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 revenue.

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	20.1%	22.2%	21.1%
Short Term Investments	0.0%	0.0%	0.0%
Accounts Receivable	12.0%	10.8%	11.7%
Inventory	1.8%	2.1%	1.9%
Prepaid Expenses	3.7%	4.0%	4.3%
Total Current Assets	54.7%	54.9%	53.2%
Property,Plant and Equipment	8.7%	9.1%	8.9%
Operating Lease Assets	4.6%	5.1%	5.2%
Goodwill	100.3%	96.7%	97.3%
Intangible Assets	16.9%	17.0%	17.8%
Deferred Tax Assets	12.7%	11.1%	10.8%
Other Noncurrent Assets	12.7%	11.1%	10.8%
Total Assets	224.9%	218.6%	218.6%
Liabilities
Accounts Payable	7.0%	6.4%	6.7%
Accrued Liabilities	6.1%	5.7%	5.7%
Deferred Revenue	23.8%	22.2%	21.7%
Current Portion of Long Term Debt	9.5%	8.1%	10.4%
Operating Lease Liabilities	1.2%	1.2%	1.3%
Total Current Liabilities	57.2%	52.8%	55.2%
Long Term Debt	81.2%	79.5%	81.0%
Deferred Revenue Noncurrent	6.3%	5.8%	5.7%
Operating Lease Liabilities Noncurrent	3.8%	4.2%	4.2%
Other Noncurrent Liabilities	14.5%	17.6%	18.5%
Total Liabilities	176.4%	174.9%	182.1%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	10.3%	11.1%	11.2%
Retained Earnings	230.5%	240.9%	244.5%
Treasury Stock	252.6%	270.9%	274.2%
Accumulated Other Comprehensive Income	-23.3%	-24.3%	-30.3%
Noncontrolling Interest	0.1%	0.1%	0.1%
Total Stockholders Equity	48.3%	43.5%	36.4%
Total Liabilitiesand Equity	224.9%	218.6%	218.6%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	41.8%	43.3%	44.6%
Expenses Research and Development	12.3%	11.9%	11.0%
Expenses Selling,General and Administrative	29.8%	31.4%	30.7%
Expenses Depreciation and Amortization	4.1%	4.0%	3.7%
Expenses Share Based Compensation	2.5%	2.1%	1.8%
Expenses Restructuring and Asset Impairment	1.0%	1.1%	0.7%
Other Income Expense Gross Profit	58.2%	56.7%	55.4%
Other Income Expense Operating Income	15.7%	9.6%	12.1%
Other Income Expense Interest Expense	2.9%	2.7%	2.6%
Other Income Expense Other Income/expense	0.3%	1.4%	0.4%
Other Income Expense Income Before Tax	15.3%	9.2%	14.0%
Income Tax Income Tax Expense	-0.4%	-0.3%	1.9%
net Income net Income	15.7%	9.6%	12.1%
net Income Comprehensive Income	15.0%	15.2%	8.9%
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	1.4%	1.5%	1.5%
Earnings Per Share Weighted Average Shares Diluted	1.4%	1.5%	1.5%

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	15.7%	9.6%	12.1%
Operating Activities Depreciation and Amortization	4.1%	4.0%	3.7%
Operating Activities Stock Based Compensation	2.5%	2.1%	1.8%
Operating Activities Deferred Income Taxes	-1.4%	-3.7%	-1.8%
Operating Activities Changes In Operating Assets and Liabilities	0.8%	0.2%	-0.5%
Operating Activities net Cash From Operating Activities	19.5%	21.4%	22.5%
Investing Activities Capital Expenditures	1.6%	1.7%	2.0%
Investing Activities Business Acquisitions	12.3%	5.2%	8.2%
Investing Activities Purchases of Investments	14.9%	12.4%	18.0%
Investing Activities net Cash From Investing Activities	-15.3%	-7.9%	-11.4%
Financing Activities Dividends Paid	9.3%	9.8%	9.8%
Financing Activities Proceeds From Stock Issuance	0.3%	0.5%	0.1%
Financing Activities Tax Withholding On Stock Based Compensation	1.5%	1.0%	0.6%
Financing Activities Other Financing Activities	-0.2%	-0.2%	-0.4%
Financing Activities net Cash From Financing Activities	-5.7%	-11.3%	-2.9%
Cash Reconciliation Effect of Exchange Rate On Cash	0.6%	-0.6%	0.0%
Cash Reconciliation net Change In Cash	-0.8%	1.7%	8.2%
Cash Reconciliation Cash At Beginning of Period	20.2%	22.6%	21.2%
Cash Reconciliation Cash At End of Period	20.2%	22.6%	21.2%

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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