International Business Machines Corporation (IBM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.93	$2.93	0.0%	—	—	—
Q4 26	$1.81	$1.91	+5.5%	—	—	—
Q3 26	$4.29	$4.52	+5.4%	—	—	—
Q2 26	$2.45	$2.65	+8.2%	—	—	—
Q1 26	$2.65	$2.8	+5.7%	—	—	—
Q4 25	$1.43	$1.6	+11.9%	—	—	—
Q3 25	$3.78	$3.92	+3.7%	—	—	—
Q2 25	$2.23	$2.3	+3.1%	—	—	—
Q1 25	$2.17	$2.43	+12.0%	—	—	—
Q4 24	$1.6	$1.68	+5.0%	—	—	—
Q3 24	$3.8	$3.87	+1.8%	—	—	—
Q2 24	$2.13	$2.2	+3.3%	—	—	—
Q1 24	$2.01	$2.18	+8.5%	—	—	—
Q4 23	$1.26	$1.36	+7.9%	—	—	—
Q3 23	$3.6	$3.6	0.0%	—	—	—
Q2 23	$1.77	$1.81	+2.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$11.4	—	—	$67.5B	—
FY24	—	$6.53	—	—	$62.8B	—
FY23	—	$8.23	—	—	$61.9B	—
FY22	—	$1.82	—	—	$60.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$79.9B	$79.1B	$79.6B	$57.7B	$55.2B	$57.4B	$60.5B	$61.9B	$62.8B	$67.5B
YoY change	-2.23%	-0.98%	+0.57%	-27.5%	-4.39%	+3.94%	+5.54%	+2.2%	+1.44%	+7.62%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	79.9B	79.1B	79.6B	57.7B	55.2B	57.4B	60.5B	61.9B	62.8B	67.5B
Cost of revenue	41.4B	42.2B	42.7B	26.2B	24.3B	25.9B	27.8B	27.6B	27.2B	28.2B
Gross profit	38.5B	36.9B	36.9B	31.5B	30.9B	31.5B	32.7B	34.3B	35.6B	39.3B
Gross margin	48.2%	46.7%	46.4%	54.6%	55.9%	54.9%	54%	55.4%	56.7%	58.2%
Research & development	5.7B	5.6B	5.4B	5.9B	6.3B	6.5B	6.6B	6.8B	7.5B	8.3B
Selling, general & administrative	20.3B	19.7B	19.4B	18.7B	20.6B	18.7B	17.5B	18B	17.9B	18.1B
Operating expenses	24.4B	23.8B	23.7B	24B	26.2B	24.6B	23.4B	23.9B	24.4B	25.5B
Operating income	13.6B	13.1B	13.2B	7.5B	4.7B	6.9B	8.2B	9.4B	10.1B	12.5B
Operating margin	17.1%	16.6%	16.6%	13.1%	8.45%	12%	13.5%	15.2%	16.1%	18.5%
Non-operating income, net	-787M	-1.1B	-1.2B	1B	-802M	-925M	-5.9B	253M	-3.3B	-873M
Pretax income	12.3B	11.4B	11.3B	7.2B	2.6B	4.8B	1.2B	8.7B	5.8B	10.3B
Income tax	449M	5.6B	2.6B	60M	-1.4B	124M	-626M	1.2B	-218M	-242M
Net income	11.9B	5.8B	8.7B	9.4B	5.6B	5.7B	1.6B	7.5B	6B	10.6B
Net margin	14.9%	7.27%	11%	16.3%	10.1%	10%	2.71%	12.1%	9.6%	15.7%
EBITDA	17.6B	16.6B	16.5B	14.6B	10.6B	12.3B	7B	14.7B	12.3B	18.3B
EPS	12.4	6.17	9.57	10.6	6.28	6.41	1.82	8.23	6.53	11.4
Diluted EPS	12.4	6.14	9.52	10.6	6.23	6.35	1.8	8.14	6.43	11.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	14.8B	17.4B	14.5B	15.8B	15B	17.6B	14.5B	17B	16.3B	19.7B	15.9B	17.2B
Cost of revenue	6.7B	7.1B	6.7B	6.8B	6.5B	7.1B	6.5B	7B	7B	7.8B	7B	7.3B
Gross profit	8B	10.3B	7.7B	8.9B	8.4B	10.4B	8B	10B	9.4B	11.9B	8.9B	9.9B
Gross margin	54.4%	59.1%	53.5%	56.8%	56.3%	59.5%	55.2%	58.8%	57.3%	60.6%	56.2%	57.7%
Research & development	1.7B	1.7B	1.8B	1.8B	1.9B	2B	1.9B	2.1B	2.1B	2.2B	2.2B	2.3B
Selling, general & administrative	4.2B	4.5B	4.4B	4.6B	4.3B	4.6B	4.3B	4.7B	4.4B	4.8B	4.4B	4.5B
Operating expenses	5.7B	6B	5.9B	6.2B	5.9B	6.3B	6B	6.6B	6.2B	6.7B	6.4B	6.7B
Operating income	2.1B	4B	1.6B	2.4B	2.2B	3.9B	1.8B	3.1B	2.8B	4.8B	2.2B	2.8B
Operating margin	14%	22.8%	10.8%	15.4%	14.5%	22.2%	12.1%	18.2%	17.1%	24.6%	13.9%	16.6%
Non-operating income, net	58M	54M	-269M	-4M	-2.7B	-320M	-343M	-151M	-21M	-358M	-510M	33M
Pretax income	1.9B	3.8B	1.1B	2.2B	-802M	3.3B	1.2B	2.6B	2.4B	4.1B	1.4B	2.5B
Income tax	159M	474M	-502M	389M	-485M	379M	103M	404M	686M	-1.4B	172M	313M
Net income	1.7B	3.3B	1.6B	1.8B	-330M	2.9B	1.1B	2.2B	1.7B	5.6B	1.2B	2.2B
Net margin	11.6%	18.9%	11.1%	11.6%	-2.2%	16.6%	7.26%	12.9%	10.7%	28.4%	7.64%	12.6%
EBITDA	3.4B	5.4B	3.1B	3.8B	1.2B	4.2B	3.1B	4.5B	4.3B	6.3B	3.6B	4.3B
EPS	1.87	3.59	1.75	1.99	-0.36	3.15	1.14	2.36	1.87	5.98	1.3	2.3
Diluted EPS	1.84	3.55	1.72	1.96	-0.36	3.09	1.12	2.31	1.84	5.88	1.28	2.27

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	151.6B	136.8B	99.1B	113.7B	107.1B	119.8B	127.2B	149B	202.6B	276.2B	207.9B
Enterprise value	185.3B	171.1B	132.9B	173B	158.4B	167.6B	172.5B	195.5B	246.4B	326.3B	269.7B
Shares outstanding	955.4M	932.8M	912M	887.2M	890.3M	896M	902.7M	911.2M	921.8M	932.3M	932.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	12.8	23.8	11.4	12.1	19.2	20.9	77.5	19.9	33.6	26.1	19.6
P/S	1.9	1.73	1.25	1.97	1.94	2.09	2.1	2.41	3.23	4.09	3.01
P/B	8.24	7.72	5.85	5.42	5.17	6.3	5.78	6.59	7.4	8.43	6.03
EV/EBITDA	10.5	10.3	8.03	11.8	15	13.7	24.6	13.3	20	17.8	16.4
EV/Sales	2.32	2.16	1.67	3	2.87	2.92	2.85	3.16	3.93	4.83	3.9
Earnings yield	7.83%	4.2%	8.81%	8.3%	5.22%	4.79%	1.29%	5.03%	2.97%	3.84%	5.1%
FCF yield	8.53%	9.47%	11.4%	10.4%	14%	8.37%	6.65%	8.13%	5.8%	4.15%	5.8%
PEG	—	—	—	—	—	—	—	—	—	—	-7.71

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	48.2%	46.7%	46.4%	54.6%	55.9%	54.9%	54%	55.4%	56.7%	58.2%	57.7%
Operating margin	17.1%	16.6%	16.6%	13.1%	8.45%	12%	13.5%	15.2%	16.1%	18.5%	16.5%
Net margin	14.9%	7.27%	11%	16.3%	10.1%	10%	2.71%	12.1%	9.6%	15.7%	15.5%
ROE	64.5%	32.5%	51.6%	44.9%	27%	30.2%	7.45%	33.2%	22%	32.4%	34.5%
ROA	10.1%	4.59%	7.07%	6.2%	3.58%	4.35%	1.29%	5.55%	4.39%	6.97%	5.3%
ROIC	25.3%	12.8%	20%	9.31%	6.47%	10%	12.1%	11.7%	14.1%	15.1%	13.9%
Return on tangible assets	33.3%	13%	19.5%	179%	26.7%	-133.3%	-23.4%	-104.4%	-108.4%	-167.2%	-42.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.21	1.33	1.29	1.02	0.98	0.88	0.92	0.96	1.04	0.96	0.79
Quick ratio	1.17	1.29	1.24	0.98	0.94	0.83	0.87	0.93	1	0.92	0.74
Debt / equity	2.29	2.64	2.71	3.25	3.14	2.9	2.45	2.65	2.13	1.97	1.89
Debt / assets	0.36	0.37	0.37	0.45	0.42	0.42	0.42	0.44	0.43	0.43	0.43
Net debt / EBITDA	1.91	2.07	2.04	4.06	4.86	3.9	6.46	3.15	3.56	2.74	3.09
Interest coverage	20.6	19.5	16.7	6.36	3	5.19	1.95	6.41	4.39	6.34	6.41
Effective tax rate	3.64%	49.5%	23.1%	0.83%	0%	2.56%	0%	13.5%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	83.7	84.8	87.3	65.1	62	64	67.1	67.9	68.1	72.4	73.7
EPS (basic)	12.4	6.17	9.57	10.6	6.28	6.41	1.82	8.23	6.53	11.4	11.4
EPS (diluted)	12.4	6.14	9.52	10.6	6.23	6.35	1.8	8.14	6.43	11.2	11.3
Book value per share	19.3	19	18.6	23.7	23.3	21.2	24.4	24.8	29.7	35.1	36.6
FCF per share	13.5	13.9	12.4	13.4	16.8	11.2	9.38	13.3	12.8	12.3	13.8
Cash per share	8.93	13.5	13.2	10	15.5	8.09	9.68	14.8	15.8	15.5	8.63
Capex per share	3.29	2.97	3.45	1.97	2.73	1.87	1.37	1.01	0.53	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.93%	3.5%	3.95%	3.03%	4.4%	2.92%	2.04%	1.49%	0.78%	—	—
Capex / operating cash flow	18.5%	16.6%	20.8%	11%	13.3%	13%	25.2%	6.55%	4.47%	—	—
Payout ratio	44.3%	95.7%	64.9%	60.5%	103.7%	102.2%	362.7%	80.5%	102.1%	59%	59.8%
Dividend yield	3.47%	4.02%	5.72%	5.02%	5.41%	4.9%	4.68%	4.05%	3.03%	2.27%	3.06%

Yield

3.06%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.69

ex-dividend Aug 10, 2026

Payout ratio

60%

of earnings

Dividend growth

30 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 10, 2026	$1.69
May 8, 2026	$1.69
Feb 10, 2026	$1.68

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.93	$2.93	0.0%	—	—	—
Q4 26	$1.81	$1.91	+5.5%	—	—	—
Q3 26	$4.29	$4.52	+5.4%	—	—	—
Q2 26	$2.45	$2.65	+8.2%	—	—	—
Q1 26	$2.65	$2.8	+5.7%	—	—	—
Q4 25	$1.43	$1.6	+11.9%	—	—	—
Q3 25	$3.78	$3.92	+3.7%	—	—	—
Q2 25	$2.23	$2.3	+3.1%	—	—	—
Q1 25	$2.17	$2.43	+12.0%	—	—	—
Q4 24	$1.6	$1.68	+5.0%	—	—	—
Q3 24	$3.8	$3.87	+1.8%	—	—	—
Q2 24	$2.13	$2.2	+3.3%	—	—	—
Q1 24	$2.01	$2.18	+8.5%	—	—	—
Q4 23	$1.26	$1.36	+7.9%	—	—	—
Q3 23	$3.6	$3.6	0.0%	—	—	—
Q2 23	$1.77	$1.81	+2.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$11.4	—	—	$67.5B	—
FY24	—	$6.53	—	—	$62.8B	—
FY23	—	$8.23	—	—	$61.9B	—
FY22	—	$1.82	—	—	$60.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$79.9B	$79.1B	$79.6B	$57.7B	$55.2B	$57.4B	$60.5B	$61.9B	$62.8B	$67.5B
YoY change	-2.23%	-0.98%	+0.57%	-27.5%	-4.39%	+3.94%	+5.54%	+2.2%	+1.44%	+7.62%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	79.9B	79.1B	79.6B	57.7B	55.2B	57.4B	60.5B	61.9B	62.8B	67.5B
Cost of revenue	41.4B	42.2B	42.7B	26.2B	24.3B	25.9B	27.8B	27.6B	27.2B	28.2B
Gross profit	38.5B	36.9B	36.9B	31.5B	30.9B	31.5B	32.7B	34.3B	35.6B	39.3B
Gross margin	48.2%	46.7%	46.4%	54.6%	55.9%	54.9%	54%	55.4%	56.7%	58.2%
Research & development	5.7B	5.6B	5.4B	5.9B	6.3B	6.5B	6.6B	6.8B	7.5B	8.3B
Selling, general & administrative	20.3B	19.7B	19.4B	18.7B	20.6B	18.7B	17.5B	18B	17.9B	18.1B
Operating expenses	24.4B	23.8B	23.7B	24B	26.2B	24.6B	23.4B	23.9B	24.4B	25.5B
Operating income	13.6B	13.1B	13.2B	7.5B	4.7B	6.9B	8.2B	9.4B	10.1B	12.5B
Operating margin	17.1%	16.6%	16.6%	13.1%	8.45%	12%	13.5%	15.2%	16.1%	18.5%
Non-operating income, net	-787M	-1.1B	-1.2B	1B	-802M	-925M	-5.9B	253M	-3.3B	-873M
Pretax income	12.3B	11.4B	11.3B	7.2B	2.6B	4.8B	1.2B	8.7B	5.8B	10.3B
Income tax	449M	5.6B	2.6B	60M	-1.4B	124M	-626M	1.2B	-218M	-242M
Net income	11.9B	5.8B	8.7B	9.4B	5.6B	5.7B	1.6B	7.5B	6B	10.6B
Net margin	14.9%	7.27%	11%	16.3%	10.1%	10%	2.71%	12.1%	9.6%	15.7%
EBITDA	17.6B	16.6B	16.5B	14.6B	10.6B	12.3B	7B	14.7B	12.3B	18.3B
EPS	12.4	6.17	9.57	10.6	6.28	6.41	1.82	8.23	6.53	11.4
Diluted EPS	12.4	6.14	9.52	10.6	6.23	6.35	1.8	8.14	6.43	11.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	14.8B	17.4B	14.5B	15.8B	15B	17.6B	14.5B	17B	16.3B	19.7B	15.9B	17.2B
Cost of revenue	6.7B	7.1B	6.7B	6.8B	6.5B	7.1B	6.5B	7B	7B	7.8B	7B	7.3B
Gross profit	8B	10.3B	7.7B	8.9B	8.4B	10.4B	8B	10B	9.4B	11.9B	8.9B	9.9B
Gross margin	54.4%	59.1%	53.5%	56.8%	56.3%	59.5%	55.2%	58.8%	57.3%	60.6%	56.2%	57.7%
Research & development	1.7B	1.7B	1.8B	1.8B	1.9B	2B	1.9B	2.1B	2.1B	2.2B	2.2B	2.3B
Selling, general & administrative	4.2B	4.5B	4.4B	4.6B	4.3B	4.6B	4.3B	4.7B	4.4B	4.8B	4.4B	4.5B
Operating expenses	5.7B	6B	5.9B	6.2B	5.9B	6.3B	6B	6.6B	6.2B	6.7B	6.4B	6.7B
Operating income	2.1B	4B	1.6B	2.4B	2.2B	3.9B	1.8B	3.1B	2.8B	4.8B	2.2B	2.8B
Operating margin	14%	22.8%	10.8%	15.4%	14.5%	22.2%	12.1%	18.2%	17.1%	24.6%	13.9%	16.6%
Non-operating income, net	58M	54M	-269M	-4M	-2.7B	-320M	-343M	-151M	-21M	-358M	-510M	33M
Pretax income	1.9B	3.8B	1.1B	2.2B	-802M	3.3B	1.2B	2.6B	2.4B	4.1B	1.4B	2.5B
Income tax	159M	474M	-502M	389M	-485M	379M	103M	404M	686M	-1.4B	172M	313M
Net income	1.7B	3.3B	1.6B	1.8B	-330M	2.9B	1.1B	2.2B	1.7B	5.6B	1.2B	2.2B
Net margin	11.6%	18.9%	11.1%	11.6%	-2.2%	16.6%	7.26%	12.9%	10.7%	28.4%	7.64%	12.6%
EBITDA	3.4B	5.4B	3.1B	3.8B	1.2B	4.2B	3.1B	4.5B	4.3B	6.3B	3.6B	4.3B
EPS	1.87	3.59	1.75	1.99	-0.36	3.15	1.14	2.36	1.87	5.98	1.3	2.3
Diluted EPS	1.84	3.55	1.72	1.96	-0.36	3.09	1.12	2.31	1.84	5.88	1.28	2.27

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	151.6B	136.8B	99.1B	113.7B	107.1B	119.8B	127.2B	149B	202.6B	276.2B	207.9B
Enterprise value	185.3B	171.1B	132.9B	173B	158.4B	167.6B	172.5B	195.5B	246.4B	326.3B	269.7B
Shares outstanding	955.4M	932.8M	912M	887.2M	890.3M	896M	902.7M	911.2M	921.8M	932.3M	932.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	12.8	23.8	11.4	12.1	19.2	20.9	77.5	19.9	33.6	26.1	19.6
P/S	1.9	1.73	1.25	1.97	1.94	2.09	2.1	2.41	3.23	4.09	3.01
P/B	8.24	7.72	5.85	5.42	5.17	6.3	5.78	6.59	7.4	8.43	6.03
EV/EBITDA	10.5	10.3	8.03	11.8	15	13.7	24.6	13.3	20	17.8	16.4
EV/Sales	2.32	2.16	1.67	3	2.87	2.92	2.85	3.16	3.93	4.83	3.9
Earnings yield	7.83%	4.2%	8.81%	8.3%	5.22%	4.79%	1.29%	5.03%	2.97%	3.84%	5.1%
FCF yield	8.53%	9.47%	11.4%	10.4%	14%	8.37%	6.65%	8.13%	5.8%	4.15%	5.8%
PEG	—	—	—	—	—	—	—	—	—	—	-7.71

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	48.2%	46.7%	46.4%	54.6%	55.9%	54.9%	54%	55.4%	56.7%	58.2%	57.7%
Operating margin	17.1%	16.6%	16.6%	13.1%	8.45%	12%	13.5%	15.2%	16.1%	18.5%	16.5%
Net margin	14.9%	7.27%	11%	16.3%	10.1%	10%	2.71%	12.1%	9.6%	15.7%	15.5%
ROE	64.5%	32.5%	51.6%	44.9%	27%	30.2%	7.45%	33.2%	22%	32.4%	34.5%
ROA	10.1%	4.59%	7.07%	6.2%	3.58%	4.35%	1.29%	5.55%	4.39%	6.97%	5.3%
ROIC	25.3%	12.8%	20%	9.31%	6.47%	10%	12.1%	11.7%	14.1%	15.1%	13.9%
Return on tangible assets	33.3%	13%	19.5%	179%	26.7%	-133.3%	-23.4%	-104.4%	-108.4%	-167.2%	-42.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.21	1.33	1.29	1.02	0.98	0.88	0.92	0.96	1.04	0.96	0.79
Quick ratio	1.17	1.29	1.24	0.98	0.94	0.83	0.87	0.93	1	0.92	0.74
Debt / equity	2.29	2.64	2.71	3.25	3.14	2.9	2.45	2.65	2.13	1.97	1.89
Debt / assets	0.36	0.37	0.37	0.45	0.42	0.42	0.42	0.44	0.43	0.43	0.43
Net debt / EBITDA	1.91	2.07	2.04	4.06	4.86	3.9	6.46	3.15	3.56	2.74	3.09
Interest coverage	20.6	19.5	16.7	6.36	3	5.19	1.95	6.41	4.39	6.34	6.41
Effective tax rate	3.64%	49.5%	23.1%	0.83%	0%	2.56%	0%	13.5%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	83.7	84.8	87.3	65.1	62	64	67.1	67.9	68.1	72.4	73.7
EPS (basic)	12.4	6.17	9.57	10.6	6.28	6.41	1.82	8.23	6.53	11.4	11.4
EPS (diluted)	12.4	6.14	9.52	10.6	6.23	6.35	1.8	8.14	6.43	11.2	11.3
Book value per share	19.3	19	18.6	23.7	23.3	21.2	24.4	24.8	29.7	35.1	36.6
FCF per share	13.5	13.9	12.4	13.4	16.8	11.2	9.38	13.3	12.8	12.3	13.8
Cash per share	8.93	13.5	13.2	10	15.5	8.09	9.68	14.8	15.8	15.5	8.63
Capex per share	3.29	2.97	3.45	1.97	2.73	1.87	1.37	1.01	0.53	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.93%	3.5%	3.95%	3.03%	4.4%	2.92%	2.04%	1.49%	0.78%	—	—
Capex / operating cash flow	18.5%	16.6%	20.8%	11%	13.3%	13%	25.2%	6.55%	4.47%	—	—
Payout ratio	44.3%	95.7%	64.9%	60.5%	103.7%	102.2%	362.7%	80.5%	102.1%	59%	59.8%
Dividend yield	3.47%	4.02%	5.72%	5.02%	5.41%	4.9%	4.68%	4.05%	3.03%	2.27%	3.06%

Yield

3.06%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.69

ex-dividend Aug 10, 2026

Payout ratio

60%

of earnings

Dividend growth

30 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 10, 2026	$1.69
May 8, 2026	$1.69
Feb 10, 2026	$1.68

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$14.8B	$17.4B	$14.5B	$15.8B	$15B	$17.6B	$14.5B	$17B	$16.3B	$19.7B	$15.9B	$17.2B
YoY change	+4.58%	+4.13%	+1.47%	+1.9%	+1.46%	+1%	+0.55%	+7.66%	+9.11%	+12.2%	+9.46%	+1.09%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	8.5B	12.6B	12B	8.9B	13.8B	7.3B	8.7B	13.4B	14.6B	14.4B
Receivables	9.2B	8.9B	7.4B	7.9B	5.8B	6.8B	6.5B	7.2B	6.8B	8.1B
Inventory	1.6B	1.6B	1.7B	1.6B	1.8B	1.6B	1.6B	1.2B	1.3B	1.2B
Total current assets	43.9B	49.7B	49.1B	38.4B	39.2B	29.5B	29.1B	32.9B	34.5B	36.9B
Property, plant & equipment	1.1B	1B	1.2B	5.6B	3.4B	2.9B	2.5B	3.4B	4.1B	4.2B
Goodwill & intangibles	81.8B	81.1B	78.7B	146.9B	135B	136.3B	134.3B	142.4B	142.7B	158.2B
Total assets	117.5B	125.4B	123.4B	152.2B	156B	132B	127.2B	135.2B	137.2B	151.9B
Accounts payable	6.2B	6.5B	6.6B	4.9B	4B	4B	4.1B	4.1B	4B	4.8B
Short-term debt	7.5B	7B	10.2B	10.2B	8.2B	7.8B	5.6B	7.2B	5.9B	7.2B
Total current liabilities	36.3B	37.4B	38.2B	37.7B	39.9B	33.6B	31.5B	34.1B	33.1B	38.7B
Long-term debt	34.7B	39.8B	35.6B	58B	56.9B	47.4B	48.4B	52.7B	52.5B	57.4B
Total liabilities	99.1B	107.6B	106.5B	131.2B	135.2B	113B	105.2B	112.6B	109.8B	119.1B
Shareholders' equity	18.4B	17.7B	16.9B	21B	20.7B	19B	22B	22.6B	27.4B	32.7B
Total debt	42.2B	46.8B	45.8B	68.2B	65.1B	55.1B	54B	59.9B	58.4B	64.6B
Net debt	34.3B	34.9B	34.4B	60B	51.9B	48.5B	46.1B	46.9B	44.4B	51B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	11B	13.4B	19.1B	13.7B	13.7B	14.6B	17.5B	15.4B	14.9B	14.4B	11.8B	8.1B
Receivables	5.3B	7.2B	6B	5.8B	5.4B	6.8B	5.9B	6B	5.5B	8.1B	6.5B	6B
Inventory	1.4B	1.2B	1.2B	1.2B	1.4B	1.3B	1.4B	1.3B	1.4B	1.2B	1.5B	1.7B
Total current assets	27.7B	32.9B	36.7B	33.3B	30.5B	34.5B	35.3B	34.3B	32.7B	36.9B	31.9B	28.4B
Property, plant & equipment	8.5B	3.4B	8.8B	8.7B	9B	4.1B	9.1B	9.3B	9.1B	4.2B	9B	8.8B
Goodwill & intangibles	141.7B	142.4B	140.6B	139.3B	144.4B	142.7B	156.9B	159.5B	158.3B	158.2B	178.7B	177.1B
Total assets	129.3B	135.2B	137.2B	133.8B	134.3B	137.2B	145.7B	148.6B	146.3B	151.9B	156.2B	152.1B
Accounts payable	3.3B	4.1B	3.6B	3.6B	3.3B	4B	3.6B	4B	3.9B	4.8B	4B	4.4B
Short-term debt	7.2B	7.2B	6.3B	4.4B	4.4B	5.9B	7.7B	9.8B	8.7B	7.2B	9.5B	6.5B
Total current liabilities	30.6B	34.1B	32.4B	29.6B	28.9B	33.1B	35.1B	37.7B	35.1B	38.7B	40.1B	35.9B
Long-term debt	51.3B	52.7B	56.6B	55.5B	55.7B	52.5B	59.1B	58B	57.8B	57.4B	60.3B	58.7B
Total liabilities	106.2B	112.6B	113.8B	109.7B	109.8B	109.8B	118.7B	121B	118.3B	119.1B	123.2B	117.6B
Shareholders' equity	23.2B	22.6B	23.3B	24.1B	24.5B	27.4B	27B	27.6B	28B	32.7B	33.1B	34.5B
Total debt	58.5B	59.9B	62.9B	59.8B	60.1B	58.4B	66.8B	67.7B	66.6B	64.6B	69.8B	65.3B
Net debt	51.3B	46.9B	48.3B	47.6B	46.9B	44.4B	55.8B	55.8B	55B	51B	59B	58.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	11.9B	5.8B	8.7B	9.4B	5.6B	5.7B	1.6B	7.5B	6B	10.6B
Depreciation & amortization	4.4B	4.5B	4.5B	6.1B	6.7B	6.4B	4.8B	4.4B	4.7B	5B
Stock-based compensation	544M	534M	510M	679M	937M	982M	987M	1.1B	1.3B	1.7B
Change in working capital	1.4B	6.8B	554M	1.2B	8.2B	1.8B	202M	2.2B	1.3B	-3.1B
Operating cash flow	17B	16.7B	15.1B	15.9B	18.3B	12.9B	4.9B	14.1B	11B	13.2B
Capital expenditure	-3.1B	-2.8B	-3.1B	-1.7B	-2.4B	-1.7B	-1.2B	-924M	-491M	—
Investing cash flow	-10.3B	-6.5B	-4.3B	-26.3B	-2.4B	-5.3B	-3.6B	-6.5B	-4.3B	-8.7B
Dividends paid	-5.3B	-5.5B	-5.7B	-5.7B	-5.8B	-5.9B	-5.9B	-6B	-6.1B	-6.3B
Share repurchases	-3.6B	-4.5B	-4.6B	-1.6B	-302M	-319M	-407M	-402M	-651M	-1B
Financing cash flow	-5.7B	-6.2B	-10.5B	9B	-9.7B	-13.4B	-5B	-1.8B	-7.1B	-3.8B
Net change in cash	964M	3.9B	311M	-1.4B	6.1B	-5.7B	-3.6B	5.8B	-395M	679M
Free cash flow	12.9B	13B	11.3B	11.9B	15B	10B	8.5B	12.1B	11.8B	11.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.7B	3.3B	1.6B	1.8B	-330M	2.9B	1.1B	2.2B	1.7B	5.6B	1.2B	2.2B
Depreciation & amortization	1.1B	1.2B	1.1B	1.2B	1.3B	1.1B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B
Stock-based compensation	287M	290M	320M	316M	330M	345M	401M	441M	443M	430M	506M	498M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	3.1B	4.7B	3.1B	3.3B	1.3B	4.4B	2.6B	3.9B	3.1B	4B	5.2B	2.6B
Capital expenditure	-169M	-116M	-227M	-175M	193M	-282M	-170M	-173M	—	—	—	—
Investing cash flow	-1.8B	3B	-4.1B	2.5B	-1.4B	-1.2B	-12.8B	1.9B	-28M	2B	-10.1B	-122M
Dividends paid	-1.5B	-1.5B	-1.5B	-1.5B	-1.5B	-1.5B	-1.5B	-1.6B	-1.6B	-1.6B	-1.6B	-1.6B
Share repurchases	-98M	-64M	-199M	-151M	-189M	-112M	-284M	-153M	-414M	-167M	-350M	-115M
Financing cash flow	-3.1B	-1.6B	1.9B	-4.3B	-2.4B	-2.4B	5.4B	-2.9B	-3B	-3.4B	2.7B	-5.7B
Net change in cash	-1.9B	6.1B	857M	1.5B	-2.6B	713M	-4.8B	2.9B	42M	2.6B	-2.2B	-3.3B
Free cash flow	2.7B	4B	3.8B	1.6B	2.5B	3.9B	4B	1.3B	2.7B	3.5B	4.8B	2.2B

Date	Ratio
Nov 4, 2021	1046:1000
May 27, 1999	2:1
May 28, 1997	2:1
Jun 1, 1979	4:1
May 29, 1973	5:4

International Business Machines Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

International Business Machines Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history