NYSE : IBM
International Business Machines Corporation — Financial statements
Technology · Information Technology Services · United States
Last price 257.81 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 243.66B
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Financial statements
International Business Machines Corporation (IBM) reported revenue of 69.87B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 69.09B | 66.80B | 62.04B | 61.12B | 59.88B | 56.57B |
| Other Revenue | 776.00M | 736.00M | 709.00M | 737.00M | 651.00M | 780.00M |
| Revenue | 69.87B | 67.53B | 62.75B | 61.86B | 60.53B | 57.35B |
| Cost of Revenue | 28.92B | 27.84B | 26.83B | 27.18B | 27.44B | 25.33B |
| Gross Profit | 40.50B | 39.30B | 35.55B | 34.30B | 32.69B | 31.49B |
| Selling, General & Admin | 19.39B | 19.33B | 19.28B | 18.96B | 19.26B | 20.03B |
| Research & Development | 9.05B | 8.31B | 7.48B | 6.78B | 6.57B | 6.49B |
| Other Operating Expenses | -778.00M | -964.00M | -996.00M | -860.00M | -663.00M | -612.00M |
| Operating Expenses | 27.66B | 26.67B | 25.76B | 24.88B | 25.17B | 25.90B |
| Operating Income | 12.84B | 12.62B | 9.79B | 9.42B | 7.52B | 5.58B |
| Interest Expense | -1.93B | -1.94B | -1.71B | -1.61B | -1.22B | -1.16B |
| Interest & Investment Income | 457.00M | 645.00M | 747.00M | 670.00M | 162.00M | 52.00M |
| Currency Exchange Gain (Loss) | -175.00M | -352.00M | -57.00M | -99.00M | 418.00M | -1.00M |
| Other Non Operating Income (Expenses) | 272.00M | 233.00M | 351.00M | 266.00M | 185.00M | 225.00M |
| EBT Excluding Unusual Items | 11.47B | 11.21B | 9.12B | 8.65B | 7.07B | 4.70B |
| Merger & Restructuring Charges | -1.06B | -877.00M | -819.00M | |||
| Gain (Loss) on Sale of Investments | 98.00M | -7.00M | 20.00M | 39.00M | -278.00M | 133.00M |
| Gain (Loss) on Sale of Assets | 592.00M | 258.00M | ||||
| Other Unusual Items | -3.11B | -5.89B | ||||
| Pretax Income | 10.51B | 10.33B | 5.80B | 8.69B | 1.16B | 4.84B |
| Income Tax Expense | -653.00M | -242.00M | -218.00M | 1.18B | -626.00M | 124.00M |
| Earnings From Continuing Operations | 11.16B | 10.57B | 6.01B | 7.51B | 1.78B | 4.71B |
| Earnings From Discontinued Operations | 11.00M | 22.00M | 8.00M | -12.00M | -143.00M | 1.03B |
| Net Income | 11.17B | 10.59B | 6.02B | 7.50B | 1.64B | 5.74B |
| Net Income to Common | 11.17B | 10.59B | 6.02B | 7.50B | 1.64B | 5.74B |
| Shares Outstanding (Basic) | 940.16M | 932.29M | 921.77M | 911.21M | 902.66M | 895.99M |
| Shares Outstanding (Diluted) | 952.84M | 948.68M | 937.16M | 922.07M | 912.27M | 904.64M |
| EPS (Basic) | 11.88 | 11.36 | 6.53 | 8.23 | 1.82 | 6.41 |
| EPS (Diluted) | 11.72 | 11.16 | 6.43 | 8.14 | 1.79 | 6.35 |
| Free Cash Flow | 14.66B | 12.10B | 12.40B | 12.69B | 9.09B | 10.73B |
| Free Cash Flow Per Share | 15.38 | 12.76 | 13.23 | 13.76 | 9.96 | 11.87 |
| Dividend Per Share | 6.74 | 6.71 | 6.67 | 6.63 | 6.59 | 6.55 |
| Gross Margin | 57.97% | 58.19% | 56.65% | 55.45% | 54.00% | 54.90% |
| Operating Margin | 18.38% | 18.69% | 15.60% | 15.23% | 12.43% | 9.74% |
| Profit Margin | 15.99% | 15.68% | 9.60% | 12.13% | 2.71% | 10.01% |
| Free Cash Flow Margin | 20.98% | 17.92% | 19.75% | 20.51% | 15.02% | 18.72% |
| EBITDA | 16.63B | 16.17B | 12.89B | 12.26B | 10.78B | 11.31B |
| EBITDA Margin | 23.81% | 23.95% | 20.53% | 19.81% | 17.80% | 19.72% |
| D&A For EBITDA | 3.79B | 3.55B | 3.10B | 2.84B | 3.25B | 5.73B |
| EBIT | 12.84B | 12.62B | 9.79B | 9.42B | 7.52B | 5.58B |
| EBIT Margin | 18.38% | 18.69% | 15.60% | 15.23% | 12.43% | 9.74% |
| Effective Tax Rate | 13.53% | 2.56% | ||||
| Revenue as Reported | 69.87B | 67.53B | 62.75B | 61.86B | 60.53B | 57.35B |
| Advertising Expenses | 1.13B | 1.17B | 1.24B | 1.33B | 1.41B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 9.23B | 13.59B | 13.95B | 13.07B | 7.89B | 6.65B |
| Short-Term Investments | 1.82B | 830.00M | 644.00M | 373.00M | 852.00M | 600.00M |
| Cash & Short-Term Investments | 11.06B | 14.42B | 14.59B | 13.44B | 8.74B | 7.25B |
| Accounts Receivable | 6.46B | 8.59B | 7.24B | 7.72B | 7.00B | 7.22B |
| Other Receivables | 1.67B | 1.05B | 947.00M | 629.00M | 677.00M | 1.00B |
| Receivables | 8.13B | 9.65B | 8.18B | 8.35B | 7.68B | 8.22B |
| Inventory | 1.95B | 1.22B | 1.29B | 1.16B | 1.55B | 1.65B |
| Finance Div. Loans and Leases | 5.64B | 7.34B | 6.26B | 6.10B | 6.85B | 7.22B |
| Finance Div. Other Current Assets | 774.00M | 1.13B | 900.00M | 692.00M | 939.00M | 793.00M |
| Prepaid Expenses | 1.90B | 1.82B | 1.51B | 1.83B | 1.88B | 1.83B |
| Restricted Cash | 48.00M | 54.00M | 214.00M | 21.00M | 103.00M | 307.00M |
| Other Current Assets | 1.70B | 1.32B | 1.53B | 1.31B | 1.38B | 2.26B |
| Total Current Assets | 31.19B | 36.94B | 34.48B | 32.91B | 29.12B | 29.54B |
| Property, Plant & Equipment | 9.16B | 9.03B | 8.93B | 8.72B | 8.21B | 8.92B |
| Long-Term Investments | 1.82B | 1.75B | 1.69B | 1.59B | 1.61B | 1.78B |
| Goodwill | 74.92B | 67.72B | 60.71B | 60.18B | 55.95B | 55.64B |
| Other Intangible Assets | 13.60B | 11.39B | 10.66B | 11.04B | 11.18B | 12.51B |
| Finance Div. Loans and Leases Long-Term | 6.84B | 7.71B | 5.35B | 5.77B | 5.81B | 5.42B |
| Long-Term Deferred Tax Assets | 8.83B | 8.61B | 6.98B | 6.66B | 6.26B | 7.37B |
| Long-Term Deferred Charges | 808.00M | 825.00M | 788.00M | 842.00M | 866.00M | 924.00M |
| Other Long-Term Assets | 7.84B | 7.91B | 7.59B | 7.54B | 8.24B | 9.89B |
| Total Assets | 155.01B | 151.88B | 137.18B | 135.24B | 127.24B | 132.00B |
| Accounts Payable | 4.49B | 4.76B | 4.03B | 4.13B | 4.05B | 3.96B |
| Accrued Expenses | 7.00B | 7.98B | 7.05B | 6.73B | 7.05B | 7.04B |
| Short-Term Debt | 4.00M | 30.00M | 1.00M | 22.00M | ||
| Current Portion of Long-Term Debt | 7.01B | 6.14B | 4.86B | 6.30B | 4.68B | 6.73B |
| Current Portion of Leases | 749.00M | 1.08B | 966.00M | 941.00M | 949.00M | 1.01B |
| Current Income Taxes Payable | 1.87B | 2.35B | 2.03B | 2.27B | 2.20B | 2.29B |
| Current Unearned Revenue | 15.16B | 16.10B | 13.91B | 13.45B | 12.03B | 12.52B |
| Other Current Liabilities | 197.00M | 254.00M | 261.00M | 295.00M | 546.00M | 60.00M |
| Total Current Liabilities | 36.48B | 38.66B | 33.14B | 34.12B | 31.50B | 33.62B |
| Long-Term Debt | 55.56B | 53.96B | 49.08B | 49.74B | 46.02B | 44.85B |
| Long-Term Leases | 3.81B | 3.42B | 3.46B | 2.95B | 2.35B | 2.52B |
| Long-Term Unearned Revenue | 4.32B | 4.27B | 3.62B | 3.53B | 3.50B | 3.58B |
| Pension & Post-Retirement Benefits | 8.45B | 9.02B | 9.43B | 10.81B | 9.60B | 14.44B |
| Long-Term Deferred Tax Liabilities | 781.00M | 815.00M | 1.15B | 2.29B | 3.96B | |
| Other Long-Term Liabilities | 10.17B | 9.03B | 10.23B | 10.33B | 9.95B | 10.04B |
| Total Liabilities | 118.81B | 119.14B | 109.78B | 112.63B | 105.22B | 113.00B |
| Common Stock | 65.14B | 63.32B | 61.38B | 59.64B | 58.34B | 57.32B |
| Retained Earnings | 156.58B | 155.65B | 151.16B | 151.28B | 149.82B | 154.21B |
| Treasury Stock | -171.19B | -170.60B | -169.97B | -169.62B | -169.48B | -169.39B |
| Comprehensive Income & Other | -14.98B | -15.71B | -15.27B | -18.76B | -16.74B | -23.23B |
| Total Common Equity | 35.54B | 32.65B | 27.31B | 22.53B | 21.94B | 18.90B |
| Minority Interest | 669.00M | 93.00M | 86.00M | 80.00M | 77.00M | 95.00M |
| Shareholders' Equity | 36.21B | 32.74B | 27.39B | 22.61B | 22.02B | 19.00B |
| Total Liabilities & Equity | 155.01B | 151.88B | 137.18B | 135.24B | 127.24B | 132.00B |
| Total Debt | 67.14B | 64.61B | 58.40B | 59.94B | 54.01B | 55.14B |
| Net Cash (Debt) | -56.08B | -50.19B | -43.80B | -46.49B | -45.27B | -47.89B |
| Net Cash Per Share | -58.86 | -52.91 | -46.74 | -50.42 | -49.63 | -52.94 |
| Filing Date Shares Outstanding | 945.12M | 938.03M | 927.26M | 916.74M | 907.11M | 899.31M |
| Total Common Shares Outstanding | 945.12M | 936.95M | 926.29M | 915.01M | 906.09M | 898.07M |
| Working Capital | -5.29B | -1.71B | 1.34B | -1.21B | -2.39B | -4.08B |
| Book Value Per Share | 37.60 | 34.84 | 29.48 | 24.63 | 24.22 | 21.05 |
| Tangible Book Value | -52.98B | -46.46B | -44.06B | -48.68B | -45.19B | -49.25B |
| Tangible Book Value Per Share | -56.06 | -49.59 | -47.57 | -53.20 | -49.87 | -54.84 |
| Land | 182.00M | 179.00M | 182.00M | 213.00M | 224.00M | |
| Buildings | 4.81B | 4.83B | 5.33B | 5.68B | 6.05B | |
| Machinery | 12.88B | 12.69B | 12.61B | 12.80B | 13.81B | |
| Order Backlog | 31.90B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 11.17B | 10.59B | 6.02B | 7.50B | 1.64B | 5.74B |
| Depreciation & Amortization | 4.69B | 4.45B | 4.00B | 3.74B | 4.15B | 5.73B |
| Other Amortization | 607.00M | 571.00M | 669.00M | 660.00M | 648.00M | 691.00M |
| Loss (Gain) From Sale of Assets | -117.00M | -39.00M | -652.00M | -170.00M | -363.00M | -136.00M |
| Stock-Based Compensation | 1.97B | 1.72B | 1.31B | 1.13B | 987.00M | 982.00M |
| Other Operating Activities | -958.00M | -958.00M | 783.00M | -1.11B | 3.17B | -2.00B |
| Change in Accounts Receivable | -4.28B | -4.28B | -374.00M | 725.00M | -539.00M | 1.37B |
| Change in Inventory | 70.00M | 70.00M | -166.00M | 390.00M | 71.00M | 138.00M |
| Change in Accounts Payable | 624.00M | 624.00M | -13.00M | 65.00M | 213.00M | 85.00M |
| Change in Other Net Operating Assets | 2.05B | 445.00M | 1.87B | 1.00B | 457.00M | 196.00M |
| Operating Cash Flow | 15.83B | 13.19B | 13.45B | 13.93B | 10.44B | 12.80B |
| Capital Expenditures | -1.18B | -1.09B | -1.05B | -1.25B | -1.35B | -2.06B |
| Sale of Property, Plant & Equipment | 63.00M | 121.00M | 557.00M | 321.00M | 111.00M | 387.00M |
| Cash Acquisitions | -11.76B | -8.29B | -3.29B | -5.08B | -2.35B | -3.29B |
| Divestitures | 30.00M | -1.00M | 698.00M | -4.00M | 1.27B | 114.00M |
| Sale (Purchase) of Intangibles | -638.00M | -647.00M | -637.00M | -565.00M | -626.00M | -706.00M |
| Investment in Securities | 1.35B | -391.00M | -1.22B | -496.00M | -1.26B | -414.00M |
| Other Investing Activities | 2.00M | 1.00M | 1.00M | -1.00M | ||
| Investing Cash Flow | -12.12B | -10.30B | -4.94B | -7.07B | -4.20B | -5.97B |
| Short-Term Debt Issued | 30.00M | 217.00M | ||||
| Long-Term Debt Issued | 8.39B | 5.71B | 9.59B | 7.80B | 522.00M | |
| Total Debt Issued | 9.42B | 8.39B | 5.74B | 9.59B | 8.02B | 522.00M |
| Short-Term Debt Repaid | -29.00M | -7.00M | -40.00M | |||
| Long-Term Debt Repaid | -5.49B | -6.62B | -5.08B | -6.80B | -8.60B | |
| Total Debt Repaid | -9.07B | -5.52B | -6.62B | -5.09B | -6.80B | -8.64B |
| Net Debt Issued (Repaid) | 347.00M | 2.87B | -880.00M | 4.50B | 1.22B | -8.12B |
| Issuance of Common Stock | 737.00M | 710.00M | 745.00M | 414.00M | 279.00M | |
| Repurchase of Common Stock | -984.00M | -1.02B | -651.00M | -402.00M | -407.00M | -319.00M |
| Common Dividends Paid | -6.34B | -6.25B | -6.15B | -6.04B | -5.95B | -5.87B |
| Other Financing Activities | 428.00M | -139.00M | -146.00M | -238.00M | -103.00M | 949.00M |
| Financing Cash Flow | -5.81B | -3.83B | -7.08B | -1.77B | -4.96B | -13.35B |
| Foreign Exchange Rate Adjustments | -220.00M | 418.00M | -359.00M | 9.00M | -244.00M | -185.00M |
| Miscellaneous Cash Flow Adjustments | 1.00M | 1.00M | ||||
| Net Cash Flow | -2.32B | -520.00M | 1.07B | 5.10B | 1.03B | -6.72B |
| Free Cash Flow | 14.66B | 12.10B | 12.40B | 12.69B | 9.09B | 10.73B |
| Free Cash Flow Margin | 20.98% | 17.92% | 19.75% | 20.51% | 15.02% | 18.72% |
| Free Cash Flow Per Share | 15.38 | 12.76 | 13.23 | 13.76 | 9.96 | 11.87 |
| Levered Free Cash Flow | 12.35B | 13.19B | 9.33B | 10.52B | 9.68B | 4.63B |
| Unlevered Free Cash Flow | 13.56B | 14.40B | 10.40B | 11.53B | 10.44B | 5.35B |
| Cash Interest Paid | 2.09B | 2.04B | 1.98B | 1.67B | 1.40B | 1.51B |
| Cash Income Tax Paid | 1.95B | 1.95B | 1.72B | 1.56B | 1.86B | 2.10B |
| Change in Working Capital | -1.53B | -3.14B | 1.31B | 2.18B | 202.00M | 1.79B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 238.65B | 276.88B | 203.26B | 149.34B | 127.38B | 119.87B |
| Enterprise Value | 294.73B | 328.68B | 249.77B | 196.96B | 171.71B | 170.92B |
| Last Close Price | 252.51 | 290.30 | 210.02 | 150.80 | 123.76 | 111.86 |
| PE Ratio | 21.54 | 26.14 | 33.75 | 19.91 | 77.72 | 20.87 |
| Forward PE | 19.31 | 24.50 | 21.12 | 16.60 | 14.63 | 12.81 |
| PS Ratio | 3.42 | 4.10 | 3.24 | 2.41 | 2.10 | 2.09 |
| PB Ratio | 6.72 | 8.46 | 7.42 | 6.60 | 5.79 | 6.31 |
| P/FCF Ratio | 16.28 | 22.88 | 16.40 | 11.77 | 14.02 | 11.17 |
| P/OCF Ratio | 15.08 | 20.99 | 15.12 | 10.72 | 12.21 | 9.37 |
| PEG Ratio | 2.97 | 3.15 | 4.80 | 3.08 | 1.76 | 1.86 |
| EV/Sales Ratio | 4.22 | 4.87 | 3.98 | 3.18 | 2.84 | 2.98 |
| EV/EBITDA Ratio | 17.72 | 20.32 | 19.38 | 16.07 | 15.94 | 15.11 |
| EV/EBIT Ratio | 22.95 | 26.04 | 25.52 | 20.91 | 22.83 | 30.61 |
| EV/FCF Ratio | 20.11 | 27.16 | 20.15 | 15.53 | 18.89 | 15.92 |
| Debt / Equity Ratio | 1.85 | 1.97 | 2.13 | 2.65 | 2.45 | 2.90 |
| Debt / EBITDA Ratio | 3.74 | 3.70 | 4.11 | 4.42 | 4.49 | 4.33 |
| Debt / FCF Ratio | 4.58 | 5.34 | 4.71 | 4.72 | 5.94 | 5.14 |
| Net Debt / Equity Ratio | 1.55 | 1.53 | 1.60 | 2.06 | 2.06 | 2.52 |
| Net Debt / EBITDA Ratio | 3.37 | 3.10 | 3.40 | 3.79 | 4.20 | 4.24 |
| Net Debt / FCF Ratio | 3.83 | 4.15 | 3.53 | 3.67 | 4.98 | 4.46 |
| Asset Turnover | 0.46 | 0.47 | 0.46 | 0.47 | 0.47 | 0.40 |
| Inventory Turnover | 17.31 | 22.19 | 21.90 | 20.04 | 17.14 | 14.64 |
| Quick Ratio | 0.68 | 0.81 | 0.88 | 0.82 | 0.74 | 0.68 |
| Current Ratio | 0.85 | 0.96 | 1.04 | 0.96 | 0.92 | 0.88 |
| Return on Equity (ROE) | 34.77% | 35.16% | 24.06% | 33.67% | 8.69% | 23.73% |
| Return on Assets (ROA) | 5.33% | 5.46% | 4.49% | 4.49% | 3.63% | 2.42% |
| Return on Invested Capital (ROIC) | 13.96% | 16.38% | 13.95% | 11.94% | 11.21% | 7.83% |
| Return on Capital Employed (ROCE) | 10.80% | 11.10% | 9.40% | 9.30% | 7.90% | 5.70% |
| Earnings Yield | 4.64% | 3.83% | 2.96% | 5.02% | 1.29% | 4.79% |
| FCF Yield | 6.14% | 4.37% | 6.10% | 8.49% | 7.13% | 8.96% |
| Dividend Yield | 2.68% | 2.27% | 3.04% | 4.06% | 4.69% | 4.91% |
| Payout Ratio | 57.66% | 59.05% | 102.06% | 80.51% | 362.90% | 102.19% |
| Buyback Yield / Dilution | -0.71% | -1.23% | -1.64% | -1.07% | -0.84% | -0.90% |
| Total Shareholder Return | 1.97% | 1.04% | 1.40% | 2.99% | 3.84% | 4.01% |