financial statements

The full income statement, balance sheet, and cash-flow statement for International Business Machines Corporation (IBM), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	67.5B YoY+7.6%	62.8B YoY+1.4%	61.9B YoY+2.2%	60.5B YoY+5.5%	57.4B YoY+3.9%
	39.3B YoY+10.5%	35.6B YoY+3.6%	34.3B YoY+4.9%	32.7B YoY+3.8%	31.5B YoY+2.0%
Cost of revenue	28.2B YoY+3.8%	27.2B YoY-1.3%	27.6B YoY-1.0%	27.8B YoY+7.6%	25.9B YoY+6.4%
Research & development	8.32B YoY+11.2%	7.48B YoY+10.4%	6.78B YoY+3.2%	6.57B YoY+1.2%	6.49B YoY+3.6%
Selling, general & administrative	20.1B YoY+2.2%	19.7B YoY+3.6%	19.0B YoY+2.1%	18.6B YoY-0.7%	18.7B YoY-8.8%
Restructuring	653M YoY-5.6%	692M YoY+59.1%	435M	0.00	0.00
Amortization of intangibles	2.74B YoY+9.5%	2.50B YoY+9.3%	2.29B YoY-4.5%	2.40B YoY-5.3%	2.53B YoY+2.5%
Interest expense	1.94B YoY+13.0%	1.71B YoY+6.5%	1.61B YoY+32.2%	1.22B YoY+5.3%	1.16B YoY-10.3%
Other non-operating income	221M YoY-74.8%	877M YoY+229.7%	266M YoY-40.0%	443M YoY+96.9%	225M YoY+44.2%
Pre-tax income	10.3B YoY+78.2%	5.80B YoY-33.3%	8.69B YoY+651.7%	1.16B YoY-76.1%	4.84B YoY+88.1%
Income tax	-242M YoY-11.0%	-218M YoY-118.5%	1.18B YoY+287.9%	-626M YoY-604.8%	124M YoY+109.1%
	10.6B YoY+75.9%	6.02B YoY-19.7%	7.50B YoY+357.7%	1.64B YoY-71.5%	5.74B YoY+2.7%
Income from continuing operations	10.6B YoY+75.7%	6.01B YoY-19.9%	7.51B YoY+321.4%	1.78B YoY-62.2%	4.71B YoY+19.8%
Net income to common	10.6B YoY+75.9%	6.02B YoY-19.7%	7.50B YoY+357.7%	1.64B YoY-71.5%	5.74B YoY+2.7%
	$11.17 YoY+73.7%	$6.43 YoY-21.0%	$8.14 YoY+352.2%	$1.80 YoY-71.7%	$6.35 YoY+1.9%
EPS (basic)	$11.36 YoY+74.0%	$6.53 YoY-20.7%	$8.23 YoY+352.2%	$1.82 YoY-71.6%	$6.41 YoY+2.1%
Weighted-avg shares (basic)	932M YoY+1.1%	922M YoY+1.2%	911M YoY+0.9%	903M YoY+0.7%	896M YoY+0.6%
Weighted-avg shares (diluted)	949M YoY+1.2%	937M YoY+1.6%	922M YoY+1.1%	912M YoY+0.8%	905M YoY+0.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	36.9B YoY+7.1%	34.5B YoY+4.8%	32.9B YoY+13.0%	29.1B YoY-1.4%	29.5B YoY-24.6%
Cash & equivalents	13.6B YoY-2.6%	13.9B YoY+6.7%	13.1B YoY+65.7%	7.89B YoY+18.6%	6.65B YoY-49.6%
Short-term investments	893M YoY+0.0%	893M YoY+0.0%	893M YoY+0.0%	893M YoY+0.0%	893M YoY+0.0%
Accounts receivable	8.11B YoY+19.2%	6.80B YoY-5.7%	7.21B YoY+10.3%	6.54B YoY-3.2%	6.75B YoY+16.6%
Inventory	1.22B YoY-5.4%	1.29B YoY+11.0%	1.16B YoY-25.2%	1.55B YoY-5.9%	1.65B YoY-9.0%
Prepaid expenses	2.53B YoY+0.4%	2.52B YoY-4.5%	2.64B YoY+1.1%	2.61B YoY-24.7%	3.47B YoY+65.9%
	152B YoY+10.7%	137B YoY+1.4%	135B YoY+6.3%	127B YoY-3.6%	132B YoY-15.4%
Property, plant & equipment	5.37B YoY+0.0%	5.37B YoY+0.0%	5.37B YoY+0.7%	5.33B YoY-6.3%	5.69B YoY-8.2%
Operating lease right-of-use	3.13B YoY-2.1%	3.20B YoY-0.7%	3.22B YoY+11.9%	2.88B YoY-10.7%	3.22B YoY-9.6%
Goodwill	67.7B YoY+11.5%	60.7B YoY+0.9%	60.2B YoY+7.6%	55.9B YoY+0.5%	55.6B YoY+3.5%
Intangible assets	11.4B YoY+6.9%	10.7B YoY-3.4%	11.0B YoY-1.3%	11.2B YoY-10.6%	12.5B YoY-8.9%
Deferred tax assets	8.61B YoY+23.4%	6.98B YoY+4.8%	6.66B YoY+6.4%	6.26B YoY-15.1%	7.37B YoY-12.3%
Other non-current assets	5.22B YoY+0.0%	5.22B YoY+0.0%	5.22B YoY+0.0%	5.22B YoY+0.0%	5.22B YoY+0.0%
	38.7B YoY+16.6%	33.1B YoY-2.9%	34.1B YoY+8.3%	31.5B YoY-6.3%	33.6B YoY-15.7%
Accounts payable	4.76B YoY+18.0%	4.03B YoY-2.4%	4.13B YoY+2.0%	4.05B YoY+2.4%	3.96B YoY-1.9%
Deferred revenue	16.1B YoY+15.8%	13.9B YoY+3.4%	13.5B YoY+11.8%	12.0B YoY-3.9%	12.5B YoY+4.5%
Short-term & current debt	6.42B YoY+26.2%	5.09B YoY-20.8%	6.43B YoY+35.0%	4.76B YoY-29.9%	6.79B YoY-4.6%
Current lease liability	800M YoY+4.2%	768M YoY-6.3%	820M YoY-6.2%	874M YoY-10.3%	974M YoY-5.9%
Other current liabilities	5.80B YoY+0.0%	5.80B YoY+0.0%	5.80B YoY+0.0%	5.80B YoY+0.0%	5.80B YoY+0.0%
	119B YoY+8.5%	110B YoY-2.5%	113B YoY+7.0%	105B YoY-6.9%	113B YoY-16.4%
Long-term debt	54.8B YoY+9.9%	49.9B YoY-0.5%	50.1B YoY+8.5%	46.2B YoY+2.8%	44.9B YoY-17.2%
Deferred revenue (non-current)	4.27B YoY+17.9%	3.62B YoY+2.5%	3.53B YoY+1.0%	3.50B YoY-2.2%	3.58B YoY-4.8%
Non-current lease liability	2.55B YoY-4.1%	2.65B YoY+3.4%	2.57B YoY+17.3%	2.19B YoY-11.0%	2.46B YoY-9.5%
Deferred tax liabilities	781M YoY-4.2%	815M YoY-28.9%	1.15B YoY-50.0%	2.29B YoY-42.1%	3.96B YoY-20.2%
Other non-current liabilities	9.81B YoY-11.2%	11.0B YoY-3.7%	11.5B YoY-6.3%	12.2B YoY-12.5%	14.0B YoY-1.3%
	32.6B YoY+19.6%	27.3B YoY+21.2%	22.5B YoY+2.7%	21.9B YoY+16.1%	18.9B YoY-8.2%
Retained earnings	156B YoY+3.0%	151B YoY-0.1%	151B YoY+1.0%	150B YoY-2.8%	154B YoY-5.2%
Treasury stock	171B YoY+0.4%	170B YoY+0.2%	170B YoY+0.1%	169B YoY+0.1%	169B YoY+0.0%
Accumulated other comprehensive income	-15.7B YoY-2.9%	-15.3B YoY+18.6%	-18.8B YoY-12.1%	-16.7B YoY+28.0%	-23.2B YoY+20.8%
Non-controlling interest	93.0M YoY+8.1%	86.0M YoY+7.5%	80.0M YoY+3.9%	77.0M YoY-18.9%	95.0M YoY-26.4%
Total equity incl. non-controlling	32.7B YoY+19.5%	27.4B YoY+21.1%	22.6B YoY+2.7%	22.0B YoY+15.9%	19.0B YoY-8.4%
Total liabilities & equity	152B YoY+10.7%	137B YoY+1.4%	135B YoY+6.3%	127B YoY-3.6%	132B YoY-15.4%
Common shares issued	2.29B YoY+0.5%	2.28B YoY+0.5%	2.27B YoY+0.4%	2.26B YoY+0.4%	2.25B YoY+0.3%
Common shares outstanding	937M YoY+1.2%	926M YoY+1.2%	915M YoY+1.0%	906M YoY+0.9%	898M YoY+0.6%
Shares outstanding (cover)	935M YoY+1.1%	925M YoY+1.3%	913M YoY+1.0%	904M YoY+0.8%	897M YoY+0.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	13.2B YoY-1.9%	13.4B YoY-3.5%	13.9B YoY+33.5%	10.4B YoY-18.5%	12.8B YoY-29.7%
Depreciation & amortization	2.28B YoY+5.4%	2.17B YoY+2.8%	2.11B YoY-12.4%	2.41B YoY-38.1%	3.89B YoY-8.0%
Share-based compensation	1.72B YoY+30.8%	1.31B YoY+15.7%	1.13B YoY+14.8%	987M YoY+0.5%	982M YoY+4.8%
Deferred income taxes	-957M YoY+58.9%	-2.33B YoY-109.2%	-1.11B YoY+59.1%	-2.73B YoY-36.2%	-2.00B YoY+37.5%
Change in inventory	-70.0M YoY-142.2%	166M YoY+142.6%	-390M YoY-449.3%	-71.0M YoY+48.6%	-138M YoY-166.0%
Change in payables	624M YoY+4900.0%	-13.0M YoY-120.0%	65.0M YoY-69.5%	213M YoY+150.6%	85.0M YoY-38.4%
	-10.3B YoY-108.7%	-4.94B YoY+30.2%	-7.07B YoY-68.3%	-4.20B YoY+29.7%	-5.97B YoY-97.3%
Capital expenditure	1.09B YoY+4.1%	1.05B YoY-15.8%	1.25B YoY-7.5%	1.35B YoY-34.7%	2.06B YoY-21.2%
Acquisitions	8.29B YoY+152.2%	3.29B YoY-35.3%	5.08B YoY+116.4%	2.35B YoY-28.7%	3.29B YoY+880.1%
Purchases of investments	10.1B YoY+30.1%	7.76B YoY-30.3%	11.1B YoY+87.9%	5.93B YoY+66.5%	3.56B YoY-43.0%
Sales/maturities of investments	9.70B YoY+48.3%	6.54B YoY-38.5%	10.6B YoY+128.2%	4.67B YoY+48.2%	3.15B YoY-44.0%
Proceeds from sale of PP&E	—	—	321M YoY+189.2%	111M YoY-71.3%	387M YoY+105.9%
	-3.83B YoY+45.9%	-7.08B YoY-300.2%	-1.77B YoY+64.3%	-4.96B YoY+62.9%	-13.4B YoY-37.4%
Dividends paid	6.25B YoY+1.8%	6.15B YoY+1.8%	6.04B YoY+1.5%	5.95B YoY+1.3%	5.87B YoY+1.2%
Other financing activities	-139M YoY+4.1%	-145M YoY+39.3%	-239M YoY-132.0%	-103M YoY-247.1%	70.0M YoY-23.9%
FX effect on cash	418M YoY+216.4%	-359M YoY-4088.9%	9.00M YoY+103.7%	-244M YoY-31.9%	-185M YoY-112.6%
Net change in cash	-520M YoY-148.6%	1.07B YoY-79.0%	5.10B YoY+394.3%	1.03B YoY+115.4%	-6.72B YoY-225.3%
Interest paid	2.04B YoY+3.2%	1.98B YoY+18.6%	1.67B YoY+19.1%	1.40B YoY-7.3%	1.51B YoY-17.4%
Income taxes paid	1.95B YoY+13.1%	1.72B YoY+10.2%	1.56B YoY-16.1%	1.86B YoY-11.3%	2.10B YoY-6.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	277B YoY+36.2%	203B YoY+36.1%	149B YoY+17.2%	127B YoY+6.3%	120B YoY+11.8%
P/E	26.1× YoY-22.6%	33.7× YoY+56.5%	21.6× YoY-78.6%	100.9× YoY+383.6%	20.9× YoY+8.8%
P/S	4.1× YoY+26.6%	3.2× YoY+32.7%	2.4× YoY+16.0%	2.1× YoY+0.7%	2.1× YoY+7.5%
P/B	8.5× YoY+13.9%	7.4× YoY+15.0%	6.5× YoY+2.0%	6.3× YoY+0.1%	6.3× YoY+21.8%
P/FCF	22.9× YoY+39.5%	16.4× YoY+32.6%	12.4× YoY-26.0%	16.7× YoY+49.6%	11.2× YoY+62.2%
Earnings yield	3.8% YoY+29.1%	3.0% YoY-36.1%	4.6% YoY+368.0%	1.0% YoY-79.3%	4.8% YoY-8.1%
FCF yield	4.4% YoY-28.3%	6.1% YoY-24.6%	8.1% YoY+35.1%	6.0% YoY-33.1%	9.0% YoY-38.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: IBM's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all IBM filings on SEC EDGAR → Not investment advice.

IBM▼ financial statements

About this data

financial statements