FN2 Earnings Intelligence
International Business Machines Corporation financials
International Business Machines Corporation (IBM) financial statements and key operating metrics from FN2 Research.
Key Stats
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Market Cap | - | - | - | - | - |
| - Cash | $6,650 | $7,886 | $13,068 | $13,947 | $13,587 |
| + Debt | $51,704 | $50,949 | $56,547 | $54,973 | $61,260 |
| Enterprise Value | - | - | - | - | - |
| Revenue | $57,350 | $60,530 | $61,860 | $62,753 | $67,535 |
| % Growth | -22.1% | 5.5% | 2.2% | 1.4% | 7.6% |
| Gross Profit | $31,486 | $32,687 | $34,300 | $35,551 | $39,297 |
| % Margin | 54.9% | 54.0% | 55.4% | 56.7% | 58.2% |
| EBITDA | - | - | - | - | - |
| % Margin | - | - | - | - | - |
| Net Income | $5,743 | $1,639 | $7,502 | $6,023 | $10,593 |
| % Margin | 10.0% | 2.7% | 12.1% | 9.6% | 15.7% |
| Diluted EPS | $6.35 | $1.80 | $8.14 | $6.43 | $11.17 |
| % Growth | 1.9% | -71.7% | 352.2% | -21.0% | 73.7% |
| Operating Cash Flow | $12,796 | $10,435 | $13,931 | $13,445 | $13,193 |
| CapEx | $2,062 | $1,346 | $1,245 | $1,048 | $1,091 |
| Free Cash Flow | $10,734 | $9,089 | $12,686 | $12,397 | $12,102 |
Historical market capitalization is not persisted, so Market Cap and Enterprise Value remain unavailable rather than mixing today's market value into prior periods.
Income Statement
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Revenue | $57,350 | $60,530 | $61,860 | $62,753 | $67,535 |
| Gross Profit | $31,486 | $32,687 | $34,300 | $35,551 | $39,297 |
| EBITDA | - | - | - | - | - |
| Net Income | $5,743 | $1,639 | $7,502 | $6,023 | $10,593 |
| Diluted EPS | $6.35 | $1.80 | $8.14 | $6.43 | $11.17 |
Balance Sheet
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $6,650 | $7,886 | $13,068 | $13,947 | $13,587 |
| Short-term Debt | $6,787 | $4,760 | $6,426 | $5,089 | $6,424 |
| Long-term Debt | $44,917 | $46,189 | $50,121 | $49,884 | $54,836 |
| Total Debt | $51,704 | $50,949 | $56,547 | $54,973 | $61,260 |
Cash Flow
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $12,796 | $10,435 | $13,931 | $13,445 | $13,193 |
| Capital Expenditure | $2,062 | $1,346 | $1,245 | $1,048 | $1,091 |
| Free Cash Flow | $10,734 | $9,089 | $12,686 | $12,397 | $12,102 |
Ratios
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Revenue Growth | -22.1% | 5.5% | 2.2% | 1.4% | 7.6% |
| Gross Margin | 54.9% | 54.0% | 55.4% | 56.7% | 58.2% |
| EBITDA Margin | - | - | - | - | - |
| Net Margin | 10.0% | 2.7% | 12.1% | 9.6% | 15.7% |
| FCF Margin | 18.7% | 15.0% | 20.5% | 19.8% | 17.9% |
| Diluted EPS Growth | 1.9% | -71.7% | 352.2% | -21.0% | 73.7% |