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

Running CAGR since the earliest displayed year.

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	+2.0%	+6.7%	—
Short Term Investments	—	—	—
Accounts Receivable	+6.0%	-5.7%	—
Inventory	+2.5%	+11.0%	—
Prepaid Expenses	-2.1%	-4.5%	—
Total Current Assets	+6.0%	+4.8%	—
Property,Plant and Equipment	+3.6%	+4.2%	—
Operating Lease Assets	-1.4%	-0.7%	—
Goodwill	+6.1%	+0.9%	—
Intangible Assets	+1.6%	-3.4%	—
Deferred Tax Assets	+13.7%	+4.8%	—
Other Noncurrent Assets	+13.7%	+4.8%	—
Total Assets	+6.0%	+1.4%	—
Liabilities
Accounts Payable	+7.3%	-2.4%	—
Accrued Liabilities	+8.4%	+3.0%	—
Deferred Revenue	+9.4%	+3.4%	—
Current Portion of Long Term Debt	-0.0%	-20.8%	—
Operating Lease Liabilities	-1.2%	-6.3%	—
Total Current Liabilities	+6.4%	-2.9%	—
Long Term Debt	+4.6%	-0.5%	—
Deferred Revenue Noncurrent	+9.9%	+2.5%	—
Operating Lease Liabilities Noncurrent	-0.4%	+3.4%	—
Other Noncurrent Liabilities	-7.5%	-3.7%	—
Total Liabilities	+2.8%	-2.5%	—
Equity
Preferred Stock	—	—	—
Common Stock	+0.2%	+0.2%	—
Retained Earnings	+1.4%	-0.1%	—
Treasury Stock	+0.3%	+0.2%	—
Accumulated Other Comprehensive Income	—	—	—
Noncontrolling Interest	+7.8%	+7.5%	—
Total Stockholders Equity	+20.4%	+21.2%	—
Total Liabilitiesand Equity	+6.0%	+1.4%	—

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	+4.5%	+1.4%	—
Expenses Cost of Revenue	+1.2%	-1.3%	—
Expenses Research and Development	+10.8%	+10.4%	—
Expenses Selling,General and Administrative	+2.9%	+3.6%	—
Expenses Depreciation and Amortization	+9.4%	+9.3%	—
Expenses Share Based Compensation	+23.0%	+15.7%	—
Expenses Restructuring and Asset Impairment	+22.5%	+59.1%	—
Other Income Expense Gross Profit	+7.0%	+3.6%	—
Other Income Expense Operating Income	+18.6%	-19.9%	—
Other Income Expense Interest Expense	+9.7%	+6.5%	—
Other Income Expense Other Income/expense	-8.9%	+229.7%	—
Other Income Expense Income Before Tax	+9.0%	-33.3%	—
Income Tax Income Tax Expense	—	—	—
net Income net Income	+18.8%	-19.7%	—
net Income Comprehensive Income	+36.1%	+73.6%	—
Earnings Per Share Basic Eps	+17.5%	-20.7%	—
Earnings Per Share Diluted Eps	+17.1%	-21.0%	—
Earnings Per Share Weighted Average Shares Basic	+1.2%	+1.2%	—
Earnings Per Share Weighted Average Shares Diluted	+1.4%	+1.6%	—

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	+18.8%	-19.7%	—
Operating Activities Depreciation and Amortization	+9.4%	+9.3%	—
Operating Activities Stock Based Compensation	+23.0%	+15.7%	—
Operating Activities Deferred Income Taxes	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—
Operating Activities net Cash From Operating Activities	-2.7%	-3.5%	—
Investing Activities Capital Expenditures	-6.4%	-15.8%	—
Investing Activities Business Acquisitions	+27.8%	-35.3%	—
Investing Activities Purchases of Investments	-4.8%	-30.3%	—
Investing Activities net Cash From Investing Activities	—	—	—
Financing Activities Dividends Paid	+1.8%	+1.8%	—
Financing Activities Proceeds From Stock Issuance	+113.7%	+521.6%	—
Financing Activities Tax Withholding On Stock Based Compensation	+59.1%	+61.9%	—
Financing Activities Other Financing Activities	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	+581.5%	—	—
Cash Reconciliation net Change In Cash	—	-79.0%	—
Cash Reconciliation Cash At Beginning of Period	+2.1%	+8.2%	—
Cash Reconciliation Cash At End of Period	+2.1%	+8.2%	—

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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FY2025 fundamentals · no price

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IBM

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