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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 2,597 | 5,169 | 4,040 | 3,082 | 1,701 | 4,370 | 4,330 | 2,881 | 2,066 | 4,168 | 4,463 | 3,056 |
| Depreciation and amortization | 1,197 | 1,125 | 1,147 | 1,145 | 1,127 | 1,031 | 1,006 | 1,045 | 986 | 961 | 974 | 611 |
| Capital expenditure | -229 | -232 | -382 | -255 | -210 | -244 | -303 | -286 | -220 | -239 | -300 | -281 |
| Investing cash flow | -481 | -10,489 | 1,417 | -438 | 1,698 | -12,979 | -1,379 | -1,587 | 2,239 | -4,210 | 2,836 | -1,953 |
| Financing cash flow | -5,727 | 2,719 | -3,406 | -3,012 | -2,854 | 5,443 | -1,676 | -2,765 | -4,515 | 1,877 | -1,615 | -3,132 |
| Dividends paid | -1,590 | -1,576 | -1,574 | -1,569 | -1,563 | -1,549 | -1,546 | -1,543 | -1,536 | -1,522 | -1,518 | -1,515 |
| Share repurchases | -115 | -350 | -167 | -414 | -153 | -284 | -112 | -189 | -151 | -199 | -64.0 | -98.0 |
| Debt issued | 0.0 | 7,437 | 0.0 | 6.0 | 7.0 | 8,378 | 21.0 | 9.0 | 218 | 5,487 | -6.0 | 160 |
| Debt repaid | -4,213 | -2,928 | -1,810 | -1,114 | -1,308 | -1,286 | -124 | -1,267 | -3,118 | -2,106 | -116 | -1,710 |
| Effect of exchange rates | -34.0 | -177 | -11.0 | -58.0 | 320 | 167 | -330 | 207 | -77.0 | -159 | 129 | -119 |
| Net change in cash | -3,646 | -2,777 | 2,040 | -426 | 865 | -2,999 | 946 | -1,264 | -287 | 1,676 | 5,814 | -2,149 |
| Free cash flow | 2,368 | 4,937 | 3,658 | 2,827 | 1,491 | 4,126 | 4,027 | 2,595 | 1,846 | 3,929 | 4,163 | 2,775 |
| Levered free cash flow | 1,520 | 4,077 | 4,354 | 2,108 | 2,589 | 4,153 | 2,921 | 4,175 | -687 | 2,917 | 4,012 | 1,999 |