International Business Machines (IBM) FY2021 results: revenue $57.4 billion, up 3.9% on the year
International Business Machines Corp. (IBM) reported revenue of $57.4 billion for fiscal 2021, the year ended 31 December 2021, up 3.9% on the year before. Net income was $5.7 billion, up 2.7%, and diluted earnings per share $6.35. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.
Revenue
$57.4 billion
+3.9% on the year
FY2014FY2021
Operating margin
n/a
FY2014FY2021
Net income
$5.7 billion
+2.7% on the year
FY2014FY2021
Diluted EPS
$6.35
+1.9% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
12,796
18,197
14,770
-29.7%
Capital expenditure
2,062
2,618
2,286
-21.2%
Free cash flow
10,734
15,579
12,484
-31.1%
Free cash flow margin
18.7%
28.2%
21.6%
Cash from investing
-5,975
-3,028
-26,936
Cash from financing
-13,354
-9,721
9,042
Depreciation and amortisation
6,417
6,695
6,059
-4.2%
Share-based compensation
982
937
679
+4.8%
Buybacks
n/a
n/a
1,361
Dividends paid
5,869
5,797
5,707
+1.2%
Dividend per share
$6.55
$6.51
$6.43
+0.6%
Diluted shares, weighted
905m
897m
893m
+0.9%
Shares outstanding at period end
898m
893m
887m
+0.6%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
18,901
20,597
20,841
-8.2%
Non-controlling interest
95.0
129
144
-26.4%
Debt
51,704
61,333
62,899
-15.7%
Operating lease liabilities
2,462
2,720
3,879
-9.5%
Finance lease liabilities
63.0
60.0
n/a
+5.0%
Other liabilities
58,776
71,132
64,423
-17.4%
Total liabilities and equity
132,001
155,971
152,186
-15.4%
Fixed assets
5,694
6,205
10,010
-8.2%
Goodwill
55,643
53,765
52,471
+3.5%
Intangible assets
12,511
13,739
15,235
-8.9%
Investments
n/a
600
696
Cash and equivalents
6,650
13,212
8,172
-49.7%
Receivables
6,754
5,790
7,870
+16.6%
Inventory
1,649
1,812
1,619
-9.0%
Other assets
43,100
60,848
56,113
-29.2%
Total assets
132,001
155,971
152,186
-15.4%
10-K for the year ended 31 December 2021, filed 22 February 2022: the filing.