International Business Machines revenue and financials
$221.29Change from previous close: −0.13%Absolute change: −$0.29
In the fiscal year ended December 2025, International Business Machines reported revenue of $67.54B (+7.62% year over year). Net income was $10.59B, a net margin of 15.7%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- +7.62%
- 2025 vs 2024
- Net income growth
- +75.88%
- 2025 vs 2024
- Net margin
- 15.7%
- 2024: 9.6%
Financial data
Amounts in millions of USD; per-share values in USD; shares in millions.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 13,193 | 13,445 | 13,931 | 10,435 | 12,796 | 18,197 | 14,770 | 15,247 | 16,724 | 17,084 |
| Depreciation and amortization | 2,284 | 2,168 | 2,109 | 2,407 | 3,888 | 4,227 | 4,209 | 3,127 | 3,021 | 2,837 |
| Capital expenditure | -1,091 | -1,048 | -1,245 | -1,346 | -2,062 | -2,618 | -2,286 | -3,395 | -3,229 | -3,567 |
| Investing cash flow | -10,302 | -4,937 | -7,070 | -4,202 | -5,975 | -3,028 | -26,936 | -4,913 | -7,081 | -10,928 |
| Financing cash flow | -3,829 | -7,079 | -1,769 | -4,958 | -13,354 | -9,721 | 9,042 | -10,469 | -6,418 | -5,917 |
| Dividends paid | -6,255 | -6,147 | -6,040 | -5,948 | -5,869 | -5,797 | -5,707 | -5,666 | -5,506 | -5,256 |
| Share repurchases | -1,018 | -651 | -402 | -407 | -319 | -302 | -1,361 | -4,443 | -4,340 | -3,502 |
| Debt issued | 8,391 | 5,735 | 9,586 | 8,021 | 522 | 10,504 | 31,825 | 8,232 | 10,263 | 9,158 |
| Debt repaid | -5,518 | -6,615 | -5,089 | -6,800 | -8,637 | -14,218 | -15,541 | -8,533 | -6,816 | -6,395 |
| Effect of exchange rates | 418 | -359 | 9.0 | -244 | -185 | -87.0 | -167 | -495 | 937 | -51.0 |
| Net change in cash | -520 | 1,071 | 5,101 | 1,031 | -6,718 | 5,361 | -3,290 | -630 | 4,161 | 188 |
| Free cash flow | 12,102 | 12,397 | 12,686 | 9,089 | 10,734 | — | — | — | — | — |
| Levered free cash flow | 13,190 | 9,326 | 10,522 | 9,681 | 4,627 | 14,880 | 14,804 | 6,483 | 8,042 | 9,140 |