International Business Machines Corp. (IBM)

Name: International Business Machines Corp. (IBM): results, filings decoded, planned insider sales, 13F holders, insiders, Congress and short interest
Creator: GreekSoup
License: https://creativecommons.org/licenses/by/4.0/

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International Business Machines Corp. (IBM) reported revenue of $17.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 1.1% on the same quarter a year earlier. Net income was $2.2 billion, down 1.3% on the year, and diluted earnings per share $2.27. The figures are the company's own, from the 10-Q it filed with the SEC on 23 July 2026.

Revenue$17.2 billionup 1.1%

Net income$2.2 billiondown 1.3%

Diluted EPS$2.27

QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE31.1%

ROCEn/a

Operating marginn/a

Net margin15.5%

FCF margin20.0%

Interest covern/a

Debt to equity1.63

Cash conversion1.39

Share count, 1 year1.1%

Sales CAGR, 3 years3.7%

Profit CAGR, 3 years86.3%

EPS, TTM$11.29

At the close of 21 September 2026

Price$231.93

Market cap$218.5 billion

Stock P/E20.54

Price to book6.34

EV / EBITDAn/a

Dividend yield2.9%

Market cap / sales3.16

52-week high$329.23

52-week low$205.77

Price, 1 year-12.9%

Price CAGR, 3 years16.4%

Price CAGR, 5 years11.5%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as International Business Machines Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

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50-day average 200-day average Volume

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on IBM

Filings	27 in twelve months: 13 current reports (8-K), about 5 results of operations; 3 regulation fd disclosure; 2 officer or director change; 2 charter or bylaw amendment, or fiscal year change; 1 material agreement
Planned insider sales	1 Form 144 notice in twelve months, $5.8 million; latest 26 August 2026
Options tape	put/call 0.7 by open interest on 23 September 2026; the straddle prices a 2.7% move to 25 September 2026
Holders	9 of the followed funds hold it; largest Geode Capital Management; 2 Schedule 13D or 13G filings in twelve months
Insider trading	1 sale and 3 purchases on Form 4 in twelve months
Congress	13 House trades disclosed in six months
Short interest	22.0 million shares short, 4.51 days to cover at 31 August 2026
Documents	the 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	14,752	17,381	14,462	15,770	14,968	17,553	14,541	16,977	16,331	19,686	15,917	17,162
Cost of revenue	6,729	7,114	6,719	6,820	6,548	7,114	6,510	7,001	6,970	7,758	6,968	7,255
Gross profit	8,023	10,267	7,742	8,950	8,420	10,439	8,031	9,977	9,360	11,929	8,950	9,907
Gross margin	54%	59%	54%	57%	56%	59%	55%	59%	57%	61%	56%	58%
R&D	1,685	1,748	1,796	1,840	1,876	1,967	1,950	2,097	2,082	2,187	2,173	2,311
SG&A	4,458	4,792	4,974	4,938	4,911	4,865	4,886	5,027	4,748	5,462	5,089	4,981
Interest expense	412	405	432	427	429	424	455	510	492	478	473	486
Pre-tax income	1,873	3,759	1,074	2,219	-802	3,306	1,158	2,597	2,430	4,143	1,387	2,479
Tax rate	8%	13%	-47%	18%	n/a	11%	9%	16%	28%	-35%	12%	13%
Net income	1,704	3,288	1,605	1,834	-330	2,914	1,055	2,194	1,744	5,600	1,216	2,165
Net margin	12%	19%	11%	12%	-2%	17%	7%	13%	11%	28%	8%	13%
Diluted EPS	$1.84	$3.57	$1.72	$1.96	-$0.36	$3.11	$1.12	$2.31	$1.84	$5.90	$1.28	$2.27
Operating cash flow	3,056	4,463	4,168	2,066	2,881	4,330	4,370	1,701	3,082	4,040	5,169	2,597
Capital expenditure	281	300	239	220	286	303	244	210	255	382	232	229
Free cash flow	2,775	4,163	3,929	1,846	2,595	4,027	4,126	1,491	2,827	3,658	4,937	2,368
Dividends paid	1,515	1,518	1,522	1,536	1,543	1,546	1,549	1,563	1,569	1,574	1,576	1,590
Shares outstanding	913m	915m	919m	921m	925m	926m	929m	932m	935m	937m	940m	942m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

	FY2014 †	FY2015 †	FY2016 †	FY2017 †	FY2018	FY2019 †	FY2020 †	FY2021	FY2022	FY2023	FY2024	FY2025	TTM
Revenue	92,793	81,741	79,919	79,139	79,591	57,714	55,179	57,350	60,530	61,860	62,753	67,535	69,096
Cost of revenue	46,386	41,057	41,403	42,196	42,655	26,181	24,314	25,865	27,842	27,560	27,201	28,239	28,951
Gross profit	46,407	40,684	38,516	36,943	36,936	31,533	30,865	31,486	32,687	34,300	35,551	39,297	40,146
Gross margin	50.0%	49.8%	48.2%	46.7%	46.4%	54.6%	55.9%	54.9%	54.0%	55.4%	56.7%	58.2%	58.1%
Research and development	5,437	5,247	5,726	5,590	5,379	5,910	6,262	6,488	6,567	6,775	7,479	8,316	8,753
Selling, general and administrative	23,180	20,430	20,869	19,680	19,366	18,724	20,561	18,745	18,609	19,003	19,688	20,123	20,280
Interest expense	484	468	630	615	723	1,344	1,288	1,155	1,216	1,607	1,712	1,935	1,929
Pre-tax income	19,986	15,945	12,330	11,400	11,342	7,206	2,572	4,837	1,156	8,690	5,797	10,328	10,439
Income tax	4,234	2,581	449	5,642	2,619	60.0	-1,360	124	-626	1,176	-218	-242	-264
Effective tax rate	21.2%	16.2%	3.6%	49.5%	23.1%	0.8%	-52.9%	2.6%	-54.2%	13.5%	-3.8%	-2.3%	-2.5%
Net income	12,022	13,190	11,872	5,753	8,728	9,431	5,590	5,743	1,639	7,502	6,023	10,593	10,725
Net margin	13.0%	16.1%	14.9%	7.3%	11.0%	16.3%	10.1%	10.0%	2.7%	12.1%	9.6%	15.7%	15.5%
Diluted EPS	$11.90	$13.42	$12.38	$6.14	$9.52	$10.56	$6.23	$6.35	$1.80	$8.14	$6.43	$11.17	$11.29
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

	FY2014 †	FY2015 †	FY2016 †	FY2017 †	FY2018	FY2019 †	FY2020 †	FY2021	FY2022	FY2023	FY2024	FY2025	TTM
Operating cash flow	16,868	17,255	17,084	16,724	15,247	14,770	18,197	12,796	10,435	13,931	13,445	13,193	14,888
Capital expenditure	3,740	3,579	3,567	3,229	3,395	2,286	2,618	2,062	1,346	1,245	1,048	1,091	1,098
Free cash flow	13,128	13,676	13,517	13,495	11,852	12,484	15,579	10,734	9,089	12,686	12,397	12,102	13,790
Free cash flow margin	14.1%	16.7%	16.9%	17.1%	14.9%	21.6%	28.2%	18.7%	15.0%	20.5%	19.8%	17.9%	20.0%
Depreciation and amortisation	4,492	3,855	4,381	4,541	4,480	6,059	6,695	6,417	4,802	4,396	4,667	5,021	5,202
Share-based compensation	512	468	544	534	510	679	937	982	987	1,133	1,311	1,715	1,877
Buybacks	13,679	4,609	3,502	4,340	4,443	1,361	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	4,265	4,897	5,256	5,506	5,666	5,707	5,797	5,869	5,948	6,040	6,147	6,255	6,309
Dividend per share	n/a	n/a	$5.50	$5.90	$6.21	$6.43	$6.51	$6.55	$6.59	$6.63	$6.67	$6.71	n/a
Diluted shares, weighted	1,010m	983m	959m	937m	916m	893m	897m	905m	912m	922m	937m	949m	953m
Shares outstanding at period end	991m	966m	946m	922m	892m	887m	893m	898m	906m	915m	926m	937m	942m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

	FY2014 †	FY2015 †	FY2016 †	FY2017 †	FY2018	FY2019 †	FY2020 †	FY2021	FY2022	FY2023	FY2024	FY2025	TTM
Total assets	117,271	110,495	117,470	125,356	123,382	152,186	155,971	132,001	127,243	135,241	137,175	151,880	152,099
Cash and equivalents	8,476	7,686	7,826	11,972	11,379	8,172	13,212	6,650	7,886	13,068	13,947	13,587	7,172
Receivables	9,090	8,333	9,182	8,928	7,432	7,870	5,790	6,754	6,541	7,214	6,804	8,112	6,044
Inventory	2,103	1,551	1,553	1,583	1,682	1,619	1,812	1,649	1,552	1,161	1,289	1,220	1,746
Goodwill	30,556	32,021	36,199	36,788	36,265	52,471	53,765	55,643	55,949	60,178	60,706	67,717	74,599
Long-term debt	39,593	38,699	40,893	45,052	42,656	54,102	54,217	44,917	46,189	50,121	49,884	54,836	56,212
Long-term debt including finance leases	n/a	n/a	n/a	n/a	35,605	54,102	54,217	44,917	46,189	50,121	49,884	54,836	56,212
Borrowings, as the company tags them	39,737	38,820	41,145	45,445	43,196	62,207	61,808	52,339	51,986	57,598	56,112	62,286	63,076
Operating lease liabilities	n/a	n/a	n/a	n/a	n/a	3,879	2,720	2,462	2,190	2,568	2,655	2,547	2,515
Finance lease liabilities	n/a	n/a	n/a	n/a	n/a	n/a	60.0	63.0	164	379	803	874	n/a
Shareholders' equity	11,868	14,262	18,246	17,594	16,796	20,841	20,597	18,901	21,944	22,533	27,307	32,648	34,452
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

	10 years	5 years	3 years	TTM
Sales growth, compounded	-1.9%	4.1%	3.7%	7.9%
Profit growth, compounded	-2.2%	13.6%	86.3%	83.9%
Return on equity, average	34.8%	25.1%	29.3%	32.4%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Computer & Office Equipment

Company	Market cap	P/E	ROE	Op. margin	Sales growth TTM	Debt to equity	Div. yield
International Business Machines Corp. IBM	$218.5 billion	20.54	31.1%	n/a	7.9%	1.63	2.9%
Hewlett Packard Enterprise Co. HPE	$82.0 billion	31.83	10.5%	6.2%	26.6%	0.76	0.8%
HP Inc. HPQ	$29.8 billion	12.58	n/a	5.4%	8.1%	n/a	3.5%

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

Filing	Period	Filed	Where
10-Q	30 June 2026	23 July 2026	EDGAR
10-Q	31 March 2026	23 April 2026	EDGAR
10-K	31 December 2025	24 February 2026	EDGAR
10-Q	30 September 2025	23 October 2025	EDGAR
10-Q	30 June 2025	24 July 2025	EDGAR
10-Q	31 March 2025	24 April 2025	EDGAR
10-K	31 December 2024	25 February 2025	EDGAR
10-Q	30 September 2024	30 October 2024	EDGAR
10-Q	30 June 2024	30 July 2024	EDGAR
10-Q	31 March 2024	30 April 2024	EDGAR

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