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IBM Technology Information Technology Services
International Business Machines Corporation’s revenue for fiscal 2025 (year ended December 2025) was $67.5 billion, up 7.62% from fiscal 2024.
- Revenue
- +4.73%
- EPS
- +24.1%
- Free cash flow
- +31.3%
- Total debt
- +1.11%
Quarter to September 2026, against a year earlier
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International Business Machines Corporation (IBM) Free cash flow margin
International Business Machines Corporation's free cash flow margin over the twelve months to 30 September 2026 was 21.1%, up 3.0 percentage points from fiscal 2025 (18.1%). Over the past ten years it has ranged from 15.2% (fiscal 2022) to 28.6% (fiscal 2020); the current reading is higher than 55% of that period. That is above the Information Technology Services industry median of 0.00% and above the Technology sector median of 0.67%.
Free cash flow margin, annual
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Annual newest first
| Period | Free cash flow margin | Change (points) |
|---|---|---|
| FY2025 | 18.1% | (2.54) |
| FY2024 | 20.6% | (0.39) |
| FY2023 | 21.0% | 5.83 |
| FY2022 | 15.2% | (4.19) |
| FY2021 | 19.4% | (9.18) |
| FY2020 | 28.6% | 6.01 |
| FY2019 | 22.6% | 7.36 |
| FY2018 | 15.2% | (2.43) |
| FY2017 | 17.6% | 0.19 |
| FY2016 | 17.4% | 0.26 |
Against its own ten years
Free cash flow margin against peers
| Company | Free cash flow margin |
|---|---|
| IBM International Business Machines Corporation | 21.1% |
| INFY American Noble Gas Inc. compare | 17.8% |
| BR Broadridge Financial Solutions, Inc. compare | 17.2% |
| ACN Accenture PLC compare | 15.7% |
| FISV Fiserv, Inc. compare | 15.2% |
| WIT Wipro Limited compare | 14.8% |
| LDOS Leidos Holdings, Inc. compare | 11.0% |
| CTSH Cognizant Technology Solutions Corporation compare | 10.8% |
| CDW CDW Corporation compare | 3.81% |
| Information Technology Services industry median | 0.00% |
| Technology sector median | 0.67% |
| Market median | 0.00% |
What Free cash flow margin is
Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.
(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue
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