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IBMIBM

Technology · Computer Hardware · NYSE
IBM quote by TradingView
Headquarters
Armonk, NY
Next results
around Jan 27, 2027
Compare with peers → Embed
All key numbers (36, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)11.75Sales (ttm)69.9BNet income (ttm)11.2BSales growth+7.6%EPS growth+73.7%Sales Q/Q+4.7%
Free cash flow14.7BGross margin58.0%Oper. margin-Net margin16.0%FCF margin21.0%ROE31.4%
ROA7.2%R&D / sales12.3%Dividend6.71Debt/Eq1.99Curr. ratio0.85Cash9.2B
Op. cash flow (ttm)15.8BNet debt61.6BQuick ratio0.82Payout ratio60.1%Tax rate-2.3%Stock pay / sales2.5%
Shares out.945.1MShares Y/Y+1.2%Book / share37.60Cash / share9.77Sales / share73.92Asset turnover0.45
Inventory turns23.15Days sales out.44Sales 3Y CAGR+3.7%Sales 5Y CAGR+4.1%EPS 3Y CAGR+83.7%EPS 5Y CAGR+12.4%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +7.6%+1.4% → +7.6% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

IBM against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
IBMPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+7.6%59th of 75 · median +14.1%
Net margin
16.0%44th of 75 · median 19.1%
Return on equity
31.4%25th of 69 · median 23.9%
Free cash flow margin
21.0%38th of 71 · median 22.3%
Debt / equity (less is better)
1.9957th of 61 · median 0.46
IBM and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
IBM IBM$69.9B +7.6%58.0%16.0%31.4%21.0%1.99
ACN Accenture$74.2B +6.5%32.0%11.3%26.5%15.7%0.32
ORCL Oracle Corporation$71.8B +17.3%-26.4%28.3%-40.0%1.88
CSCO Cisco$63.3B +11.8%64.5%21.0%26.4%20.2%0.59
INTC Intel$59.9B -0.5%39.9%-20.1%-10.5%6.3%0.44
HPQ HP Inc.$59.2B +3.2%19.9%4.1%-6.6%-

From $57.4B of sales to $5.7B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $31.5BRevenue to Cost of revenue: $25.9BGross profit to Net profit: $5.7BGross profit to Costs, tax, other: $25.7B Revenue: $57.4B Revenue$57.4B +4% Y/Y Gross profit: $31.5B · 55% margin Gross profit$31.5B55% margin +2% Y/Y Cost of revenue: $25.9B · 45% of revenue Cost of revenue$25.9B45% of revenue Net profit: $5.7B · 10% margin Net profit$5.7B10% margin +3% Y/Y Costs, tax, other: $25.7B · 45% of revenue Costs, tax, other$25.7B45% of revenue

Swipe sideways for the whole flow →

From $60.5B of sales to $1.6B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $32.7BRevenue to Cost of revenue: $27.8BGross profit to Net profit: $1.6BGross profit to Costs, tax, other: $31.0B Revenue: $60.5B Revenue$60.5B +6% Y/Y Gross profit: $32.7B · 54% margin Gross profit$32.7B54% margin +4% Y/Y Cost of revenue: $27.8B · 46% of revenue Cost of revenue$27.8B46% of revenue Net profit: $1.6B · 3% margin Net profit$1.6B3% margin −71% Y/Y Costs, tax, other: $31.0B · 51% of revenue Costs, tax, other$31.0B51% of revenue

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From $61.9B of sales to $7.5B of profit

FY2023, from the 10-K income statement and revenue by product
Sales to Revenue: $30.7BServices to Revenue: $30.4BFinancing to Revenue: $737.0MRevenue to Gross profit: $34.3BRevenue to Cost of revenue: $27.6BGross profit to Net profit: $7.5BGross profit to Costs, tax, other: $26.8B Sales: $30.7B · 50% Sales$30.7B50% Services: $30.4B · 49% Services$30.4B49% Financing: $737.0M · 1% Financing$737.0M1% Revenue: $61.9B Revenue$61.9B +2% Y/Y Gross profit: $34.3B · 55% margin Gross profit$34.3B55% margin +5% Y/Y Cost of revenue: $27.6B · 45% of revenue Cost of revenue$27.6B45% of revenue Net profit: $7.5B · 12% margin Net profit$7.5B12% margin +358% Y/Y Costs, tax, other: $26.8B · 43% of revenue Costs, tax, other$26.8B43% of revenue

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From $62.8B of sales to $6.0B of profit

FY2024, from the 10-K income statement and revenue by product
Sales to Revenue: $32.2BServices to Revenue: $29.8BFinancing to Revenue: $709.0MRevenue to Gross profit: $35.6BRevenue to Cost of revenue: $27.2BGross profit to Net profit: $6.0BGross profit to Costs, tax, other: $29.5B Sales: $32.2B · 51% Sales$32.2B51% Services: $29.8B · 48% Services$29.8B48% Financing: $709.0M · 1% Financing$709.0M1% Revenue: $62.8B Revenue$62.8B +1% Y/Y Gross profit: $35.6B · 57% margin Gross profit$35.6B57% margin +4% Y/Y Cost of revenue: $27.2B · 43% of revenue Cost of revenue$27.2B43% of revenue Net profit: $6.0B · 10% margin Net profit$6.0B10% margin −20% Y/Y Costs, tax, other: $29.5B · 47% of revenue Costs, tax, other$29.5B47% of revenue

Swipe sideways for the whole flow →

From $67.5B of sales to $10.6B of profit

FY2025, from the 10-K income statement and revenue by product
Sales to Revenue: $36.1BServices to Revenue: $30.7BFinancing to Revenue: $737.0MRevenue to Gross profit: $39.3BRevenue to Cost of revenue: $28.2BGross profit to Net profit: $10.6BGross profit to Costs, tax, other: $28.7B Sales: $36.1B · 53% Sales$36.1B53% Services: $30.7B · 45% Services$30.7B45% Financing: $737.0M · 1% Financing$737.0M1% Revenue: $67.5B Revenue$67.5B +8% Y/Y Gross profit: $39.3B · 58% margin Gross profit$39.3B58% margin +11% Y/Y Cost of revenue: $28.2B · 42% of revenue Cost of revenue$28.2B42% of revenue Net profit: $10.6B · 16% margin Net profit$10.6B16% margin +76% Y/Y Costs, tax, other: $28.7B · 43% of revenue Costs, tax, other$28.7B43% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Costs, tax, other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • !
    Net margin below the peer median16.0% vs 19.1%
  • ✓
    Gross margin up over 5 years55.9% → 58.2%
  • ✓
    Return on equity above 15%31.4%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 14.9% → 15.7%

Balance sheet

0 of 3
  • !
    Debt larger than equityDebt / equity 1.99 on the latest balance sheet (peer median 0.46)
  • !
    Current ratio below 1Current ratio 0.85
  • !
    Net debt over 3 years of free cash flow$61.6B net debt, 4.2 years
Debt / equity at each year end, FY2016 to FY2025: 2.31 → 2.07
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$12.1B last year
  • !
    Share count up over 5 years+5.8%
  • ✓
    Dividend per share up over 5 years$6.51 → $6.71
  • ✓
    Cash from operations above net income$13.2B vs $10.6B
Free cash flow, FY2016 to FY2025: 13.5B → 12.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026
Debt: $70.8B Debt$70.8B Long-term debt: $56.8B · 80% Long-term debt$56.8B · 80% Due within a year: $7.0B · 10% Due within a year$7.0B · 10% Short-term borrowings: $7.0B · 10% Short-term borrowings$7.0B · 10% Next 12 months: $6.7B · 10% Next 12 months$6.7B · 10% Year 2: $6.0B · 9% Year 2$6.0B · 9% Year 3: $5.6B · 8% Year 3$5.6B · 8% Year 4: $5.7B · 8% Year 4$5.7B · 8%

The debt note's own lines, 2025-12-31

Line, as the company names itKindRateFixed or floatingAmount
Maturing 2026 (USD)–3.70%not stated$5.8B
Maturing 2027 (USD)–3.30%not stated$4.1B
Maturing 2029 (USD)–3.60%not stated$3.8B
Maturing 2049 (USD)–4.30%not stated$3.0B
Maturing 2031 (EUR)–2.70%not stated$2.9B
Maturing 2039 (USD)–4.50%not stated$2.7B
Maturing 2032 (USD)–4.60%not stated$2.7B
Maturing 2030 (USD)–3.20%not stated$2.4B
Maturing 2027 (EUR)–2.30%not stated$2.3B
Maturing 2028 (USD)–4.80%not stated$2.3B
Maturing 2028 (EUR)–0.70%not stated$2.1B
Maturing 2030 (EUR)–1.70%not stated$2.1B
Maturing 2032 (EUR)–0.70%not stated$1.9B
Maturing 2052 (USD)–4.20%not stated$1.4B
Maturing 2054 (USD)–5.30%not stated$1.4B
Maturing 2033 (EUR)–3.20%not stated$1.3B
Maturing 2029 (EUR)–1.50%not stated$1.2B
Maturing 2034 (EUR)–1.30%not stated$1.2B
Maturing 2035 (EUR)–3.80%not stated$1.2B
Maturing 2043 (EUR)–4.00%not stated$1.2B
Maturing 2042 (USD)–4.00%not stated$1.1B
Maturing 2037 (EUR)–3.50%not stated$1.1B
Maturing 2038 (GBP)–4.90%not stated$1.0B
Maturing 2034 (USD)–4.90%not stated$1.0B
Maturing 2044 (USD)–5.30%not stated$1.0B
Maturing 2055 (USD)–5.70%not stated$1.0B
Maturing 2040 (EUR)–1.20%not stated$998.0M
Maturing 2035 (USD)–5.20%not stated$900.0M
Maturing 2045 (EUR)–3.80%not stated$881.0M
Notes Payable Maturing Between 20262028 (JPY)Notes and bonds1.00%not stated$811.0M
Maturing 2033 (USD)–4.80%not stated$750.0M
Maturing 2050 (USD)–3.00%not stated$750.0M
Maturing 2040 (USD)–2.90%not stated$650.0M
Maturing 2046 (USD)–4.70%not stated$650.0M
Maturing 2053 (USD)–5.10%not stated$650.0M
Maturing 2031 (USD)–4.80%not stated$500.0M
Maturing 2096 (USD)–7.10%not stated$316.0M
Maturing 2038 (USD)–8.00%not stated$83.0M
Notes Payable Maturing Between 20252027 (Other Currency)Notes and bonds13.80%not stated$78.0M
Maturing 2045 (USD)–7.00%not stated$27.0M
All 40 lines

From the debt note in the 10-K's XBRL (0000051143-26-000010), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 67.5B Net income 10.6B
FY2016 revenue 79.9B · Revenues, 0001047469-19-000712 FY2016 net income 11.9B · NetIncomeLoss, 0001047469-19-000712 79.9B FY2016 FY2017 revenue 79.1B · Revenues, 0001558370-20-001334 FY2017 net income 5.8B · NetIncomeLoss, 0001558370-20-001334 79.1B FY2017 FY2018 revenue 79.6B · Revenues, 0001558370-21-001489 FY2018 net income 8.7B · NetIncomeLoss, 0001558370-21-001489 79.6B FY2018 FY2019 revenue 57.7B · Revenues, 0001558370-22-001584 FY2019 net income 9.4B · NetIncomeLoss, 0001558370-22-001584 57.7B FY2019 FY2020 revenue 55.2B · Revenues, 0001558370-23-002376 FY2020 net income 5.6B · NetIncomeLoss, 0001558370-23-002376 55.2B FY2020 FY2021 revenue 57.4B · Revenues, 0000051143-24-000012 FY2021 net income 5.7B · NetIncomeLoss, 0000051143-24-000012 57.4B FY2021 FY2022 revenue 60.5B · Revenues, 0000051143-25-000015 FY2022 net income 1.6B · NetIncomeLoss, 0000051143-25-000015 60.5B FY2022 FY2023 revenue 61.9B · Revenues, 0000051143-26-000010 FY2023 net income 7.5B · NetIncomeLoss, 0000051143-26-000010 61.9B FY2023 FY2024 revenue 62.8B · Revenues, 0000051143-26-000010 FY2024 net income 6.0B · NetIncomeLoss, 0000051143-26-000010 62.8B FY2024 FY2025 revenue 67.5B · Revenues, 0000051143-26-000010 FY2025 net income 10.6B · NetIncomeLoss, 0000051143-26-000010 67.5B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

IBM's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue67.5B
FY2016: 79.9BFY2017: 79.1BFY2018: 79.6BFY2019: 57.7BFY2020: 55.2BFY2021: 57.4BFY2022: 60.5BFY2023: 61.9BFY2024: 62.8BFY2025: 67.5B FY2017FY2019FY2021FY2023FY2025
Net income10.6B
FY2016: 11.9BFY2017: 5.8BFY2018: 8.7BFY2019: 9.4BFY2020: 5.6BFY2021: 5.7BFY2022: 1.6BFY2023: 7.5BFY2024: 6.0BFY2025: 10.6B FY2017FY2019FY2021FY2023FY2025
Free cash flow12.1B
FY2016: 13.5BFY2017: 13.5BFY2018: 11.9BFY2019: 12.5BFY2020: 15.6BFY2021: 10.7BFY2022: 9.1BFY2023: 12.7BFY2024: 12.4BFY2025: 12.1B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)11.17
FY2016: 12.38FY2017: 6.14FY2018: 9.52FY2019: 10.56FY2020: 6.23FY2021: 6.35FY2022: 1.80FY2023: 8.14FY2024: 6.43FY2025: 11.17 FY2017FY2019FY2021FY2023FY2025
Dividend per share6.71
FY2016: 5.50FY2017: 5.90FY2018: 6.21FY2019: 6.43FY2020: 6.51FY2021: 6.55FY2022: 6.59FY2023: 6.63FY2024: 6.67FY2025: 6.71 FY2017FY2019FY2021FY2023FY2025
Diluted shares948.7M
FY2016: 958.7MFY2017: 937.4MFY2018: 916.3MFY2019: 892.8MFY2020: 896.6MFY2021: 904.6MFY2022: 912.3MFY2023: 922.1MFY2024: 937.2MFY2025: 948.7M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Software 30.0B44.4% +10.6%
Consulting 21.1B31.2% +1.8%
Infrastructure 15.7B23.3% +12.1%
Financing 737.0M1.1% +3.4%

10-K 0000051143-26-000010, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Sales 36.1B53.4% +12.0%
Services 30.7B45.5% +3.0%
Financing 737.0M1.1% +3.9%

10-K 0000051143-26-000010, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
Americas 33.3B49.4% +6.6%
EMEA 22.2B32.9% +14.2%
Asia Pacific 12.0B17.8% -0.4%

10-K 0000051143-26-000010, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue79.9B79.1B79.6B57.7B55.2B57.4B60.5B61.9B62.8B67.5B
Cost of revenue41.4B42.2B42.7B26.2B24.3B25.9B27.8B27.6B27.2B28.2B
Gross profit38.5B36.9B36.9B31.5B30.9B31.5B32.7B34.3B35.6B39.3B
R&D5.7B5.6B5.4B5.9B6.3B6.5B6.6B6.8B7.5B8.3B
SG&A20.9B19.7B19.4B18.7B20.6B18.7B18.6B19.0B19.7B20.1B
Interest expense630.0M615.0M723.0M1.3B1.3B1.2B1.2B1.6B1.7B1.9B
Pretax income12.3B11.4B11.3B7.2B2.6B4.8B1.2B8.7B5.8B10.3B
Income tax449.0M5.6B2.6B60.0M-1.4B124.0M-626.0M1.2B-218.0M-242.0M
Net income11.9B5.8B8.7B9.4B5.6B5.7B1.6B7.5B6.0B10.6B
EPS (diluted)12.386.149.5210.566.236.351.808.146.4311.17
Diluted shares958.7M937.4M916.3M892.8M896.6M904.6M912.3M922.1M937.2M948.7M
Depreciation & amortization2.8B3.0B3.1B4.2B4.2B3.9B2.4B2.1B2.2B2.3B
Gross margin48.2%46.7%46.4%54.6%55.9%54.9%54.0%55.4%56.7%58.2%
Net margin14.9%7.3%11.0%16.3%10.1%10.0%2.7%12.1%9.6%15.7%
Revenue growth--1.0%+0.6%-27.5%-4.4%+3.9%+5.5%+2.2%+1.4%+7.6%
EPS growth--50.4%+55.0%+10.9%-41.0%+1.9%-71.7%+352%-21.0%+73.7%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash7.8B12.0B11.4B8.2B13.2B6.7B7.9B13.1B13.9B13.6B
Short-term investments701.0M608.0M618.0M696.0M600.0M-----
Receivables9.2B8.9B7.4B7.9B5.8B6.8B6.5B7.2B6.8B8.1B
Inventory1.6B1.6B1.7B1.6B1.8B1.6B1.6B1.2B1.3B1.2B
Current assets43.9B49.7B49.1B38.4B39.2B29.5B29.1B32.9B34.5B36.9B
Property & equipment10.8B11.1B10.8B10.0B6.2B5.7B5.3B---
Goodwill36.2B36.8B36.3B52.5B53.8B55.6B55.9B60.2B60.7B67.7B
Total assets117.5B125.4B123.4B152.2B156.0B132.0B127.2B135.2B137.2B151.9B
Accounts payable6.2B6.5B6.6B4.9B4.0B4.0B4.1B4.1B4.0B4.8B
Current liabilities36.3B37.4B38.2B37.7B39.9B33.6B31.5B34.1B33.1B38.7B
Total debt42.2B46.8B45.7B61.9B68.3B58.5B55.7B63.0B60.0B67.7B
Total liabilities99.1B107.6B106.5B131.2B135.2B113.0B105.2B112.6B109.8B119.1B
Shareholders' equity18.2B17.6B16.8B20.8B20.6B18.9B21.9B22.5B27.3B32.6B
Retained earnings152.8B153.1B159.2B163.0B162.7B154.2B149.8B151.3B151.2B155.6B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow17.1B16.7B15.2B14.8B18.2B12.8B10.4B13.9B13.4B13.2B
Capital spending3.6B3.2B3.4B2.3B2.6B2.1B1.3B1.2B1.0B1.1B
Free cash flow13.5B13.5B11.9B12.5B15.6B10.7B9.1B12.7B12.4B12.1B
Stock-based pay (added back)544.0M534.0M510.0M679.0M937.0M982.0M987.0M1.1B1.3B1.7B
Dividends paid5.3B5.5B5.7B5.7B5.8B5.9B5.9B6.0B6.1B6.3B
Buybacks3.5B4.3B4.4B1.4B------
Acquisitions5.7B496.0M139.0M32.6B336.0M3.3B2.3B5.1B3.3B8.3B
Investing cash flow-10.9B-7.1B-4.9B-26.9B-3.0B-6.0B-4.2B-7.1B-4.9B-10.3B
Financing cash flow-5.9B-6.4B-10.5B9.0B-9.7B-13.4B-5.0B-1.8B-7.1B-3.8B
Dividend per share5.505.906.216.436.516.556.596.636.676.71

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)544.0M534.0M510.0M679.0M937.0M982.0M987.0M1.1B1.3B1.7B
Stock-based pay / revenue0.7%0.7%0.6%1.2%1.7%1.7%1.6%1.8%2.1%2.5%
Operating lease cost---1.3B1.2B1.1B1.1B1.0B1.0B1.0B
Operating lease cash paid---1.2B1.2B1.1B1.0B961.0M961.0M1.0B
Finance lease principal paid---4.0M25.0M42.0M55.0M75.0M189.0M280.0M
Right-of-use assets--4.8B3.9B3.6B3.2B2.9B3.2B3.2B3.1B
Operating lease liabilities--5.1B5.3B4.9B3.4B3.1B3.4B3.4B3.3B
Finance lease liabilities--41.0M204.0M91.0M99.0M239.0M499.0M1.0B1.2B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on IBM in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/IBM/export.csv") into a cell.