International Business Machines (IBM) FY2014 results: revenue $92.8 billion, down 5.7% on the year
International Business Machines Corp. (IBM) reported revenue of $92.8 billion for fiscal 2014, the year ended 31 December 2014, down 5.7% on the year before. Net income was $12.0 billion, down 27.1%, and diluted earnings per share $11.90. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2015.
Revenue
$92.8 billion
-5.7% on the year
FY2007FY2014
Operating margin
n/a
FY2007FY2014
Net income
$12.0 billion
-27.1% on the year
FY2007FY2014
Diluted EPS
$11.90
-20.3% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
92,793
98,367
102,874
-5.7%
Cost of revenue
46,386
49,683
52,513
-6.6%
Gross profit
46,407
48,684
50,298
-4.7%
Gross margin
50.0%
49.5%
48.9%
Research and development
5,437
5,743
5,816
-5.3%
Selling, general and administrative
23,180
23,451
23,463
-1.2%
Interest expense
484
402
459
+20.4%
Pre-tax income
19,986
20,244
22,540
-1.3%
Income tax
4,234
3,363
5,541
+25.9%
Effective tax rate
21.2%
16.6%
24.6%
Net income
12,022
16,483
16,604
-27.1%
Net margin
13.0%
16.8%
16.1%
Diluted EPS
$11.90
$14.94
$14.37
-20.3%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
16,868
17,485
19,586
-3.5%
Capital expenditure
3,740
3,623
4,082
+3.2%
Free cash flow
13,128
13,862
15,504
-5.3%
Free cash flow margin
14.1%
14.1%
15.1%
Cash from investing
-3,001
n/a
n/a
Cash from financing
-15,452
n/a
n/a
Depreciation and amortisation
4,492
4,678
4,676
-4.0%
Share-based compensation
512
614
688
-16.6%
Buybacks
13,679
13,859
11,995
-1.3%
Dividends paid
4,265
4,058
3,773
+5.1%
Diluted shares, weighted
1,010m
1,103m
1,155m
-8.4%
Shares outstanding at period end
991m
1,054m
1,117m
-6.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
11,868
22,792
18,860
-47.9%
Non-controlling interest
146
137
124
+6.6%
Debt
40,722
39,718
33,269
+2.5%
Other liabilities
64,535
62,994
66,960
+2.4%
Total liabilities and equity
117,271
125,641
119,213
-6.7%
Fixed assets
10,771
13,821
13,996
-22.1%
Goodwill
30,556
31,184
29,247
-2.0%
Intangible assets
3,104
3,871
3,787
-19.8%
Investments
9.0
359
727
-97.5%
Cash and equivalents
8,476
10,716
10,412
-20.9%
Receivables
9,090
10,465
10,667
-13.1%
Inventory
2,103
2,310
2,287
-9.0%
Other assets
53,162
52,915
48,090
+0.5%
Total assets
117,271
125,641
119,213
-6.7%
10-K for the year ended 31 December 2014, filed 24 February 2015: the filing.