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International Business Machines Corporation IBM

Technology  —  Information Technology Services
225.51 (1.55) (0.68%) as of 25 Sep
Market cap
$214.4B
P/E
19.7×
S&P 500 Member Dividend Aristocrat Revenue Champion (5y) Insider Buys (last 12m)
Indexes indicate stock being part of an index,
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Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

International Business Machines Corporation (IBM) Business Profile

Updated · Covers results through FY2025 · Sources · How this is made

What it does

IBM states that it helps clients use hybrid cloud and artificial intelligence (AI) in digital transformations. Its offerings draw on software, consulting capabilities and mission-critical infrastructure. The company says these capabilities are used to modernize applications, support critical workflows at scale, and help clients pursue agility, innovation and operational efficiencies. IBM also describes its research organization as supporting these offerings.

Source: International Business Machines Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov

How it makes money

The filing describes four business segments: Software, Consulting, Infrastructure and Financing. Software provides hybrid cloud and AI platforms; Consulting combines strategy, experience design, technology and operations expertise; Infrastructure provides server, storage and related life-cycle services; and Financing facilitates clients’ acquisition of hardware, software and services. The segment table below this text provides the reported revenue detail by segment and related measures.

Source: International Business Machines Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov

Customers and geography

IBM describes itself as a globally integrated enterprise operating in over 175 countries worldwide. The filing says it derives about sixty percent of revenue from sales outside the United States. Its customers include commercial clients and numerous governmental entities inside and outside the U.S., including the U.S. Federal Government and state and local entities. The company also says its products, services, systems and networks are used by customers in regulated industries including financial services, healthcare, critical infrastructure and government.

Source: International Business Machines Corporation Form 10-K for fiscal 2025, Item 1 and Item 1A — sec.gov

Competition

The company states that it operates in a highly competitive environment, with competitors ranging from large multinational enterprises to smaller, narrowly focused entities. Named software competitors are Alphabet (Google), Amazon, BMC, Broadcom, Microsoft, Oracle, Salesforce, SAP and Splunk, a CISCO Company. For Infrastructure, the filing names Dell Technologies, Hewlett-Packard Enterprise (HPE), Intel, NetApp and Pure Storage. Consulting competitors include Accenture and Capgemini, among other categories of firms. The filing also notes that some strategic partners may compete with IBM in other areas.

Source: International Business Machines Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov

Key risks

The filing highlights risks including:

  • Downturn in Economic Environment and Client Spending Budgets Could Impact the Company’s Business.
  • Failure of Innovation Initiatives Could Impact the Long-Term Success of the Company.
  • Damage to IBM’s Reputation Could Impact the Company’s Business.
  • Due to the Company’s Global Presence, Its Business and Operations Could Be Impacted by Local Legal, Economic, Political, Health and Other Conditions.
  • The Development and Use of AI, including the Company’s Increased AI Solutions and Use of AI Technologies, Could Impact the Long-Term Success of the Company and its Reputation or Give Rise to Legal or Regulatory Action.
  • Cybersecurity and Data Protection Considerations Could Impact the Company’s Business.

Source: International Business Machines Corporation Form 10-K for fiscal 2025, Item 1A — sec.gov

People and operations

IBM reports 286,800 employees for FY2025. The filing says the company depends on skilled employees, including technical, marketing and staff resources, and that competition for skilled and experienced personnel is intense. For operating seasonality, the company states that it has historically had lower revenue in the first quarter than in the immediately preceding fourth quarter. It also says that high product order volumes near quarter-end, especially in the fourth quarter, can make results for a given period difficult to predict.

Source: International Business Machines Corporation Form 10-K for fiscal 2025, Item 1A — sec.gov

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.