International Business Machines (IBM) FY2013 results: revenue $98.4 billion, down 4.4% on the year
International Business Machines Corp. (IBM) reported revenue of $98.4 billion for fiscal 2013, the year ended 31 December 2013, down 4.4% on the year before. Net income was $16.5 billion, down 0.7%, and diluted earnings per share $14.94. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2014.
Revenue
$98.4 billion
-4.4% on the year
FY2007FY2013
Operating margin
n/a
FY2007FY2013
Net income
$16.5 billion
-0.7% on the year
FY2007FY2013
Diluted EPS
$14.94
+4.0% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
98,367
102,874
106,916
-4.4%
Cost of revenue
49,683
52,513
56,778
-5.4%
Gross profit
48,684
50,298
50,138
-3.2%
Gross margin
49.5%
48.9%
46.9%
Research and development
5,743
5,816
6,258
-1.3%
Selling, general and administrative
23,451
23,463
23,594
-0.1%
Interest expense
402
459
411
-12.4%
Pre-tax income
20,244
22,540
21,003
-10.2%
Income tax
3,363
5,541
5,148
-39.3%
Effective tax rate
16.6%
24.6%
24.5%
Net income
16,483
16,604
15,855
-0.7%
Net margin
16.8%
16.1%
14.8%
Diluted EPS
$14.94
$14.37
$13.06
+4.0%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
17,485
19,586
19,846
-10.7%
Capital expenditure
3,623
4,082
4,108
-11.2%
Free cash flow
13,862
15,504
15,738
-10.6%
Free cash flow margin
14.1%
15.1%
14.7%
Depreciation and amortisation
4,678
4,676
4,815
+0.0%
Share-based compensation
614
688
697
-10.8%
Buybacks
13,859
11,995
15,046
+15.5%
Dividends paid
4,058
3,773
3,473
+7.6%
Diluted shares, weighted
1,103m
1,155m
1,214m
-4.5%
Shares outstanding at period end
1,054m
1,117m
1,163m
-5.6%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
22,792
18,860
20,138
+20.8%
Non-controlling interest
137
124
97.0
+10.5%
Debt
39,718
33,269
31,320
+19.4%
Other liabilities
62,994
66,960
64,878
-5.9%
Total liabilities and equity
125,641
119,213
116,433
+5.4%
Fixed assets
13,821
13,996
13,883
-1.3%
Goodwill
31,184
29,247
26,213
+6.6%
Intangible assets
3,871
3,787
3,392
+2.2%
Investments
359
727
0.0
-50.6%
Cash and equivalents
10,716
10,412
11,922
+2.9%
Receivables
10,465
10,667
11,179
-1.9%
Inventory
2,310
2,287
2,595
+1.0%
Other assets
52,915
48,090
47,249
+10.0%
Total assets
125,641
119,213
116,433
+5.4%
10-K for the year ended 31 December 2013, filed 25 February 2014: the filing.