Technology · Information Technology Services

International Business Machines Corporation

NYSEIBM ISINUS4592001014 SEC CIK0000051143 Listed on NYSE · USD

$245.92 -2.31 (-0.93%) Pre-market $247.87 (-0.14%) ≈ ₹23,080 a share

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Price, last 12 months-18.98% in a year

Key numbers

Market value: $232.42B
P/E (TTM): 18.6
Forward P/E: 19.3
EPS (TTM): $13.25
Dividend yield: 2.75%
Beta: 0.77
Day range: $244.37 – $248.77
52-week range: $199.19 – $332.46
Volume: 476,022
10-day avg volume: $4.24M
Revenue (TTM): $69.87B
EBITDA (TTM): $15.42B
Gross margin: 58.0%
Net margin: 18.1%
Return on equity: 39.8%
Debt / equity: 179.6%
Price / sales: 3.33
Shares out: 945.12M

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Quarterly results

Results for each quarter

Last 12 quarters from 10-Q and 10-K filings with the US SEC. Q4 = full year minus the first three quarters. Hover a bar to see the number.

Revenue and net income

$17.38B$3.29B

Dec 23

$14.46B$1.61B

Mar 24

$15.77B$1.83B

Jun 24

$14.97B$-330.00M

Sep 24

$17.55B$2.91B

Dec 24

$14.54B$1.06B

Mar 25

$16.98B$2.19B

Jun 25

$16.33B$1.74B

Sep 25

$19.69B$5.60B

Dec 25

$15.92B$1.22B

Mar 26

$17.16B$2.17B

Jun 26

$17.10B$2.19B

Sep 26

Revenue · QoQ (vs last quarter)

—-17%+9.0%-5.1%+17%-17%+17%-3.8%+21%-19%+7.8%-0.3%

Revenue · YoY (vs a year ago)

————+1.0%+0.5%+7.7%+9.1%+12%+9.5%+1.1%+4.7%

Net income · QoQ (vs last quarter)

—-51%+14%-118%+983%-64%+108%-21%+221%-78%+78%+1.2%

Net income · YoY (vs a year ago)

————-11%-34%+20%+628%+92%+15%-1.3%+26%

RevenueOperating incomeNet incomeLine = trend

US$	Dec 23	Mar 24	Jun 24	Sep 24	Dec 24	Mar 25	Jun 25	Sep 25	Dec 25	Mar 26	Jun 26	Sep 26
Revenue	$17.38B	$14.46B	$15.77B	$14.97B	$17.55B	$14.54B	$16.98B	$16.33B	$19.69B	$15.92B	$17.16B	$17.10B
Cost of revenue	$7.11B	$6.72B	$6.82B	$6.55B	$7.11B	$6.51B	$7.00B	$6.97B	$7.76B	$6.97B	$7.26B	$7.39B
Gross profit	$10.27B	$7.74B	$8.95B	$8.42B	$10.44B	$8.03B	$9.98B	$9.36B	$11.93B	$8.95B	$9.91B	$9.71B
Gross margin	59.1%	53.5%	56.8%	56.3%	59.5%	55.2%	58.8%	57.3%	60.6%	56.2%	57.7%	56.8%
Research & development	$1.75B	$1.80B	$1.84B	$1.88B	$1.97B	$1.95B	$2.10B	$2.08B	$2.19B	$2.17B	$2.31B	$2.38B
Selling, general & admin	$4.79B	$4.97B	$4.94B	$4.91B	$4.87B	$4.89B	$5.03B	$4.75B	$5.46B	$5.09B	$4.98B	$4.62B
Interest expense	$405.00M	$432.00M	$427.00M	$429.00M	$424.00M	$455.00M	$510.00M	$492.00M	$478.00M	$473.00M	$486.00M	$491.00M
Pre-tax income	$3.76B	$1.07B	$2.22B	$-802.00M	$3.31B	$1.16B	$2.60B	$2.43B	$4.14B	$1.39B	$2.48B	$2.50B
Income tax	$474.00M	$-502.00M	$389.00M	$-485.00M	$380.00M	$103.00M	$404.00M	$686.00M	$-1.44B	$172.00M	$313.00M	$298.00M
Net income	$3.29B	$1.61B	$1.83B	$-330.00M	$2.91B	$1.06B	$2.19B	$1.74B	$5.60B	$1.22B	$2.17B	$2.19B
Net margin	18.9%	11.1%	11.6%	-2.2%	16.6%	7.3%	12.9%	10.7%	28.4%	7.6%	12.6%	12.8%
EPS (diluted)	—	$1.72	$1.96	$-0.36	—	$1.12	$2.31	$1.84	—	$1.28	$2.27	$2.30

Income statement

Results for each year

8 fiscal years from the company's 10-K filings with the US SEC.

Revenue, gross profit and net income

$79.59B$36.94B$8.73B

FY18

$57.71B$31.53B$9.43B

FY19

$55.18B$30.87B$5.59B

FY20

$57.35B$31.49B$5.74B

FY21

$60.53B$32.69B$1.64B

FY22

$61.86B$34.30B$7.50B

FY23

$62.75B$35.55B$6.02B

FY24

$67.54B$39.30B$10.59B

FY25

Revenue · YoY (vs a year ago)

—-27%-4.4%+3.9%+5.5%+2.2%+1.4%+7.6%

Net income · YoY (vs a year ago)

—+8.1%-41%+2.7%-71%+358%-20%+76%

RevenueGross profitNet incomeLine = trend

$9.52

FY18

$10.56

FY19

$6.23

FY20

$6.35

FY21

$1.80

FY22

$8.14

FY23

$6.43

FY24

$11.17

FY25

EPS (diluted) · YoY (vs a year ago)

—+11%-41%+1.9%-72%+352%-21%+74%

EPS (diluted)Line = trend

US$	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$79.59B	$57.71B	$55.18B	$57.35B	$60.53B	$61.86B	$62.75B	$67.54B
Revenue growth	—	-27.5%	-4.4%	3.9%	5.5%	2.2%	1.4%	7.6%
Cost of revenue	$42.66B	$26.18B	$24.31B	$25.87B	$27.84B	$27.56B	$27.20B	$28.24B
Gross profit	$36.94B	$31.53B	$30.87B	$31.49B	$32.69B	$34.30B	$35.55B	$39.30B
Gross margin	46.4%	54.6%	55.9%	54.9%	54.0%	55.4%	56.7%	58.2%
Research & development	$5.38B	$5.91B	$6.26B	$6.49B	$6.57B	$6.78B	$7.48B	$8.32B
Selling, general & admin	$19.37B	$18.72B	$20.56B	$18.75B	$18.61B	$19.00B	$19.69B	$20.12B
Interest expense	$723.00M	$1.34B	$1.29B	$1.16B	$1.22B	$1.61B	$1.71B	$1.94B
Pre-tax income	$11.34B	$7.21B	$2.57B	$4.84B	$1.16B	$8.69B	$5.80B	$10.33B
Income tax	$2.62B	$60.00M	$-1.36B	$124.00M	$-626.00M	$1.18B	$-218.00M	$-242.00M
Tax rate	23.1%	0.8%	-52.9%	2.6%	-54.2%	13.5%	-3.8%	-2.3%
Net income	$8.73B	$9.43B	$5.59B	$5.74B	$1.64B	$7.50B	$6.02B	$10.59B
Net margin	11.0%	16.3%	10.1%	10.0%	2.7%	12.1%	9.6%	15.7%
EPS (diluted)	$9.52	$10.56	$6.23	$6.35	$1.80	$8.14	$6.43	$11.17

Balance sheet

Assets and debt

At each fiscal year end.

Equity, debt and cash

$16.80B$42.66B$12.00B

FY18

$20.84B$54.10B$8.87B

FY19

$20.60B$54.22B$13.79B

FY20

$18.90B$44.92B$6.65B

FY21

$21.94B$46.19B$7.89B

FY22

$22.53B$50.12B$13.07B

FY23

$27.31B$49.88B$13.95B

FY24

$32.65B$54.84B$13.59B

FY25

Shareholders' equity · YoY (vs a year ago)

—+24%-1.2%-8.2%+16%+2.7%+21%+20%

Shareholders' equityTotal debtCash + short-term investmentsLine = trend

US$	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & equivalents	$11.38B	$8.17B	$13.19B	$6.65B	$7.89B	$13.07B	$13.95B	$13.59B
Short-term investments	$618.00M	$696.00M	$600.00M	—	—	—	—	—
Current assets	$49.15B	$38.42B	$39.17B	$29.54B	$29.12B	$32.91B	$34.48B	$36.94B
Total assets	$123.38B	$152.19B	$155.97B	$132.00B	$127.24B	$135.24B	$137.18B	$151.88B
Current liabilities	$38.23B	$37.70B	$39.87B	$33.62B	$31.51B	$34.12B	$33.14B	$38.66B
Long-term debt	$35.61B	$54.10B	$54.22B	$44.92B	$46.19B	$50.12B	$49.88B	$54.84B
Short-term debt	$7.05B	—	—	—	—	—	—	—
Total debt	$42.66B	$54.10B	$54.22B	$44.92B	$46.19B	$50.12B	$49.88B	$54.84B
Total liabilities	$106.45B	$131.20B	$135.24B	$113.01B	$105.22B	$112.63B	$109.78B	$119.14B
Shareholders' equity	$16.80B	$20.84B	$20.60B	$18.90B	$21.94B	$22.53B	$27.31B	$32.65B
Current ratio	1.29	1.02	0.98	0.88	0.92	0.96	1.04	0.96
Debt / equity	2.54	2.60	2.63	2.38	2.10	2.22	1.83	1.68
Return on equity	52.0%	45.3%	27.1%	30.4%	7.5%	33.3%	22.1%	32.4%

Cash flow

Cash coming in and going out

Free cash flow = cash from operations minus capital spending. Shareholder returns = dividends + buybacks.

Free cash flow and shareholder returns

$15.25B$11.85B$10.11B

FY18

$14.77B$12.48B$7.07B

FY19

$18.20B$15.58B$5.80B

FY20

$12.80B$10.73B$5.87B

FY21

$10.44B$9.09B$5.95B

FY22

$13.93B$12.69B$6.04B

FY23

$13.45B$12.40B$6.15B

FY24

$13.19B$12.10B$6.26B

FY25

Operating cash flow · YoY (vs a year ago)

—-3.1%+23%-30%-18%+34%-3.5%-1.9%

Free cash flow · YoY (vs a year ago)

—+5.3%+25%-31%-15%+40%-2.3%-2.4%

Operating cash flowFree cash flowDividends + buybacksLine = trend

US$	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash from operations	$15.25B	$14.77B	$18.20B	$12.80B	$10.44B	$13.93B	$13.45B	$13.19B
Capital spending	$-3.40B	$-2.29B	$-2.62B	$-2.06B	$-1.35B	$-1.25B	$-1.05B	$-1.09B
Free cash flow	$11.85B	$12.48B	$15.58B	$10.73B	$9.09B	$12.69B	$12.40B	$12.10B
FCF margin	14.9%	21.6%	28.2%	18.7%	15.0%	20.5%	19.8%	17.9%
Stock-based pay	$510.00M	$679.00M	$937.00M	$982.00M	$987.00M	$1.13B	$1.31B	$1.72B
Cash from investing	$-4.91B	$-26.94B	$-3.03B	$-5.98B	$-4.20B	$-7.07B	$-4.94B	$-10.30B
Cash from financing	$-10.47B	$9.04B	$-9.72B	$-13.35B	$-4.96B	$-1.77B	$-7.08B	$-3.83B
Dividends paid	$-5.67B	$-5.71B	$-5.80B	$-5.87B	$-5.95B	$-6.04B	$-6.15B	$-6.26B
Share buybacks	$-4.44B	$-1.36B	—	—	—	—	—	—

About

About International Business Machines Corporation

International Business Machines Corporation, doing business as IBM, is an American multinational technology company headquartered in Armonk, New York, and present in over 175 countries. It is a publicly traded company and one of the 30 companies in the Dow Jones Industrial Average. IBM is the largest industrial research organization in the world, with 19 research facilities across a dozen countries; for 29 consecutive years, from 1993 to 2021, it held the record for most annual U.S. patents generated by a business.

From Wikipedia (CC BY-SA 4.0).

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Company details

Company name: International Business Machines Corporation
Ticker: IBM
Exchange: NYSE
ISIN: US4592001014
SEC CIK: 0000051143
Sector: Technology
Industry: Information Technology Services
SEC industry (SIC): Computer & Office Equipment (3570)
Incorporated in: New York
Financial year ends: 31 December
Filer type: Large accelerated filer
Latest annual report (10-K): 24 Feb 2026
CEO: Arvind Krishna
Chair: Arvind Krishna
Headquarters: Armonk
Address: 1 New Orchard Road, Armonk, Ny 10504
Founded: 1911
Employees: 286,800
Trades in: US dollars (USD)
Website: ibm.com

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International Business Machines Corporation

Key numbers

Quarterly results

Revenue and net income

Income statement

Revenue, gross profit and net income

Balance sheet

Equity, debt and cash

Cash flow

Free cash flow and shareholder returns

About

Company details

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