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International Business Machines (IBM) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

TECHNOLOGY · IT Consulting & Other Services · DATA UPDATED 2026-07-12

International Business Machines (IBM) operates in the IT Consulting & Other Services industry and is headquartered in Armonk, United States with about 264,300 employees. Its market capitalization is roughly $202 billion. In the fiscal year ended 2025-12-31, IBM reported $67.5B in revenue and $10.6B in net income.

International Business Machines Corporation, together with its subsidiaries, provides integrated solutions and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Software, Consulting, Infrastructure, and Financing segments.

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IBM Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$68.9B	$67.5B	$62.8B	$61.9B	$60.5B	$57.4B	$73.6B	$57.7B	$79.6B	$79.1B	$79.9B	$81.7B	$92.8B	$98.4B	$102.9B	$106.9B	$99.9B	$95.8B	$103.6B	$98.8B	$91.4B
Gross Profit	$40.6B	$40.2B	$35.6B	$34.3B	$32.7B	$31.5B	$35.6B	$31.5B	$36.9B	$36.9B	$38.5B	$40.7B	$46.4B	$48.7B	$50.4B	$50.1B	$46.0B	$43.8B	$45.7B	$41.7B	$38.3B
Gross Margin %	59.0%	59.5%	56.6%	55.5%	54.0%	54.9%	48.3%	54.6%	46.4%	46.7%	48.2%	49.8%	50.0%	49.5%	48.9%	46.9%	46.1%	45.7%	44.1%	42.2%	41.9%
Operating Income (EBIT)	$11.3B	$10.3B	$10.1B	$7.5B	$8.2B	$6.8B	$6.9B	$7.5B	$13.2B	$13.1B	$14.7B	$16.5B	$20.3B	$21.5B	$23.0B	$21.9B	$20.0B	$17.0B	$15.9B	$13.5B	$11.9B
Operating Margin %	16.4%	15.3%	16.1%	12.2%	13.5%	11.9%	9.4%	13.1%	16.6%	16.6%	18.4%	20.2%	21.9%	21.9%	22.4%	20.5%	20.0%	17.8%	15.4%	13.7%	13.1%
Net Income	$10.8B	$10.6B	$6.0B	$7.5B	$1.6B	$5.7B	$5.6B	$9.4B	$8.7B	$5.8B	$11.9B	$13.2B	$12.0B	$16.5B	$16.6B	$15.9B	$14.8B	$13.4B	$12.3B	$10.4B	$9.5B
Net Margin %	15.6%	15.7%	9.6%	12.1%	2.7%	10.0%	7.6%	16.3%	11.0%	7.3%	14.8%	16.1%	13.0%	16.8%	16.1%	14.8%	14.8%	14.0%	11.9%	10.5%	10.4%
EBITDA	$17.6B	$17.3B	$12.2B	$7.5B	$7.2B	$13.4B	$12.7B	$14.6B	$16.5B	$16.6B	$17.3B	$20.3B	$25.0B	$25.3B	$27.7B	$26.2B	$24.9B	$23.5B	$22.8B	$20.3B	$18.6B
Earnings Per Share (EPS)	$11.31	$11.17	$6.43	$8.14	$1.80	$6.35	$6.23	$10.56	$9.53	$6.14	$12.38	$13.42	$11.90	$14.94	$14.37	$13.06	$11.52	$10.01	$8.93	$7.18	$6.11
Shares Outstanding (M)	952M	949M	937M	922M	912M	905M	897M	893M	916M	937M	959M	983M	1,010M	1,103M	1,155M	1,214M	1,287M	1,341M	1,382M	1,451M	1,554M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

IBM Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$15.9B	$19.7B	$16.3B	$17.0B	$14.5B	$17.6B	$15.0B	$15.8B
Gross Profit	$8.9B	$12.1B	$9.6B	$10.0B	$8.0B	$10.4B	$8.4B	$8.9B
Gross Margin %	56.2%	61.6%	58.7%	58.8%	55.2%	59.5%	56.3%	56.8%
Operating Income (EBIT)	$1.4B	$4.2B	$2.7B	$3.1B	$1.8B	$3.9B	$2.2B	$2.4B
Operating Margin %	8.5%	21.2%	16.3%	18.2%	12.1%	22.2%	14.5%	15.4%
Net Income	$1.2B	$5.6B	$1.7B	$2.2B	$1.1B	$2.9B	($330M)	$1.8B
Net Margin %	7.6%	28.4%	10.7%	12.9%	7.3%	16.6%	-2.2%	11.6%
EBITDA	$3.1B	$5.9B	$4.2B	$4.4B	$2.8B	$4.8B	$895M	$3.8B
Earnings Per Share (EPS)	$1.28	$5.88	$1.84	$2.32	$1.12	$3.09	$-0.36	$1.96
Shares Outstanding (M)	952M	952M	949M	947M	945M	942M	924M	934M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

IBM Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$14.0B	$13.2B	$13.4B	$13.4B	$10.4B	$12.8B	$18.2B	$14.8B	$15.2B	$16.7B	$17.1B	$17.3B	$16.9B	$17.5B	$19.6B	$19.8B	$19.5B	$20.8B	$18.8B	$16.1B	$15.0B
Capital Expenditures (CapEx)	$2.1B	$1.6B	$1.7B	$1.9B	$1.9B	$2.4B	$3.0B	$2.9B	$4.0B	$3.8B	$4.2B	$4.2B	$4.2B	$4.1B	$4.7B	$4.7B	$4.8B	$4.1B	$4.9B	$5.5B	$5.2B
Free Cash Flow (FCF)	$11.9B	$11.6B	$11.8B	$11.5B	$8.6B	$10.4B	$15.2B	$11.9B	$11.3B	$13.0B	$12.9B	$13.1B	$12.7B	$13.3B	$14.9B	$15.2B	$14.8B	$16.7B	$13.9B	$10.6B	$9.9B
FCF Margin %	17.2%	17.1%	18.7%	18.6%	14.2%	18.2%	20.6%	20.5%	14.2%	16.4%	16.2%	16.0%	13.7%	13.6%	14.4%	14.2%	14.8%	17.4%	13.4%	10.7%	10.8%
Dividends Paid	$6.3B	$6.3B	$6.1B	$6.0B	$5.9B	$5.9B	$5.8B	$5.7B	$5.7B	$5.5B	$5.3B	$4.9B	$4.3B	$4.1B	$3.8B	$3.5B	$3.2B	$2.9B	$2.6B	$2.1B	$1.7B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

IBM Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$5.2B	$4.0B	$3.1B	$1.7B	$4.4B	$4.3B	$2.9B	$2.1B
Capital Expenditures (CapEx)	$391M	$908M	$605M	$210M	$395M	$444M	$424M	$444M
Free Cash Flow (FCF)	$4.8B	$3.1B	$2.5B	$1.5B	$4.0B	$3.9B	$2.5B	$1.6B
FCF Margin %	30.0%	15.9%	15.2%	8.8%	27.3%	22.1%	16.4%	10.3%
Dividends Paid	$1.6B	$1.6B	$1.6B	$1.6B	$1.5B	$1.5B	$1.5B	$1.5B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

IBM Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$156.2B	$151.9B	$137.2B	$135.2B	$127.2B	$132.0B	$156.0B	$152.2B	$123.4B	$125.4B	$117.5B	$110.5B	$117.5B	$126.2B	$119.2B	$116.4B	$113.5B	$109.0B	$109.5B	$120.4B	$103.2B
Cash & Cash Equivalents	$10.8B	$13.6B	$13.9B	$13.1B	$7.9B	$6.7B	$13.2B	$8.2B	$11.4B	$12.0B	$7.8B	$7.7B	$8.5B	$10.7B	$10.4B	$11.9B	$10.7B	$12.2B	$12.7B	$15.0B	$8.0B
Total Liabilities	$123.2B	$119.1B	$109.8B	$112.6B	$105.2B	$113.0B	$135.2B	$131.2B	$106.5B	$107.6B	$99.1B	$96.1B	$105.5B	$103.3B	$100.2B	$96.2B	$90.3B	$86.3B	$96.1B	$92.0B	$74.7B
Total Debt (Short + Long-Term)	$67.2B	$62.1B	$55.7B	$57.4B	$51.8B	$52.7B	$62.9B	$64.3B	$45.8B	$46.8B	$42.2B	$39.9B	$40.8B	$39.7B	$33.3B	$31.3B	$28.6B	$26.1B	$33.9B	$35.3B	$22.7B
Total Shareholders' Equity	$33.0B	$32.6B	$27.3B	$22.5B	$21.9B	$19.0B	$20.7B	$21.0B	$16.9B	$17.7B	$18.2B	$14.3B	$11.9B	$22.8B	$18.9B	$20.1B	$23.0B	$22.6B	$13.5B	$28.5B	$28.5B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive IBM viewer.

Other Companies in IT Consulting & Other Services

ACN · Accenture — $90 billion
CTSH · Cognizant — $21 billion
IT · Gartner — $9 billion

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