I 
International Business Machines IBM · USD
Information Technology · IT Services · US listing · 🇺🇸 United States
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246.11
+0.45%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$67.53bn
FY2016FY2025
Net income
$10.59bn
FY2016FY2025
Free cash flow
$11.57bn
FY2016FY2025
Shareholders' equity
$32.65bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67.53bn | $62.75bn | $61.86bn | $60.53bn | $57.35bn | $73.62bn | $57.71bn | $79.59bn | $79.14bn | $79.92bn |
| Gross profit | $40.19bn | $35.55bn | $34.30bn | $32.69bn | $31.49bn | $35.58bn | $31.53bn | $36.94bn | $36.94bn | $38.52bn |
| Research and development | $8.32bn | $7.48bn | $6.63bn | $6.57bn | $6.49bn | $6.33bn | $5.91bn | $5.38bn | $5.59bn | $5.73bn |
| Operating income | $11.62bn | $7.51bn | $7.51bn | $8.17bn | $6.83bn | $6.89bn | $7.54bn | $13.22bn | $13.14bn | $14.68bn |
| Net income | $10.59bn | $6.02bn | $7.50bn | $1.64bn | $5.74bn | $5.59bn | $9.43bn | $8.73bn | $5.75bn | $11.87bn |
| Diluted earnings per share | 11.12 | 6.39 | 8.09 | 1.79 | 6.35 | 6.22 | 10.55 | 9.64 | 6.19 | 12.46 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $151.88bn | $137.18bn | $135.24bn | $127.24bn | $132.00bn | $155.97bn | $152.19bn | $123.38bn | $125.36bn | $117.47bn |
| Cash and short-term investments | $14.47bn | $14.59bn | $13.44bn | $8.74bn | $7.25bn | $13.81bn | $8.87bn | $12.00bn | $12.58bn | $8.53bn |
| Total liabilities | $119.14bn | $109.78bn | $112.63bn | $105.22bn | $113.00bn | $135.25bn | $131.20bn | $106.45bn | $107.63bn | $99.08bn |
| Debt | $61.26bn | $54.97bn | $56.55bn | $50.95bn | $51.70bn | $61.33bn | $62.90bn | $45.81bn | $46.82bn | $42.17bn |
| Shareholders' equity | $32.65bn | $27.31bn | $22.53bn | $21.94bn | $19.00bn | $20.73bn | $20.98bn | $16.93bn | $17.72bn | $18.25bn |
| Shares outstanding | 952m | 942m | 927m | 916m | 905m | 899m | 894m | 905m | 929m | 953m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $13.19bn | $13.45bn | $13.43bn | $10.44bn | $12.80bn | $18.20bn | $14.77bn | $15.25bn | $16.72bn | $17.08bn |
| Capital spending | −$1.62bn | −$1.69bn | −$1.92bn | −$1.86bn | −$2.38bn | −$3.04bn | −$2.91bn | −$3.96bn | −$3.77bn | −$4.15bn |
| Free cash flow | $11.57bn | $11.76bn | $11.51bn | $8.57bn | $10.41bn | $15.15bn | $11.86bn | $11.28bn | $12.95bn | $12.93bn |
| Dividends paid | −$6.25bn | −$6.15bn | −$6.02bn | −$5.95bn | −$5.87bn | −$5.80bn | −$5.71bn | −$5.67bn | −$5.51bn | −$5.26bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $17.16bn | $15.92bn | $19.69bn | $16.33bn | $16.98bn | $14.54bn | $17.55bn | $14.97bn |
| Gross profit | $9.91bn | $8.95bn | $12.12bn | $9.59bn | $9.98bn | $8.03bn | $10.44bn | $8.42bn |
| Operating income | $1.16bn | $1.68bn | $4.17bn | $2.66bn | $3.09bn | $1.76bn | $3.90bn | $2.18bn |
| Net income | $2.17bn | $1.22bn | $5.60bn | $1.74bn | $2.19bn | $1.05bn | $2.91bn | −$330.0m |
| Diluted earnings per share | 2.27 | 1.28 | 5.88 | 1.83 | 2.30 | 1.11 | 3.09 | -0.35 |
| Cash from operations | $2.60bn | $5.17bn | $4.04bn | $3.08bn | $1.70bn | $4.37bn | $4.33bn | $2.88bn |
| Capital spending | −$391.0m | −$391.0m | −$908.0m | −$605.0m | −$210.0m | −$395.0m | −$444.0m | −$424.0m |
| Free cash flow | $2.21bn | $4.78bn | $3.13bn | $2.48bn | $1.49bn | $3.98bn | $3.89bn | $2.46bn |
| Total assets | $152.10bn | $156.23bn | $151.88bn | $146.31bn | $148.59bn | $145.67bn | $137.18bn | $134.34bn |
| Cash and short-term investments | $8.13bn | $11.78bn | $14.47bn | $14.86bn | $15.45bn | $17.46bn | $14.59bn | $13.70bn |
| Debt | $6.54bn | $67.16bn | $62.06bn | $63.92bn | $64.98bn | $64.08bn | $55.74bn | $57.37bn |
| Shareholders' equity | $34.45bn | $32.97bn | $32.65bn | $27.91bn | $27.51bn | $26.88bn | $27.31bn | $24.45bn |
Financial ratios
Data as of 4 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 58.2% | 56.7% | 55.4% | 54.0% | 54.9% | 48.3% |
| Operating margin | 18.5% | 12.0% | 12.1% | 13.5% | 11.9% | 9.4% |
| Net margin | 15.7% | 9.6% | 12.1% | 2.7% | 10.0% | 7.6% |
| Return on equity | 32.4% | 22.1% | 33.3% | 7.5% | 30.2% | 27.0% |
| Return on assets | 7.0% | 4.4% | 5.5% | 1.3% | 4.3% | 3.6% |
| Free cash flow yield | 6.4% | 6.8% | 7.1% | 5.7% | 7.1% | 10.1% |
| Revenue growth | 7.6% | 1.4% | 2.2% | 5.5% | -22.1% | 27.6% |
| Earnings growth | 75.9% | -19.7% | 357.4% | -71.4% | 2.7% | -40.7% |
| Current ratio | 0.93x | 1.04x | 0.96x | 0.92x | 0.88x | 0.98x |
| Debt to equity | 1.90x | 2.04x | 2.55x | 2.36x | 2.77x | 3.03x |
| Equity ratio | 21.5% | 19.9% | 16.7% | 17.2% | 14.4% | 13.3% |
| Interest coverage | 6.46x | 4.39x | 4.68x | 6.72x | 5.92x | 5.35x |
| R&D as a share of sales | 12.3% | 11.9% | 10.7% | 10.8% | 11.3% | 8.6% |
| Buybacks as a share of market value | -1.1% | -1.6% | -1.2% | -1.2% | -0.6% | -0.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.7% | -1.7% | -1.9% |
| Operating income | 12.4% | 11.0% | -3.5% |
| Net income | 86.2% | 13.6% | -2.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 58.1% | 56.5% | 54.7% | 51.8% |
| Operating margin | 14.7% | 13.8% | 12.7% | 14.9% |
| Net margin | 12.8% | 10.2% | 9.7% | 11.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 26.6 | 34.4 | 20.2 | 78.7 | 21.1 | 20.2 | 12.7 | 11.8 | 24.8 | 13.3 |
| Price to sales | 4.2 | 3.3 | 2.5 | 2.1 | 2.1 | 1.5 | 2.1 | 1.3 | 1.8 | 2.0 |
Market value over time
31 Oct 2016 to 3 Sept 2026, in USD
$140.66bn$223.61bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 36% | 36% | 16% | 9% | 3% | -9% | 20% | -26% | -9% | 23% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 10 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 5.06 | 6.71 | 6.67 | 6.63 | 6.59 | 6.55 | 6.51 | 6.43 |
- 2-for-1 split · 27 May 1999
- 2-for-1 split · 28 May 1997
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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