International Business Machines (IBM) FY2012 results: revenue $102.9 billion, down 3.8% on the year
International Business Machines Corp. (IBM) reported revenue of $102.9 billion for fiscal 2012, the year ended 31 December 2012, down 3.8% on the year before. Net income was $16.6 billion, up 4.7%, and diluted earnings per share $14.37. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2013.
Revenue
$102.9 billion
-3.8% on the year
FY2007FY2012
Operating margin
n/a
FY2007FY2012
Net income
$16.6 billion
+4.7% on the year
FY2007FY2012
Diluted EPS
$14.37
+10.0% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
102,874
106,916
99,870
-3.8%
Cost of revenue
52,513
56,778
53,857
-7.5%
Gross profit
50,298
50,138
46,014
+0.3%
Gross margin
48.9%
46.9%
46.1%
Research and development
5,816
6,258
6,026
-7.1%
Selling, general and administrative
23,463
23,594
21,837
-0.6%
Interest expense
459
411
368
+11.7%
Pre-tax income
22,540
21,003
19,723
+7.3%
Income tax
5,541
5,148
4,890
+7.6%
Effective tax rate
24.6%
24.5%
24.8%
Net income
16,604
15,855
14,833
+4.7%
Net margin
16.1%
14.8%
14.9%
Diluted EPS
$14.37
$13.06
$11.52
+10.0%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
19,586
19,846
19,549
-1.3%
Capital expenditure
4,082
4,108
4,185
-0.6%
Free cash flow
15,504
15,738
15,364
-1.5%
Free cash flow margin
15.1%
14.7%
15.4%
Cash from investing
n/a
n/a
-8,507
Cash from financing
n/a
n/a
-12,429
Depreciation and amortisation
4,676
4,815
4,831
-2.9%
Share-based compensation
688
697
629
-1.3%
Buybacks
11,995
15,046
15,375
-20.3%
Dividends paid
3,773
3,473
3,177
+8.6%
Diluted shares, weighted
1,155m
1,214m
1,287m
-4.8%
Shares outstanding at period end
1,117m
1,163m
1,228m
-3.9%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
18,860
20,138
23,046
-6.3%
Non-controlling interest
124
97.0
126
+27.8%
Debt
33,269
31,320
28,624
+6.2%
Other liabilities
66,960
64,878
61,656
+3.2%
Total liabilities and equity
119,213
116,433
113,452
+2.4%
Fixed assets
13,996
13,883
14,096
+0.8%
Goodwill
29,247
26,213
25,136
+11.6%
Intangible assets
3,787
3,392
3,488
+11.6%
Investments
727
0.0
990
Cash and equivalents
10,412
11,922
10,661
-12.7%
Receivables
10,667
11,179
10,834
-4.6%
Inventory
2,287
2,595
2,450
-11.9%
Other assets
48,090
47,249
45,797
+1.8%
Total assets
119,213
116,433
113,452
+2.4%
10-K for the year ended 31 December 2012, filed 26 February 2013: the filing.