International Business Machines (IBM) FY2011 results: revenue $106.9 billion, up 7.1% on the year
International Business Machines Corp. (IBM) reported revenue of $106.9 billion for fiscal 2011, the year ended 31 December 2011, up 7.1% on the year before. Net income was $15.9 billion, up 6.9%, and diluted earnings per share $13.06. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2014.
Revenue
$106.9 billion
+7.1% on the year
FY2007FY2011
Operating margin
n/a
FY2007FY2011
Net income
$15.9 billion
+6.9% on the year
FY2007FY2011
Diluted EPS
$13.06
+13.4% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
106,916
99,870
95,758
+7.1%
Cost of revenue
56,778
53,857
51,973
+5.4%
Gross profit
50,138
46,014
43,785
+9.0%
Gross margin
46.9%
46.1%
45.7%
Research and development
6,258
6,026
5,820
+3.8%
Selling, general and administrative
23,594
21,837
20,952
+8.0%
Interest expense
411
368
402
+11.7%
Pre-tax income
21,003
19,723
18,138
+6.5%
Income tax
5,148
4,890
4,713
+5.3%
Effective tax rate
24.5%
24.8%
26.0%
Net income
15,855
14,833
13,425
+6.9%
Net margin
14.8%
14.9%
14.0%
Diluted EPS
$13.06
$11.52
$10.01
+13.4%
$ million except per share. 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.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
19,846
19,549
20,773
+1.5%
Capital expenditure
4,108
4,185
3,447
-1.8%
Free cash flow
15,738
15,364
17,326
+2.4%
Free cash flow margin
14.7%
15.4%
18.1%
Cash from investing
n/a
-8,507
-6,729
Cash from financing
n/a
-12,429
-14,700
Depreciation and amortisation
4,815
4,831
4,994
-0.3%
Share-based compensation
697
629
558
+10.8%
Buybacks
15,046
15,375
7,429
-2.1%
Dividends paid
3,473
3,177
2,860
+9.3%
Diluted shares, weighted
1,214m
1,287m
1,341m
-5.7%
Shares outstanding at period end
1,163m
1,228m
n/a
-5.3%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
20,138
23,046
22,637
-12.6%
Non-controlling interest
97.0
126
118
-23.0%
Debt
31,320
28,624
24,154
+9.4%
Other liabilities
64,878
61,656
62,113
+5.2%
Total liabilities and equity
116,433
113,452
109,022
+2.6%
Fixed assets
13,883
14,096
14,165
-1.5%
Goodwill
26,213
25,136
20,190
+4.3%
Intangible assets
3,392
3,488
2,513
-2.8%
Investments
0.0
990
1,791
Cash and equivalents
11,922
10,661
12,183
+11.8%
Receivables
11,179
10,834
n/a
+3.2%
Inventory
2,595
2,450
2,494
+5.9%
Other assets
47,249
45,797
55,686
+3.2%
Total assets
116,433
113,452
109,022
+2.6%
10-K for the year ended 31 December 2011, filed 25 February 2014: the filing.