IBM · International Business MacHines Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.92B | - | $16.33B | $16.98B | $14.54B | - | $14.97B | $15.77B | $14.46B | - |
| Cost of Revenue | $6.97B | - | $6.97B | $7.00B | $6.51B | - | $6.55B | $6.82B | $6.72B | - |
| Gross Profit | $8.95B | - | $9.36B | $9.98B | $8.03B | - | $8.42B | $8.95B | $7.74B | - |
| R&D | $2.17B | - | $2.08B | $2.10B | $1.95B | - | $1.88B | $1.84B | $1.80B | - |
| SG&A | $5.09B | - | $4.75B | $5.03B | $4.89B | - | $4.91B | $4.94B | $4.97B | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $555.00M | - | - | - | $536.00M | - | - | - | $533.00M | - |
| Operating Income | $1.39B | - | $2.43B | $2.60B | $1.16B | - | ($802.00M) | $2.22B | $1.07B | - |
| Interest Expense | $473.00M | - | $492.00M | $510.00M | $455.00M | - | $429.00M | $427.00M | $432.00M | - |
| Income Tax | $172.00M | - | $686.00M | $404.00M | $103.00M | - | ($485.00M) | $389.00M | ($502.00M) | - |
| Net Income | $1.22B | - | $1.74B | $2.19B | $1.05B | - | ($330.00M) | $1.83B | $1.60B | - |
| EPS - Basic | $1.30 | - | $1.87 | $2.36 | $1.14 | - | ($0.36) | $1.99 | $1.75 | - |
| EPS - Diluted | $1.28 | - | $1.84 | $2.31 | $1.12 | - | ($0.36) | $1.96 | $1.72 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.82B | $13.59B | $11.57B | $11.94B | $11.04B | $13.95B | $13.20B | $12.21B | $14.60B | $13.07B |
| Accounts Receivable | $6.49B | $8.11B | $5.53B | $5.97B | $5.86B | $6.80B | $5.39B | $5.77B | $6.04B | $7.21B |
| Inventory | $1.48B | $1.22B | $1.40B | $1.25B | $1.43B | $1.29B | $1.37B | $1.23B | $1.21B | $1.16B |
| Accounts Payable | $4.04B | $4.76B | $3.87B | $3.97B | $3.58B | $4.03B | $3.27B | $3.63B | $3.59B | $4.13B |
| Current Assets | $31.91B | $36.94B | $32.74B | $34.25B | $35.34B | $34.48B | $30.54B | $33.30B | $36.66B | $32.91B |
| Total Assets | $156.23B | $151.88B | $146.31B | $148.59B | $145.67B | $137.18B | $134.34B | $133.85B | $137.17B | $135.24B |
| Current Liabilities | $40.10B | $38.66B | $35.14B | $37.73B | $35.11B | $33.14B | $28.85B | $29.65B | $32.40B | $34.12B |
| Long-term Debt | $57.71B | $54.84B | $55.17B | $55.22B | $56.37B | $49.88B | $52.98B | $52.93B | $54.03B | $50.12B |
| Total Liabilities | $123.17B | $119.14B | $118.32B | $121.00B | $118.71B | $109.78B | $109.81B | $109.75B | $113.84B | $112.63B |
| Stockholders' Equity | $32.97B | $32.65B | $27.91B | $27.51B | $26.88B | $27.31B | $24.45B | $24.03B | $23.26B | $22.53B |
| Retained Earnings | $155.33B | $155.65B | $151.58B | $151.37B | $150.70B | $151.16B | $149.79B | $151.66B | $151.36B | $151.28B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.17B | - | - | - | $4.37B | - | - | - | $4.17B | - |
| Investing Cash Flow | ($10.49B) | - | - | - | ($12.98B) | - | - | - | ($4.21B) | - |
| Financing Cash Flow | $2.72B | - | - | - | $5.44B | - | - | - | $1.88B | - |
| CapEx | $232.00M | - | - | - | $244.00M | - | - | - | $239.00M | - |
| Free Cash Flow | $4.94B | - | - | - | $4.13B | - | - | - | $3.93B | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 56.2% | - | 57.3% | 58.8% | 55.2% | - | 56.3% | 56.8% | 53.5% | - |
| Operating margin | 8.7% | - | 14.9% | 15.3% | 8.0% | - | -5.4% | 14.1% | 7.4% | - |
| EBITDA margin | 12.2% | - | - | - | 11.6% | - | - | - | 11.1% | - |
| Net margin | 7.6% | - | 10.7% | 12.9% | 7.3% | - | -2.2% | 11.6% | 11.1% | - |
| Free cash flow margin | 31.0% | - | - | - | 28.4% | - | - | - | 27.2% | - |
| FCF / Net income | 4.06 | - | - | - | 3.91 | - | - | - | 2.45 | - |
| R&D / Revenue | 13.7% | - | 12.7% | 12.4% | 13.4% | - | 12.5% | 11.7% | 12.4% | - |
| SG&A / Revenue | 32.0% | - | 29.1% | 29.6% | 33.6% | - | 32.8% | 31.3% | 34.4% | - |
| Effective tax rate | 12.4% | - | 28.2% | 15.6% | 8.9% | - | - | 17.5% | -45.5% | - |
| Return on assets | 0.8% | - | 1.2% | 1.5% | 0.7% | - | -0.2% | 1.4% | 1.2% | - |
| Return on equity | 3.7% | - | 6.2% | 8.0% | 3.9% | - | -1.3% | 7.6% | 6.9% | - |
| Return on invested capital | 1.3% | - | 2.1% | 2.7% | 1.3% | - | -0.8% | 2.4% | 1.4% | - |
| Liquidity | ||||||||||
| Current ratio | 0.80 | 0.96 | 0.93 | 0.91 | 1.01 | 1.04 | 1.06 | 1.12 | 1.13 | 0.96 |
| Quick ratio | 0.76 | 0.92 | 0.89 | 0.87 | 0.97 | 1.00 | 1.01 | 1.08 | 1.09 | 0.93 |
| Cash ratio | 0.27 | 0.35 | 0.33 | 0.32 | 0.31 | 0.42 | 0.46 | 0.41 | 0.45 | 0.38 |
| Leverage | ||||||||||
| Debt / Equity | 1.75 | 1.68 | 1.98 | 2.01 | 2.10 | 1.83 | 2.17 | 2.20 | 2.32 | 2.22 |
| Debt / Assets | 0.37 | 0.36 | 0.38 | 0.37 | 0.39 | 0.36 | 0.39 | 0.40 | 0.39 | 0.37 |
| Debt / EBITDA | 29.71 | - | - | - | 33.28 | - | - | - | 33.62 | - |
| Interest coverage | 2.9x | - | 4.9x | 5.1x | 2.5x | - | -1.9x | 5.2x | 2.5x | - |
| Equity multiplier | 4.74 | 4.65 | 5.24 | 5.40 | 5.42 | 5.02 | 5.49 | 5.57 | 5.90 | 6.00 |
| Liabilities / Assets | 0.79 | 0.78 | 0.81 | 0.81 | 0.81 | 0.80 | 0.82 | 0.82 | 0.83 | 0.83 |
| Efficiency | ||||||||||
| Asset turnover | 0.10 | - | 0.11 | 0.11 | 0.10 | - | 0.11 | 0.12 | 0.11 | - |
| Inventory turnover | 4.72 | - | 4.99 | 5.60 | 4.55 | - | 4.79 | 5.53 | 5.54 | - |
| Days sales outstanding | 149d | - | 124d | 128d | 147d | - | 131d | 134d | 152d | - |
| Days inventory outstanding | 77d | - | 73d | 65d | 80d | - | 76d | 66d | 66d | - |
| Days payable outstanding | 212d | - | 203d | 207d | 201d | - | 183d | 194d | 195d | - |
| Cash conversion cycle | 15d | - | -6d | -14d | 26d | - | 25d | 5d | 23d | - |
| Valuation | ||||||||||
| P / E | 189.4x | - | 153.3x | 127.6x | 222.0x | - | - | 88.2x | 111.0x | - |
| P / B | 7.0x | - | 9.6x | 10.2x | 8.7x | - | 8.4x | 6.7x | 7.7x | - |
| P / S | 14.5x | - | 16.4x | 16.5x | 16.2x | - | 13.6x | 10.2x | 12.3x | - |
| EV / EBITDA | 143.0x | - | - | - | 165.5x | - | - | - | 135.5x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 9.5% | - | 9.1% | 7.7% | 0.5% | - | 1.5% | 1.9% | 1.5% | - |
| Revenue CAGR (3y) | 3.8% | - | 5.0% | 3.0% | 0.8% | - | -5.3% | -5.6% | -6.6% | - |
| Revenue CAGR (5y) | -2.1% | - | -1.4% | -1.3% | -3.7% | - | -3.7% | -3.8% | -4.5% | - |
| Gross profit growth (YoY) | 11.4% | - | 11.2% | 11.5% | 3.7% | - | 4.9% | 5.3% | 3.1% | - |
| Operating income growth (YoY) | 19.8% | - | - | 17.0% | 7.8% | - | - | 10.9% | 1.5% | - |
| Net income growth (YoY) | 15.3% | - | - | 19.6% | -34.3% | - | - | 15.9% | 73.1% | - |
| EPS growth (YoY) | 14.3% | - | - | 17.9% | -34.9% | - | - | 14.0% | 70.3% | - |
| EPS CAGR (3y) | 8.2% | - | - | 14.7% | 11.4% | - | - | 10.1% | 17.5% | - |
| EPS CAGR (5y) | 3.8% | - | -0.5% | 8.7% | -3.1% | - | - | -7.0% | -0.7% | - |
| FCF growth (YoY) | 19.7% | - | - | - | 5.0% | - | - | - | 13.1% | - |
| FCF CAGR (5y) | 2.2% | - | - | - | 1.4% | - | - | - | -1.4% | - |
| Book value growth (YoY) | 22.7% | 19.6% | 14.1% | 14.5% | 15.6% | 21.2% | 5.9% | 8.2% | 7.7% | 2.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$67.47B totalSoftware$29.96B · 44.4%
Consulting$21.05B · 31.2%
Infrastructure$15.72B · 23.3%
Financing$737.00M · 1.1%
Product / service
$176.68B totalProduct$36.09B · 20.4%
Technology Service$30.71B · 17.4%
Software Sales$26.49B · 15.0%
Strategy And Technology$11.54B · 6.5%
Hybrid Infrastructure$10.62B · 6.0%
Intelligent Operations$9.52B · 5.4%
Transaction Processing$8.60B · 4.9%
Automation$7.73B · 4.4%
Hybrid Cloud$7.33B · 4.1%
Data$6.30B · 3.6%
Servers$5.41B · 3.1%
Infrastructure Support$5.10B · 2.9%
Maintenance$3.93B · 2.2%
Services$3.44B · 1.9%
Storage$2.37B · 1.3%
Financial Service$737.00M · 0.4%
Financing Services$705.00M · 0.4%
Used Equipment Sales$32.00M · 0.0%
Systems Sales$25.00M · 0.0%
Geographic
$135.07B totalOther Countries$40.64B · 30.1%
Americas$33.34B · 24.7%
US$26.89B · 19.9%
EMEA$22.19B · 16.4%
Asia Pacific$12.00B · 8.9%
Peer comparison
Same SIC group: Computer & office Equipment
Comparing INTERNATIONAL BUSINESS MACHINES CORP against the 2 most active filers in the same SIC group.
Dividends
$6.73/share trailing 12 months · +0.6% YoY
| Ex-date | Per share |
|---|---|
| May 8, 2026 | $1.6900 |
| Feb 10, 2026 | $1.6800 |
| Nov 10, 2025 | $1.6800 |
| Aug 8, 2025 | $1.6800 |
| May 9, 2025 | $1.6800 |
| Feb 10, 2025 | $1.6700 |
| Nov 12, 2024 | $1.6700 |
| Aug 9, 2024 | $1.6700 |
| May 9, 2024 | $1.6700 |
| Feb 8, 2024 | $1.6600 |
| Nov 9, 2023 | $1.6600 |
| Aug 9, 2023 | $1.6600 |
| May 9, 2023 | $1.6600 |
| Feb 9, 2023 | $1.6500 |
| Nov 9, 2022 | $1.6500 |
| Aug 9, 2022 | $1.6500 |
| May 9, 2022 | $1.6500 |
| Feb 10, 2022 | $1.6400 |
| Nov 9, 2021 | $1.6400 |
| Aug 9, 2021 | $1.5679 |
| May 7, 2021 | $1.5679 |
| Feb 9, 2021 | $1.5583 |
| Nov 9, 2020 | $1.5583 |
| Aug 7, 2020 | $1.5583 |