International Business Machines (IBM) financial statements

Technology · Information Technology Services · Market cap $221.1B

International Business Machines reported revenue of $67.5B in fiscal 2025, down 1.9% a year over 9 years.

Net income was $10.6B.

Free cash flow was $12.1B, and the company returned $6.3B in dividends.

Revenue and free cash flow

Fiscal years, $ billions.

0204060802016201720182019202020212022202320242025RevenueFree cash flow
Embed this chart

Free to use in articles and newsletters with the source line. Paste this HTML:

Income statement

Fiscal years, from International Business Machines's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
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
Research and development$5.7B$5.6B$5.4B$5.9B$6.3B$6.5B$6.6B$6.8B$7.5B$8.3B
Selling, general and admin$20.9B$19.7B$19.4B$18.7B$20.6B$18.7B$18.6B$19.0B$19.7B$20.1B
Interest expense$630M$615M$723M$1.3B$1.3B$1.2B$1.2B$1.6B$1.7B$1.9B
Pre-tax 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$6.0B$10.6B
EPS (diluted)$12.38$6.14$9.52$10.56$6.23$6.35$1.80$8.14$6.43$11.17
Diluted shares959M937M916M893M897M905M912M922M937M949M
Gross margin48.2%46.7%46.4%54.6%55.9%54.9%54.0%55.4%56.7%58.2%
Net margin14.9%7.3%11.0%16.3%10.1%10.0%2.7%12.1%9.6%15.7%

Balance sheet

Fiscal years, from International Business Machines's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$8.5B$12.6B$12.0B$8.9B$13.8B$6.7B$7.9B$13.1B$13.9B$13.6B
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 and equipment$10.8B$11.1B$10.8B$10.0B$6.2B$5.7B$5.3B$5.5B$5.7B$5.9B
Goodwill$36.2B$36.8B$36.3B$52.5B$53.8B$55.6B$55.9B$60.2B$60.7B$67.7B
Total assets$117.5B$125.4B$123.4B$152.2B$156.0B$132.0B$127.2B$135.2B$137.2B$151.9B
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$54.1B$54.4B$44.9B$46.2B$50.1B$49.9B$54.8B
Total liabilities$99.1B$107.6B$106.5B$131.2B$135.2B$113.0B$105.2B$112.6B$109.8B$119.1B
Shareholders' equity$18.2B$17.6B$16.8B$20.8B$20.6B$18.9B$21.9B$22.5B$27.3B$32.6B
Net debt$34.3B$34.9B$34.4B$45.9B$41.2B$38.3B$38.3B$37.1B$35.9B$41.2B

Cash flow

Fiscal years, from International Business Machines's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$17.1B$16.7B$15.2B$14.8B$18.2B$12.8B$10.4B$13.9B$13.4B$13.2B
Capital spending$3.6B$3.2B$3.4B$2.3B$2.6B$2.1B$1.3B$1.2B$1.0B$1.1B
Free cash flow$13.5B$13.5B$11.9B$12.5B$15.6B$10.7B$9.1B$12.7B$12.4B$12.1B
Stock-based compensation$544M$534M$510M$679M$937M$982M$987M$1.1B$1.3B$1.7B
Dividends paid$5.3B$5.5B$5.7B$5.7B$5.8B$5.9B$5.9B$6.0B$6.1B$6.3B
Share buybacks (net)-$3.5B-$4.3B-$4.4B-$1.4B——————
Free cash flow margin16.9%17.1%14.9%21.6%28.2%18.7%15.0%20.5%19.8%17.9%
Dividends per share$5.48$5.87$6.18$6.39$6.47$6.49$6.52$6.55$6.56$6.59
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for IBM.
Open IBM in Investingly

Questions

What was International Business Machines's revenue in 2025?

$67.5B in fiscal 2025, from its 10-K filing.

How much free cash flow does International Business Machines generate?

$12.1B in fiscal 2025 (operating cash flow minus capital spending).

From International Business Machines's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.