International Business Machines (IBM) FY2017 results: revenue $79.1 billion, down 1.0% on the year
International Business Machines Corp. (IBM) reported revenue of $79.1 billion for fiscal 2017, the year ended 31 December 2017, down 1.0% on the year before. Net income was $5.8 billion, down 51.5%, and diluted earnings per share $6.14. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2018.
Revenue
$79.1 billion
-1.0% on the year
FY2010FY2017
Operating margin
n/a
FY2010FY2017
Net income
$5.8 billion
-51.5% on the year
FY2010FY2017
Diluted EPS
$6.14
-50.4% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
79,139
79,919
81,741
-1.0%
Cost of revenue
42,196
41,403
41,057
+1.9%
Gross profit
36,943
38,516
40,684
-4.1%
Gross margin
46.7%
48.2%
49.8%
Research and development
5,590
5,726
5,247
-2.4%
Selling, general and administrative
19,680
20,869
20,430
-5.7%
Interest expense
615
630
468
-2.4%
Pre-tax income
11,400
12,330
15,945
-7.5%
Income tax
5,642
449
2,581
+1,156.6%
Effective tax rate
49.5%
3.6%
16.2%
Net income
5,753
11,872
13,190
-51.5%
Net margin
7.3%
14.9%
16.1%
Diluted EPS
$6.14
$12.38
$13.42
-50.4%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
16,724
17,084
17,255
-2.1%
Capital expenditure
3,229
3,567
3,579
-9.5%
Free cash flow
13,495
13,517
13,676
-0.2%
Free cash flow margin
17.1%
16.9%
16.7%
Cash from investing
-7,081
-10,928
-8,159
Cash from financing
-6,418
-5,917
-9,413
Depreciation and amortisation
4,541
4,381
3,855
+3.7%
Share-based compensation
534
544
468
-1.8%
Buybacks
4,340
3,502
4,609
+23.9%
Dividends paid
5,506
5,256
4,897
+4.8%
Dividend per share
$5.90
$5.50
n/a
+7.3%
Diluted shares, weighted
937m
959m
983m
-2.2%
Shares outstanding at period end
922m
946m
966m
-2.5%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
17,594
18,246
14,262
-3.6%
Non-controlling interest
131
146
162
-10.3%
Debt
46,824
42,168
39,889
+11.0%
Other liabilities
60,807
56,910
56,182
+6.8%
Total liabilities and equity
125,356
117,470
110,495
+6.7%
Fixed assets
11,116
10,830
10,727
+2.6%
Goodwill
36,788
36,199
32,021
+1.6%
Intangible assets
3,742
4,688
3,487
-20.2%
Investments
619
709
516
-12.7%
Cash and equivalents
11,972
7,826
7,686
+53.0%
Receivables
8,928
9,182
8,333
-2.8%
Inventory
1,583
1,553
1,551
+1.9%
Other assets
50,608
46,483
46,174
+8.9%
Total assets
125,356
117,470
110,495
+6.7%
10-K for the year ended 31 December 2017, filed 27 February 2018: the filing.