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International Business Machines Corp. (IBM)

IBM sells enterprise software, consulting services and computing infrastructure, and finances clients' purchases of them. The company was incorporated in New York on 16 June 1911 as the Computing-Tabulating-Recording Co., a consolidation of the Computing Scale Co. of America, the Tabulating Machine Co. and The International Time Recording Co. of New York, and took its present name in 1924. Its stated focus today is hybrid cloud and artificial intelligence: supporting clients' digital transformations, reworking critical workflows at scale and modernising applications. It draws on software, consulting, long-standing positions in mission-critical infrastructure and its own research organisation.

International Business Machines Corp.

IBM sells enterprise software, consulting services and computing infrastructure, and finances clients' purchases of them. The company was incorporated in New York on 16 June 1911 as the Computing-Tabulating-Recording Co., a consolidation of the Computing Scale Co. of America, the Tabulating Machine Co. and The International Time Recording Co. of New York, and took its present name in 1924. Its stated focus today is hybrid cloud and artificial intelligence: supporting clients' digital transformations, reworking critical workflows at scale and modernising applications. It draws on software, consulting, long-standing positions in mission-critical infrastructure and its own research organisation.

Software

Hybrid cloud and AI platforms sold to enterprises to run transformations across their applications, data and environments. The filing names Alphabet, Amazon, BMC, Broadcom, Microsoft, Oracle, Salesforce, SAP and Splunk as the principal competitors in this segment, alongside smaller specialists in particular regions or product areas.

Consulting

Strategy, experience design, technology and operations expertise delivered by industry domain. The market spans business consulting, systems integration, application development and management, and business process outsourcing. Competitors named are Accenture, Capgemini, India-based service providers, management consulting firms, the consulting practices of public accounting firms, engineering service providers and niche specialists. The company describes its position here as supported by industry expertise, hybrid cloud, data and AI capability, and the use of its own technology and ecosystem partners.

Infrastructure

On-premises and cloud-based server and storage systems, with a portfolio of lifecycle services for deploying hybrid cloud infrastructure. Investment is directed at security, scalability and reliability for mission-critical and AI workloads. Principal competitors named are Dell Technologies, Hewlett-Packard Enterprise, Intel, NetApp and Pure Storage, together with original device manufacturers whose systems are re-branded by others, and cloud service providers, which the filing notes compete with traditional providers and also open another route to market for server and storage systems.

Financing

Client and commercial financing that lets IBM clients acquire hardware, software and services. The filing points to the management of credit and residual value risk as the source of advantage here, and lists the competitive factors as interest rates charged, information technology product experience, client service, contract flexibility, ease of doing business, global capabilities and residual values. Competition comes mainly from non-captive financing entities and financial institutions.

Partners and competition

The company partners with hyperscalers, service providers, global system integrators and software and hardware vendors, naming Adobe, Amazon Web Services, Microsoft, Oracle, Palo Alto Networks, Salesforce, Samsung Electronics and SAP among its strategic partners, and it notes that a partner in one area may be a competitor in another. It describes hundreds of competitors worldwide across its segments, and new ones appearing as it pursues its hybrid cloud and AI strategy. Its stated methods of competition are technology, performance, price, quality, brand, breadth of capabilities, talent, client relationships, the ability to deliver business value, and service and support. Quantum computing is named as the next set of business opportunities it is preparing for.

From IBM's annual report on Form 10-K for the year ended 31 December 2025. Much of the business description, including the segment descriptions, human capital and strategy, is incorporated into that filing by reference from the company's annual report to stockholders and is not reproduced in it. The filing

Compare with another name What $10,000 in International Business Machines became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 22 October 2026
Revenue
$17.1 billion
+4.7% on the year · -0.3% on the quarter
Q4 FY2024Q3 FY2026
Net income
$2.2 billion
+25.6% on the year · +1.2% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$2.30
+25.0% on the year · +1.3% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 24 February 2026
Revenue
$67.5 billion
+7.6% on the year
FY2018FY2025
Net income
$10.6 billion
+75.9% on the year
FY2018FY2025
Diluted EPS
$11.17
+73.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsInternational Business Machines (IBM) reported revenue of $67.5 billion for fiscal 2025, the year ended 31 December 2025, up 7.6% on the year before. Net income was $10.6 billion and diluted earnings per share $11.17. Revenue was $62.8 billion in fiscal 2024, $61.9 billion in fiscal 2023, $60.5 billion in fiscal 2022 and $57.4 billion in fiscal 2021. Net income in the same years was $6.0 billion, $7.5 billion, $1.6 billion and $5.7 billion. Over the twelve months to 30 September 2026, International Business Machines reported revenue of $69.9 billion and net income of $11.2 billion. Revenue grew 4.1% a year, compounded, over the five years to fiscal 2025. International Business Machines declared $6.74 a share in dividends over the last four quarters and had 945 million shares outstanding at the latest filed count. At 30 September 2026 it carried $63.8 billion of debt and $9.2 billion of cash. At the close of 6 November 2026 the market cap of International Business Machines was $231.5 billion, 20.9 times its earnings over the last twelve months.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE31.4%
ROCEn/a
Operating marginn/a
Net margin16.0%
FCF margin21.0%
Interest covern/a
Debt to equity1.80x
Cash conversion1.42x
Share count, last 12 months1.1%
Sales CAGR, 3 years3.7%
Profit CAGR, 3 years86.3%
EPS, TTM$11.73

At the close of 6 November 2026

Price$244.91
Market cap$231.5 billion
Stock P/E20.9x
Price to book6.5x
EV / EBITDAn/a
Dividend yield2.8%
Market cap / sales3.3x
52-week high$329.23
52-week low$205.77
Price, 1 year-21.6%
Price CAGR, 3 years18.1%
Price CAGR, 5 years14.7%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of International Business Machines Corp.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
IBMgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. 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. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 * †Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue16,69414,19715,53514,10716,69114,25215,47514,75217,38114,46215,77014,96817,55314,54116,97716,33119,68615,91717,16217,103
Cost of revenue7,1946,8627,2466,6777,0576,7436,9746,7297,1146,7196,8206,5487,1146,5107,0016,9707,7586,9687,2557,389
Gross profit9,5017,3358,2907,4309,6327,5098,5018,02310,2677,7428,9508,42010,4398,0319,9779,36011,9298,9509,9079,714
Gross margin57%52%53%53%58%53%55%54%59%54%57%56%59%55%59%57%61%56%58%57%
R&D1,6251,6791,6731,6111,6041,6551,6871,6851,7481,7961,8401,8761,9671,9502,0972,0822,1872,1732,3112,378
SG&A4,9024,5974,8554,3914,7664,8534,9004,4584,7924,9744,9384,9114,8654,8865,0274,7485,4625,0894,9814,620
Interest expense304311297295313367423412405432427429424455510492478473486491
Pre-tax income2,8686231,722-4,5013,3121,0582,0001,8733,7591,0742,219-8023,3061,1582,5972,4304,1431,3872,4792,497
Tax rate14%-6%15%n/a13%12%21%8%13%-47%18%n/a11%9%16%28%-35%12%13%12%
Net income2,3337331,392-3,1962,7109271,5831,7043,2881,6051,834-3302,9141,0552,1941,7445,6001,2162,1652,190
Net margin14%5%9%-23%16%7%10%12%19%11%12%-2%17%7%13%11%28%8%13%13%
Diluted EPS$2.57$0.81$1.53-$3.54$2.96$1.01$1.72$1.84$3.55$1.72$1.96-$0.36$3.09$1.12$2.31$1.84$5.88$1.28$2.27$2.30
Operating cash flow2,5443,2481,3211,9013,9653,7742,6383,0564,4634,1682,0662,8814,3304,3701,7013,0824,0405,1692,5974,025
Capital expenditure450281339317409300364281300239220286303244210255382232229332
Free cash flow2,0942,9679821,5843,5563,4742,2742,7754,1633,9291,8462,5954,0274,1261,4912,8273,6584,9372,3683,693
Dividends paid1,4741,4751,4881,4911,4941,4971,5101,5151,5181,5221,5361,5431,5461,5491,5631,5691,5741,5761,5901,596
Shares outstanding898m899m903m904m906m908m911m913m915m919m921m925m926m929m932m935m937m940m942m945m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

Income statement (profit and loss)

FY2007FY2008FY2009FY2010FY2011FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019 †FY2020 †FY2021FY2022FY2023FY2024FY2025TTM
Revenue98,786103,63095,75899,870106,916102,87498,36792,79381,74179,91979,13979,59157,71455,17957,35060,53061,86062,75367,53569,868
Cost of revenue57,05757,96951,97353,85756,77852,51349,68346,38641,05741,40342,19642,65526,18124,31425,86527,84227,56027,20128,23929,370
Gross profit41,72945,66143,78546,01450,13850,29848,68446,40740,68438,51636,94336,93631,53330,86531,48632,68734,30035,55139,29740,500
Gross margin42.2%44.1%45.7%46.1%46.9%48.9%49.5%50.0%49.8%48.2%46.7%46.4%54.6%55.9%54.9%54.0%55.4%56.7%58.2%58.0%
Research and development6,1536,3375,8206,0266,2585,8165,7435,4375,2475,7265,5905,3795,9106,2626,4886,5676,7757,4798,3169,049
Selling, general and administrative22,06023,38620,95221,83723,59423,46323,45123,18020,43020,86919,68019,36618,72420,56118,74518,60919,00319,68820,12320,152
Interest expense6116734023684114594024844686306157231,3441,2881,1551,2161,6071,7121,9351,928
Pre-tax income14,48916,71518,13819,72321,00322,54020,24419,98615,94512,33011,40011,3427,2062,5724,8371,1568,6905,79710,32810,506
Income tax4,0714,3814,7134,8905,1485,5413,3634,2342,5814495,6422,61960.0-1,360124-6261,176-218-242-652
Effective tax rate28.1%26.2%26.0%24.8%24.5%24.6%16.6%21.2%16.2%3.6%49.5%23.1%0.8%-52.9%2.6%-54.2%13.5%-3.8%-2.3%-6.2%
Net income10,41812,33413,42514,83315,85516,60416,48312,02213,19011,8725,7538,7289,4315,5905,7431,6397,5026,02310,59311,171
Net margin10.5%11.9%14.0%14.9%14.8%16.1%16.8%13.0%16.1%14.9%7.3%11.0%16.3%10.1%10.0%2.7%12.1%9.6%15.7%16.0%
Diluted EPS$7.15$8.89$10.01$11.52$13.06$14.37$14.94$11.90$13.42$12.38$6.14$9.52$10.56$6.23$6.35$1.80$8.14$6.43$11.17$11.73
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree 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.

Revenue by segment FY2009 to FY2025, 3 years left out

FY2009FY2010FY2011FY2014FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Softwaren/an/an/an/an/an/an/a22,40822,92724,14125,03725,01127,08529,96244.4%
Consultingn/an/an/an/an/an/an/a16,93916,25717,84419,10720,88420,69221,05531.2%
Infrastructuren/an/an/an/an/an/an/a15,77414,53314,18815,28814,59314,02015,71823.3%
Financingn/an/an/an/an/an/an/a1,2159757746457417137371.1%
Cloud & Cognitive Softwaren/an/an/an/an/a24,91025,047n/an/an/an/an/an/an/an/a
Cognitive Solutionsn/an/an/a21,90620,817n/an/an/an/an/an/an/an/an/an/a
Global Business Servicesn/an/an/a20,05517,10916,43617,121n/an/an/an/an/an/an/an/a
Global Financingn/an/an/a4,5223,4943,1683,200n/an/an/an/an/an/an/an/a
Global Technology Servicesn/an/an/an/an/a29,87030,018n/an/an/an/an/an/an/an/a
Systemsn/an/an/a13,3008,4648,9458,848n/an/an/an/an/an/an/an/a
Technology Services & Cloud Platformsn/an/an/a39,72936,052n/an/an/an/an/an/an/an/an/an/a
Total segments102,524106,827114,440n/an/an/an/an/an/an/an/an/an/an/an/a
Elimination of internal transactions-7,635-7,707-8,246n/an/an/an/an/an/an/an/an/an/an/an/a
Not assigned to a part in the filingn/an/an/an/an/an/an/a1,378n/an/an/an/an/an/an/a
Sales between segments, taken outn/an/an/a-6,719-6,017-4,190-4,643n/an/an/an/an/an/an/an/a
Unallocated to segments869750722n/an/an/an/an/an/an/an/an/an/an/an/a
Software FY2019 to FY2025Consulting FY2019 to FY2025Infrastructure FY2019 to FY2025Financing FY2019 to FY2025Global Business Services FY2014 to FY2018Global Technology Services FY2017 to FY2018Cloud & Cognitive Software FY2017 to FY2018Systems FY2014 to FY2018Global Financing FY2014 to FY2018Technology Services & Cloud Platforms FY2014 to FY2016Cognitive Solutions FY2014 to FY2016Total segments FY2009 to FY2011
106.8FY201099.5FY201483.3FY201756.3FY201956.9FY202161.2FY202367.5FY2025

$ billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Elimination of internal transactions, Not assigned to a part in the filing, Sales between segments, taken out and Unallocated to segments are the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart.

Profit by segment FY2009 to FY2025, 3 years left out

The profit before tax each segment reports. Costs International Business Machines does not charge to a segment are left out, so the segments can add up to more than the company's own profit before tax.

FY2009FY2010FY2011FY2014FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Margin
FY2025
Software8,3199,466n/an/an/an/an/a5,0253,4234,8497,0127,4998,6849,92033.1%
Consultingn/an/an/an/an/an/an/a1,3441,0341,4491,8712,1302,0542,46411.7%
Infrastructuren/an/an/an/an/an/an/a2,4811,6542,0252,6712,8282,4503,45822.0%
Financingn/an/an/an/an/an/an/a65244944134037334852170.7%
Cloud & Cognitive Softwaren/an/an/an/an/a8,0688,914n/an/an/an/an/an/an/an/a
Cognitive Solutionsn/an/an/a8,2156,325n/an/an/an/an/an/an/an/an/an/a
Global Business Services2,5012,5463,0063,3471,6831,3031,602n/an/an/an/an/an/an/an/a
Global Financing1,7241,9562,0112,1891,6541,2781,361n/an/an/an/an/an/an/an/a
Global Technology Services5,4825,4996,284n/an/a2,6181,781n/an/an/an/an/an/an/an/a
Systemsn/an/an/a1,3849251,128904n/an/an/an/an/an/an/an/a
Technology Services & Cloud Platformsn/an/an/a7,0844,643n/an/an/an/an/an/an/an/an/an/a
Total segments19,32320,92322,904n/an/an/an/an/an/an/an/an/an/an/an/a
Software FY2009 to FY2025Global Business Services FY2009 to FY2018Total segments FY2009 to FY2011Consulting FY2019 to FY2025Global Technology Services FY2009 to FY2018Technology Services & Cloud Platforms FY2014 to FY2016Infrastructure FY2019 to FY2025Cloud & Cognitive Software FY2017 to FY2018Cognitive Solutions FY2014 to FY2016Financing FY2019 to FY2025Systems FY2014 to FY2018Global Financing FY2009 to FY2018
40.4FY201022.2FY201414.4FY20179.5FY20198.8FY202112.8FY202316.4FY2025

$ billion; the figure over a bar is all the segments together. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
Software44%61%
Consulting31%15%
Infrastructure23%21%
Financing1%3%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has a profit before tax figure. A margin is a segment's profit before tax over its own sales.

Revenue by product or service FY2016 to FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Sales26,94228,77228,73527,35726,56927,34629,67330,74532,23136,08553.4%
Services51,26848,65249,25729,14127,62629,22530,20630,37829,81330,71445.5%
Financing1,7101,7151,5991,2169847806517377097371.1%
SalesServicesFinancing
79.1FY201757.7FY201957.4FY202161.9FY202367.5FY2025

$ billion; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region FY2018 to FY2025

FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Americas36,99428,70427,11928,29931,05731,66631,26633,34249.4%
Europe/Middle East/Africa25,49117,28216,76717,44717,95018,49219,42922,18932.9%
Asia Pacific17,10611,72811,29311,60411,52211,70212,05812,00417.8%
AmericasEurope/Middle East/AfricaAsia Pacific
79.6FY201857.7FY201955.2FY202057.4FY202160.5FY202261.9FY202362.8FY202467.5FY2025

$ billion; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow

FY2007FY2008FY2009FY2010FY2011FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019 †FY2020 †FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow16,08918,81220,77319,54919,84619,58617,48516,86817,25517,08416,72415,24714,77018,19712,79610,43513,93113,44513,19315,831
Capital expenditure4,6304,1713,4474,1854,1084,0823,6233,7403,5793,5673,2293,3952,2862,6182,0621,3461,2451,0481,0911,175
Free cash flow11,45914,64117,32615,36415,73815,50413,86213,12813,67613,51713,49511,85212,48415,57910,7349,08912,68612,39712,10214,656
Free cash flow margin11.6%14.1%18.1%15.4%14.7%15.1%14.1%14.1%16.7%16.9%17.1%14.9%21.6%28.2%18.7%15.0%20.5%19.8%17.9%21.0%
Cash from investingn/a-9,285-6,729-8,507n/an/an/a-3,001-8,159-10,928-7,081-4,913-26,936-3,028-5,975-4,202-7,070-4,937-10,302-12,122
Cash from financingn/a-11,834-14,700-12,429n/an/an/a-15,452-9,413-5,917-6,418-10,4699,042-9,721-13,354-4,958-1,769-7,079-3,829-5,808
Depreciation and amortisation5,2015,4504,9944,8314,8154,6764,6784,4923,8554,3814,5414,4806,0596,6956,4174,8024,3964,6675,0215,297
Share-based compensation7136595586296976886145124685445345106799379829871,1331,3111,7151,968
Buybacks18,82810,5787,42915,37515,04611,99513,85913,6794,6093,5024,3404,4431,361n/an/an/an/an/an/an/a
Dividends paid2,1472,5852,8603,1773,4733,7734,0584,2654,8975,2565,5065,6665,7075,7975,8695,9486,0406,1476,2556,336
Dividend per sharen/an/an/an/an/an/an/an/an/a$5.50$5.90$6.21$6.43$6.51$6.55$6.59$6.63$6.67$6.71n/a
Diluted shares, weighted1,457m1,388m1,341m1,287m1,214m1,155m1,103m1,010m983m959m937m916m893m897m905m912m922m937m949m954m
Shares outstanding at period endn/an/an/a1,228m1,163m1,117m1,054m991m966m946m922m892m887m893m898m906m915m926m937m945m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe 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

FY2007FY2008FY2009FY2010FY2011FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019 †FY2020 †FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity28,61513,46522,63723,04620,13818,86022,79211,86814,26218,24617,59416,79620,84120,59718,90121,94422,53327,30732,64835,537
Non-controlling interestn/a11911812697.012413714616214613113414412995.077.080.086.093.0669
Debtn/a22,68924,15428,62431,32033,26939,71840,72239,88942,16846,82445,81262,89961,33351,70450,94956,54754,97361,26063,817
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/an/a3,8792,7202,4622,1902,5682,6552,5472,574
Finance lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/an/an/a60.063.0164379803874n/a
Other liabilitiesn/a73,25162,11361,65664,87866,96062,99464,53556,18256,91060,80760,64064,42371,13258,77651,91953,13451,35154,45852,414
Total liabilities and equityn/a109,524109,022113,452116,433119,213125,641117,271110,495117,470125,356123,382152,186155,971132,001127,243135,241137,175151,880155,011
Owned
Fixed assetsn/a14,30514,16514,09613,88313,99613,82110,77110,72710,83011,11610,79210,0106,2055,6945,334n/an/an/an/a
Goodwilln/a18,22620,19025,13626,21329,24731,18430,55632,02136,19936,78836,26552,47153,76555,64355,94960,17860,70667,71774,916
Intangible assetsn/a2,8782,5133,4883,3923,7873,8713,1043,4874,6883,7423,08715,23513,73912,51111,18411,03610,66011,39113,603
Investmentsn/a1661,7919900.07273599.0516709619618696600n/an/an/an/an/an/a
Cash and equivalents14,99112,74112,18310,66111,92210,41210,7168,4767,6867,82611,97211,3798,17213,2126,6507,88613,06813,94713,5879,233
Receivablesn/an/an/a10,83411,17910,66710,4659,0908,3339,1828,9287,4327,8705,7906,7546,5417,2146,8048,1125,794
Inventoryn/a2,7012,4942,4502,5952,2872,3102,1031,5511,5531,5831,6821,6191,8121,6491,5521,1611,2891,2201,945
Other assetsn/a58,50755,68645,79747,24948,09052,91553,16246,17446,48350,60852,12756,11360,84843,10038,79742,58443,76949,85349,520
Total assetsn/a109,524109,022113,452116,433119,213125,641117,271110,495117,470125,356123,382152,186155,971132,001127,243135,241137,175151,880155,011
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded-1.9%4.1%3.7%6.8%
Profit growth, compounded-2.2%13.6%86.3%41.3%
Return on equity, average34.8%25.1%29.3%32.4%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn 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.

Questions

What was International Business Machines' revenue in fiscal 2025?

International Business Machines (IBM) reported revenue of $67.5 billion for fiscal 2025, the year ended 31 December 2025, up 7.6% on the year before.

How much did International Business Machines earn in fiscal 2025?

Net income was $10.6 billion for fiscal 2025, and diluted earnings per share $11.17.

What is International Business Machines' P/E ratio?

At the close of 6 November 2026, International Business Machines traded at 20.9 times its earnings over the twelve months to 30 September 2026.

What is International Business Machines' market cap?

The market cap of International Business Machines was $231.5 billion at the close of 6 November 2026.

Does International Business Machines pay a dividend?

Yes. International Business Machines declared $6.74 a share in dividends over the four quarters to 30 September 2026.

Peers: Computers

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Cisco Systems, Inc. CSCO$370.3 billion28.1026.4%24.3%11.8%0.591.8%
Palo Alto Networks Inc. PANW$255.7 billion615.081.1%6.1%24.5%0.06n/a
International Business Machines Corp. IBM$231.5 billion20.8831.4%n/a6.8%1.802.8%
Arista Networks, Inc. ANET$215.7 billion45.9028.9%43.8%40.7%0.00n/a
Dell Technologies Inc. DELL$210.3 billion19.07n/a9.4%49.0%n/a0.7%
Sandisk Corp. SNDK$120.3 billion6.69107.1%72.5%272.4%0.00n/a
Seagate Technology Holdings plc STX$105.9 billion24.21127.3%39.6%44.4%0.690.6%
Western Digital Corp. WDC$98.6 billion10.20107.2%39.4%43.0%0.080.2%
Fortinet, Inc. FTNT$87.3 billion38.56101.6%33.0%20.2%0.22n/a
Hewlett Packard Enterprise Co. HPE$59.5 billion23.3210.5%6.2%26.6%0.761.3%
NetApp, Inc. NTAP$33.2 billion23.8694.8%25.0%12.2%1.661.2%
HP Inc. HPQ$25.7 billion10.86n/a5.4%8.1%n/a4.1%
All 59 in Computers
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Apple Inc. AAPL$4.97 trillion38.16117.9%33.0%15.1%0.710.3%
Cisco Systems, Inc. CSCO$370.3 billion28.1026.4%24.3%11.8%0.591.8%
Palo Alto Networks Inc. PANW$255.7 billion615.081.1%6.1%24.5%0.06n/a
International Business Machines Corp. IBM$231.5 billion20.8831.4%n/a6.8%1.802.8%
Arista Networks, Inc. ANET$215.7 billion45.9028.9%43.8%40.7%0.00n/a
Dell Technologies Inc. DELL$210.3 billion19.07n/a9.4%49.0%n/a0.7%
Sandisk Corp. SNDK$120.3 billion6.69107.1%72.5%272.4%0.00n/a
Seagate Technology Holdings plc STX$105.9 billion24.21127.3%39.6%44.4%0.690.6%
Western Digital Corp. WDC$98.6 billion10.20107.2%39.4%43.0%0.080.2%
Fortinet, Inc. FTNT$87.3 billion38.56101.6%33.0%20.2%0.22n/a
Hewlett Packard Enterprise Co. HPE$59.5 billion23.3210.5%6.2%26.6%0.761.3%
NetApp, Inc. NTAP$33.2 billion23.8694.8%25.0%12.2%1.661.2%
Everpure, Inc. P$32.2 billion132.5816.4%5.3%27.2%0.00n/a
HP Inc. HPQ$25.7 billion10.86n/a5.4%8.1%n/a4.1%
Samsara Inc. IOT$24.0 billion256.005.7%1.0%29.5%0.00n/a
Super Micro Computer, Inc. SMCI$19.0 billion6.1322.8%8.6%156.5%0.54n/a
F5, Inc. FFIV$17.7 billion24.7518.8%24.5%9.4%0.00n/a
Leidos Holdings, Inc. LDOS$16.2 billion11.8727.4%11.5%2.7%1.161.3%
GoDaddy Inc. GDDY$14.0 billion15.64n/a25.7%6.4%n/an/a
Logitech International S.A. LOGI$13.6 billion17.3437.5%17.8%5.7%0.001.6%
Caci International Inc. CACI$13.5 billion25.0911.7%9.8%10.1%1.05n/a
IonQ, Inc. IONQ$13.3 billion120.635.1%-333.9%376.5%0.01n/a
Jack Henry & Associates Inc. JKHY$12.1 billion23.7924.7%25.3%7.5%0.041.4%
Aurora Innovation, Inc. AUR$8.9 billionn/a-51.9%-14,357.1%n/a0.00n/a
Science Applications International Corp. SAIC$6.1 billion17.1226.5%8.0%-0.8%1.731.0%
Open Text Corp. OTEX$6.0 billion9.4215.9%20.5%0.1%1.404.4%
Waystar Holding Corp. WAY$5.5 billion41.093.3%21.9%21.4%0.36n/a
Kyndryl Holdings, Inc. KD$3.5 billion46.547.2%n/a-0.7%3.770.0%
NCR Atleos Corp. NATL$3.5 billion13.4447.3%13.2%1.9%4.51n/a
Agilysys Inc. AGYS$3.4 billion77.5012.4%14.3%14.9%0.00n/a
Extreme Networks Inc. EXTR$3.2 billion60.0659.7%5.7%11.3%2.27n/a
Parsons Corp. PSN$2.8 billion35.705.6%4.8%-2.7%0.51n/a
Digi International Inc. DGII$2.4 billion50.167.1%13.9%20.3%0.16n/a
Netscout Systems Inc. NTCT$2.2 billion17.887.9%15.3%2.7%0.00n/a
Pitney Bowes Inc. PBI$2.1 billion12.05n/a13.7%-3.5%n/a2.4%
Diebold Nixdorf, Inc. DBD$2.0 billion27.298.2%5.4%6.3%1.01n/a
A10 Networks, Inc. ATEN$1.8 billion37.5020.6%16.9%15.0%0.941.0%
Omnicell, Inc. OMCL$1.7 billion38.923.4%5.2%5.6%0.13n/a
NCR Voyix Corp. VYX$1.3 billion13.7212.5%2.4%-9.2%1.16n/a
Corsair Gaming, Inc. CRSR$1.3 billion32.006.7%3.2%1.6%0.17n/a
Par Technology Corp. PAR$849 millionn/a-7.8%-9.8%16.8%0.52n/a
Evolv Technologies Holdings, Inc. EVLV$823 millionn/a-4.4%-20.8%41.7%0.24n/a
OneSpan Inc. OSPN$794 million11.9224.8%17.9%4.9%0.022.4%
Mitek Systems Inc. MITK$778 million36.709.0%17.8%11.1%0.20n/a
Quantum Corp. QMCO$569 millionn/an/a-2.3%11.3%n/an/a
Netgear, Inc. NTGR$504 millionn/a-7.6%-6.0%-3.2%0.00n/a
Telos Corp. TLS$359 millionn/a-16.9%-9.9%65.9%0.00n/a
SmartRent, Inc. SMRT$307 millionn/a-7.8%-13.0%3.5%0.00n/a
Asure Software Inc. ASUR$278 millionn/an/an/an/a0.33n/a
Veea Inc. VEEA$277 millionn/a-152.1%-4,135.0%186.8%1.67n/a
Kodiak AI, Inc. KDK$248 millionn/an/a-1,824.6%n/an/an/a
Lantronix Inc. LTRX$241 millionn/a-3.5%-3.4%-1.6%0.00n/a
Ribbon Communications Inc. RBBN$240 million13.404.8%-3.6%-7.8%0.90n/a
Unisys Corp. UIS$195 millionn/an/a4.3%1.9%n/an/a
Xerox Holdings Corp. XRX$143 millionn/an/a-14.5%16.0%n/a9.3%
One Stop Systems, Inc. OSS$108 million71.831.1%-17.3%18.7%0.00n/a
Merlin, Inc. MRLN$88 millionn/an/an/an/an/an/a
CSP Inc. CSPI$74 millionn/a-1.5%-5.3%-0.7%0.051.6%
Widepoint Corp. WYY$63 millionn/a-10.8%-0.8%9.7%0.00n/a
2 companies share its SEC industry code (Computer & Office Equipment); the rest are the names nearest in size in its wider industry, Computers, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on IBM

Dividends$6.74 a share over the four quarters to 30 September 2026, a 2.75% yield
Filings26 in twelve months: 13 current reports (8-K), about 5 results of operations; 3 officer or director change; 3 charter or bylaw amendment, or fiscal year change; 2 regulation FD disclosure; 1 material agreement
Planned insider sales1 Form 144 notice in twelve months, $5.8 million; latest 26 August 2026
Options tapeput/call 0.72 by open interest at the 6 November 2026 close; the straddle prices a 4.0% move to 13 November 2026
13F holders3,659 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading1 sale and 3 purchases on Form 4 in twelve months
Congress14 House trades disclosed in six months
Short interest19.9 million shares short, 3.61 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 202622 October 2026EDGAR
10-Q30 June 202623 July 2026EDGAR
10-Q31 March 202623 April 2026EDGAR
10-K31 December 202524 February 2026EDGAR
10-Q30 September 202523 October 2025EDGAR
10-Q30 June 202524 July 2025EDGAR
10-Q31 March 202524 April 2025EDGAR
10-K31 December 202425 February 2025EDGAR
10-Q30 September 202430 October 2024EDGAR
10-Q30 June 202430 July 2024EDGAR

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