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
                    
                    n/a
                    
                    Net income
                    FY2025
                
$10.6B
                    Net margin +15.7%
                    
                    P42
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$151.9B
                    ROA +7.0%
                    
                    P39
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$13.2B
                    FCF margin +17.9%
                    
                    P38
                    
                    n/a

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 revenue.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 1 year

Total assets $151.9B

Total liabilities $119.1B

Shareholders equity $32.6B

Account	2025	Trend
Assets
Cash and Cash Equivalents	20.1%
Short Term Investments	0.0%
Accounts Receivable	12.0%
Inventory	1.8%
Prepaid Expenses	3.7%
Total Current Assets	54.7%
Property,Plant and Equipment	8.7%
Operating Lease Assets	4.6%
Goodwill	100.3%
Intangible Assets	16.9%
Deferred Tax Assets	12.7%
Other Noncurrent Assets	12.7%
Total Assets	224.9%
Liabilities
Accounts Payable	7.0%
Accrued Liabilities	6.1%
Deferred Revenue	23.8%
Current Portion of Long Term Debt	9.5%
Operating Lease Liabilities	1.2%
Total Current Liabilities	57.2%
Long Term Debt	81.2%
Deferred Revenue Noncurrent	6.3%
Operating Lease Liabilities Noncurrent	3.8%
Other Noncurrent Liabilities	14.5%
Total Liabilities	176.4%
Equity
Preferred Stock	0.0%
Common Stock	10.3%
Retained Earnings	230.5%
Treasury Stock	252.6%
Accumulated Other Comprehensive Income	-23.3%
Noncontrolling Interest	0.1%
Total Stockholders Equity	48.3%
Total Liabilitiesand Equity	224.9%

Income Statement

Revenue, expense, and profitability

19 accounts · 1 year

Revenue $67.5B

Operating income $10.6B

Net income $10.6B

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	100.0%
Expenses Cost of Revenue	41.8%
Expenses Research and Development	12.3%
Expenses Selling,General and Administrative	29.8%
Expenses Depreciation and Amortization	4.1%
Expenses Share Based Compensation	2.5%
Expenses Restructuring and Asset Impairment	1.0%
Other Income Expense Gross Profit	58.2%
Other Income Expense Operating Income	15.7%
Other Income Expense Interest Expense	2.9%
Other Income Expense Other Income/expense	0.3%
Other Income Expense Income Before Tax	15.3%
Income Tax Income Tax Expense	-0.4%
net Income net Income	15.7%
net Income Comprehensive Income	15.0%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Basic	1.4%
Earnings Per Share Weighted Average Shares Diluted	1.4%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 1 year

Operating cash flow $13.2B

Investing cash flow $-10.3B

Financing cash flow $-3.8B

Account	2025	Trend
CashFlow
Operating Activities net Income	15.7%
Operating Activities Depreciation and Amortization	4.1%
Operating Activities Stock Based Compensation	2.5%
Operating Activities Deferred Income Taxes	-1.4%
Operating Activities Changes In Operating Assets and Liabilities	0.8%
Operating Activities net Cash From Operating Activities	19.5%
Investing Activities Capital Expenditures	1.6%
Investing Activities Business Acquisitions	12.3%
Investing Activities Purchases of Investments	14.9%
Investing Activities net Cash From Investing Activities	-15.3%
Financing Activities Dividends Paid	9.3%
Financing Activities Proceeds From Stock Issuance	0.3%
Financing Activities Tax Withholding On Stock Based Compensation	1.5%
Financing Activities Other Financing Activities	-0.2%
Financing Activities net Cash From Financing Activities	-5.7%
Cash Reconciliation Effect of Exchange Rate On Cash	0.6%
Cash Reconciliation net Change In Cash	-0.8%
Cash Reconciliation Cash At Beginning of Period	20.2%
Cash Reconciliation Cash At End of Period	20.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+58.2%
Operating margin	+15.7%
Net margin	+15.7%
FCF margin	+17.9%
Growth
Revenue CAGR (3y)	+3.7%
Returns
ROE	+32.4%
ROA	+7.0%
ROIC	+13.2%
Liquidity
Current ratio	0.96x
Quick ratio	0.56x
Leverage
D/E	3.65x
Interest coverage	5.46x
Efficiency
Asset turnover	0.44x
Cash conversion cycle	-2d

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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IBM

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Revenue, expense, and profitability

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Margins, returns, liquidity, leverage, efficiency

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