.45% 10.93%
Net Income Growth		 153.32% 21.33% 73.14% 15.86% -119.37% -11.37% -34.27% 19.63% 628.48% 92.18% 15.26%
EPS Growth		 151.98% 20.33% 70.30% 13.95% -119.57% -13.85% -34.88% 17.86% 611.11% 89.71% 14.29%
Operating Cash Flow Growth		 60.76% 12.56% 10.44% -21.68% -5.73% -2.98% 4.85% -17.67% 6.98% -6.70% 18.28%
Free Cash Flow Firm Growth		 -89.91% -49.48% 797.43% 3,073.85% 148.61% -86.74% -212.45% -233.65% -1,865.58% -346.49% -74.15%
Invested Capital Growth		 1.85% 4.14% -6.84% -6.59% -1.09% 2.66% 15.19% 19.02% 15.20% 17.74% 21.55%
Revenue Q/Q Growth		 -4.67% 17.82% -16.79% 9.04% -5.09% 17.27% -17.16% 16.75% -3.81% 20.54% -19.15%
EBITDA Q/Q Growth		 -3.49% 78.66% -56.32% 44.20% -76.45% 251.96% -1.52% 56.70% -3.82% 40.74% -47.03%
EBIT Q/Q Growth		 -5.70% 113.70% -69.18% 75.81% -114.10% 646.11% -6.22% 92.62% -5.95% 58.18% -59.74%
NOPAT Q/Q Growth		 10.84% 125.27% -59.15% 14.15% -34.19% 37.65% -3.47% 78.54% -20.07% 196.74% -73.80%
Net Income Q/Q Growth		 7.64% 92.96% -51.19% 14.27% -117.99% 983.03% -63.80% 107.96% -20.51% 221.10% -78.29%
EPS Q/Q Growth		 6.98% 96.20% -52.35% 13.95% -118.37% 963.89% -63.99% 106.25% -20.35% 220.65% -78.31%
Operating Cash Flow Q/Q Growth		 15.85% 46.04% -6.61% -50.43% 39.45% 50.30% 0.92% -61.08% 81.19% 31.08% 27.95%
Free Cash Flow Firm Q/Q Growth		 314.67% 147.42% 202.42% 2.29% -67.52% -86.81% -34,629.81% -16.30% 15.77% 38.43% -188.76%
Invested Capital Q/Q Growth		 -1.69% -4.64% -1.67% 1.32% 4.10% -1.02% 10.33% 4.69% 0.76% 1.16% 13.90%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 54.39% 59.07% 53.53% 56.75% 56.25% 59.47% 55.23% 58.77% 57.31% 60.60% 56.23%
EBITDA Margin		 22.90% 34.72% 18.23% 24.10% 5.98% 17.95% 19.19% 25.75% 25.75% 30.06% 19.70%
Operating Margin		 14.03% 28.09% 8.21% 15.30% 12.50% 11.60% 11.09% 18.30% 17.89% 23.48% 11.69%
EBIT Margin		 15.49% 28.09% 10.41% 16.78% -2.49% 11.60% 11.09% 18.30% 17.89% 23.48% 11.69%
Profit (Net Income) Margin		 11.55% 18.92% 11.10% 11.63% -2.20% 16.60% 7.26% 12.92% 10.68% 28.45% 7.64%
Tax Burden Percent		 90.98% 87.47% 149.44% 82.65% 41.15% 88.14% 91.11% 84.48% 71.77% 135.17% 87.67%
Interest Burden Percent		 81.97% 76.98% 71.36% 83.86% 215.01% 162.30% 71.79% 83.59% 83.16% 89.64% 74.53%
Effective Tax Rate		 8.49% 12.61% -46.74% 17.53% 0.00% 11.49% 8.89% 15.56% 28.23% -34.64% 12.40%
Return on Invested Capital (ROIC)		 13.04% 26.73% 12.66% 13.16% 9.06% 10.97% 10.35% 15.65% 12.98% 32.95% 9.70%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.55% 23.89% 12.28% 12.74% 4.58% 14.27% 9.21% 14.50% 12.06% 31.16% 8.73%
Return on Net Nonoperating Assets (RNNOA)		 22.36% 36.93% 19.97% 20.11% 7.03% 19.25% 13.25% 20.98% 17.66% 35.98% 12.44%
Return on Equity (ROE)		 35.40% 63.67% 32.64% 33.27% 16.09% 30.22% 23.61% 36.63% 30.64% 68.93% 22.14%
Cash Return on Invested Capital (CROIC)		 2.98% 11.61% 23.41% 23.44% 18.56% 10.64% -2.52% -5.42% 0.54% 3.08% -1.97%
Operating Return on Assets (OROA)		 7.43% 13.24% 4.77% 7.87% -1.18% 5.35% 4.93% 8.30% 8.34% 10.97% 5.34%
Return on Assets (ROA)		 5.54% 8.92% 5.09% 5.45% -1.05% 7.65% 3.22% 5.86% 4.98% 13.29% 3.49%
Return on Common Equity (ROCE)		 35.28% 63.44% 32.53% 33.16% 16.04% 30.12% 23.54% 36.52% 30.54% 68.73% 22.09%
Return on Equity Simple (ROE_SIMPLE)		 30.00% 0.00% 35.17% 35.09% 26.17% 0.00% 20.36% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,894 4,267 1,743 1,990 1,310 1,803 1,470 2,624 2,097 6,223 1,630
NOPAT Margin		 12.84% 24.55% 12.05% 12.62% 8.75% 10.27% 10.11% 15.45% 12.84% 31.61% 10.24%
Net Nonoperating Expense Percent (NNEP)		 0.49% 2.84% 0.38% 0.43% 4.48% -3.29% 1.15% 1.15% 0.92% 1.79% 0.97%
Return On Investment Capital (ROIC_SIMPLE)		 2.42% 5.39% 2.10% 2.47% 1.61% 2.19% 1.63% 2.86% 2.30% 6.62% 1.64%
Cost of Revenue to Revenue		 45.61% 40.93% 46.46% 43.25% 43.75% 40.53% 44.77% 41.24% 42.68% 39.41% 43.78%
SG&A Expenses to Revenue		 30.22% 27.57% 34.39% 31.31% 32.81% 27.72% 33.60% 29.61% 29.07% 27.75% 31.97%
R&D to Revenue		 10.13% 8.66% 10.93% 10.14% 10.94% 9.49% 11.67% 11.09% 11.41% 9.70% 12.57%
Operating Expenses to Revenue		 40.35% 30.98% 45.32% 41.45% 43.75% 47.87% 44.14% 40.47% 39.42% 37.12% 44.54%
Earnings before Interest and Taxes (EBIT)		 2,285 4,883 1,505 2,646 -373 2,037 1,613 3,107 2,922 4,622 1,861
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3,378 6,035 2,636 3,801 895 3,150 2,790 4,372 4,205 5,918 3,135
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.25 6.35 7.25 6.46 8.21 7.39 8.58 9.96 9.42 8.43 6.90
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)		 1.98 2.31 2.72 2.49 3.21 3.22 3.67 4.28 4.02 4.08 3.30
Price to Earnings (P/E)		 17.50 19.09 20.62 18.41 31.38 33.52 42.13 46.97 33.24 25.99 21.14
Dividend Yield		 4.98% 4.23% 3.59% 3.94% 3.06% 3.05% 2.69% 2.27% 2.37% 2.28% 2.77%
Earnings Yield		 5.71% 5.24% 4.85% 5.43% 3.19% 2.98% 2.37% 2.13% 3.01% 3.85% 4.73%
Enterprise Value to Invested Capital (EV/IC)		 2.61 3.08 3.55 3.27 3.93 3.93 4.10 4.59 4.39 4.46 3.44
Enterprise Value to Revenue (EV/Rev)		 2.60 2.89 3.26 3.03 3.78 3.73 4.29 4.92 4.65 4.63 3.98
Enterprise Value to EBITDA (EV/EBITDA)		 20.52 12.16 13.72 12.53 15.70 19.23 21.85 24.43 18.77 18.09 15.55
Enterprise Value to EBIT (EV/EBIT)		 47.24 17.35 19.65 17.90 22.83 31.18 35.36 39.02 26.75 25.50 21.92
Enterprise Value to NOPAT (EV/NOPAT)		 54.86 20.06 20.97 19.01 22.38 30.05 37.85 41.70 32.06 24.92 21.56
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.83 12.82 14.13 13.74 17.41 17.41 19.74 23.73 22.56 23.70 19.60
Enterprise Value to Free Cash Flow (EV/FCFF)		 88.56 27.08 14.63 13.48 21.07 37.47 0.00 0.00 873.93 156.97 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.39 2.50 2.55 2.35 2.31 2.01 2.35 2.33 2.25 1.87 2.01
Long-Term Debt to Equity		 2.11 2.22 2.32 2.20 2.16 1.82 2.09 2.00 1.97 1.67 1.75
Financial Leverage		 1.78 1.55 1.63 1.58 1.54 1.35 1.44 1.45 1.46 1.16 1.42
Leverage Ratio		 5.89 5.88 6.02 5.74 5.53 5.45 5.62 5.46 5.34 4.81 5.03
Compound Leverage Factor		 4.83 4.53 4.29 4.81 11.89 8.84 4.04 4.57 4.44 4.31 3.75
Debt to Total Capital		 70.46% 71.43% 71.83% 70.11% 69.76% 66.74% 70.13% 69.93% 69.28% 65.17% 66.75%
Short-Term Debt to Total Capital		 8.18% 8.12% 6.60% 4.47% 4.44% 6.18% 7.66% 9.75% 8.72% 6.83% 8.71%
Long-Term Debt to Total Capital		 62.28% 63.32% 65.23% 65.64% 65.32% 60.56% 62.47% 60.18% 60.56% 58.34% 58.04%
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		 0.10% 0.10% 0.09% 0.10% 0.10% 0.10% 0.08% 0.09% 0.09% 0.10% 0.08%
Common Equity to Total Capital		 29.44% 28.47% 28.08% 29.80% 30.14% 33.15% 29.79% 29.98% 30.63% 34.73% 33.17%
Debt to EBITDA		 7.13 3.85 4.03 3.75 3.76 4.51 5.13 4.97 3.89 3.54 3.76
Net Debt to EBITDA		 4.86 2.41 2.28 2.23 2.36 2.64 3.14 3.19 2.55 2.16 2.65
Long-Term Debt to EBITDA		 6.31 3.41 3.66 3.51 3.52 4.10 4.57 4.28 3.40 3.17 3.27
Debt to NOPAT		 19.08 6.35 6.16 5.69 5.36 7.06 8.89 8.49 6.65 4.88 5.22
Net Debt to NOPAT		 12.99 3.97 3.49 3.39 3.37 4.12 5.44 5.44 4.35 2.97 3.68
Long-Term Debt to NOPAT		 16.86 5.63 5.60 5.33 5.02 6.40 7.92 7.30 5.82 4.37 4.54
Altman Z-Score		 2.81 2.89 2.96 3.00 3.13 3.16 3.08 3.26 3.28 3.35 2.92
Noncontrolling Interest Sharing Ratio		 0.34% 0.35% 0.31% 0.32% 0.33% 0.33% 0.29% 0.30% 0.32% 0.30% 0.26%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.91 0.96 1.13 1.12 1.06 1.04 1.01 0.91 0.93 0.96 0.80
Quick Ratio		 0.72 0.80 0.95 0.85 0.88 0.86 0.84 0.75 0.76 0.80 0.63
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 792 1,960 5,928 6,064 1,970 260 -7,189 -8,361 -7,043 -4,336 -12,521
Operating Cash Flow to CapEx		 1,808.28% 3,847.41% 1,836.12% 1,180.57% 0.00% 1,535.46% 2,570.59% 983.24% 1,242.74% 1,065.96% 2,307.59%
Free Cash Flow to Firm to Interest Expense		 1.92 4.84 13.72 14.20 4.59 0.61 -15.80 -16.39 -14.31 -9.07 -26.47
Operating Cash Flow to Interest Expense		 7.42 11.02 9.65 4.84 6.72 10.21 9.60 3.34 6.26 8.45 10.93
Operating Cash Flow Less CapEx to Interest Expense		 7.01 10.73 9.12 4.43 7.17 9.55 9.23 3.00 5.76 7.66 10.45
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.48 0.47 0.46 0.47 0.47 0.46 0.44 0.45 0.47 0.47 0.46
Accounts Receivable Turnover		 9.71 8.13 9.29 9.57 10.02 8.04 9.27 9.36 10.04 7.99 9.51
Inventory Turnover		 17.23 20.32 19.56 20.02 19.67 22.20 20.43 21.87 19.96 22.51 19.74
Fixed Asset Turnover		 11.63 11.42 11.35 11.29 11.40 11.17 11.09 11.10 11.41 11.61 11.96
Accounts Payable Turnover		 7.70 6.74 7.53 7.44 8.22 6.66 7.53 7.15 7.73 6.43 7.53
Days Sales Outstanding (DSO)		 37.59 44.88 39.31 38.15 36.42 45.38 39.37 39.01 36.34 45.71 38.37
Days Inventory Outstanding (DIO)		 21.18 17.97 18.66 18.23 18.56 16.44 17.87 16.69 18.29 16.21 18.49
Days Payable Outstanding (DPO)		 47.43 54.19 48.49 49.07 44.39 54.77 48.50 51.08 47.23 56.79 48.49
Cash Conversion Cycle (CCC)		 11.34 8.66 9.48 7.31 10.59 7.05 8.74 4.62 7.40 5.13 8.37
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 60,788 57,970 57,003 57,758 60,128 59,513 65,662 68,743 69,268 70,072 79,813
Invested Capital Turnover		 1.02 1.09 1.05 1.04 1.04 1.07 1.02 1.01 1.01 1.04 0.95
Increase / (Decrease) in Invested Capital		 1,102 2,307 -4,185 -4,074 -660 1,543 8,659 10,985 9,140 10,559 14,151
Enterprise Value (EV)		 158,870 178,613 202,440 188,963 236,395 234,128 269,355 315,204 304,201 312,734 274,208
Market Capitalization		 121,164 143,176 168,696 155,229 200,718 201,920 230,574 273,968 262,837 275,308 227,370
Book Value per Share		 $25.34 $24.68 $25.36 $26.15 $26.54 $29.53 $28.99 $29.60 $29.96 $34.93 $35.15
Tangible Book Value per Share		 ($52.46) ($53.31) ($51.27) ($49.69) ($51.82) ($47.65) ($55.62) ($56.22) ($54.99) ($49.70) ($60.08)
Total Capital		 78,398 79,160 82,837 80,634 81,109 82,366 90,237 91,752 91,106 94,000 99,417
Total Debt		 55,242 56,547 59,504 56,531 56,579 54,973 63,284 64,164 63,116 61,260 66,361
Total Long-Term Debt		 48,828 50,121 54,033 52,929 52,980 49,884 56,371 55,219 55,174 54,836 57,706
Net Debt		 37,631 35,357 33,672 33,657 35,595 32,122 38,709 41,157 41,279 37,333 46,757
Capital Expenditures (CapEx)		 169 116 227 175 -193 282 170 173 248 379 224
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -12,516 -14,352 -14,417 -13,781 -13,686 -14,635 -15,576 -15,644 -14,501 -17,105 -17,127
Debt-free Net Working Capital (DFNWC)		 3,513 5,212 9,737 7,253 5,289 6,429 7,143 5,472 5,540 4,710 468
Net Working Capital (NWC)		 -2,901 -1,214 4,266 3,651 1,690 1,340 230 -3,473 -2,402 -1,714 -8,187
Net Nonoperating Expense (NNE)		 190 979 138 156 1,640 -1,111 415 430 353 623 414
Net Nonoperating Obligations (NNO)		 37,632 35,357 33,670 33,655 35,598 32,120 38,709 41,155 41,278 37,332 46,757
Total Depreciation and Amortization (D&A)		 1,093 1,152 1,131 1,155 1,268 1,113 1,177 1,265 1,283 1,296 1,274
Debt-free, Cash-free Net Working Capital to Revenue		 -20.46% -23.20% -23.23% -22.10% -21.87% -23.32% -24.79% -24.43% -22.17% -25.33% -24.85%
Debt-free Net Working Capital to Revenue		 5.74% 8.43% 15.69% 11.63% 8.45% 10.24% 11.37% 8.54% 8.47% 6.97% 0.68%
Net Working Capital to Revenue		 -4.74% -1.96% 6.87% 5.85% 2.70% 2.14% 0.37% -5.42% -3.67% -2.54% -11.88%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.87 $3.61 $1.75 $1.99 ($0.36) $3.15 $1.14 $2.36 $1.87 $5.99 $1.30
Adjusted Weighted Average Basic Shares Outstanding		 912.79M 911.21M 917.18M 920.29M 923.58M 921.77M 928.01M 930.81M 933.86M 932.29M 938.53M
Adjusted Diluted Earnings per Share		 $1.84 $3.61 $1.72 $1.96 ($0.36) $3.11 $1.12 $2.31 $1.84 $5.90 $1.28
Adjusted Weighted Average Diluted Shares Outstanding		 923.67M 922.07M 933.43M 934.40M 923.58M 937.16M 945.37M 947.96M 948.93M 948.68M 952.13M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $3.61 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 913.12M 916.74M 918.60M 921.15M 924.65M 927.26M 929.40M 931.52M 934.74M 938.03M 939.89M
Normalized Net Operating Profit after Tax (NOPAT)		 1,894 4,267 832 1,990 1,310 1,803 1,470 2,624 2,097 3,235 1,630
Normalized NOPAT Margin		 12.84% 24.55% 5.75% 12.62% 8.75% 10.27% 10.11% 15.45% 12.84% 16.44% 10.24%
Pre Tax Income Margin		 12.70% 21.63% 7.43% 14.07% -5.36% 18.83% 7.96% 15.30% 14.88% 21.05% 8.71%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.55 12.06 3.48 6.20 -0.87 4.80 3.55 6.09 5.94 9.67 3.93
NOPAT to Interest Expense		 4.60 10.54 4.04 4.66 3.05 4.25 3.23 5.14 4.26 13.02 3.45
EBIT Less CapEx to Interest Expense		 5.14 11.77 2.96 5.79 -0.42 4.14 3.17 5.75 5.44 8.88 3.46
NOPAT Less CapEx to Interest Expense		 4.19 10.25 3.51 4.25 3.50 3.59 2.86 4.81 3.76 12.23 2.97
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 86.89% 80.51% 74.14% 72.25% 95.65% 102.06% 112.81% 106.31% 78.75% 59.05% 58.42%
Augmented Payout Ratio		 86.89% 80.51% 74.14% 72.25% 95.65% 102.06% 112.81% 106.31% 78.75% 59.05% 58.42%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for IBM (NYSE: IBM) based on quarterly financial statements over the last four years, with a focus on the recent Q4 2025 results and the broader trend from 2022–2025.

  • Q4 2025 Total Revenue rose to about $19.69B, up from $17.55B in Q4 2024, signaling continued top‑line momentum into 2026.
  • Q4 2025 Gross Margin improved to roughly 60.6% (gross profit about $11.93B on $19.69B revenue), versus about 59.4% in Q4 2024, indicating margin expansion as revenue grows.
  • Q4 2025 Consolidated Net Income Attributable to Common Shareholders reached about $5.60B, with Basic EPS of $5.99 and Diluted EPS of $5.90, reflecting strong quarterly profitability and earnings-per-share strength.
  • Cash flow from operations remained robust in 2025, with quarterly net cash from continuing operating activities consistently positive (Q1 2025 around $4.37B; Q4 2025 around $4.04B; other quarters also positive), signaling solid cash generation from core business.
  • Total assets rose meaningfully into 2025 (e.g., about $146.3B in Q3 2025 vs roughly $134.3B in Q3 2024), showing an expanding balance sheet support for growth initiatives and acquisitions.
  • Operating expenses in Q4 2025 show elevated levels (Selling, General & Administrative ≈ $5.46B; Research & Development ≈ $1.91B; Total Operating Expenses ≈ $7.31B), resulting in a solid but not outsized operating margin; trend suggests ongoing investment in R&D and go‑to‑market efforts.
  • Net cash from investing activities in Q4 2025 was positive (about $1.42B), reflecting a mix of acquisitions, divestitures, and capital allocation that fluctuates across quarters but has not depressed near‑term liquidity.
  • Net cash from financing activities was negative in Q4 2025 (about −$3.41B), indicating net cash outflows for debt repayments, dividends, and other financing activities rather than net new financing in that quarter.
  • Leverage remains substantial. Long‑term debt runs in the mid‑to‑high $50B range, and Total Liabilities are well over $110B, with Total Equity around the low‑to‑mid $20sB, highlighting a high debt load relative to equity versus some peers.
  • Goodwill and Other Noncurrent Assets are sizable (Goodwill in the 60s–70s billions in recent periods; substantial intangible assets), which can imply impairment risk if the technology and services markets shift meaningfully or if acquisition bets underperform.
05/14/26 06:28 PM ETAI Generated. May Contain Errors.

International Business Machines Financials - Frequently Asked Questions

According to the most recent income statement we have on file, International Business Machines' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

International Business Machines' net income appears to be on a downward trend, with a most recent value of $10.59 billion in 2025, falling from $13.19 billion in 2015. The previous period was $6.02 billion in 2024. See where experts think International Business Machines is headed by visiting International Business Machines' forecast page.

International Business Machines' total operating income in 2025 was $12.26 billion, based on the following breakdown:
  • Total Gross Profit: $39.30 billion
  • Total Operating Expenses: $27.03 billion

Over the last 10 years, International Business Machines' total revenue changed from $81.74 billion in 2015 to $67.54 billion in 2025, a change of -17.4%.

International Business Machines' total liabilities were at $119.14 billion at the end of 2025, a 8.5% increase from 2024, and a 24.0% increase since 2015.

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 $13.59 billion as of their latest financial filing in 2025.

Over the last 10 years, International Business Machines' book value per share changed from 14.70 in 2015 to 34.93 in 2025, a change of 137.6%.


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Financial statements for NYSE:IBM last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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