INTERNATIONAL BUSINESS MACHINES CORP IBM

Technology SIC 3570 - Computer & office Equipment NAICS Manufacturing › Computer and Electronic Product Manufacturing › Computer and Peripheral Equipment Manufacturing derived NYSE

Last close 253.56 2026-10-23
Market cap $238.89B 2026-06-30 share count
52-week range 199.19 - 332.46

Valuation FY2025 figures against the last close

P/S3.5x
P/E22.7x
P/FCF19.7x
EV/EBITDA—
Dividend yield2.6%
Diluted EPS11.17

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Americas
  • Europe/Middle East/Africa
  • Asia Pacific
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 Americas, FY2025: 33.3B (49.4%) 49% Americas Europe/Middle East/Africa, FY2025: 22.2B (32.9%) 33% Europe/Middle East/Africa Asia Pacific, FY2025: 12B (17.8%) 18% Asia Pacific FY2024 Americas, FY2024: 31.3B (49.8%) 50% Europe/Middle East/Africa, FY2024: 19.4B (31.0%) 31% Asia Pacific, FY2024: 12.1B (19.2%) 19% FY2023 Americas, FY2023: 31.7B (51.2%) 51% Europe/Middle East/Africa, FY2023: 18.5B (29.9%) 30% Asia Pacific, FY2023: 11.7B (18.9%) 19%
Region FY2025FY2024FY2023
Americas $33.34B $31.27B $31.67B
Europe/Middle East/Africa $22.19B $19.43B $18.49B
Asia Pacific $12.00B $12.06B $11.70B

As the company reported it, from the “Revenue Recognition - Disaggregation of Revenue by Geography (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Software
  • Consulting
  • Infrastructure
  • Financing
Revenue by segment, 4 categories over 3 years. The same figures are in the table below. FY2025 Software, FY2025: 30B (44.4%) 44% Software Consulting, FY2025: 21.1B (31.2%) 31% Consulting Infrastructure, FY2025: 15.7B (23.3%) 23% Infrastructure Financing, FY2025: 737M (1.1%) FY2024 Software, FY2024: 27.1B (43.3%) 43% Consulting, FY2024: 20.7B (33.1%) 33% Infrastructure, FY2024: 14B (22.4%) 22% Financing, FY2024: 713M (1.1%) FY2023 Software, FY2023: 25B (40.8%) 41% Consulting, FY2023: 20.9B (34.1%) 34% Infrastructure, FY2023: 14.6B (23.8%) 24% Financing, FY2023: 741M (1.2%)
Segment FY2025FY2024FY2023
Software $29.96B $27.09B $25.01B
Consulting $21.05B $20.69B $20.88B
Infrastructure $15.72B $14.02B $14.59B
Financing $737.0M $713.0M $741.0M

As the company reported it, from the “Revenue Recognition - Disaggregation of Revenue by Major Products and Service Offerings (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $67.53B$62.75B$61.86B$60.53B$57.35B$55.18B$57.71B$79.59B$79.14B$79.92B
Cost of revenue $28.24B$27.20B$27.56B$27.84B$25.86B$24.31B$26.18B$42.66B$42.20B$41.40B
Gross profit $39.30B$35.55B$34.30B$32.69B$31.49B$30.86B$31.53B$36.94B$36.94B$38.52B
R&D $8.32B$7.48B$6.78B$6.57B$6.49B$6.26B$5.91B$5.38B$5.59B$5.73B
SG&A $20.12B$19.69B$19.00B$18.61B$18.75B$20.56B$18.72B$19.37B$19.68B$20.87B
Interest expense $1.94B$1.71B$1.61B$1.22B$1.16B$1.29B$1.34B$723.0M$615.0M$630.0M
Pre-tax income $10.33B$5.80B$8.69B$1.16B$4.84B$2.57B$7.21B$11.34B$11.40B$12.33B
Income tax $242.0M$218.0M$1.18B$626.0M$124.0M$1.36B$60.0M$2.62B$5.64B$449.0M
Net income $10.59B$6.02B$7.50B$1.64B$5.74B$5.59B$9.43B$8.73B$5.75B$11.87B
EPS, basic 11.366.538.231.826.416.2810.639.576.1712.43
EPS, diluted 11.176.438.141.806.356.2310.569.526.1412.38
Shares, diluted (wtd. avg.) 948.7M937.2M922.1M912.3M904.6M896.6M892.8M916.3M937.4M958.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $13.59B$13.95B$13.09B$7.99B$6.96B$13.68B$8.31B$11.60B$12.23B$8.07B
Short-term investments —————$600.0M$696.0M$618.0M$608.0M$701.0M
Receivables $8.11B$6.80B$7.21B$6.54B$6.75B$5.79B$7.87B$7.43B$8.93B$9.18B
Inventory $1.22B$1.29B$1.16B$1.55B$1.65B$1.81B$1.62B$1.68B$1.58B$1.55B
Total current assets $36.94B$34.48B$32.91B$29.12B$29.54B$39.16B$38.42B$49.15B$49.73B$43.89B
Property, plant and equipment ———$5.33B$5.69B$6.21B$10.01B$10.79B$11.12B$10.83B
Goodwill $67.72B$60.71B$60.18B$55.95B$55.64B$53.77B$52.47B$36.27B$36.79B$36.20B
Other intangibles $11.39B$10.66B$11.04B$11.18B$12.51B$13.74B$15.23B$3.09B$3.74B$4.69B
Total assets $151.88B$137.18B$135.24B$127.24B$132.00B$155.97B$152.19B$123.38B$125.36B$117.47B
Accounts payable $4.76B$4.03B$4.13B$4.05B$3.96B$4.03B$4.90B$6.56B$6.45B$6.21B
Short-term debt $6.42B$5.09B$6.43B$4.76B$6.79B$7.12B$8.80B$10.21B$5.21B$6.24B
Total current liabilities $38.66B$33.14B$34.12B$31.50B$33.62B$39.87B$37.70B$38.23B$37.36B$36.27B
Long-term debt $54.84B$49.88B$50.12B$46.19B$44.92B$54.22B$54.10B$35.60B$39.84B$34.66B
Total liabilities $119.14B$109.78B$112.63B$105.22B$113.00B$135.24B$131.20B$106.45B$107.63B$99.08B
Retained earnings $155.65B$151.16B$151.28B$149.82B$154.21B$162.72B$162.95B$159.21B$153.13B$152.76B
Total equity $32.65B$27.31B$22.61B$22.02B$19.00B$20.73B$20.98B$16.93B$17.73B$18.39B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $13.19B$13.45B$13.93B$10.44B$12.80B$18.20B$14.77B$15.25B$16.72B$17.08B
Depreciation and amortisation $2.28B$2.17B$2.11B$2.41B$3.89B$4.23B$4.21B$3.13B$3.02B$2.84B
Stock-based compensation $1.72B$1.31B$1.13B$987.0M$982.0M$937.0M$679.0M$510.0M$534.0M$544.0M
Capital expenditure $1.09B$1.05B$1.25B$1.35B$2.06B$2.62B$2.29B$3.40B$3.23B$3.57B
Investing cash flow -$10.30B-$4.94B-$7.07B-$4.20B-$5.97B-$3.03B-$26.94B-$4.91B-$7.08B-$10.93B
Financing cash flow -$3.83B-$7.08B-$1.77B-$4.96B-$13.35B-$9.72B$9.04B-$10.47B-$6.42B-$5.92B
Dividends paid $6.25B$6.15B$6.04B$5.95B$5.87B$5.80B$5.71B$5.67B$5.51B$5.26B
Buybacks ——————$1.36B$4.44B$4.34B$3.50B

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000051143-26-000010.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 20B 40B 60B 80B Revenue, FY2016: 79.9B Gross profit, FY2016: 38.5B Net income, FY2016: 11.9B Revenue, FY2017: 79.1B Gross profit, FY2017: 36.9B Net income, FY2017: 5.8B Revenue, FY2018: 79.6B Gross profit, FY2018: 36.9B Net income, FY2018: 8.7B Revenue, FY2019: 57.7B Gross profit, FY2019: 31.5B Net income, FY2019: 9.4B Revenue, FY2020: 55.2B Gross profit, FY2020: 30.9B Net income, FY2020: 5.6B Revenue, FY2021: 57.4B Gross profit, FY2021: 31.5B Net income, FY2021: 5.7B Revenue, FY2022: 60.5B Gross profit, FY2022: 32.7B Net income, FY2022: 1.6B Revenue, FY2023: 61.9B Gross profit, FY2023: 34.3B Net income, FY2023: 7.5B Revenue, FY2024: 62.8B Gross profit, FY2024: 35.6B Net income, FY2024: 6B Revenue, FY2025: 67.5B Gross profit, FY2025: 39.3B Net income, FY2025: 10.6B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $79.92B $79.14B $79.59B $57.71B $55.18B $57.35B $60.53B $61.86B $62.75B $67.53B
Gross profit $38.52B $36.94B $36.94B $31.53B $30.86B $31.49B $32.69B $34.30B $35.55B $39.30B
Net income $11.87B $5.75B $8.73B $9.43B $5.59B $5.74B $1.64B $7.50B $6.02B $10.59B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Charter or fiscal year changed Item 5.03
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 3570

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