Revenue
$67.54B
Fiscal year ended 2025-12-31Operating income
Unavailable
Fiscal year ended 2025-12-31Free cash flow
$12.10B
Fiscal year ended 2025-12-31INTERNATIONAL BUSINESS MACHINES CORP (IBM) reported revenue of $67.54B and net income of $10.59B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from INTERNATIONAL BUSINESS MACHINES CORP’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Computer & office Equipment.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67.54B | $62.75B | $61.86B | $60.53B | $57.35B | $55.18B | $57.71B | $79.59B | $79.14B | $79.92B |
| Cost of revenue | $28.24B | $27.20B | $27.56B | $27.84B | $25.86B | $24.31B | $26.18B | $42.66B | $42.20B | $41.40B |
| Gross profit | $39.30B | $35.55B | $34.30B | $32.69B | $31.49B | $30.86B | $31.53B | $36.94B | $36.94B | $38.52B |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $10.59B | $6.02B | $7.50B | $1.64B | $5.74B | $5.59B | $9.43B | $8.73B | $5.75B | $11.87B |
| Research & development | $8.32B | $7.48B | $6.78B | $6.57B | $6.49B | $6.26B | $5.91B | $5.38B | $5.59B | $5.73B |
| Weighted-average diluted shares | shares 948.68M | shares 937.16M | shares 922.07M | shares 912.27M | shares 904.64M | shares 896.56M | shares 892.81M | shares 916.32M | shares 937.39M | shares 958.71M |
| Pretax income | $10.33B | $5.80B | $8.69B | $1.16B | $4.84B | $2.57B | $7.21B | $11.34B | $11.40B | $12.33B |
| Income tax expense | -$242.00M | -$218.00M | $1.18B | -$626.00M | $124.00M | -$1.36B | $60.00M | $2.62B | $5.64B | $449.00M |
| Diluted EPS | $11.17 | $6.43 | $8.14 | $1.80 | $6.35 | $6.23 | $10.56 | $9.52 | $6.14 | $12.38 |
| Selling, general & administrative | $20.12B | $19.69B | $19.00B | $18.61B | $18.74B | $20.56B | $18.72B | $19.37B | $19.68B | $20.87B |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $13.59B | $13.95B | $13.07B | $7.89B | $6.65B | $13.19B | $8.17B | $11.38B | $11.97B | $7.83B |
| Total assets | $151.88B | $137.18B | $135.24B | $127.24B | $132.00B | $155.97B | $152.19B | $123.38B | $125.36B | $117.47B |
| Current assets | $36.94B | $34.48B | $32.91B | $29.12B | $29.54B | $39.16B | $38.42B | $49.15B | $49.74B | $43.89B |
| Total liabilities | $119.14B | $109.78B | $112.63B | $105.22B | $113.00B | $135.24B | $131.20B | $106.45B | $107.63B | $99.08B |
| Current liabilities | $38.66B | $33.14B | $34.12B | $31.50B | $33.62B | $39.87B | $37.70B | $38.23B | $37.36B | $36.28B |
| Total equity incl. NCI | $32.74B | $27.39B | $22.61B | $22.02B | $19.00B | $20.73B | $20.98B | $16.93B | $17.72B | $18.39B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $1.22B | $1.29B | $1.16B | $1.55B | $1.65B | $1.81B | $1.62B | $1.68B | $1.58B | $1.55B |
| Accounts receivable | $8.11B | $6.80B | $7.21B | $6.54B | $6.75B | $5.79B | $7.87B | $7.43B | $8.93B | $9.18B |
| Goodwill | $67.72B | $60.71B | $60.18B | $55.95B | $55.64B | $53.76B | $52.47B | $36.26B | $36.79B | $36.20B |
| Long-term debt | $54.84B | $49.88B | $50.12B | $46.19B | $44.92B | $54.22B | $54.10B | $35.60B | $39.84B | $34.66B |
| Accounts payable | $4.76B | $4.03B | $4.13B | $4.05B | $3.96B | $4.03B | $4.90B | $6.56B | $6.45B | $6.21B |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $13.19B | $13.44B | $13.93B | $10.44B | $12.80B | $18.20B | $14.77B | $15.25B | $16.72B | $17.08B |
| Capital expenditures | $1.09B | $1.05B | $1.24B | $1.35B | $2.06B | $2.62B | $2.29B | $3.40B | $3.23B | $3.57B |
| Investing cash flow | -$10.30B | -$4.94B | -$7.07B | -$4.20B | -$5.98B | -$3.03B | -$26.94B | -$4.91B | -$7.08B | -$10.93B |
| Financing cash flow | -$3.83B | -$7.08B | -$1.77B | -$4.96B | -$13.35B | -$9.72B | $9.04B | -$10.47B | -$6.42B | -$5.92B |
| Net change in cash | -$520.00M | $1.07B | $5.10B | $1.03B | -$6.72B | $5.36B | -$3.29B | -$630.00M | $4.16B | $188.00M |
| Stock-based compensation | $1.72B | $1.31B | $1.13B | $987.00M | $982.00M | $937.00M | $679.00M | $510.00M | $534.00M | $544.00M |
| Common dividends paid | $6.26B | $6.15B | $6.04B | $5.95B | $5.87B | $5.80B | $5.71B | $5.67B | $5.51B | $5.26B |
| Common share repurchases | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $1.36B | $4.44B | $4.34B | $3.50B |
| Depreciation & amortization | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $12.10B | $12.40B | $12.69B | $9.09B | $10.73B | $15.58B | $12.48B | $11.85B | $13.50B | $13.52B |
| Gross margin | 58.2% | 56.7% | 55.4% | 54.0% | 54.9% | 55.9% | 54.6% | 46.4% | 46.7% | 48.2% |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | 17.9% | 19.8% | 20.5% | 15.0% | 18.7% | 28.2% | 21.6% | 14.9% | 17.1% | 16.9% |
| SBC / revenue | 2.5% | 2.1% | 1.8% | 1.6% | 1.7% | 1.7% | 1.2% | 0.6% | 0.7% | 0.7% |
| Current ratio | 0.96x | 1.04x | 0.96x | 0.92x | 0.88x | 0.98x | 1.02x | 1.29x | 1.33x | 1.21x |
| Revenue YoY growth | 7.6% | 1.4% | 2.2% | 5.5% | 3.9% | -4.4% | -27.5% | 0.6% | -1.0% | Unavailable |
| Net margin | 15.7% | 9.6% | 12.1% | 2.7% | 10.0% | 10.1% | 16.3% | 11.0% | 7.3% | 14.9% |
| R&D / revenue | 12.3% | 11.9% | 11.0% | 10.8% | 11.3% | 11.3% | 10.2% | 6.8% | 7.1% | 7.2% |
| CapEx / revenue | 1.6% | 1.7% | 2.0% | 2.2% | 3.6% | 4.7% | 4.0% | 4.3% | 4.1% | 4.5% |
| Long-term debt / equity | 1.67x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | -2.3% | -3.8% | 13.5% | -54.2% | 2.6% | -52.9% | 0.8% | 23.1% | 49.5% | 3.6% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open IBM in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-07-23View SEC filing
10-Q · Filed 2026-04-23View SEC filing
10-K · Filed 2026-02-24View SEC filing
10-Q · Filed 2025-10-23View SEC filing
10-Q · Filed 2025-07-24View SEC filing
10-Q · Filed 2025-04-24View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.