IBMIBM

Technology · Computer Hardware · NYSE

Headquarters: Armonk, NY
Next results: around Jan 27, 2027

IBM and 9 peers, year by year

The 9 Technology companies closest to IBM in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

5 years 10 years Download CSV

Choose the peers

Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
IBM IBM	FY2025	$67.5B	+7.6%	58.2%	-	15.7%	17.9%	32.4%	2.07
ORCL Oracle Corporation	FY2026	$67.4B	+17.3%	-	30.6%	25.4%	−35.2%	40.2%	3.05
ACN Accenture	FY2026	$74.2B	+6.5%	-	15.4%	11.3%	15.7%	26.5%	0.32
CSCO Cisco	FY2026	$63.3B	+11.8%	64.5%	24.3%	21.0%	20.2%	26.4%	0.59
INTC Intel	FY2025	$52.9B	−0.5%	34.8%	−4.2%	−0.5%	−9.4%	−0.2%	0.41
HPQ HP Inc.	FY2025	$55.3B	+3.2%	20.6%	5.7%	4.6%	5.1%	n/m	n/m
SMCI Supermicro	FY2026	$39.1B	+77.8%	10.8%	7.1%	5.7%	−17.8%	15.4%	0.28
AVGO Broadcom	FY2025	$63.9B	+23.9%	67.8%	39.9%	36.2%	42.1%	28.4%	0.80
AMD Advanced Micro Devices	FY2025	$34.6B	+34.3%	49.5%	10.7%	12.5%	19.4%	6.9%	0.07
CRM Salesforce	FY2025	$41.5B	+9.6%	77.7%	20.1%	18.0%	34.7%	12.6%	0.24

Revenuepeer median $55.3B

Sales growthpeer median +11.8%

Gross marginpeer median 49.5%

Operating marginpeer median 15.4%

Net marginpeer median 12.5%

FCF marginpeer median 15.7%

Return on equitypeer median 20.9%

Debt / equitypeer median 0.36

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IBM Dec	$79.9B	$79.1B	$79.6B	$57.7B	$55.2B	$57.4B	$60.5B	$61.9B	$62.8B	$67.5B
ORCL May	$37.0B	$37.8B	$39.4B	$39.5B	$39.1B	$40.5B	$42.4B	$50.0B	$53.0B	$57.4B
ACN Aug	$34.8B	$36.2B	$41.0B	$43.2B	$44.3B	$50.5B	$61.6B	$64.1B	$64.9B	$69.7B
CSCO Jul	$49.2B	$48.0B	$49.3B	$51.9B	$49.3B	$49.8B	$51.6B	$57.0B	$53.8B	$56.7B
INTC Dec	$59.4B	$62.8B	$70.8B	$72.0B	$77.9B	$79.0B	$63.1B	$54.2B	$53.1B	$52.9B
HPQ Oct	$48.2B	$52.1B	$58.5B	$58.8B	$56.6B	$63.5B	$62.9B	$53.7B	$53.6B	$55.3B
SMCI Jun	$2.2B	$2.5B	$3.4B	$3.5B	$3.3B	$3.6B	$5.2B	$7.1B	$15.0B	$22.0B
AVGO Nov	$13.2B	$17.6B	$20.8B	$22.6B	$23.9B	$27.4B	$33.2B	$35.8B	$51.6B	$63.9B
AMD Dec	$4.3B	$5.3B	$6.5B	$6.7B	$9.8B	$16.4B	$23.6B	$22.7B	$25.8B	$34.6B
CRM Jan	$6.7B	$8.4B	$10.5B	$13.3B	$17.1B	$21.3B	$26.5B	$31.4B	$34.9B	$41.5B
Peer median	$34.8B	$36.2B	$39.4B	$39.5B	$39.1B	$40.5B	$42.4B	$50.0B	$53.0B	$55.3B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IBM Dec	−2.2%	−1.0%	+0.6%	−3.1%	−4.4%	+3.9%	+5.5%	+2.2%	+1.4%	+7.6%
ORCL May	-	+1.8%	+4.2%	+0.3%	−1.1%	+3.6%	+4.8%	+17.7%	+6.0%	+8.4%
ACN Aug	-	+5.7%	+13.3%	+5.4%	+2.6%	+14.0%	+21.9%	+4.1%	+1.2%	+7.4%
CSCO Jul	-	−2.5%	+2.8%	+5.2%	−5.0%	+1.0%	+3.5%	+10.6%	−5.6%	+5.3%
INTC Dec	+7.3%	+5.7%	+12.9%	+1.6%	+8.2%	+1.5%	−20.2%	−14.0%	−2.1%	−0.5%
HPQ Oct	−6.3%	+7.9%	+12.3%	+0.5%	−3.6%	+12.0%	−0.9%	−14.6%	−0.3%	+3.2%
SMCI Jun	-	+11.7%	+35.2%	+4.2%	−4.6%	+6.5%	+46.1%	+37.1%	+110%	+46.6%
AVGO Nov	-	+33.2%	+18.2%	+8.4%	+5.7%	+14.9%	+21.0%	+7.9%	+44.0%	+23.9%
AMD Dec	+7.0%	+21.6%	+23.3%	+4.0%	+45.0%	+68.3%	+43.6%	−3.9%	+13.7%	+34.3%
CRM Jan	-	+25.9%	+24.9%	+26.0%	+28.7%	+24.3%	+24.7%	+18.3%	+11.2%	+9.6%
Peer median	+7.0%	+7.9%	+13.3%	+4.2%	+2.6%	+12.0%	+21.0%	+7.9%	+6.0%	+8.4%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IBM Dec	48.2%	46.7%	46.4%	54.6%	55.9%	54.9%	54.0%	55.4%	56.7%	58.2%
ORCL May	60.5%	60.9%	61.7%	-	-	-	-	-	-	-
ACN Aug	-	-	-	-	-	-	-	-	-	-
CSCO Jul	62.9%	63.0%	62.0%	62.9%	64.3%	64.0%	62.5%	62.7%	64.7%	64.9%
INTC Dec	61.0%	62.3%	61.7%	58.6%	56.0%	55.4%	42.6%	40.0%	32.7%	34.8%
HPQ Oct	-	-	-	-	-	-	19.5%	21.4%	22.1%	20.6%
SMCI Jun	14.9%	14.1%	12.8%	14.2%	15.8%	15.0%	15.4%	18.0%	13.8%	11.1%
AVGO Nov	44.9%	48.2%	51.5%	55.2%	56.6%	61.4%	66.5%	68.9%	63.0%	67.8%
AMD Dec	23.2%	33.5%	37.8%	42.6%	44.5%	48.2%	44.9%	46.1%	49.4%	49.5%
CRM Jan	75.2%	73.5%	73.7%	74.0%	75.2%	74.4%	73.5%	73.3%	75.5%	77.7%
Peer median	60.5%	60.9%	61.7%	56.9%	56.3%	58.4%	44.9%	46.1%	49.4%	49.5%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IBM Dec	-	-	-	-	-	-	-	-	-	-
ORCL May	34.0%	34.2%	33.7%	34.3%	35.6%	37.6%	25.7%	26.2%	29.0%	30.8%
ACN Aug	13.8%	14.4%	14.4%	14.6%	14.7%	15.1%	15.2%	13.7%	14.8%	14.7%
CSCO Jul	25.7%	24.9%	25.0%	27.4%	27.6%	25.8%	27.1%	26.4%	22.6%	20.8%
INTC Dec	22.1%	28.8%	32.9%	30.6%	30.4%	24.6%	3.7%	0.2%	−22.0%	−4.2%
HPQ Oct	7.4%	6.5%	6.6%	6.6%	6.1%	8.4%	7.2%	6.4%	7.1%	5.7%
SMCI Jun	4.8%	3.8%	2.8%	2.8%	2.6%	3.5%	6.5%	10.7%	8.1%	5.7%
AVGO Nov	−3.1%	13.4%	24.6%	15.2%	16.8%	31.0%	42.8%	45.2%	26.1%	39.9%
AMD Dec	−8.6%	2.4%	7.0%	9.4%	14.0%	22.2%	5.4%	1.8%	7.4%	10.7%
CRM Jan	1.7%	2.6%	4.3%	4.0%	1.7%	2.1%	2.1%	3.3%	14.4%	20.1%
Peer median	7.4%	13.4%	14.4%	14.6%	14.7%	22.2%	7.2%	10.7%	14.4%	14.7%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IBM Dec	14.9%	7.3%	11.0%	16.3%	10.1%	10.0%	2.7%	12.1%	9.6%	15.7%
ORCL May	24.0%	25.0%	9.1%	28.1%	25.9%	34.0%	15.8%	17.0%	19.8%	21.7%
ACN Aug	11.8%	9.5%	9.9%	11.1%	11.5%	11.7%	11.2%	10.7%	11.2%	11.0%
CSCO Jul	21.8%	20.0%	0.2%	22.4%	22.7%	21.3%	22.9%	22.1%	19.2%	18.0%
INTC Dec	17.4%	15.3%	29.7%	29.2%	26.8%	25.1%	12.7%	3.1%	−35.3%	−0.5%
HPQ Oct	5.2%	4.9%	9.1%	5.4%	5.0%	10.3%	5.0%	6.1%	5.2%	4.6%
SMCI Jun	3.2%	2.7%	1.4%	2.1%	2.5%	3.1%	5.5%	9.0%	7.7%	4.8%
AVGO Nov	−13.1%	9.6%	58.8%	11.9%	11.1%	23.4%	34.6%	39.3%	11.4%	36.2%
AMD Dec	−11.5%	−0.6%	5.2%	5.1%	25.5%	19.2%	5.6%	3.8%	6.4%	12.5%
CRM Jan	−0.7%	3.8%	3.4%	8.4%	0.7%	19.2%	5.5%	0.7%	11.9%	18.0%
Peer median	5.2%	9.5%	9.1%	11.1%	11.5%	19.2%	11.2%	9.0%	11.2%	12.5%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IBM Dec	$13.5B	$13.5B	$11.9B	$12.5B	$15.6B	$10.7B	$9.1B	$12.7B	$12.4B	$12.1B
ORCL May	$12.5B	$12.1B	$13.7B	$12.9B	$11.6B	$13.8B	$5.0B	$8.5B	$11.8B	−$394.0M
ACN Aug	$4.2B	$4.5B	$5.4B	$6.0B	$7.6B	$8.4B	$8.8B	$9.0B	$8.6B	$10.9B
CSCO Jul	$12.4B	$12.9B	$12.8B	$14.9B	$14.7B	$14.8B	$12.7B	$19.0B	$10.2B	$13.3B
INTC Dec	$12.2B	$10.3B	$14.3B	$16.9B	$21.6B	$10.7B	−$9.4B	−$14.3B	−$15.7B	−$4.9B
HPQ Oct	$2.8B	$3.3B	$4.0B	$4.0B	$3.7B	$5.8B	$3.7B	$3.0B	$3.2B	$2.8B
SMCI Jun	$73.9M	−$125.6M	$59.5M	$237.7M	−$74.7M	$64.9M	−$486.0M	$626.8M	−$2.6B	$1.5B
AVGO Nov	$2.7B	$5.5B	$8.2B	$9.3B	$11.6B	$13.3B	$16.3B	$17.6B	$19.4B	$26.9B
AMD Dec	$4.0M	−$101.0M	−$129.0M	$276.0M	$777.0M	$3.2B	$3.1B	$1.1B	$2.4B	$6.7B
CRM Jan	$1.4B	$1.7B	$2.2B	$2.8B	$3.7B	$4.1B	$5.3B	$6.3B	$9.5B	$14.4B
Peer median	$2.8B	$4.5B	$5.4B	$6.0B	$7.6B	$8.4B	$5.0B	$6.3B	$8.6B	$6.7B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IBM Dec	16.9%	17.1%	14.9%	21.6%	28.2%	18.7%	15.0%	20.5%	19.8%	17.9%
ORCL May	33.7%	32.0%	34.7%	32.6%	29.6%	34.0%	11.8%	17.0%	22.3%	−0.7%
ACN Aug	12.0%	12.3%	13.2%	13.9%	17.2%	16.6%	14.3%	14.0%	13.3%	15.6%
CSCO Jul	25.2%	26.9%	26.0%	28.7%	29.7%	29.6%	24.7%	33.4%	19.0%	23.5%
INTC Dec	20.5%	16.5%	20.1%	23.5%	27.7%	13.6%	−14.9%	−26.3%	−29.5%	−9.4%
HPQ Oct	5.8%	6.3%	6.8%	6.8%	6.6%	9.2%	5.9%	5.5%	5.9%	5.1%
SMCI Jun	3.3%	−5.1%	1.8%	6.8%	−2.2%	1.8%	−9.4%	8.8%	−17.4%	7.0%
AVGO Nov	20.3%	31.1%	39.5%	41.0%	48.6%	48.5%	49.1%	49.2%	37.6%	42.1%
AMD Dec	0.1%	−1.9%	−2.0%	4.1%	8.0%	19.6%	13.2%	4.9%	9.3%	19.4%
CRM Jan	20.8%	20.1%	20.9%	21.1%	21.6%	19.2%	19.9%	20.1%	27.2%	34.7%
Peer median	20.3%	16.5%	20.1%	21.1%	21.6%	19.2%	13.2%	14.0%	13.3%	15.6%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IBM Dec	65.1%	32.7%	52.0%	45.3%	27.1%	30.4%	7.5%	33.3%	22.1%	32.4%
ORCL May	18.8%	17.5%	7.7%	50.9%	83.9%	n/m	n/m	n/m	120.3%	60.8%
ACN Aug	54.4%	38.5%	39.2%	33.2%	30.0%	30.2%	31.1%	26.7%	25.7%	24.6%
CSCO Jul	16.9%	14.5%	0.3%	34.6%	29.6%	25.7%	29.7%	28.4%	22.7%	21.7%
INTC Dec	15.6%	13.8%	28.2%	27.2%	25.8%	20.8%	7.9%	1.6%	−18.9%	−0.2%
HPQ Oct	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
SMCI Jun	10.3%	8.6%	5.5%	7.6%	7.9%	10.2%	20.0%	32.5%	21.3%	16.6%
AVGO Nov	−7.9%	8.3%	46.0%	10.8%	11.2%	25.8%	50.6%	58.7%	8.7%	28.4%
AMD Dec	−104.4%	−5.5%	26.6%	12.1%	42.7%	42.2%	2.4%	1.5%	2.9%	6.9%
CRM Jan	−0.9%	3.9%	3.5%	7.1%	0.4%	9.8%	2.5%	0.4%	6.9%	12.6%
Peer median	13.0%	11.2%	17.2%	19.6%	27.7%	25.7%	20.0%	26.7%	15.0%	19.2%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IBM Dec	2.31	2.66	2.72	2.97	3.32	3.09	2.54	2.79	2.20	2.07
ORCL May	0.85	1.08	1.31	2.58	5.93	16.08	n/m	n/m	9.98	4.53
ACN Aug	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.04	0.16
CSCO Jul	0.45	0.51	0.59	0.73	0.38	0.28	0.24	0.19	0.68	0.60
INTC Dec	0.38	0.38	0.35	0.37	0.45	0.40	0.41	0.47	0.50	0.41
HPQ Oct	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
SMCI Jun	0.13	0.21	0.14	0.03	0.03	0.09	0.42	0.15	0.09	0.02
AVGO Nov	-	0.87	0.66	1.32	1.72	1.59	1.74	1.63	1.00	0.80
AMD Dec	3.01	2.46	1.09	0.17	0.06	0.04	0.05	0.06	0.03	0.07
CRM Jan	-	0.24	0.17	0.20	0.08	0.06	0.18	0.18	0.16	0.24
Peer median	0.42	0.45	0.47	0.29	0.23	0.18	0.24	0.18	0.33	0.33

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IBM Dec	$12.38	$6.14	$9.52	$10.56	$6.23	$6.35	$1.80	$8.14	$6.43	$11.17
ORCL May	$2.07	$2.24	$0.85	$2.97	$3.08	$4.55	$2.41	$3.07	$3.71	$4.34
ACN Aug	$6.45	$5.44	$6.34	$7.36	$7.89	$9.16	$10.71	$10.77	$11.44	$12.15
CSCO Jul	$2.11	$1.90	$0.02	$2.61	$2.64	$2.50	$2.82	$3.07	$2.54	$2.55
INTC Dec	$2.12	$1.99	$4.48	$4.71	$4.94	$4.86	$1.94	$0.40	−$4.38	−$0.06
HPQ Oct	$1.43	$1.48	$3.26	$2.07	$1.98	$5.36	$2.98	$3.26	$2.81	$2.65
SMCI Jun	$0.14	$0.13	$0.09	$0.14	$0.16	$0.21	$0.53	$1.14	$1.92	$1.68
AVGO Nov	−$0.49	$0.40	$2.84	$0.64	$0.63	$1.50	$2.65	$3.30	$1.23	$4.77
AMD Dec	−$0.60	−$0.03	$0.32	$0.30	$2.06	$2.57	$0.84	$0.53	$1.00	$2.65
CRM Jan	−$0.07	$0.46	$0.49	$1.43	$0.15	$4.38	$1.48	$0.21	$4.20	$7.80
Peer median	$1.43	$1.48	$0.85	$2.07	$2.06	$4.38	$2.41	$3.07	$2.54	$2.65

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out IBM and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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.