International Business Machines (IBM) FY2015 results: revenue $81.7 billion, down 11.9% on the year
International Business Machines Corp. (IBM) reported revenue of $81.7 billion for fiscal 2015, the year ended 31 December 2015, down 11.9% on the year before. Net income was $13.2 billion, up 9.7%, and diluted earnings per share $13.42. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2016.
Revenue
$81.7 billion
-11.9% on the year
FY2008FY2015
Operating margin
n/a
FY2008FY2015
Net income
$13.2 billion
+9.7% on the year
FY2008FY2015
Diluted EPS
$13.42
+12.8% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
81,741
92,793
98,367
-11.9%
Cost of revenue
41,057
46,386
49,683
-11.5%
Gross profit
40,684
46,407
48,684
-12.3%
Gross margin
49.8%
50.0%
49.5%
Research and development
5,247
5,437
5,743
-3.5%
Selling, general and administrative
20,430
23,180
23,451
-11.9%
Interest expense
468
484
402
-3.3%
Pre-tax income
15,945
19,986
20,244
-20.2%
Income tax
2,581
4,234
3,363
-39.0%
Effective tax rate
16.2%
21.2%
16.6%
Net income
13,190
12,022
16,483
+9.7%
Net margin
16.1%
13.0%
16.8%
Diluted EPS
$13.42
$11.90
$14.94
+12.8%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
17,255
16,868
17,485
+2.3%
Capital expenditure
3,579
3,740
3,623
-4.3%
Free cash flow
13,676
13,128
13,862
+4.2%
Free cash flow margin
16.7%
14.1%
14.1%
Cash from investing
-8,159
-3,001
n/a
Cash from financing
-9,413
-15,452
n/a
Depreciation and amortisation
3,855
4,492
4,678
-14.2%
Share-based compensation
468
512
614
-8.6%
Buybacks
4,609
13,679
13,859
-66.3%
Dividends paid
4,897
4,265
4,058
+14.8%
Diluted shares, weighted
983m
1,010m
1,103m
-2.7%
Shares outstanding at period end
966m
991m
1,054m
-2.5%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
14,262
11,868
22,792
+20.2%
Non-controlling interest
162
146
137
+11.0%
Debt
39,889
40,722
39,718
-2.0%
Other liabilities
56,182
64,535
62,994
-12.9%
Total liabilities and equity
110,495
117,271
125,641
-5.8%
Fixed assets
10,727
10,771
13,821
-0.4%
Goodwill
32,021
30,556
31,184
+4.8%
Intangible assets
3,487
3,104
3,871
+12.3%
Investments
516
9.0
359
+5,633.3%
Cash and equivalents
7,686
8,476
10,716
-9.3%
Receivables
8,333
9,090
10,465
-8.3%
Inventory
1,551
2,103
2,310
-26.2%
Other assets
46,174
53,162
52,915
-13.1%
Total assets
110,495
117,271
125,641
-5.8%
10-K for the year ended 31 December 2015, filed 23 February 2016: the filing.