International Business Machines (IBM) Financials

$239.15 +3.67 (+1.56%)

As of 03:59 PM Eastern

Annual Income Statements for International Business Machines

This table shows International Business Machines' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	13,190	11,872	5,753	8,728	9,431	5,590	5,743	1,639	7,502	6,023
Consolidated Net Income / (Loss)	13,190	11,872	5,753	8,728	9,431	5,590	5,743	1,639	7,502	6,023
Net Income / (Loss) Continuing Operations	13,364	11,881	5,758	8,723	7,146	3,932	4,712	1,783	7,514	6,015
Total Pre-Tax Income	15,945	12,330	11,400	11,342	7,206	2,572	4,837	1,156	8,690	5,797
Total Operating Income	16,414	12,959	12,013	12,065	7,538	4,662	6,865	2,371	10,296	7,509
Total Gross Profit	40,684	38,516	36,943	36,936	31,533	30,865	31,486	32,687	34,300	35,551
Total Revenue	81,741	79,919	79,139	79,591	57,714	55,179	57,350	60,530	61,860	62,753
Operating Revenue	81,742	79,919	79,139	79,591	57,714	55,179	57,350	60,530	61,860	62,753
Total Cost of Revenue	41,057	41,403	42,196	42,655	26,181	24,314	25,865	27,842	27,560	27,201
Operating Cost of Revenue	41,057	41,403	42,196	42,655	26,181	24,314	25,865	27,842	27,560	27,201
Total Operating Expenses	24,271	25,557	24,930	24,871	23,995	26,203	24,621	30,316	24,004	28,042
Selling, General & Admin Expense	20,430	20,869	19,680	19,366	18,724	20,561	18,745	18,609	19,003	19,688
Research & Development Expense	4,565	4,095	4,124	4,353	5,271	5,642	5,876	5,904	5,915	6,483
Other Operating Expenses / (Income)	-724	593	1,126	1,152	-	-	-	5,803	-914	1,871
Total Other Income / (Expense), net	-468	-630	-615	-723	-332	-2,090	-2,028	-1,216	-1,607	-1,712
Interest Expense	468	630	615	723	1,344	1,288	1,155	1,216	1,607	1,712
Income Tax Expense	2,581	449	5,642	2,619	60	-1,360	124	-626	1,176	-218
Net Income / (Loss) Discontinued Operations	-174	-9.00	-5.00	5.00	2,285	1,658	1,030	-143	-12	8.00
Basic Earnings per Share	$13.48	$12.43	$6.17	$9.57	$10.63	$6.28	$6.41	$1.82	$8.23	$6.53
Weighted Average Basic Shares Outstanding	978.74M	955.42M	932.83M	912.05M	887.24M	890.35M	895.99M	902.66M	911.21M	921.77M
Diluted Earnings per Share	$13.42	$12.38	$6.14	$9.52	$10.56	$6.23	$6.35	$1.80	$8.14	$6.43
Weighted Average Diluted Shares Outstanding	982.70M	958.71M	937.39M	916.32M	892.81M	896.56M	904.64M	912.27M	922.07M	937.16M
Weighted Average Basic & Diluted Shares Outstanding	978.50M	955.10M	9.28B	912M	888.41M	893.59M	899.31M	907.11M	916.74M	927.26M
Cash Dividends to Common per Share	-	$5.50	$5.90	$6.21	$6.43	$6.51	$6.55	$6.59	$6.63	$6.67

This table shows International Business Machines' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-3,196	2,710	927	1,583	1,704	3,288	1,605	1,834	-330	2,914
Consolidated Net Income / (Loss)	-3,196	2,710	927	1,583	1,704	3,288	1,605	1,834	-330	2,914
Net Income / (Loss) Continuing Operations	-3,214	2,870	934	1,581	1,714	3,285	1,575	1,830	-317	2,927
Total Pre-Tax Income	-4,501	3,312	1,058	2,000	1,873	3,759	1,074	2,219	-802	3,306
Total Operating Income	1,549	-2,050	1,181	2,162	2,070	4,883	1,188	2,413	1,871	2,037
Total Gross Profit	7,430	9,632	7,509	8,501	8,023	10,267	7,742	8,950	8,420	10,439
Total Revenue	14,107	16,691	14,252	15,475	14,752	17,381	14,462	15,770	14,968	17,553
Total Cost of Revenue	6,677	7,057	6,743	6,974	6,729	7,114	6,719	6,820	6,548	7,114
Operating Cost of Revenue	6,677	7,057	6,743	6,974	6,729	7,114	6,719	6,820	6,548	7,114
Total Operating Expenses	5,881	11,682	6,328	6,339	5,953	5,384	6,554	6,537	6,549	8,402
Selling, General & Admin Expense	4,391	4,766	4,853	4,900	4,458	4,792	4,974	4,938	4,911	4,865
Research & Development Expense	1,490	1,359	1,475	1,439	1,495	1,506	1,580	1,599	1,638	1,666
Total Other Income / (Expense), net	-6,050	5,361	-122	-162	-197	-1,126	-115	-194	-2,673	1,270
Interest Expense	295	313	367	423	412	405	432	427	429	424
Income Tax Expense	-1,287	443	124	419	159	474	-502	389	-485	380
Net Income / (Loss) Discontinued Operations	18	-159	-7.00	2.00	-10	3.00	30	4.00	-13	-13
Basic Earnings per Share	($3.54)	$3.00	$1.02	$1.74	$1.87	$3.61	$1.75	$1.99	($0.36)	$3.15
Weighted Average Basic Shares Outstanding	904.08M	902.66M	907.53M	909.86M	912.79M	911.21M	917.18M	920.29M	923.58M	921.77M
Diluted Earnings per Share	($3.54)	$3.00	$1.01	$1.72	$1.84	$3.61	$1.72	$1.96	($0.36)	$3.11
Weighted Average Diluted Shares Outstanding	904.08M	912.27M	917.85M	919.45M	923.67M	922.07M	933.43M	934.40M	923.58M	937.16M
Weighted Average Basic & Diluted Shares Outstanding	904.13M	907.11M	908.05M	911.01M	913.12M	916.74M	918.60M	921.15M	924.65M	927.26M
Cash Dividends to Common per Share	$1.65	$1.66	$1.65	$1.66	$1.66	$1.67	$1.66	$1.67	$1.67	$1.67

This table details how cash moves in and out of International Business Machines' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-790	188	3,225	-135	-3,290	5,361	-6,718	1,032	5,101	1,071
Net Cash From Operating Activities	17,255	17,084	16,724	15,247	14,770	18,197	12,796	10,435	13,931	13,445
Net Cash From Continuing Operating Activities	17,256	17,084	16,724	15,248	14,771	18,198	12,796	10,435	13,931	13,445
Net Income / (Loss) Continuing Operations	13,190	11,872	5,753	8,728	9,431	5,590	5,743	1,639	7,502	6,023
Consolidated Net Income / (Loss)	13,190	11,872	5,753	8,728	9,431	5,590	5,743	1,639	7,502	6,023
Depreciation Expense	2,662	2,837	3,021	3,127	4,209	4,227	3,888	2,407	2,109	2,168
Amortization Expense	1,193	1,544	1,520	1,353	1,850	2,468	2,529	2,395	2,287	2,499
Non-Cash Adjustments To Reconcile Net Income	1,020	606	548	633	-417	867	846	6,518	963	3,772
Changes in Operating Assets and Liabilities, net	-809	225	5,882	1,407	-302	5,046	-210	-2,524	1,070	-1,017
Net Cash From Investing Activities	-8,159	-10,928	-7,081	-4,913	-26,936	-3,028	-5,975	-4,202	-7,070	-4,937
Net Cash From Continuing Investing Activities	-8,160	-10,928	-7,081	-4,912	-26,936	-3,028	-5,974	-4,202	-7,071	-4,937
Purchase of Property, Plant & Equipment	-3,579	-3,567	-3,229	-3,395	-2,286	-2,618	-2,062	-1,346	-1,245	-1,048
Acquisitions	-3,349	-5,696	-701	-139	-32,630	-336	-3,293	-2,348	-5,082	-3,289
Purchase of Investments	-3,073	-5,853	-4,949	-7,041	-3,693	-6,246	-3,561	-5,930	-11,143	-7,762
Sale of Property, Plant & Equipment	370	424	460	248	537	188	387	111	321	557
Divestitures	-401	-454	-	0.00	1,076	503	114	1,272	-4.00	698
Sale and/or Maturity of Investments	2,842	5,692	3,910	6,487	3,961	5,618	3,147	4,665	10,647	6,544
Other Investing Activities, net	-970	-1,474	-2,572	-1,072	6,099	-137	-706	-626	-565	-637
Net Cash From Financing Activities	-9,413	-5,917	-6,418	-10,469	9,042	-9,721	-13,354	-4,958	-1,769	-7,079
Net Cash From Continuing Financing Activities	-9,413	-5,917	-6,416	-10,470	9,043	-9,721	-13,354	-4,958	-1,770	-7,078
Repayment of Debt	-5,622	-6,191	-6,816	-8,533	-12,845	-13,273	-8,527	-6,903	-5,321	-6,760
Payment of Dividends	-4,897	-5,256	-5,506	-5,666	-5,707	-5,797	-5,869	-5,948	-6,040	-6,147
Issuance of Debt	5,641	9,158	10,438	8,343	29,228	9,651	482	8,021	9,579	5,735
Issuance of Common Equity	322	-	-	-	-	-	-	279	414	745
Other Financing Activities, net	-248	-126	-194	-171	-272	-302	560	-407	-402	-651
Effect of Exchange Rate Changes	-473	-51	-	-	-167	-87	-185	-244	9.00	-359
Cash Interest Paid	995	1,158	1,208	1,423	1,685	1,830	1,512	1,401	1,668	1,978
Cash Income Taxes Paid	2,657	1,078	1,597	1,745	2,091	2,253	2,103	1,865	1,564	1,723

This table details how cash moves in and out of International Business Machines' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	721	14	1,547	-111	-2,149	5,814	1,676	-287	-1,264	946
Net Cash From Operating Activities	1,901	3,965	3,774	2,638	3,056	4,463	4,168	2,066	2,881	4,330
Net Cash From Continuing Operating Activities	1,903	3,963	3,778	2,654	3,036	4,463	4,168	2,065	2,882	4,330
Net Income / (Loss) Continuing Operations	-3,196	2,710	927	1,584	1,703	3,288	1,605	1,834	-330	2,914
Consolidated Net Income / (Loss)	-3,196	2,710	927	1,584	1,703	3,288	1,605	1,834	-330	2,914
Depreciation Expense	586	570	527	520	521	541	533	548	563	524
Amortization Expense	577	567	547	557	572	611	598	607	705	589
Non-Cash Adjustments To Reconcile Net Income	6,185	-55	268	288	187	220	67	289	2,703	713
Changes in Operating Assets and Liabilities, net	-2,249	171	1,509	-295	53	-197	1,365	-1,213	-759	-410
Net Cash From Investing Activities	-1,697	-1,319	-7,960	7.00	-1,953	2,836	-4,210	2,239	-1,587	-1,379
Net Cash From Continuing Investing Activities	-1,700	-1,316	-7,960	6.00	-1,952	2,835	-4,210	2,239	-1,587	-1,379
Purchase of Property, Plant & Equipment	-317	-409	-300	-364	-281	-300	-239	-220	-286	-303
Acquisitions	-62	-1,328	-22	-334	-4,589	-137	-82	-153	-2,513	-541
Purchase of Investments	-2,138	-1,456	-8,531	-729	-1,114	-769	-4,934	-662	-905	-1,261
Sale of Property, Plant & Equipment	8.00	13	11	14	112	184	12	45	479	21
Divestitures	3.00	1.00	0.00	6.00	-10	-	703	-	2.00	-7.00
Sale and/or Maturity of Investments	944	2,010	1,050	1,550	4,042	4,005	464	3,453	1,774	853
Other Investing Activities, net	-138	-147	-168	-137	-112	-148	-134	-224	-138	-141
Net Cash From Financing Activities	713	-2,852	5,708	-2,730	-3,132	-1,615	1,877	-4,515	-2,765	-1,676
Net Cash From Continuing Financing Activities	714	-2,853	5,708	-2,730	-3,133	-1,615	1,876	-4,514	-2,766	-1,674
Repayment of Debt	-1,397	-1,563	-2,128	-1,076	-1,677	-440	-1,889	-3,046	-1,034	-791
Payment of Dividends	-1,491	-1,494	-1,497	-1,510	-1,515	-1,518	-1,522	-1,536	-1,543	-1,546
Issuance of Debt	3,616	3.00	9,429	-	157	-7.00	5,486	219	-	30
Other Financing Activities, net	-14	-78	-96	-144	-98	-64	-199	-151	-189	-112
Effect of Exchange Rate Changes	-	-	24	-25	-119	129	-159	-77	207	-330

This table presents International Business Machines' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	110,495	117,470	125,356	123,382	152,186	155,971	132,001	127,243	135,241	137,175
Total Current Assets	42,504	43,888	49,735	49,146	38,420	39,165	29,539	29,118	32,908	34,482
Cash & Equivalents	7,686	7,826	11,972	11,379	8,172	13,188	6,650	7,886	13,068	13,947
Restricted Cash	-	-	262	225	141	463	307	103	21	214
Short-Term Investments	508	701	608	618	696	600	600	7,703	6,475	6,903
Accounts Receivable	9,534	10,239	9,909	8,175	9,603	6,485	7,756	7,358	7,854	7,751
Inventories, net	1,551	1,553	1,583	1,682	1,619	1,812	1,649	1,552	1,161	1,289
Prepaid Expenses	4,205	4,564	1,860	2,378	2,101	2,089	3,466	2,611	2,639	2,520
Other Current Assets	-	-	1,820	2,299	1,896	1,401	1,890	1,906	1,690	1,859
Plant, Property, & Equipment, net	10,727	10,830	11,116	10,792	10,010	6,205	5,694	5,334	5,501	5,731
Plant, Property & Equipment, gross	29,342	30,133	32,331	32,460	32,028	20,100	20,085	18,695	18,122	17,691
Accumulated Depreciation	18,615	19,303	21,215	21,668	22,018	13,895	14,390	13,361	12,621	11,959
Total Noncurrent Assets	57,264	62,751	64,504	63,444	103,758	110,601	96,768	92,792	96,830	96,961
Long-Term Investments	5,187	4,585	2,783	2,386	2,074	2,187	1,823	1,617	1,626	1,787
Noncurrent Note & Lease Receivables	10,013	9,021	9,550	9,148	8,712	7,086	5,425	5,806	5,766	5,353
Goodwill	32,021	36,199	36,788	36,265	58,222	53,765	55,643	55,949	60,178	60,706
Intangible Assets	3,487	4,688	3,742	3,087	15,235	13,739	12,511	11,184	11,036	10,660
Noncurrent Deferred & Refundable Income Taxes	4,822	5,224	4,862	5,216	5,182	8,404	7,370	6,256	6,656	6,978
Employee Benefit Assets	1,734	3,034	4,643	4,666	6,865	7,557	9,850	8,236	7,506	7,492
Other Noncurrent Operating Assets	-	-	2,136	2,676	7,468	4,716	4,146	3,744	4,062	3,985
Total Liabilities & Shareholders' Equity	110,495	117,470	125,356	123,382	152,186	155,971	132,001	127,243	135,241	137,175
Total Liabilities	96,071	99,078	107,631	106,452	131,202	135,244	113,005	105,222	112,628	109,783
Total Current Liabilities	34,269	36,275	37,363	38,227	37,701	39,869	33,619	31,505	34,122	33,142
Short-Term Debt	6,461	7,513	6,987	10,207	8,797	7,116	6,787	4,760	6,426	5,089
Accounts Payable	6,028	6,209	6,451	6,558	4,896	4,033	3,955	4,051	4,132	4,032
Accrued Expenses	4,353	4,705	4,510	3,941	4,357	5,632	3,892	4,111	3,521	3,709
Current Deferred Revenue	11,021	11,035	11,552	11,165	12,026	11,980	12,518	12,032	13,451	13,907
Current Deferred & Payable Income Tax Liabilities	2,847	3,235	4,219	3,046	2,839	3,198	2,289	2,196	2,270	2,033
Current Employee Benefit Liabilities	3,560	3,577	3,644	3,310	3,406	3,056	3,204	3,481	3,501	3,605
Other Current Liabilities	-	-	-	0.00	1,380	1,035	974	874	820	768
Total Noncurrent Liabilities	61,802	62,802	70,268	68,226	93,500	95,376	79,387	73,717	78,505	76,641
Long-Term Debt	33,428	34,655	39,837	35,605	54,102	54,217	44,917	46,189	50,121	49,884
Noncurrent Deferred Revenue	3,771	3,600	3,746	3,445	3,851	3,758	3,577	3,499	3,533	3,622
Noncurrent Employee Benefit Liabilities	16,504	17,070	16,720	17,002	17,142	17,184	14,435	9,596	10,808	9,432
Other Noncurrent Operating Liabilities	8,099	7,477	9,965	12,174	18,405	16,900	16,458	14,433	14,043	13,703
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,424	18,392	17,725	16,929	20,985	20,727	18,996	22,021	22,613	27,393
Total Preferred & Common Equity	14,262	18,246	17,594	16,796	20,841	20,597	18,901	21,944	22,533	27,307
Total Common Equity	14,261	18,246	17,593	16,795	20,839	20,597	18,902	21,944	22,534	27,306
Common Stock	53,262	53,935	54,566	55,151	55,895	56,556	57,319	58,343	59,643	61,380
Retained Earnings	146,124	152,759	153,126	159,206	162,954	162,717	154,209	149,825	151,276	151,163
Treasury Stock	-155,518	-159,050	-163,507	-168,071	-169,413	-169,339	-169,392	-169,484	-169,624	-169,968
Accumulated Other Comprehensive Income / (Loss)	-29,607	-29,398	-26,592	-29,490	-28,597	-29,337	-23,234	-16,740	-18,761	-15,269
Noncontrolling Interest	162	146	131	134	144	129	95	77	80	86

This table presents International Business Machines' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	125,850	127,243	133,637	132,213	129,321	135,241	137,169	133,848	134,339	137,175
Total Current Assets	28,999	29,118	35,982	34,458	27,705	32,908	36,663	33,299	30,543	34,482
Cash & Equivalents	7,816	7,886	9,337	9,394	7,257	13,068	14,603	12,210	13,197	13,947
Restricted Cash	159	103	198	31	19	21	162	2,268	17	214
Short-Term Investments	1,753	7,703	8,057	6,904	8,753	6,475	9,389	6,556	5,761	6,903
Accounts Receivable	6,428	7,358	6,569	6,511	6,172	7,854	6,801	6,526	6,318	7,751
Inventories, net	1,794	1,552	1,603	1,501	1,398	1,161	1,212	1,234	1,368	1,289
Prepaid Expenses	3,452	2,611	2,501	2,730	2,582	2,639	2,804	2,784	2,408	2,520
Other Current Assets	1,316	1,906	1,660	1,822	1,524	1,690	1,691	1,720	1,475	1,859
Plant, Property, & Equipment, net	5,150	5,334	5,344	5,443	5,369	5,501	5,594	5,600	5,614	5,731
Plant, Property & Equipment, gross	18,675	18,695	18,761	18,588	18,217	18,122	18,071	17,911	17,994	17,691
Accumulated Depreciation	13,525	13,361	13,417	13,145	12,848	12,621	12,477	12,311	12,380	11,959
Total Noncurrent Assets	91,701	92,792	92,311	92,312	96,248	96,830	94,913	94,948	98,183	96,961
Long-Term Investments	1,614	1,617	1,607	1,585	1,582	1,626	1,678	1,840	2,009	1,787
Noncurrent Note & Lease Receivables	4,781	5,806	5,065	5,221	4,789	5,766	4,927	5,483	4,931	5,353
Goodwill	54,218	55,949	56,193	56,385	59,596	60,178	59,534	59,416	61,092	60,706
Intangible Assets	10,967	11,184	10,905	10,496	11,278	11,036	10,750	10,251	11,090	10,660
Noncurrent Deferred & Refundable Income Taxes	6,868	6,256	6,419	6,340	6,168	6,656	6,465	6,378	6,943	6,978
Employee Benefit Assets	9,695	8,236	8,487	8,735	8,901	7,506	7,545	7,630	7,975	7,492
Other Noncurrent Operating Assets	3,558	3,744	3,635	3,550	3,934	4,062	4,014	3,950	4,143	3,985
Total Liabilities & Shareholders' Equity	125,850	127,243	133,637	132,213	129,321	135,241	137,169	133,848	134,339	137,175
Total Liabilities	105,703	105,222	111,964	109,942	106,165	112,628	113,836	109,745	109,809	109,783
Total Current Liabilities	30,466	31,505	30,993	32,513	30,606	34,122	32,397	29,648	28,853	33,142
Short-Term Debt	5,937	4,760	4,887	6,785	6,414	6,426	5,471	3,602	3,599	5,089
Accounts Payable	3,806	4,051	3,728	3,732	3,342	4,132	3,588	3,631	3,274	4,032
Accrued Expenses	3,702	4,111	3,866	3,651	3,309	3,521	3,605	3,195	3,474	3,709
Current Deferred Revenue	11,139	12,032	13,220	12,712	11,917	13,451	14,051	13,643	12,882	13,907
Current Deferred & Payable Income Tax Liabilities	1,667	2,196	1,650	1,606	1,559	2,270	1,710	1,691	1,584	2,033
Current Employee Benefit Liabilities	3,369	3,481	2,772	3,185	3,257	3,501	3,190	3,125	3,250	3,605
Other Current Liabilities	844	874	869	842	807	820	784	762	790	768
Total Noncurrent Liabilities	75,236	73,717	80,971	77,429	75,560	78,505	81,439	80,096	80,955	76,641
Long-Term Debt	44,942	46,189	53,826	50,691	48,828	50,121	54,033	52,929	52,980	49,884
Noncurrent Deferred Revenue	3,018	3,499	3,443	3,264	3,085	3,533	3,488	3,489	3,666	3,622
Noncurrent Employee Benefit Liabilities	11,760	9,596	9,509	9,385	9,090	10,808	10,421	10,200	10,366	9,432
Other Noncurrent Operating Liabilities	15,516	14,433	14,193	14,089	14,557	14,043	13,497	13,478	13,943	13,703
Commitments & Contingencies	-	0.00	-	-	-	0.00	-	-	-	0.00
Total Equity & Noncontrolling Interests	20,147	22,021	21,672	22,271	23,156	22,613	23,333	24,103	24,530	27,393
Total Preferred & Common Equity	20,076	21,944	21,604	22,201	23,081	22,533	23,261	24,026	24,448	27,307
Total Common Equity	20,076	21,944	21,604	22,201	23,081	22,534	23,260	24,026	24,449	27,306
Common Stock	58,117	58,343	58,675	58,963	59,313	59,643	60,145	60,501	61,013	61,380
Retained Earnings	148,611	149,825	149,253	149,318	149,506	151,276	151,362	151,659	149,789	151,163
Treasury Stock	-169,514	-169,484	-169,544	-169,581	-	-169,624	-169,759	-169,815	-169,935	-169,968
Accumulated Other Comprehensive Income / (Loss)	-17,138	-16,740	-16,780	-16,499	-16,098	-18,761	-18,488	-18,319	-16,418	-15,269
Noncontrolling Interest	71	77	68	70	75	80	72	77	82	86

This table displays calculated financial ratios and metrics derived from International Business Machines' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.91%	-2.23%	-0.98%	0.57%	-27.49%	-4.39%	3.93%	5.54%	2.20%	1.44%
EBITDA Growth	-18.80%	-14.45%	-4.53%	-0.05%	-11.70%	-27.75%	17.57%	-42.20%	104.82%	-17.13%
EBIT Growth	-19.81%	-21.05%	-7.30%	0.43%	-29.13%	-54.85%	55.23%	-60.43%	334.25%	-27.07%
NOPAT Growth	-14.73%	-9.23%	-51.41%	52.93%	-19.44%	-4.66%	-6.15%	-45.36%	143.58%	-12.48%
Net Income Growth	9.72%	-9.99%	-51.54%	51.71%	8.05%	-40.73%	2.74%	-71.46%	357.72%	-19.71%
EPS Growth	12.77%	-7.75%	-50.40%	55.05%	8.05%	-40.73%	1.93%	-71.65%	352.22%	-21.01%
Operating Cash Flow Growth	2.29%	-0.99%	-2.11%	-8.83%	-3.13%	23.20%	-29.68%	-18.45%	33.50%	-3.49%
Free Cash Flow Firm Growth	-27.14%	-65.07%	-23.01%	119.19%	-270.75%	233.39%	-89.70%	294.20%	-29.16%	-5.27%
Invested Capital Growth	-7.52%	15.93%	3.10%	-1.62%	51.26%	-21.72%	7.59%	-9.22%	4.14%	2.66%
Revenue Q/Q Growth	-2.45%	-0.36%	0.98%	-0.97%	-25.17%	-0.75%	34.68%	-0.01%	1.13%	0.27%
EBITDA Q/Q Growth	-9.16%	0.31%	-2.88%	-0.24%	-15.62%	-10.35%	19.85%	-43.17%	89.72%	-19.16%
EBIT Q/Q Growth	-10.80%	-0.64%	-4.10%	-0.02%	-27.50%	-24.71%	65.57%	-68.70%	206.16%	-27.48%
NOPAT Q/Q Growth	-6.98%	0.67%	-48.99%	52.99%	-12.89%	8.43%	13.22%	-75.00%	207.43%	-26.22%
Net Income Q/Q Growth	-7.18%	0.32%	-49.12%	52.51%	22.29%	-29.28%	20.50%	29.87%	8.35%	-5.85%
EPS Q/Q Growth	-6.35%	1.14%	-48.62%	52.32%	22.29%	-29.28%	19.59%	28.57%	7.25%	-7.22%
Operating Cash Flow Q/Q Growth	-17.33%	-8.30%	11.72%	-9.57%	-4.33%	15.26%	-20.58%	15.76%	3.71%	-0.98%
Free Cash Flow Firm Q/Q Growth	-21.52%	-47.40%	-38.20%	92.88%	-34.77%	161.61%	-72.22%	-56.47%	267.68%	-44.31%
Invested Capital Q/Q Growth	-6.00%	6.39%	-0.28%	-3.55%	2.19%	-17.46%	-7.73%	-6.74%	-4.64%	-1.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.77%	48.19%	46.68%	46.41%	54.64%	55.94%	54.90%	54.00%	55.45%	56.65%
EBITDA Margin	24.80%	21.70%	20.92%	20.79%	25.31%	19.13%	21.64%	11.85%	23.75%	19.40%
Operating Margin	20.08%	16.22%	15.18%	15.16%	13.06%	8.45%	11.97%	3.92%	16.64%	11.97%
EBIT Margin	20.08%	16.22%	15.18%	15.16%	14.81%	7.00%	10.45%	3.92%	16.64%	11.97%
Profit (Net Income) Margin	16.14%	14.86%	7.27%	10.97%	16.34%	10.13%	10.01%	2.71%	12.13%	9.60%
Tax Burden Percent	82.72%	96.29%	50.46%	76.95%	130.88%	217.34%	118.73%	141.78%	86.33%	103.90%
Interest Burden Percent	97.14%	95.15%	94.90%	94.01%	84.28%	66.63%	80.72%	48.76%	84.40%	77.20%
Effective Tax Rate	16.19%	3.64%	49.49%	23.09%	0.83%	-52.88%	2.56%	-54.15%	13.53%	-3.76%
Return on Invested Capital (ROIC)	32.30%	28.26%	12.59%	19.12%	12.36%	10.98%	11.31%	6.25%	15.67%	13.26%
ROIC Less NNEP Spread (ROIC-NNEP)	30.37%	26.04%	11.55%	17.36%	17.07%	7.49%	8.90%	0.94%	11.61%	8.02%
Return on Net Nonoperating Assets (RNNOA)	67.48%	44.10%	19.27%	31.25%	37.39%	15.82%	17.61%	1.74%	17.95%	10.83%
Return on Equity (ROE)	99.78%	72.35%	31.86%	50.37%	49.75%	26.80%	28.92%	7.99%	33.62%	24.09%
Cash Return on Invested Capital (CROIC)	40.11%	13.51%	9.54%	20.75%	-28.44%	35.35%	3.99%	15.92%	11.61%	10.64%
Operating Return on Assets (OROA)	14.41%	11.37%	9.89%	9.70%	6.21%	2.51%	4.16%	1.83%	7.85%	5.51%
Return on Assets (ROA)	11.58%	10.42%	4.74%	7.02%	6.84%	3.63%	3.99%	1.26%	5.72%	4.42%
Return on Common Equity (ROCE)	98.62%	71.67%	31.61%	49.99%	49.38%	26.63%	28.75%	7.96%	33.50%	24.01%
Return on Equity Simple (ROE_SIMPLE)	92.48%	65.07%	32.70%	51.96%	45.25%	27.14%	30.38%	7.47%	33.29%	22.06%
Net Operating Profit after Tax (NOPAT)	13,757	12,487	6,068	9,279	7,475	7,127	6,689	3,655	8,903	7,791
NOPAT Margin	16.83%	15.62%	7.67%	11.66%	12.95%	12.92%	11.66%	6.04%	14.39%	12.42%
Net Nonoperating Expense Percent (NNEP)	1.93%	2.21%	1.04%	1.77%	-4.71%	3.49%	2.41%	5.31%	4.06%	5.24%
Return On Investment Capital (ROIC_SIMPLE)	25.33%	20.62%	9.40%	14.79%	8.91%	8.69%	9.46%	5.01%	11.25%	9.46%
Cost of Revenue to Revenue	50.23%	51.81%	53.32%	53.59%	45.36%	44.06%	45.10%	46.00%	44.55%	43.35%
SG&A Expenses to Revenue	24.99%	26.11%	24.87%	24.33%	32.44%	37.26%	32.69%	30.74%	30.72%	31.37%
R&D to Revenue	5.58%	5.12%	5.21%	5.47%	9.13%	10.22%	10.25%	9.75%	9.56%	10.33%
Operating Expenses to Revenue	29.69%	31.98%	31.50%	31.25%	41.58%	47.49%	42.93%	50.08%	38.80%	44.69%
Earnings before Interest and Taxes (EBIT)	16,414	12,959	12,013	12,065	8,550	3,860	5,992	2,371	10,296	7,509
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	20,269	17,340	16,554	16,545	14,609	10,555	12,409	7,173	14,692	12,176
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.24	5.98	5.80	4.62	4.48	4.51	5.52	5.30	6.35	7.39
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.09	1.37	1.29	0.98	1.62	1.68	1.82	1.92	2.31	3.22
Price to Earnings (P/E)	6.75	9.20	17.74	8.89	9.91	16.62	18.16	70.99	19.09	33.52
Dividend Yield	5.45%	4.79%	5.35%	7.27%	6.09%	6.24%	5.46%	5.12%	4.23%	3.05%
Earnings Yield	14.82%	10.87%	5.64%	11.25%	10.09%	6.02%	5.51%	1.41%	5.24%	2.98%
Enterprise Value to Invested Capital (EV/IC)	2.83	2.92	2.73	2.26	2.00	2.42	2.39	2.70	3.08	3.93
Enterprise Value to Revenue (EV/Rev)	1.41	1.73	1.69	1.37	2.52	2.50	2.56	2.48	2.89	3.73
Enterprise Value to EBITDA (EV/EBITDA)	5.71	7.98	8.06	6.58	9.95	13.07	11.82	20.92	12.16	19.23
Enterprise Value to EBIT (EV/EBIT)	7.05	10.68	11.11	9.03	17.01	35.74	24.49	63.29	17.35	31.18
Enterprise Value to NOPAT (EV/NOPAT)	8.41	11.08	21.99	11.74	19.45	19.36	21.94	41.06	20.06	30.05
Enterprise Value to Operating Cash Flow (EV/OCF)	6.70	8.10	7.98	7.15	9.85	7.58	11.47	14.38	12.82	17.41
Enterprise Value to Free Cash Flow (EV/FCFF)	6.77	23.19	29.04	10.82	0.00	6.01	62.12	16.12	27.08	37.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.77	2.29	2.64	2.71	3.00	2.96	2.72	2.31	2.50	2.01
Long-Term Debt to Equity	2.32	1.88	2.25	2.10	2.58	2.62	2.36	2.10	2.22	1.82
Financial Leverage	2.22	1.69	1.67	1.80	2.19	2.11	1.98	1.85	1.55	1.35
Leverage Ratio	8.62	6.95	6.72	7.18	7.27	7.39	7.25	6.32	5.88	5.45
Compound Leverage Factor	8.37	6.61	6.38	6.75	6.13	4.92	5.85	3.08	4.96	4.21
Debt to Total Capital	73.44%	69.63%	72.54%	73.02%	74.98%	74.74%	73.13%	69.82%	71.43%	66.74%
Short-Term Debt to Total Capital	11.90%	12.41%	10.82%	16.27%	10.49%	8.67%	9.60%	6.52%	8.12%	6.18%
Long-Term Debt to Total Capital	61.55%	57.22%	61.72%	56.75%	64.50%	66.07%	63.53%	63.30%	63.32%	60.56%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.30%	0.24%	0.20%	0.21%	0.17%	0.16%	0.13%	0.11%	0.10%	0.10%
Common Equity to Total Capital	26.26%	30.13%	27.26%	26.77%	24.84%	25.10%	26.74%	30.07%	28.47%	33.15%
Debt to EBITDA	1.97	2.43	2.83	2.77	4.31	5.81	4.17	7.10	3.85	4.51
Net Debt to EBITDA	1.31	1.68	1.88	1.89	3.55	4.25	3.41	4.69	2.41	2.64
Long-Term Debt to EBITDA	1.65	2.00	2.41	2.15	3.70	5.14	3.62	6.44	3.41	4.10
Debt to NOPAT	2.90	3.38	7.72	4.94	8.41	8.61	7.73	13.94	6.35	7.06
Net Debt to NOPAT	1.93	2.33	5.14	3.36	6.93	6.30	6.33	9.20	3.97	4.12
Long-Term Debt to NOPAT	2.43	2.78	6.57	3.84	7.24	7.61	6.72	12.64	5.63	6.40
Altman Z-Score	3.73	3.60	3.35	3.32	2.50	2.30	2.74	2.83	3.03	3.30
Noncontrolling Interest Sharing Ratio	1.17%	0.94%	0.77%	0.77%	0.74%	0.66%	0.56%	0.42%	0.35%	0.33%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.24	1.21	1.33	1.29	1.02	0.98	0.88	0.92	0.96	1.04
Quick Ratio	1.07	1.04	1.18	1.11	0.87	0.77	0.66	0.73	0.80	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	17,087	5,968	4,595	10,071	-17,197	22,938	2,362	9,311	6,596	6,248
Operating Cash Flow to CapEx	537.71%	543.56%	603.97%	484.49%	844.48%	748.85%	763.94%	844.94%	1,507.68%	2,738.29%
Free Cash Flow to Firm to Interest Expense	36.51	9.47	7.47	13.93	-12.80	17.81	2.05	7.66	4.10	3.65
Operating Cash Flow to Interest Expense	36.87	27.12	27.19	21.09	10.99	14.13	11.08	8.58	8.67	7.85
Operating Cash Flow Less CapEx to Interest Expense	30.01	22.13	22.69	16.74	9.69	12.24	9.63	7.57	8.09	7.57
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.72	0.70	0.65	0.64	0.42	0.36	0.40	0.47	0.47	0.46
Accounts Receivable Turnover	7.59	8.08	7.86	8.80	6.49	6.86	8.05	8.01	8.13	8.04
Inventory Turnover	22.47	26.68	26.91	26.13	15.86	14.17	14.95	17.40	20.32	22.20
Fixed Asset Turnover	7.60	7.41	7.21	7.27	5.55	6.81	9.64	10.98	11.42	11.17
Accounts Payable Turnover	6.37	6.77	6.67	6.56	4.57	5.45	6.48	6.96	6.74	6.66
Days Sales Outstanding (DSO)	48.07	45.15	46.46	41.47	56.22	53.21	45.32	45.57	44.88	45.38
Days Inventory Outstanding (DIO)	16.24	13.68	13.56	13.97	23.01	25.75	24.42	20.98	17.97	16.44
Days Payable Outstanding (DPO)	57.31	53.94	54.76	55.66	79.84	67.02	56.36	52.48	54.19	54.77
Cash Conversion Cycle (CCC)	7.01	4.90	5.27	-0.22	-0.62	11.94	13.38	14.07	8.66	7.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	40,931	47,450	48,923	48,131	72,803	56,992	61,319	55,663	57,970	59,513
Invested Capital Turnover	1.92	1.81	1.64	1.64	0.95	0.85	0.97	1.03	1.09	1.07
Increase / (Decrease) in Invested Capital	-3,330	6,519	1,473	-792	24,672	-15,811	4,327	-5,656	2,307	1,543
Enterprise Value (EV)	115,647	138,400	133,410	108,939	145,413	137,956	146,727	150,063	178,613	234,128
Market Capitalization	88,977	109,198	102,080	77,601	93,453	92,932	104,308	116,346	143,176	201,920
Book Value per Share	$14.70	$19.19	$19.00	$18.48	$23.53	$23.12	$21.08	$24.27	$24.68	$29.53
Tangible Book Value per Share	($21.90)	($23.81)	($24.78)	($24.82)	($59.41)	($52.64)	($54.92)	($49.98)	($53.31)	($47.65)
Total Capital	54,313	60,560	64,549	62,741	83,884	82,060	70,700	72,970	79,160	82,366
Total Debt	39,889	42,168	46,824	45,812	62,899	61,333	51,704	50,949	56,547	54,973
Total Long-Term Debt	33,428	34,655	39,837	35,605	54,102	54,217	44,917	46,189	50,121	49,884
Net Debt	26,508	29,056	31,199	31,204	51,816	44,895	42,324	33,640	35,357	32,122
Capital Expenditures (CapEx)	3,209	3,143	2,769	3,147	1,749	2,430	1,675	1,235	924	491
Debt-free, Cash-free Net Working Capital (DFCFNWC)	6,502	6,599	6,517	8,904	507	-7,839	-4,850	-13,319	-14,352	-14,635
Debt-free Net Working Capital (DFNWC)	14,696	15,126	19,359	21,126	9,516	6,412	2,707	2,373	5,212	6,429
Net Working Capital (NWC)	8,235	7,613	12,372	10,919	719	-704	-4,080	-2,387	-1,214	1,340
Net Nonoperating Expense (NNE)	567	615	315	551	-1,956	1,537	946	2,016	1,401	1,768
Net Nonoperating Obligations (NNO)	26,507	29,058	31,198	31,202	51,818	36,265	42,323	33,642	35,357	32,120
Total Depreciation and Amortization (D&A)	3,855	4,381	4,541	4,480	6,059	6,695	6,417	4,802	4,396	4,667
Debt-free, Cash-free Net Working Capital to Revenue	7.95%	8.26%	8.23%	11.19%	0.88%	-14.21%	-8.46%	-22.00%	-23.20%	-23.32%
Debt-free Net Working Capital to Revenue	17.98%	18.93%	24.46%	26.54%	16.49%	11.62%	4.72%	3.92%	8.43%	10.24%
Net Working Capital to Revenue	10.07%	9.53%	15.63%	13.72%	1.25%	-1.28%	-7.11%	-3.94%	-1.96%	2.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$12.94	$11.93	$5.92	$9.19	$10.20	$6.03	$6.41	$1.82	$8.23	$6.53
Adjusted Weighted Average Basic Shares Outstanding	1.02B	995.34M	971.80M	950.15M	924.30M	927.54M	895.99M	902.66M	911.21M	921.77M
Adjusted Diluted Earnings per Share	$12.88	$11.88	$5.89	$9.14	$10.14	$5.98	$6.35	$1.80	$8.14	$6.43
Adjusted Weighted Average Diluted Shares Outstanding	1.02B	998.77M	976.55M	954.60M	930.11M	934.02M	904.64M	912.27M	922.07M	937.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$10.20	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.03B	982.62M	959.65M	927.04M	925.52M	930.92M	899.31M	907.11M	916.74M	927.26M
Normalized Net Operating Profit after Tax (NOPAT)	13,757	12,487	6,068	9,279	7,475	3,263	6,689	1,660	8,903	5,256
Normalized NOPAT Margin	16.83%	15.62%	7.67%	11.66%	12.95%	5.91%	11.66%	2.74%	14.39%	8.38%
Pre Tax Income Margin	19.51%	15.43%	14.41%	14.25%	12.49%	4.66%	8.43%	1.91%	14.05%	9.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	35.07	20.57	19.53	16.69	6.36	3.00	5.19	1.95	6.41	4.39
NOPAT to Interest Expense	29.40	19.82	9.87	12.83	5.56	5.53	5.79	3.01	5.54	4.55
EBIT Less CapEx to Interest Expense	28.22	15.58	15.03	12.33	5.06	1.11	3.74	0.93	5.83	4.10
NOPAT Less CapEx to Interest Expense	22.54	14.83	5.36	8.48	4.26	3.65	4.34	1.99	4.96	4.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.13%	44.27%	95.71%	64.92%	60.51%	103.70%	102.19%	362.90%	80.51%	102.06%
Augmented Payout Ratio	72.07%	73.77%	171.15%	115.82%	74.94%	103.70%	102.19%	362.90%	80.51%	102.06%

This table displays calculated financial ratios and metrics derived from International Business Machines' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.46%	-0.02%	0.39%	-0.39%	4.57%	4.13%	1.47%	1.91%	1.46%	0.99%
EBITDA Growth	-209.19%	-120.05%	14.16%	7.20%	211.01%	761.01%	5.44%	8.60%	-73.51%	-47.80%
EBIT Growth	-481.32%	-164.61%	52.68%	20.01%	154.33%	338.20%	5.54%	9.20%	-116.32%	-58.28%
NOPAT Growth	-36.89%	-165.61%	5.05%	3.66%	74.70%	340.30%	67.21%	16.44%	-30.86%	-57.75%
Net Income Growth	-382.83%	16.16%	26.47%	13.72%	153.32%	21.33%	73.14%	15.86%	-119.37%	-11.37%
EPS Growth	-383.20%	15.38%	24.69%	12.42%	151.98%	20.33%	70.30%	13.95%	-119.57%	-13.85%
Operating Cash Flow Growth	-29.93%	55.86%	16.19%	99.70%	60.76%	12.56%	10.44%	-21.68%	-5.73%	-2.98%
Free Cash Flow Firm Growth	82.14%	339.43%	-85.96%	-97.73%	-89.91%	-49.48%	797.43%	3,073.85%	148.61%	-86.74%
Invested Capital Growth	-10.19%	-9.22%	0.63%	2.52%	1.85%	4.14%	-6.84%	-6.59%	-1.09%	2.66%
Revenue Q/Q Growth	-9.19%	18.32%	-14.61%	8.58%	-4.67%	17.82%	-16.79%	9.04%	-5.09%	17.27%
EBITDA Q/Q Growth	-193.20%	70.00%	373.82%	40.00%	-3.49%	78.66%	-56.32%	44.20%	-76.45%	251.96%
EBIT Q/Q Growth	-308.32%	51.26%	169.56%	69.92%	-5.70%	113.70%	-69.18%	75.81%	-114.10%	646.11%
NOPAT Q/Q Growth	-34.24%	-263.77%	158.71%	63.93%	10.84%	125.27%	-59.15%	14.15%	-34.19%	37.65%
Net Income Q/Q Growth	-329.60%	184.79%	-65.79%	70.77%	7.64%	92.96%	-51.19%	14.27%	-117.99%	983.03%
EPS Q/Q Growth	-331.37%	184.75%	-66.33%	70.30%	6.98%	96.20%	-52.35%	13.95%	-118.37%	963.89%
Operating Cash Flow Q/Q Growth	43.91%	108.57%	-4.82%	-30.10%	15.85%	46.04%	-6.61%	-50.43%	39.45%	50.30%
Free Cash Flow Firm Q/Q Growth	-6.52%	-50.60%	-82.98%	-71.08%	314.67%	147.42%	202.42%	2.29%	-67.52%	-86.81%
Invested Capital Q/Q Growth	-1.04%	-6.74%	9.93%	1.05%	-1.69%	-4.64%	-1.67%	1.32%	4.10%	-1.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.67%	57.71%	52.69%	54.93%	54.39%	59.07%	53.53%	56.75%	56.25%	59.47%
EBITDA Margin	-21.57%	-5.47%	17.54%	22.62%	22.90%	34.72%	18.23%	24.10%	5.98%	17.95%
Operating Margin	10.98%	-12.28%	8.29%	13.97%	14.03%	28.09%	8.21%	15.30%	12.50%	11.60%
EBIT Margin	-29.82%	-12.28%	10.01%	15.66%	15.49%	28.09%	10.41%	16.78%	-2.49%	11.60%
Profit (Net Income) Margin	-22.66%	16.24%	6.50%	10.23%	11.55%	18.92%	11.10%	11.63%	-2.20%	16.60%
Tax Burden Percent	71.01%	81.82%	87.62%	79.15%	90.98%	87.47%	149.44%	82.65%	41.15%	88.14%
Interest Burden Percent	107.01%	-161.56%	74.19%	82.54%	81.97%	76.98%	71.36%	83.86%	215.01%	162.30%
Effective Tax Rate	0.00%	13.38%	11.72%	20.95%	8.49%	12.61%	-46.74%	17.53%	0.00%	11.49%
Return on Invested Capital (ROIC)	7.38%	-11.01%	7.27%	10.94%	13.04%	26.73%	12.66%	13.16%	9.06%	10.97%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.86%	0.80%	6.98%	10.63%	12.55%	23.89%	12.28%	12.74%	4.58%	14.27%
Return on Net Nonoperating Assets (RNNOA)	-5.62%	1.48%	13.90%	20.47%	22.36%	36.93%	19.97%	20.11%	7.03%	19.25%
Return on Equity (ROE)	1.75%	-9.53%	21.17%	31.42%	35.40%	63.67%	32.64%	33.27%	16.09%	30.22%
Cash Return on Invested Capital (CROIC)	33.91%	15.92%	4.91%	2.92%	2.98%	11.61%	23.41%	23.44%	18.56%	10.64%
Operating Return on Assets (OROA)	-13.37%	-5.74%	4.54%	7.30%	7.43%	13.24%	4.77%	7.87%	-1.18%	5.35%
Return on Assets (ROA)	-10.16%	7.58%	2.95%	4.77%	5.54%	8.92%	5.09%	5.45%	-1.05%	7.65%
Return on Common Equity (ROCE)	1.74%	-9.49%	21.10%	31.32%	35.28%	63.44%	32.53%	33.16%	16.04%	30.12%
Return on Equity Simple (ROE_SIMPLE)	6.29%	0.00%	8.48%	9.12%	30.00%	0.00%	35.17%	35.09%	26.17%	0.00%
Net Operating Profit after Tax (NOPAT)	1,084	-1,776	1,043	1,709	1,894	4,267	1,743	1,990	1,310	1,803
NOPAT Margin	7.69%	-10.64%	7.32%	11.04%	12.84%	24.55%	12.05%	12.62%	8.75%	10.27%
Net Nonoperating Expense Percent (NNEP)	10.24%	-11.81%	0.28%	0.31%	0.49%	2.84%	0.38%	0.43%	4.48%	-3.29%
Return On Investment Capital (ROIC_SIMPLE)	1.53%	-2.43%	1.30%	2.14%	2.42%	5.39%	2.10%	2.47%	1.61%	2.19%
Cost of Revenue to Revenue	47.33%	42.28%	47.31%	45.07%	45.61%	40.93%	46.46%	43.25%	43.75%	40.53%
SG&A Expenses to Revenue	31.13%	28.55%	34.05%	31.66%	30.22%	27.57%	34.39%	31.31%	32.81%	27.72%
R&D to Revenue	10.56%	8.14%	10.35%	9.30%	10.13%	8.66%	10.93%	10.14%	10.94%	9.49%
Operating Expenses to Revenue	41.69%	69.99%	44.40%	40.96%	40.35%	30.98%	45.32%	41.45%	43.75%	47.87%
Earnings before Interest and Taxes (EBIT)	-4,206	-2,050	1,426	2,423	2,285	4,883	1,505	2,646	-373	2,037
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-3,043	-913	2,500	3,500	3,378	6,035	2,636	3,801	895	3,150
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.82	5.30	5.09	5.13	5.25	6.35	7.25	6.46	8.21	7.39
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.60	1.92	1.81	1.88	1.98	2.31	2.72	2.49	3.21	3.22
Price to Earnings (P/E)	76.75	70.99	59.98	56.26	17.50	19.09	20.62	18.41	31.38	33.52
Dividend Yield	6.14%	5.12%	5.45%	5.27%	4.98%	4.23%	3.59%	3.94%	3.06%	3.05%
Earnings Yield	1.30%	1.41%	1.67%	1.78%	5.71%	5.24%	4.85%	5.43%	3.19%	2.98%
Enterprise Value to Invested Capital (EV/IC)	2.29	2.70	2.44	2.48	2.61	3.08	3.55	3.27	3.93	3.93
Enterprise Value to Revenue (EV/Rev)	2.25	2.48	2.47	2.54	2.60	2.89	3.26	3.03	3.78	3.73
Enterprise Value to EBITDA (EV/EBITDA)	10.81	20.92	20.66	21.05	20.52	12.16	13.72	12.53	15.70	19.23
Enterprise Value to EBIT (EV/EBIT)	18.01	63.29	57.11	54.01	47.24	17.35	19.65	17.90	22.83	31.18
Enterprise Value to NOPAT (EV/NOPAT)	9.34	41.06	44.24	46.52	54.86	20.06	20.97	19.01	22.38	30.05
Enterprise Value to Operating Cash Flow (EV/OCF)	15.14	14.38	13.64	12.50	11.83	12.82	14.13	13.74	17.41	17.41
Enterprise Value to Free Cash Flow (EV/FCFF)	6.38	16.12	49.88	86.16	88.56	27.08	14.63	13.48	21.07	37.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.53	2.31	2.71	2.58	2.39	2.50	2.55	2.35	2.31	2.01
Long-Term Debt to Equity	2.23	2.10	2.48	2.28	2.11	2.22	2.32	2.20	2.16	1.82
Financial Leverage	1.97	1.85	1.99	1.93	1.78	1.55	1.63	1.58	1.54	1.35
Leverage Ratio	6.35	6.32	6.54	6.22	5.89	5.88	6.02	5.74	5.53	5.45
Compound Leverage Factor	6.80	-10.21	4.86	5.14	4.83	4.53	4.29	4.81	11.89	8.84
Debt to Total Capital	71.63%	69.82%	73.04%	72.07%	70.46%	71.43%	71.83%	70.11%	69.76%	66.74%
Short-Term Debt to Total Capital	8.36%	6.52%	6.08%	8.51%	8.18%	8.12%	6.60%	4.47%	4.44%	6.18%
Long-Term Debt to Total Capital	63.28%	63.30%	66.96%	63.56%	62.28%	63.32%	65.23%	65.64%	65.32%	60.56%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.10%	0.11%	0.08%	0.09%	0.10%	0.10%	0.09%	0.10%	0.10%	0.10%
Common Equity to Total Capital	28.27%	30.07%	26.88%	27.84%	29.44%	28.47%	28.08%	29.80%	30.14%	33.15%
Debt to EBITDA	4.03	7.10	8.11	7.88	7.13	3.85	4.03	3.75	3.76	4.51
Net Debt to EBITDA	3.13	4.69	5.46	5.42	4.86	2.41	2.28	2.23	2.36	2.64
Long-Term Debt to EBITDA	3.56	6.44	7.44	6.95	6.31	3.41	3.66	3.51	3.52	4.10
Debt to NOPAT	3.48	13.94	17.37	17.42	19.08	6.35	6.16	5.69	5.36	7.06
Net Debt to NOPAT	2.70	9.20	11.69	11.99	12.99	3.97	3.49	3.39	3.37	4.12
Long-Term Debt to NOPAT	3.07	12.64	15.93	15.36	16.86	5.63	5.60	5.33	5.02	6.40
Altman Z-Score	2.56	2.71	2.69	2.74	2.81	2.89	2.96	3.00	3.13	3.16
Noncontrolling Interest Sharing Ratio	0.47%	0.42%	0.32%	0.33%	0.34%	0.35%	0.31%	0.32%	0.33%	0.33%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.95	0.92	1.16	1.06	0.91	0.96	1.13	1.12	1.06	1.04
Quick Ratio	0.73	0.73	0.97	0.87	0.72	0.80	0.95	0.85	0.88	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	7,854	3,880	661	191	792	1,960	5,928	6,064	1,970	260
Operating Cash Flow to CapEx	615.21%	1,001.26%	1,305.88%	753.71%	1,808.28%	3,847.41%	1,836.12%	1,180.57%	0.00%	1,535.46%
Free Cash Flow to Firm to Interest Expense	26.62	12.40	1.80	0.45	1.92	4.84	13.72	14.20	4.59	0.61
Operating Cash Flow to Interest Expense	6.44	12.67	10.28	6.24	7.42	11.02	9.65	4.84	6.72	10.21
Operating Cash Flow Less CapEx to Interest Expense	5.40	11.40	9.50	5.41	7.01	10.73	9.12	4.43	7.17	9.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.47	0.45	0.47	0.48	0.47	0.46	0.47	0.47	0.46
Accounts Receivable Turnover	8.69	8.01	8.95	9.11	9.71	8.13	9.29	9.57	10.02	8.04
Inventory Turnover	15.19	17.40	16.41	17.24	17.23	20.32	19.56	20.02	19.67	22.20
Fixed Asset Turnover	8.47	10.98	11.11	11.29	11.63	11.42	11.35	11.29	11.40	11.17
Accounts Payable Turnover	6.95	6.96	7.72	7.38	7.70	6.74	7.53	7.44	8.22	6.66
Days Sales Outstanding (DSO)	42.02	45.57	40.77	40.06	37.59	44.88	39.31	38.15	36.42	45.38
Days Inventory Outstanding (DIO)	24.04	20.98	22.24	21.17	21.18	17.97	18.66	18.23	18.56	16.44
Days Payable Outstanding (DPO)	52.53	52.48	47.27	49.46	47.43	54.19	48.49	49.07	44.39	54.77
Cash Conversion Cycle (CCC)	13.52	14.07	15.74	11.78	11.34	8.66	9.48	7.31	10.59	7.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	59,686	55,663	61,188	61,832	60,788	57,970	57,003	57,758	60,128	59,513
Invested Capital Turnover	0.96	1.03	0.99	0.99	1.02	1.09	1.05	1.04	1.04	1.07
Increase / (Decrease) in Invested Capital	-6,770	-5,656	382	1,518	1,102	2,307	-4,185	-4,074	-660	1,543
Enterprise Value (EV)	136,463	150,063	149,526	153,506	158,870	178,613	202,440	188,963	236,395	234,128
Market Capitalization	96,855	116,346	109,944	113,874	121,164	143,176	168,696	155,229	200,718	201,920
Book Value per Share	$22.23	$24.27	$23.82	$24.45	$25.34	$24.68	$25.36	$26.15	$26.54	$29.53
Tangible Book Value per Share	($49.94)	($49.98)	($50.15)	($49.20)	($52.46)	($53.31)	($51.27)	($49.69)	($51.82)	($47.65)
Total Capital	71,026	72,970	80,385	79,747	78,398	79,160	82,837	80,634	81,109	82,366
Total Debt	50,879	50,949	58,713	57,476	55,242	56,547	59,504	56,531	56,579	54,973
Total Long-Term Debt	44,942	46,189	53,826	50,691	48,828	50,121	54,033	52,929	52,980	49,884
Net Debt	39,537	33,640	39,514	39,562	37,631	35,357	33,672	33,657	35,595	32,122
Capital Expenditures (CapEx)	309	396	289	350	169	116	227	175	-193	282
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,258	-13,319	-7,716	-7,599	-12,516	-14,352	-14,417	-13,781	-13,686	-14,635
Debt-free Net Working Capital (DFNWC)	4,470	2,373	9,876	8,730	3,513	5,212	9,737	7,253	5,289	6,429
Net Working Capital (NWC)	-1,467	-2,387	4,989	1,945	-2,901	-1,214	4,266	3,651	1,690	1,340
Net Nonoperating Expense (NNE)	4,280	-4,486	116	126	190	979	138	156	1,640	-1,111
Net Nonoperating Obligations (NNO)	39,539	33,642	39,516	39,561	37,632	35,357	33,670	33,655	35,598	32,120
Total Depreciation and Amortization (D&A)	1,163	1,137	1,074	1,077	1,093	1,152	1,131	1,155	1,268	1,113
Debt-free, Cash-free Net Working Capital to Revenue	-8.69%	-22.00%	-12.74%	-12.56%	-20.46%	-23.20%	-23.23%	-22.10%	-21.87%	-23.32%
Debt-free Net Working Capital to Revenue	7.38%	3.92%	16.30%	14.42%	5.74%	8.43%	15.69%	11.63%	8.45%	10.24%
Net Working Capital to Revenue	-2.42%	-3.94%	8.23%	3.21%	-4.74%	-1.96%	6.87%	5.85%	2.70%	2.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($3.54)	$3.00	$1.02	$1.74	$1.87	$3.61	$1.75	$1.99	($0.36)	$3.15
Adjusted Weighted Average Basic Shares Outstanding	904.08M	902.66M	907.53M	909.86M	912.79M	911.21M	917.18M	920.29M	923.58M	921.77M
Adjusted Diluted Earnings per Share	($3.54)	$3.00	$1.01	$1.72	$1.84	$3.61	$1.72	$1.96	($0.36)	$3.11
Adjusted Weighted Average Diluted Shares Outstanding	904.08M	912.27M	917.85M	919.45M	923.67M	922.07M	933.43M	934.40M	923.58M	937.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$3.00	$0.00	$0.00	$0.00	$3.61	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	904.13M	907.11M	908.05M	911.01M	913.12M	916.74M	918.60M	921.15M	924.65M	927.26M
Normalized Net Operating Profit after Tax (NOPAT)	1,084	-1,776	1,043	1,709	1,894	4,267	832	1,990	1,310	1,803
Normalized NOPAT Margin	7.69%	-10.64%	7.32%	11.04%	12.84%	24.55%	5.75%	12.62%	8.75%	10.27%
Pre Tax Income Margin	-31.91%	19.84%	7.42%	12.92%	12.70%	21.63%	7.43%	14.07%	-5.36%	18.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-14.26	-6.55	3.89	5.73	5.55	12.06	3.48	6.20	-0.87	4.80
NOPAT to Interest Expense	3.68	-5.67	2.84	4.04	4.60	10.54	4.04	4.66	3.05	4.25
EBIT Less CapEx to Interest Expense	-15.31	-7.81	3.10	4.90	5.14	11.77	2.96	5.79	-0.42	4.14
NOPAT Less CapEx to Interest Expense	2.63	-6.94	2.05	3.21	4.19	10.25	3.51	4.25	3.50	3.59
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	469.73%	362.90%	325.70%	296.05%	86.89%	80.51%	74.14%	72.25%	95.65%	102.06%
Augmented Payout Ratio	469.73%	362.90%	325.70%	296.05%	86.89%	80.51%	74.14%	72.25%	95.65%	102.06%

Frequently Asked Questions About International Business Machines' Financials

When does International Business Machines's financial year end?

According to the most recent income statement we have on file, International Business Machines' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has International Business Machines' net income changed over the last 9 years?

International Business Machines' net income appears to be on a downward trend, with a most recent value of $6.02 billion in 2024, falling from $13.19 billion in 2015. The previous period was $7.50 billion in 2023.

What is International Business Machines's operating income?

International Business Machines's total operating income in 2024 was $7.51 billion, based on the following breakdown:

Total Gross Profit: $35.55 billion
Total Operating Expenses: $28.04 billion

How has International Business Machines revenue changed over the last 9 years?

Over the last 9 years, International Business Machines' total revenue changed from $81.74 billion in 2015 to $62.75 billion in 2024, a change of -23.2%.

How much debt does International Business Machines have?

International Business Machines' total liabilities were at $109.78 billion at the end of 2024, a 2.5% decrease from 2023, and a 14.3% increase since 2015.

How much cash does International Business Machines have?

In the past 9 years, International Business Machines' cash and equivalents has ranged from $6.65 billion in 2021 to $13.95 billion in 2024, and is currently $13.95 billion as of their latest financial filing in 2024.

How has International Business Machines' book value per share changed over the last 9 years?

Over the last 9 years, International Business Machines' book value per share changed from 14.70 in 2015 to 29.53 in 2024, a change of 100.9%.

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This page (NYSE:IBM) was last updated on 4/14/2025 by MarketBeat.com Staff

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International Business Machines (IBM) Financials

Annual Income Statements for International Business Machines

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