IBM
$232.14-0.85%
as of close, Oct 16, 2026
☾ AH $232.14 -0.85%
International Business Machines CorporationStock · TechnologyDow Jones 2.5%S&P 500 0.4%Russell 1000 0.4%US Stock Market 0.4%Russell 3000 0.4%MSCI World 0.3%MSCI ACWI 0.2%S&P 500 Equal Weight 0.2%
IBM 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.
Shares outstanding (point-in-time)
2024-06 921.1M2024-09 924.6M2024-12 927.3M2025-03 929.4M2025-06 931.5M2025-09 934.7M2025-12 938.0M2026-03 939.9M2026-06 942.1M+2.3% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | 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 | |
| 67.5B+7.6% | 62.8B+1.4% | 61.9B+2.2% | 60.5B+5.5% | 57.4B+3.9% | ||
| Lease income | 43.0M-28.3% | 60.0M-35.5% | 93.0M-19.8% | 116M-31.4% | 169M-33.7% | |
| 39.3B+10.5% | 35.6B+3.6% | 34.3B+4.9% | 32.7B+3.8% | 31.5B+2.0% | ||
| Cost of revenue | 28.2B+3.8% | 27.2B-1.3% | 27.6B-1.0% | 27.8B+7.6% | 25.9B+6.4% | |
| Research & development | 8.32B+11.2% | 7.48B+10.4% | 6.78B+3.2% | 6.57B+1.2% | 6.49B+3.6% | |
| Selling, general & administrative | 20.1B+2.2% | 19.7B+3.6% | 19.0B+2.1% | 18.6B-0.7% | 18.7B-8.8% | |
| Restructuring | 653M-5.6% | 692M+59.1% | 435M | 0.00 | 0.00 | |
| Amortization of intangibles | 2.74B+9.5% | 2.50B+9.3% | 2.29B-4.5% | 2.40B-5.3% | 2.53B+2.5% | |
| Interest expense | 1.94B+13.0% | 1.71B+6.5% | 1.61B+32.2% | 1.22B+5.3% | 1.16B-10.3% | |
| Other non-operating income | 221M-74.8% | 877M+229.7% | 266M-40.0% | 443M+96.9% | 225M+44.2% | |
| Gain (loss) on equity securities | — | — | — | — | 126M | |
| Pre-tax income | 10.3B+78.2% | 5.80B-33.3% | 8.69B+651.7% | 1.16B-76.1% | 4.84B+88.1% | |
| Income tax | -242M-11.0% | -218M-118.5% | 1.18B+287.9% | -626M-604.8% | 124M+109.1% | |
| 10.6B+75.9% | 6.02B-19.7% | 7.50B+357.7% | 1.64B-71.5% | 5.74B+2.7% | ||
| Income from continuing operations | 10.6B+75.7% | 6.01B-19.9% | 7.51B+321.4% | 1.78B-62.2% | 4.71B+19.8% | |
| Net income to common | 10.6B+75.9% | 6.02B-19.7% | 7.50B+357.7% | 1.64B-71.5% | 5.74B+2.7% | |
| $11.17+73.7% | $6.43-21.0% | $8.14+352.2% | $1.80-71.7% | $6.35+1.9% | ||
| EPS (basic) | $11.36+74.0% | $6.53-20.7% | $8.23+352.2% | $1.82-71.6% | $6.41+2.1% | |
| Weighted-avg shares (basic) | 932M+1.1% | 922M+1.2% | 911M+0.9% | 903M+0.7% | 896M+0.6% | |
| Weighted-avg shares (diluted) | 949M+1.2% | 937M+1.6% | 922M+1.1% | 912M+0.8% | 905M+0.9% | |
| Dividends per share | $6.71+0.6% | $6.67+0.6% | $6.63+0.6% | $6.59+0.6% | $6.55+0.6% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 36.9B+7.1% | 34.5B+4.8% | 32.9B+13.0% | 29.1B-1.4% | 29.5B-24.6% | ||
| Cash & equivalents | 13.6B-2.6% | 13.9B+6.7% | 13.1B+65.7% | 7.89B+18.6% | 6.65B-49.6% | |
| Accounts receivable | 8.11B+19.2% | 6.80B-5.7% | 7.21B+10.3% | 6.54B-3.2% | 6.75B+16.6% | |
| Inventory | 1.22B-5.4% | 1.29B+11.0% | 1.16B-25.2% | 1.55B-5.9% | 1.65B-9.0% | |
| Prepaid expenses | 2.53B+0.4% | 2.52B-4.5% | 2.64B+1.1% | 2.61B-24.7% | 3.47B+65.9% | |
| 152B+10.7% | 137B+1.4% | 135B+6.3% | 127B-3.6% | 132B-15.4% | ||
| Property, plant & equipment | — | — | — | 5.33B-6.3% | 5.69B-8.2% | |
| Operating lease right-of-use | 3.13B-2.1% | 3.20B-0.7% | 3.22B+11.9% | 2.88B-10.7% | 3.22B-9.6% | |
| Goodwill | 67.7B+11.5% | 60.7B+0.9% | 60.2B+7.6% | 55.9B+0.5% | 55.6B+3.5% | |
| Intangible assets | 11.4B+6.9% | 10.7B-3.4% | 11.0B-1.3% | 11.2B-10.6% | 12.5B-8.9% | |
| Deferred tax assets | 8.61B+23.4% | 6.98B+4.8% | 6.66B+6.4% | 6.26B-15.1% | 7.37B-12.3% | |
| 38.7B+16.6% | 33.1B-2.9% | 34.1B+8.3% | 31.5B-6.3% | 33.6B-15.7% | ||
| Accounts payable | 4.76B+18.0% | 4.03B-2.4% | 4.13B+2.0% | 4.05B+2.4% | 3.96B-1.9% | |
| Deferred revenue | 16.1B+15.8% | 13.9B+3.4% | 13.5B+11.8% | 12.0B-3.9% | 12.5B+4.5% | |
| Short-term & current debt | 6.42B+26.2% | 5.09B-20.8% | 6.43B+35.0% | 4.76B-29.9% | 6.79B-4.6% | |
| Current lease liability | 800M+4.2% | 768M-6.3% | 820M-6.2% | 874M-10.3% | 974M-5.9% | |
| Finance lease liability (current) | 279M+40.9% | 198M+63.6% | 121M+61.3% | 75.0M+108.3% | 36.0M+20.0% | |
| 119B+8.5% | 110B-2.5% | 113B+7.0% | 105B-6.9% | 113B-16.4% | ||
| Long-term debt | 54.8B+9.9% | 49.9B-0.5% | 50.1B+8.5% | 46.2B+2.8% | 44.9B-17.2% | |
| Deferred revenue (non-current) | 4.27B+17.9% | 3.62B+2.5% | 3.53B+1.0% | 3.50B-2.2% | 3.58B-4.8% | |
| Non-current lease liability | 2.55B-4.1% | 2.65B+3.4% | 2.57B+17.3% | 2.19B-11.0% | 2.46B-9.5% | |
| Operating lease liability (total) | 3.35B-2.2% | 3.42B+1.0% | 3.39B+10.6% | 3.06B-10.8% | 3.44B-30.3% | |
| Finance lease liability (total) | 1.15B+15.3% | 1.00B+100.4% | 499M+108.8% | 239M+141.4% | 99.0M+8.8% | |
| Finance lease liability | 874M+8.8% | 803M+111.9% | 379M+131.1% | 164M+160.3% | 63.0M+5.0% | |
| Deferred tax liabilities | 781M-4.2% | 815M-28.9% | 1.15B-50.0% | 2.29B-42.1% | 3.96B-20.2% | |
| Other non-current liabilities | 9.81B-11.2% | 11.0B-3.7% | 11.5B-6.3% | 12.2B-12.5% | 14.0B-1.3% | |
| 32.6B+19.6% | 27.3B+21.2% | 22.5B+2.7% | 21.9B+16.1% | 18.9B-8.2% | ||
| Retained earnings | 156B+3.0% | 151B-0.1% | 151B+1.0% | 150B-2.8% | 154B-5.2% | |
| Treasury stock | 171B+0.4% | 170B+0.2% | 170B+0.1% | 169B+0.1% | 169B+0.0% | |
| Accumulated other comprehensive income | -15.7B-2.9% | -15.3B+18.6% | -18.8B-12.1% | -16.7B+28.0% | -23.2B+20.8% | |
| Non-controlling interest | 93.0M+8.1% | 86.0M+7.5% | 80.0M+3.9% | 77.0M-18.9% | 95.0M-26.4% | |
| Total equity incl. non-controlling | 32.7B+19.5% | 27.4B+21.1% | 22.6B+2.7% | 22.0B+15.9% | 19.0B-8.4% | |
| Total liabilities & equity | 152B+10.7% | 137B+1.4% | 135B+6.3% | 127B-3.6% | 132B-15.4% | |
| Common shares issued | 2.29B+0.5% | 2.28B+0.5% | 2.27B+0.4% | 2.26B+0.4% | 2.25B+0.3% | |
| Common shares outstanding | 937M+1.2% | 926M+1.2% | 915M+1.0% | 906M+0.9% | 898M+0.6% | |
| Shares outstanding (cover) | 938M+1.2% | 927M+1.1% | 917M+1.1% | 907M+0.9% | 899M+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-1.9% | 13.4B-3.5% | 13.9B+33.5% | 10.4B-18.5% | 12.8B-29.7% | ||
| Depreciation & amortization | 5.02B+7.6% | 4.67B+6.2% | 4.40B-8.5% | 4.80B-25.2% | 6.42B-4.2% | |
| Intangible amortization | 2.74B+9.5% | 2.50B+9.3% | 2.29B-4.5% | 2.40B-5.3% | 2.53B+2.5% | |
| Share-based compensation | 1.72B+30.8% | 1.31B+15.7% | 1.13B+14.8% | 987M+0.5% | 982M+4.8% | |
| Deferred income taxes | -957M+58.9% | -2.33B-109.2% | -1.11B+59.1% | -2.73B-36.2% | -2.00B+37.5% | |
| Change in inventory | -70.0M-142.2% | 166M+142.6% | -390M-449.3% | -71.0M+48.6% | -138M-166.0% | |
| Change in payables | 624M+4900.0% | -13.0M-120.0% | 65.0M-69.5% | 213M+150.6% | 85.0M-38.4% | |
| -10.3B-108.7% | -4.94B+30.2% | -7.07B-68.3% | -4.20B+29.7% | -5.97B-97.3% | ||
| Capital expenditure | 1.09B+4.1% | 1.05B-15.8% | 1.25B-7.5% | 1.35B-34.7% | 2.06B-21.2% | |
| Free cash flow | 12.1B-2.4% | 12.4B-2.3% | 12.7B+39.6% | 9.09B-15.3% | 10.7B-31.1% | |
| Acquisitions | 8.29B+152.2% | 3.29B-35.3% | 5.08B+116.4% | 2.35B-28.7% | 3.29B+880.1% | |
| Purchases of investments | 10.1B+30.1% | 7.76B-30.3% | 11.1B+87.9% | 5.93B+66.5% | 3.56B-43.0% | |
| Sales/maturities of investments | 9.70B+48.3% | 6.54B-38.5% | 10.6B+128.2% | 4.67B+48.2% | 3.15B-44.0% | |
| Proceeds from sale of PP&E | — | — | 321M+189.2% | 111M-71.3% | 387M+105.9% | |
| -3.83B+45.9% | -7.08B-300.2% | -1.77B+64.3% | -4.96B+62.9% | -13.4B-37.4% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 6.25B+1.8% | 6.15B+1.8% | 6.04B+1.5% | 5.95B+1.3% | 5.87B+1.2% | |
| Other financing activities | -139M+4.1% | -145M+39.3% | -239M-132.0% | -103M-247.1% | 70.0M-23.9% | |
| FX effect on cash | 418M+216.4% | -359M-4088.9% | 9.00M+103.7% | -244M-31.9% | -185M-112.6% | |
| Net change in cash | -520M-148.6% | 1.07B-79.0% | 5.10B+394.3% | 1.03B+115.4% | -6.72B-225.3% | |
| Interest paid | 2.04B+3.2% | 1.98B+18.6% | 1.67B+19.1% | 1.40B-7.3% | 1.51B-17.4% | |
| Income taxes paid | 1.95B+13.1% | 1.72B+10.2% | 1.56B-16.1% | 1.86B-11.3% | 2.10B-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 | 278B+36.3% | 204B+36.5% | 149B+17.2% | 127B+6.0% | 120B+11.8% | |
| P/E | 26.2×-22.5% | 33.8×+56.9% | 21.6×-78.6% | 100.9×+382.3% | 20.9×+8.8% | |
| P/S | 4.1×+26.7% | 3.2×+33.0% | 2.4×+16.0% | 2.1×+0.4% | 2.1×+7.5% | |
| P/B | 8.5×+14.0% | 7.5×+15.4% | 6.5×+2.0% | 6.3×-0.2% | 6.4×+21.8% | |
| P/FCF | 23.0×+39.6% | 16.4×+33.0% | 12.4×-26.0% | 16.7×+49.1% | 11.2×+62.2% | |
| Earnings yield | 3.8%+29.0% | 3.0%-36.3% | 4.6%+368.0% | 0.99%-79.3% | 4.8%-8.1% | |
| FCF yield | 4.4%-28.4% | 6.1%-24.8% | 8.1%+35.1% | 6.0%-33.0% | 8.9%-38.4% | |
| Dividend yield | 2.3%-25.3% | 3.0%-25.2% | 4.1%-13.3% | 4.7%-4.6% | 4.9%-9.4% | |
| 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.