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International Business Machines Corp. Q3 FY2023 results: revenue $14.8 billion, up 4.6% on the year

International Business Machines Corp. (IBM) reported revenue of $14.8 billion for Q3 FY2023, the quarter ended 30 September 2023, up 4.6% on the same quarter a year earlier. Net income was $1.7 billion, and diluted earnings per share $1.84. The figures are the company's own, from the 10-Q it filed with the SEC on 31 October 2023.

Revenue$14.8 billionup 4.6%
Net income$1.7 billion
Diluted EPS$1.84
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue14,752n/an/an/a
Cost of revenue6,729n/an/an/a
Gross profit8,023n/an/an/a
Gross margin54.4%n/an/a
Research and development1,685n/an/an/a
Selling, general and administrative4,458n/an/an/a
Interest expense412n/an/an/a
Pre-tax income1,873n/an/an/a
Income tax159n/an/an/a
Effective tax rate8.5%n/an/a
Net income1,704n/an/an/a
Net margin11.6%n/an/a
Diluted EPS$1.84n/an/an/a

$ million except per share. Free 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 and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow3,056n/an/an/a
Capital expenditure281n/an/an/a
Free cash flow2,775n/an/an/a
Free cash flow margin18.8%n/an/a
Depreciation and amortisation1,093n/an/an/a
Share-based compensation286n/an/an/a
Dividends paid1,515n/an/an/a
Dividend per share$1.66n/an/an/a
Diluted shares, weighted924mn/an/an/a
Shares outstanding at period end913mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Total assets129,321n/an/an/a
Cash and equivalents7,257n/an/an/a
Receivables5,330n/an/an/a
Inventory1,399n/an/an/a
Goodwill59,596n/an/an/a
Long-term debt48,828n/an/an/a
Long-term debt including finance leases48,828n/an/an/a
Borrowings, as the company tags them56,542n/an/an/a
Operating lease liabilities2,476n/an/an/a
Shareholders' equity23,081n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue14,75217,38114,46215,77014,96817,55314,54116,97716,33119,68615,91717,162
Cost of revenue6,7297,1146,7196,8206,5487,1146,5107,0016,9707,7586,9687,255
Gross profit8,02310,2677,7428,9508,42010,4398,0319,9779,36011,9298,9509,907
Gross margin54%59%54%57%56%59%55%59%57%61%56%58%
R&D1,6851,7481,7961,8401,8761,9671,9502,0972,0822,1872,1732,311
SG&A4,4584,7924,9744,9384,9114,8654,8865,0274,7485,4625,0894,981
Interest expense412405432427429424455510492478473486
Pre-tax income1,8733,7591,0742,219-8023,3061,1582,5972,4304,1431,3872,479
Tax rate8%13%-47%18%n/a11%9%16%28%-35%12%13%
Net income1,7043,2881,6051,834-3302,9141,0552,1941,7445,6001,2162,165
Net margin12%19%11%12%-2%17%7%13%11%28%8%13%
Diluted EPS$1.84$3.57$1.72$1.96-$0.36$3.11$1.12$2.31$1.84$5.90$1.28$2.27
Operating cash flow3,0564,4634,1682,0662,8814,3304,3701,7013,0824,0405,1692,597
Capital expenditure281300239220286303244210255382232229
Free cash flow2,7754,1633,9291,8462,5954,0274,1261,4912,8273,6584,9372,368
Dividends paid1,5151,5181,5221,5361,5431,5461,5491,5631,5691,5741,5761,590
Shares outstanding913m915m919m921m925m926m929m932m935m937m940m942m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 31 October 2023, accession 0000051143-23-000032: the filing on EDGAR. All of International Business Machines Corp.'s filings: EDGAR company page.

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