Saturday 17 October 2026 Export IBM’s income statement to Excel — free account

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.

232.56 1.56 −0.67%

Follow IBM

Alert me

Market cap: $220.6B
P/E: 20.3×
Fwd P/E: 27.7×
Dividend yield: 2.90%
F-score: 6/9
Altman Z: 3.49
Beneish M: −2.41
Dividend safety: 64/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 0.42

Total sells 5.76

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	1	2	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	1	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 220,570.00

Revenue 69,096.00

Net Income 10,725.00

Free Cash Flow 13,831.00

Net Debt 53,810.00

Current Ratio 0.79

Debt/Equity 1.79

P/E ratio 20.31

Fwd P/E 27.70

P/S ratio 3.17

P/B ratio 6.34

Past 5Y EPS Growth 12.39%

This Y EPS Growth 6.22%

Next Y EPS Growth 6.83%

Next Y revenue growth 4.23%

Next 5Y EPS Growth 7.36%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 49.10%

10-year low 10-year high

P/S against its own 10 years 83.67%

10-year low 10-year high

P/B against its own 10 years 38.85%

10-year low 10-year high

EV/Sales against its own 10 years 84.26%

10-year low 10-year high

EV/FCF against its own 10 years 83.38%

10-year low 10-year high

Dividends

Payout Ratio 0.60

Annual Dividend Rate 6.74

Annual Dividend Yield 2.90%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	6.77	1.68 1.69 1.69
2025	6.71	1.67 1.68 1.68 1.68
2024	6.67	1.66 1.67 1.67 1.67
2023	6.63	1.65 1.66 1.66 1.66
2022	6.59	1.64 1.65 1.65 1.65
2021	6.55	1.63 1.64 1.64 1.64
2020	6.51	1.62 1.63 1.63 1.63
2019	6.43	1.57 1.62 1.62 1.62
2018	6.21	1.50 1.57 1.57 1.57
2017	5.90	1.40 1.50 1.50 1.50
2016	5.50	1.30 1.40 1.40 1.40

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	13,462	14,805	14,471	8,177
Receivables	7,854	7,751	9,164	7,392
Inventory	1,161	1,289	1,220	1,746
Other	—	—	—	—
	32,908	34,482	36,944	28,398

	2023	2024	2025	Q'26
Payables	4,132	4,032	4,756	4,395
ST’ Debt	6,426	5,089	6,424	5,775
Other	3,501	3,605	4,114	3,364
	34,122	33,142	38,658	35,912

Compound Annual Growth %

	10y	5y	3y
Sales	(1.89%)	4.12%	3.72%
Cash Flow	(2.65%)	(6.23%)	8.13%
Earnings	(2.17%)	13.64%	86.27%
Book Value	8.54%	9.57%	14.13%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	15,917	17,162	—	—	—
’25	14,541	16,977	16,331	19,686	67,535
’24	14,462	15,770	14,968	17,553	62,753
’23	14,252	15,475	14,752	17,381	61,860
’22	14,197	15,535	14,107	16,691	60,530
’21	13,187	14,218	13,251	16,694	57,350
’20	17,571	18,123	17,560	1,925	55,179

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	5,169	2,597	—	—	—
’25	4,370	1,701	3,082	4,040	13,193
’24	4,168	2,066	2,881	4,330	13,445
’23	3,774	2,638	3,056	4,463	13,931
’22	3,248	1,321	1,901	3,965	10,435
’21	4,914	2,625	2,713	2,544	12,796
’20	4,476	3,576	4,285	5,860	18,197

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	4,945	2,391	—	—	—
’25	4,200	1,528	2,834	3,661	12,223
’24	3,941	1,891	3,074	4,048	12,954
’23	3,485	2,288	2,887	4,347	13,007
’22	3,039	1,000	1,592	3,569	9,200
’21	4,559	2,141	2,252	2,169	11,121
’20	3,892	3,027	3,625	5,223	15,767

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.28	2.27	—	—	—
’25	1.12	2.31	1.84	5.88	11.17
’24	1.72	1.96	(0.36)	3.09	6.43
’23	1.02	1.72	1.84	3.55	8.14
’22	0.81	1.53	(3.54)	2.96	1.80
’21	1.06	1.47	1.25	2.57	6.35
’20	1.31	1.52	1.89	1.51	6.23

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	111.76	133.01	101.28	106.78	86.58	112.20	115.55	120.55	157.89	214.50	Analyst estimates 2026–2028 Powerpack
	High	162.48	174.75	163.60	146.22	151.77	146.12	153.21	166.34	239.35	324.90
People
People	Employees	414,400	397,800	381,100	383,800	345,900	345,000	345,000	305,300	293,400	286,800
	Revenue/emp, $m	0.19	0.20	0.21	0.15	0.16	0.17	0.18	0.20	0.21	0.24
Income, $m
Income, $m	Revenue	79,919	79,139	79,591	57,714	55,179	57,350	60,530	61,860	62,753	67,535
	Gross margin, %	48.20	46.68	46.41	54.64	55.94	54.90	54.00	55.45	56.65	58.19
	EBT	12,330	11,400	11,342	7,206	2,572	4,837	1,156	8,690	5,797	10,328
	EBT margin, %	15.43	14.41	14.25	12.49	4.66	8.43	1.91	14.05	9.24	15.29
	Net income	11,872	5,753	8,728	9,431	5,590	5,743	1,639	7,502	6,023	10,593
	Depreciation	4,381	4,541	4,480	6,059	6,695	6,417	4,802	4,396	4,667	5,021
Per share, $
Per share, $	Revenue	83.65	84.84	87.27	65.05	61.97	64.01	67.06	67.89	68.08	72.44
	Earnings	12.43	6.17	9.57	10.63	6.28	6.41	1.82	8.23	6.53	11.36
	Cash flow	17.88	17.93	16.72	16.65	20.44	14.28	11.56	15.29	14.59	14.15
	Capex	(3.29)	(2.97)	(3.45)	(1.97)	(2.73)	(1.87)	(1.37)	(1.01)	(0.53)	(1.04)
	Free cash flow	14.59	14.96	13.27	14.68	17.71	12.41	10.19	14.27	14.05	13.11
	Book value	19.25	19.00	18.56	23.65	23.28	21.20	24.40	24.82	29.72	35.12
	Shares, m	955	933	912	887	890	896	903	911	922	932
Valuation, ×
Valuation, ×	P/E	12.85	24.02	11.36	12.04	19.19	20.85	78.20	19.65	33.66	26.10
	P/S	1.91	1.74	1.25	1.97	1.94	2.09	2.11	2.38	3.23	4.09
	P/B	8.30	7.76	5.85	5.42	5.17	6.30	5.80	6.51	7.40	8.43
	EV/Sales	2.33	2.17	1.67	2.90	2.80	2.86	2.81	3.08	3.87	4.78
	EV/FCF	13.37	12.29	10.97	12.87	9.78	14.74	18.47	14.63	18.74	26.42
Cash, $m
Cash, $m	Operating cash flow	17,084	16,724	15,247	14,770	18,197	12,796	10,435	13,931	13,445	13,193
	Capex	(3,143)	(2,769)	(3,147)	(1,749)	(2,430)	(1,675)	(1,235)	(924)	(491)	(970)
	Free cash flow	13,941	13,955	12,100	13,021	15,767	11,121	9,200	13,007	12,954	12,223
Balance, $m
Balance, $m	Working capital	7,613	12,372	10,919	719	(704)	(4,080)	(2,387)	(1,214)	1,340	(1,714)
	Total debt	42,168	46,824	45,812	62,899	61,333	51,704	50,949	56,547	54,973	61,260
	Net debt	33,641	33,982	33,590	53,890	47,082	44,147	42,108	43,085	40,168	46,789
	Shareholders’ equity	18,392	17,725	16,929	20,985	20,727	18,996	22,021	22,613	27,393	32,740
Returns, %
Returns, %	ROA	10.42	4.74	7.02	6.84	3.63	3.99	1.26	5.72	4.42	7.33
	ROIC	14.32	14.11	15.08	5.76	3.73	6.19	7.32	8.11	7.76	8.53
	ROE	72.36	31.86	50.37	49.75	26.80	28.92	7.99	33.61	24.09	35.23

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
IBM International Business Machines Corporation	$220.6B	20.3×	27.7×	+1.09% (above 0%: growing)	−2.54% (below 0%: shrinking)	+56.48% (above 0%: growing)	57.73%	15.24%
ACN Accenture PLC	$137.6B	16.7×	12.0×	+6.15% (above 0%: growing)	+48.93% (above 0%: growing)	−25.25% (below 0%: shrinking)	32.04%	15.33%	Compare
INFY American Noble Gas Inc.	$49.2B	15.1×	19.1×	+2.85% (above 0%: growing)	0.00%	+8.03% (above 0%: growing)	31.48%	21.09%	Compare
CTSH Cognizant Technology Solutions Corporation	$29.6B	14.2×	9.8×	+4.50% (above 0%: growing)	+3.82% (above 0%: growing)	+38.67% (above 0%: growing)	33.37%	15.95%	Compare
FISV Fiserv, Inc.	$25.1B	9.1×	9.5×	−4.06% (below 0%: shrinking)	−37.10% (below 0%: shrinking)	−16.95% (below 0%: shrinking)	19.07%	19.18%	Compare
BR Broadridge Financial Solutions, Inc.	$19.7B	18.0×	16.9×	+7.49% (above 0%: growing)	+8.46% (above 0%: growing)	−3.21% (below 0%: shrinking)	38.43%	24.61%	Compare
CDW CDW Corporation	$19.3B	18.0×	14.9×	+9.97% (above 0%: growing)	+4.85% (above 0%: growing)	−161.92% (below 0%: shrinking)	20.08%	6.52%	Compare
FIS Fidelity National Information Services, Inc.	$18.6B	5.5×	6.1×	+29.09% (above 0%: growing)	n/m	+45.12% (above 0%: growing)	34.76%	15.01%	Compare
WIT Wipro Limited	$18.5B	16.3×	—	+0.15% (above 0%: growing)	−25.00% (below 0%: shrinking)	−30.13% (below 0%: shrinking)	28.54%	16.01%	Compare
Median of peers	$22.4B	15.7×	12.0×	+5.33%	+3.82%	−10.08%	31.76%	15.98%

All 73 Information Technology Services stocks →

International Business Machines Corporation (IBM) key facts

Strength: International Business Machines Corporation’s revenue for fiscal 2025 (year ended December 2025) was $67.5 billion, up 7.62% from fiscal 2024.
Strength: Net income was $10.6 billion, or $11.36 per share (basic), a net margin of 15.7%.
International Business Machines Corporation (IBM) is an Information Technology Services company in the Technology sector, listed on the New York Stock Exchange.
As of October 16, 2026, IBM traded at $232.56, a market capitalization of $220.6 billion.
At that price the stock trades at 20.3× trailing-twelve-month earnings and 3.2× sales; its P/E is higher than 49% of its own readings over the past ten years.
International Business Machines Corporation pays an annual dividend of $6.74 per share, a yield of 2.90%, with a payout ratio of 59.8%.
Return on equity was 35.2% and debt-to-equity 1.79.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.49 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 29 September 2026

IBM reported revenue of $67.5 billion in FY2025, with net income of $10.6 billion and diluted EPS of $11.17 in FY2025. Revenue in the TTM to Q2 FY2026 was $69.1 billion, while net income was $10.7 billion and free cash flow was $13.8 billion in the TTM to Q2 FY2026.

In Q2 FY2026, revenue was $17.2 billion, operating income was $2.6 billion, and diluted EPS was $2.27. Net debt was $53.8 billion in Q2 FY2026. The Q2 FY2026 result included year-over-year revenue growth, while gross margin and operating margin were lower than a year earlier.

Read the full analysis →