IBM

Information Technology IT Consulting & Other Services Armonk, New York Last filing Feb 24, 2026 · FY2025

                    Revenue
                    FY2025
                
$67.5B
                    3y CAGR +3.7%
                    
                    P41
                    
                    +7.6%
                    
                    Net income
                    FY2025
                
$10.6B
                    Net margin +15.7%
                    
                    P42
                    
                    +75.9%
                    
                    Total assets
                    FY2025
                
$151.9B
                    ROA +7.0%
                    
                    P39
                    
                    +10.7%
                    
                    Operating cash flow
                    FY2025
                
$13.2B
                    FCF margin +17.9%
                    
                    P38
                    
                    -1.9%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 3 years

Total assets $151.9B

Total liabilities $119.1B

Shareholders equity $32.6B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	8.9%	10.2%	9.7%
Short Term Investments	0.0%	0.0%	0.0%
Accounts Receivable	5.3%	5.0%	5.3%
Inventory	0.8%	0.9%	0.9%
Prepaid Expenses	1.7%	1.8%	2.0%
Total Current Assets	24.3%	25.1%	24.3%
Property,Plant and Equipment	3.9%	4.2%	4.1%
Operating Lease Assets	2.1%	2.3%	2.4%
Goodwill	44.6%	44.3%	44.5%
Intangible Assets	7.5%	7.8%	8.2%
Deferred Tax Assets	5.7%	5.1%	4.9%
Other Noncurrent Assets	5.7%	5.1%	4.9%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.1%	2.9%	3.1%
Accrued Liabilities	2.7%	2.6%	2.6%
Deferred Revenue	10.6%	10.1%	9.9%
Current Portion of Long Term Debt	4.2%	3.7%	4.8%
Operating Lease Liabilities	0.5%	0.6%	0.6%
Total Current Liabilities	25.5%	24.2%	25.2%
Long Term Debt	36.1%	36.4%	37.1%
Deferred Revenue Noncurrent	2.8%	2.6%	2.6%
Operating Lease Liabilities Noncurrent	1.7%	1.9%	1.9%
Other Noncurrent Liabilities	6.5%	8.1%	8.5%
Total Liabilities	78.4%	80.0%	83.3%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	4.6%	5.1%	5.1%
Retained Earnings	102.5%	110.2%	111.9%
Treasury Stock	112.3%	123.9%	125.4%
Accumulated Other Comprehensive Income	-10.3%	-11.1%	-13.9%
Noncontrolling Interest	0.1%	0.1%	0.1%
Total Stockholders Equity	21.5%	19.9%	16.7%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $67.5B

Operating income $10.6B

Net income $10.6B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	44.5%	45.7%	45.7%
Expenses Cost of Revenue	18.6%	19.8%	20.4%
Expenses Research and Development	5.5%	5.5%	5.0%
Expenses Selling,General and Administrative	13.2%	14.4%	14.1%
Expenses Depreciation and Amortization	1.8%	1.8%	1.7%
Expenses Share Based Compensation	1.1%	1.0%	0.8%
Expenses Restructuring and Asset Impairment	0.4%	0.5%	0.3%
Other Income Expense Gross Profit	25.9%	25.9%	25.4%
Other Income Expense Operating Income	7.0%	4.4%	5.6%
Other Income Expense Interest Expense	1.3%	1.2%	1.2%
Other Income Expense Other Income/expense	0.1%	0.6%	0.2%
Other Income Expense Income Before Tax	6.8%	4.2%	6.4%
Income Tax Income Tax Expense	-0.2%	-0.2%	0.9%
net Income net Income	7.0%	4.4%	5.5%
net Income Comprehensive Income	6.7%	6.9%	4.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.6%	0.7%	0.7%
Earnings Per Share Weighted Average Shares Diluted	0.6%	0.7%	0.7%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $13.2B

Investing cash flow $-10.3B

Financing cash flow $-3.8B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	7.0%	4.4%	5.5%
Operating Activities Depreciation and Amortization	1.8%	1.8%	1.7%
Operating Activities Stock Based Compensation	1.1%	1.0%	0.8%
Operating Activities Deferred Income Taxes	-0.6%	-1.7%	-0.8%
Operating Activities Changes In Operating Assets and Liabilities	0.4%	0.1%	-0.2%
Operating Activities net Cash From Operating Activities	8.7%	9.8%	10.3%
Investing Activities Capital Expenditures	0.7%	0.8%	0.9%
Investing Activities Business Acquisitions	5.5%	2.4%	3.8%
Investing Activities Purchases of Investments	6.6%	5.7%	8.2%
Investing Activities net Cash From Investing Activities	-6.8%	-3.6%	-5.2%
Financing Activities Dividends Paid	4.1%	4.5%	4.5%
Financing Activities Proceeds From Stock Issuance	0.2%	0.2%	0.0%
Financing Activities Tax Withholding On Stock Based Compensation	0.7%	0.5%	0.3%
Financing Activities Other Financing Activities	-0.1%	-0.1%	-0.2%
Financing Activities net Cash From Financing Activities	-2.5%	-5.2%	-1.3%
Cash Reconciliation Effect of Exchange Rate On Cash	0.3%	-0.3%	0.0%
Cash Reconciliation net Change In Cash	-0.3%	0.8%	3.8%
Cash Reconciliation Cash At Beginning of Period	9.0%	10.3%	9.7%
Cash Reconciliation Cash At End of Period	9.0%	10.3%	9.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+58.2%	+56.7%	+55.4%
Operating margin	+15.7%	+9.6%	+12.1%
Net margin	+15.7%	+9.6%	+12.1%
FCF margin	+17.9%	+19.8%	+20.5%
Growth
Revenue CAGR (3y)	+3.7%	+3.0%	+3.9%
Returns
ROE	+32.4%	+22.1%	+33.3%
ROA	+7.0%	+4.4%	+5.5%
ROIC	+13.2%	+8.8%	+9.8%
Liquidity
Current ratio	0.96x	1.04x	0.96x
Quick ratio	0.56x	0.63x	0.59x
Leverage
D/E	3.65x	4.02x	5.00x
Interest coverage	5.46x	3.51x	4.68x
Efficiency
Asset turnover	0.44x	0.46x	0.46x
Cash conversion cycle	-2d	+3d	+3d

Valuation

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