International Business Machines financials
$219.99−0.31%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67.53B | $62.75B | $61.86B | $60.53B | $57.35B | $55.18B | $57.71B | $79.59B | $79.14B | $79.92B |
| Gross profit | $39.30B | $35.55B | $34.30B | $32.69B | $31.49B | $30.86B | $31.53B | $36.94B | $36.94B | $38.52B |
| Gross margin | 58.2% | 56.7% | 55.4% | 54.0% | 54.9% | 55.9% | 54.6% | 46.4% | 46.7% | 48.2% |
| Operating income | $12.26B | $7.51B | $10.30B | $7.51B | $6.25B | $4.04B | $6.90B | $13.22B | $13.14B | $13.55B |
| Net income | $10.59B | $6.02B | $7.50B | $1.64B | $5.74B | $5.59B | $9.43B | $8.73B | $5.75B | $11.87B |
| Net margin | 15.7% | 9.6% | 12.1% | 2.7% | 10.0% | 10.1% | 16.3% | 11.0% | 7.3% | 14.9% |
| Diluted EPS | $11.17 | $6.43 | $8.14 | $1.80 | $6.35 | $6.23 | $10.56 | $9.52 | $6.14 | $12.38 |
| EBITDA | $17.28B | $12.18B | $14.69B | $12.31B | $12.67B | $10.74B | $12.96B | $17.70B | $17.68B | $17.93B |
| Operating cash flow | $13.19B | $13.45B | $13.93B | $10.44B | $12.80B | $18.20B | $14.77B | $15.25B | $16.72B | $17.08B |
| Free cash flow | $12.10B | $12.40B | $12.69B | $9.09B | $10.73B | $15.58B | $12.48B | $11.85B | $12.95B | $13.52B |
| Diluted shares | 948.7M | 937.2M | 922.1M | 912.3M | 904.6M | 896.6M | 892.8M | 916.3M | 937.4M | 958.7M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $13.59B | $13.95B | $13.07B | $7.89B | $6.65B | $13.19B |
| Short-term investments | $830.0M | $6.90B | $6.47B | $852.0M | $600.0M | $600.0M |
| Total debt | $61.26B | $54.97B | $56.55B | $50.95B | $51.70B | $66.97B |
| Total assets | $151.88B | $137.18B | $135.24B | $127.24B | $132.00B | $155.97B |
| Total liabilities | $119.14B | $109.78B | $112.63B | $105.22B | $113.00B | $135.24B |
| Shareholders' equity | $32.74B | $27.39B | $22.61B | $22.02B | $19.00B | $20.73B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology