INTERNATIONAL BUSINESS MACHINES CORP IBM
Last close
234.89
2026-09-04
Market cap
$221.30B
2026-06-30 share count
52-week range
199.19 - 332.46
Valuation FY2025 figures against the last close
P/S3.3x
P/E21.0x
P/FCF18.3x
EV/EBITDA—
Dividend yield2.8%
Diluted EPS11.17
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 11.36 | 6.53 | 8.23 | 1.82 | 6.41 | 6.28 | 10.63 | 9.57 | 6.17 | 12.43 |
| EPS, diluted | 11.17 | 6.43 | 8.14 | 1.80 | 6.35 | 6.23 | 10.56 | 9.52 | 6.14 | 12.38 |
| Shares, diluted (wtd. avg.) | $948.7M | $937.2M | $922.1M | $912.3M | $904.6M | $896.6M | $892.8M | $916.3M | $937.4M | $958.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 3570
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| HPE | Hewlett Packard Enterprise Co | $69.03B | — | 13.8% |
| HPQ | HP INC | $29.43B | 12.3x | 3.2% |