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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $67.53B | $62.75B | $61.86B | $60.53B | $57.35B | $73.62B |
| Cost of Revenue | $28.24B | $27.20B | $27.56B | $27.84B | $25.86B | $38.05B |
| Gross Profit | $39.30B | $35.55B | $34.30B | $32.69B | $31.49B | $35.58B |
| R&D | $8.32B | $7.48B | $6.78B | $6.57B | $6.49B | $6.33B |
| SG&A | $20.12B | $19.69B | $19.00B | $18.61B | $18.75B | $23.08B |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $2.28B | $2.17B | $2.11B | $2.41B | $3.89B | $4.23B |
| Operating Income | $10.33B | $5.80B | $8.69B | $1.16B | $4.84B | $4.64B |
| Interest Expense | $1.94B | $1.71B | $1.61B | $1.22B | $1.16B | $1.29B |
| Income Tax | ($242.00M) | ($218.00M) | $1.18B | ($626.00M) | $124.00M | ($864.00M) |
| Net Income | $10.59B | $6.02B | $7.50B | $1.64B | $5.74B | $5.59B |
| EPS - Basic | $11.36 | $6.53 | $8.23 | $1.82 | $6.41 | $6.00 |
| EPS - Diluted | $11.17 | $6.43 | $8.14 | $1.80 | $6.35 | $5.96 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $13.59B | $13.95B | $13.07B | $7.89B | $6.65B | $13.21B |
| Accounts Receivable | $8.11B | $6.80B | $7.21B | $6.54B | $6.75B | $7.13B |
| Inventory | $1.22B | $1.29B | $1.16B | $1.55B | $1.65B | $1.84B |
| Accounts Payable | $4.76B | $4.03B | $4.13B | $4.05B | $3.96B | $4.91B |
| Current Assets | $36.94B | $34.48B | $32.91B | $29.12B | $29.54B | $39.16B |
| Total Assets | $151.88B | $137.18B | $135.24B | $127.24B | $132.00B | $155.97B |
| Current Liabilities | $38.66B | $33.14B | $34.12B | $31.50B | $33.62B | $39.87B |
| Long-term Debt | $54.84B | $49.88B | $50.12B | $46.19B | $44.92B | $54.35B |
| Total Liabilities | $119.14B | $109.78B | $112.63B | $105.22B | $113.00B | $135.24B |
| Stockholders' Equity | $32.65B | $27.31B | $22.53B | $21.94B | $18.90B | $20.60B |
| Retained Earnings | $155.65B | $151.16B | $151.28B | $149.82B | $154.21B | $162.72B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $13.19B | $13.45B | $13.93B | $10.44B | $12.80B | $18.20B |
| Investing Cash Flow | ($10.30B) | ($4.94B) | ($7.07B) | ($4.20B) | ($5.97B) | ($3.03B) |
| Financing Cash Flow | ($3.83B) | ($7.08B) | ($1.77B) | ($4.96B) | ($13.35B) | ($9.72B) |
| CapEx | $1.09B | $1.05B | $1.25B | $1.35B | $2.06B | $2.62B |
| Free Cash Flow | $12.10B | $12.40B | $12.69B | $9.09B | $10.73B | $15.58B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 58.2% | 56.7% | 55.4% | 54.0% | 54.9% | 48.3% |
| Operating margin | 15.3% | 9.2% | 14.0% | 1.9% | 8.4% | 6.3% |
| EBITDA margin | 18.7% | 12.7% | 17.5% | 5.9% | 15.2% | 12.0% |
| Net margin | 15.7% | 9.6% | 12.1% | 2.7% | 10.0% | 7.6% |
| Free cash flow margin | 17.9% | 19.8% | 20.5% | 15.0% | 18.7% | 21.2% |
| FCF / Net income | 1.14 | 2.06 | 1.69 | 5.55 | 1.87 | 2.79 |
| R&D / Revenue | 12.3% | 11.9% | 11.0% | 10.8% | 11.3% | 8.6% |
| SG&A / Revenue | 29.8% | 31.4% | 30.7% | 30.7% | 32.7% | 31.4% |
| Effective tax rate | -2.3% | -3.8% | 13.6% | -61.8% | 2.1% | -18.3% |
| Return on assets | 7.0% | 4.4% | 5.5% | 1.3% | 4.4% | 3.6% |
| Return on equity | 32.4% | 22.1% | 33.3% | 7.5% | 30.4% | 27.1% |
| Return on invested capital | 11.8% | 7.5% | 10.3% | 1.7% | 7.4% | 6.2% |
| Liquidity | ||||||
| Current ratio | 0.96 | 1.04 | 0.96 | 0.92 | 0.88 | 0.98 |
| Quick ratio | 0.92 | 1.00 | 0.93 | 0.87 | 0.83 | 0.94 |
| Cash ratio | 0.35 | 0.42 | 0.38 | 0.25 | 0.20 | 0.33 |
| Leverage | ||||||
| Debt / Equity | 1.68 | 1.83 | 2.22 | 2.10 | 2.38 | 2.64 |
| Debt / Assets | 0.36 | 0.36 | 0.37 | 0.36 | 0.34 | 0.35 |
| Debt / EBITDA | 4.35 | 6.26 | 4.64 | 12.96 | 5.15 | 6.13 |
| Interest coverage | 5.3x | 3.4x | 5.4x | 1.0x | 4.2x | 3.6x |
| Equity multiplier | 4.65 | 5.02 | 6.00 | 5.80 | 6.98 | 7.57 |
| Liabilities / Assets | 0.78 | 0.80 | 0.83 | 0.83 | 0.86 | 0.87 |
| Efficiency | ||||||
| Asset turnover | 0.44 | 0.46 | 0.46 | 0.48 | 0.43 | 0.47 |
| Inventory turnover | 23.15 | 21.10 | 23.74 | 17.94 | 15.69 | 20.69 |
| Days sales outstanding | 44d | 40d | 43d | 39d | 43d | 35d |
| Days inventory outstanding | 16d | 17d | 15d | 20d | 23d | 18d |
| Days payable outstanding | 61d | 54d | 55d | 53d | 56d | 47d |
| Cash conversion cycle | -2d | 3d | 3d | 7d | 10d | 6d |
| Valuation | ||||||
| P / E | 26.5x | 34.2x | 20.1x | 78.3x | 21.0x | 20.2x |
| P / B | 8.6x | 7.5x | 6.7x | 5.9x | 6.4x | 5.2x |
| P / S | 4.2x | 3.3x | 2.4x | 2.1x | 2.1x | 1.5x |
| EV / EBITDA | 25.6x | 30.4x | 17.4x | 46.8x | 18.2x | 16.8x |
| Growth | ||||||
| Revenue growth (YoY) | 7.6% | 1.4% | 2.2% | 5.5% | -22.1% | -4.6% |
| Revenue CAGR (3y) | 3.7% | 3.0% | -5.6% | -7.8% | -10.3% | -2.4% |
| Revenue CAGR (5y) | -1.7% | -4.0% | -4.9% | -5.2% | -6.4% | -2.1% |
| Gross profit growth (YoY) | 10.5% | 3.6% | 4.9% | 3.8% | -11.5% | -2.5% |
| Operating income growth (YoY) | 78.2% | -33.3% | 651.7% | -76.1% | 4.3% | -54.4% |
| Net income growth (YoY) | 75.9% | -19.7% | 357.7% | -71.5% | 2.7% | -40.7% |
| EPS growth (YoY) | 73.7% | -21.0% | 352.2% | -71.7% | 6.6% | -43.6% |
| EPS CAGR (3y) | 83.8% | 0.4% | 11.0% | -44.6% | -12.6% | -1.0% |
| EPS CAGR (5y) | 13.4% | -9.4% | -3.1% | -21.8% | -12.5% | -15.0% |
| FCF growth (YoY) | -2.4% | -2.3% | 39.6% | -15.3% | -31.1% | 24.8% |
| FCF CAGR (5y) | -4.9% | -0.1% | 1.4% | -7.6% | -4.3% | 2.3% |
| Book value growth (YoY) | 19.6% | 21.2% | 2.7% | 16.1% | -8.2% | -1.2% |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.63
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
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 |