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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.

Revenue: +4.73%
EPS: +24.1%
Free cash flow: +31.3%
Total debt: +1.11%

Quarter to September 2026, against a year earlier

248.25 6.07 −2.39%

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Market cap: $233.6B
P/E: 20.9×
Fwd P/E: 25.8×
Dividend yield: 2.72%
F-score: 6/9
Altman Z: 3.49
Beneish M: −2.41
Dividend safety: 64/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

International Business Machines Corporation (IBM) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2023: revenue by segment, and margins
Software	26,308	42.53%
Consulting	19,985	32.31%
Infrastructure	14,593	23.59%
Financing	741	1.20%
Gross margin		55.45%
Operating margin		13.78%
Pre-tax margin		14.05%

Revenue by product or service $m

Line	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Sales	30,745 49.70%	29,673 49.02%	27,346 47.68%	26,569 48.15%	27,357 47.40%	28,735 36.10%	28,772 36.36%	26,942 33.71%
Services	30,378 49.11%	30,206 49.90%	29,225 50.96%	27,626 50.07%	29,141 50.49%	49,257 61.89%	48,652 61.48%	51,268 64.15%
Financing	737 1.19%	651 1.08%	780 1.36%	984 1.78%	1,216 2.11%	1,599 2.01%	1,715 2.17%	1,710 2.14%
Revenue	61,860	60,530	57,350	55,179	57,714	79,591	79,139	79,919

Gross profit by product or service $m, and margin

	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Services	‡	‡	‡	‡	‡	‡	‡	‡
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Financing	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2010	FY2009
Software	26,308 42.53%	25,037 41.36%	23,426 40.85%	22,124 40.09%	22,408 38.83%	—	—	—	—	—	—	—
Consulting	19,985 32.31%	19,107 31.57%	17,844 31.11%	16,257 29.46%	16,939 29.35%	—	—	—	—	—	—	—
Infrastructure	14,593 23.59%	15,288 25.26%	14,188 24.74%	14,533 26.34%	15,774 27.33%	—	—	—	—	—	—	—
Financing	741 1.20%	645 1.07%	774 1.35%	975 1.77%	1,215 2.11%	—	—	—	—	—	—	—
Global Technology Services	—	—	—	—	—	30,018 37.72%	29,870 37.74%	—	—	—	—	—
Cloud & Cognitive Software	—	—	—	—	—	25,047 31.47%	24,910 31.48%	—	—	—	—	—
Global Business Services	—	—	—	—	—	17,121 21.51%	16,436 20.77%	17,109 21.41%	17,664 21.61%	20,055 21.61%	—	—
Systems	—	—	—	—	—	8,848 11.12%	8,945 11.30%	8,464 10.59%	10,325 12.63%	13,300 14.33%	—	—
Global Financing	—	—	—	—	—	3,200 4.02%	3,168 4.00%	3,494 4.37%	4,477 5.48%	4,522 4.87%	—	—
Technology Services Cloud Platforms	—	—	—	—	—	—	—	36,052 45.11%	35,840 43.85%	39,729 42.81%	—	—
Cognitive Solutions	—	—	—	—	—	—	—	20,817 26.05%	20,055 24.53%	21,906 23.61%	—	—
Total Segments	—	—	—	—	—	—	—	—	—	—	106,827 106.97%	102,524 107.07%
Unallocated Amount to Segment [Member] (Deprecated 2013-01-31)	—	—	—	—	—	—	—	—	—	—	750 0.75%	869 0.91%
Intersegment Eliminations	—	—	—	—	—	—	—	—	—	—	(7,707) (7.72%)	(7,635) (7.97%)
Other, not broken out	—	453 0.75%	1,118 1.95%	1,290 2.34%	1,378 2.39%	—	—	—	—	—	—	—
Eliminations	—	—	—	—	—	(4,643) (5.83%)	(4,190) (5.29%)	(6,017) (7.53%)	(6,620) (8.10%)	(6,719) (7.24%)	—	—
Revenue	61,860	60,530	57,350	55,179	57,714	79,591	79,139	79,919	81,741	92,793	99,870	95,758

Revenue by region $m

Line	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2010	FY2009	FY2008
Americas	31,666 51.19%	31,057 51.31%	28,299 49.34%	27,119 49.15%	28,704 49.73%	36,994 46.48%	—	—	—
Europe/Middle East/Africa	18,492 29.89%	17,950 29.65%	17,447 30.42%	16,767 30.39%	17,282 29.94%	25,491 32.03%	—	—	—
Asia Pacific	11,702 18.92%	11,522 19.04%	11,604 20.23%	11,293 20.47%	11,728 20.32%	17,106 21.49%	—	—	—
Other countries	—	—	—	—	—	—	53,589 53.66%	51,386 53.66%	56,541 54.56%
United States	—	—	—	—	—	—	35,581 35.63%	34,150 35.66%	36,686 35.40%
Japan	—	—	—	—	—	—	10,701 10.71%	10,222 10.67%	10,403 10.04%
Revenue	61,860	60,530	57,350	55,179	57,714	79,591	99,870	95,758	103,630

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Generative AI book of business	Q4 FY2025	$12.5B	$5.0B	+150.00%
Remaining performance obligations	Q3 FY2026	$69.0B	$64.0B	+7.81%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.