International Business Machines Corporation
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. In the quarter to June 2026, revenue grew 1.09%, EPS fell 2.54%, free cash flow grew 56.5% and total debt fell 3.39%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for twenty-five consecutive years, revenue growth for five; insiders bought in the last twelve months.
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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 June 2026 was 20.0%, up 1.9 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 1.51% and above the Technology sector median of 1.72%.
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 | 20.0% |
| FISV Fiserv, Inc. compare | 19.7% |
| INFY American Noble Gas Inc. compare | 18.7% |
| BR Broadridge Financial Solutions, Inc. compare | 16.5% |
| FIS Fidelity National Information Services, Inc. compare | 15.7% |
| ACN Accenture PLC compare | 15.7% |
| WIT Wipro Limited compare | 13.1% |
| CTSH Cognizant Technology Solutions Corporation compare | 12.0% |
| CDW CDW Corporation compare | 3.66% |
| Information Technology Services industry median | 1.51% |
| Technology sector median | 1.72% |
| 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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