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Equiscale · Syntellia LLC
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. The Software segment offers hybrid cloud and AI platforms that allow clients to realize their digital and AI transformations across the applications, data, and environments in which they operate. The Consulting segment delivers strategy and technology services and intelligent operations, providing business transformation, technology implementation, managed services, application modernization, and AI-powered solutions. The Infrastructure segment provides on-premises and cloud-based server, and storage solutions, as well as life-cycle services for hybrid cloud infrastructure deployment. Its Financing segment offers client and commercial financing, and facilitates IBM clients' acquisition of hardware, software, and services. It has strategic partnerships with various companies, including hyperscalers, service providers, global system integrators, and software and hardware vendors that include Adobe, Amazon Web Services, Microsoft, Oracle, Salesforce, Samsung Electronics and SAP, and others. Additionally, the company operate a data streaming platform. The company has a strategic collaboration with Arm Holdings plc for the development of new dual-architecture hardware that helps enterprises run future AI and data intensive workloads. The company was formerly known as Computing-Tabulating-Recording Co. International Business Machines Corporation was incorporated in 1911 and is headquartered in Armonk, New York.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $67.5B | $17.3B | $10.6B | $11.5B | 32.4% | 7.6% | 75.9% |
| 2024 | $62.8B | $12.2B | $6.0B | $11.8B | 22.1% | 1.4% | -19.7% |
| 2023 | $61.9B | $14.7B | $7.5B | $12.1B | 33.3% | 2.2% | 357.4% |
| 2022 | $60.5B | $7.2B | $1.6B | $8.5B | 7.5% | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 60,530 | 61,860 | 62,753 | 67,536 |
| Operating Revenue | - | 60,530 | 61,860 | 62,753 | 67,536 |
| Cost Of Revenue | - | 27,842 | 27,560 | 27,201 | 28,239 |
| Gross Profit | - | 32,687 | 34,300 | 35,551 | 39,297 |
| Operating Expense | - | 24,513 | 24,918 | 25,477 | 26,805 |
| Research And Development | - | 6,567 | 6,775 | 7,479 | 8,316 |
| Selling General And Administration | - | 18,609 | 19,003 | 17,910 | 18,141 |
| Total Expenses | - | 52,355 | 52,478 | 52,678 | 55,044 |
| Operating Income | - | 8,174 | 9,382 | 10,074 | 12,492 |
| EBITDA | - | 7,174 | 14,693 | 12,176 | 17,284 |
| Normalized EBITDA | - | 7,034 | 14,753 | 12,317 | 18,313 |
| EBIT | - | 2,372 | 10,297 | 7,509 | 12,263 |
| Interest Income | - | 162 | 670 | 747 | 645 |
| Interest Expense | - | 1,216 | 1,607 | 1,712 | 1,935 |
| Net Interest Income | - | -1,054 | -937 | -965 | -1,290 |
| Other Non Operating Income Expenses | - | -6,105 | 305 | -3,172 | 156 |
| Other Income Expense | - | -5,965 | 245 | -3,313 | -873 |
| Interest Income Non Operating | - | 162 | 670 | 747 | 645 |
| Interest Expense Non Operating | - | 1,216 | 1,607 | 1,712 | 1,935 |
| Net Non Operating Interest Income Expense | - | -1,054 | -937 | -965 | -1,290 |
| Pretax Income | - | 1,156 | 8,690 | 5,797 | 10,328 |
| Tax Provision | - | -626 | 1,176 | -218 | -242 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 29.40 | -8.10 | -29.61 | -216.09 |
| Net Income Continuous Operations | - | 1,783 | 7,514 | 6,015 | 10,571 |
| Net Income From Continuing And Discontinued Operation | - | 1,640 | 7,502 | 6,023 | 10,593 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,783 | 7,514 | 6,015 | 10,571 |
| Net Income | - | 1,640 | 7,502 | 6,023 | 10,593 |
| Net Income Common Stockholders | - | 1,639 | 7,502 | 6,023 | 10,593 |
| Net Income Including Noncontrolling Interests | - | 1,640 | 7,502 | 6,023 | 10,593 |
| Normalized Income | - | 1,672.40 | 7,565.90 | 6,126.39 | 11,383.91 |
| Diluted NI Availto Com Stockholders | - | 1,639 | 7,502 | 6,023 | 10,593 |
| Basic Average Shares | - | 902.70 | 911.20 | 921.80 | 932.30 |
| Diluted Average Shares | - | 912.30 | 922.10 | 937.20 | 948.70 |
| Reconciled Depreciation | - | 4,802 | 4,396 | 4,667 | 5,021 |
| Reconciled Cost Of Revenue | - | 27,842 | 27,560 | 23,639 | 24,497 |
| Total Unusual Items | - | 140 | -60 | -141 | -1,029 |
| Total Unusual Items Excluding Goodwill | - | 140 | -60 | -141 | -1,029 |
| Net Income Discontinuous Operations | - | -143 | -12 | 8 | 22 |
| Special Income Charges | - | -29 | -430 | -104 | -670 |
| Restructuring And Mergern Acquisition | - | 50 | 438 | 696 | 670 |
| Gain On Sale Of Security | - | 140 | -60 | -37 | -359 |
| Depreciation Amortization Depletion Income Statement | - | 1,062 | 995 | 1,105 | 1,279 |
| Depreciation And Amortization In Income Statement | - | 1,062 | 995 | 1,105 | 1,279 |
| General And Administrative Expense | - | 16,103 | 16,322 | 16,737 | 17,012 |
| Other Gand A | - | 15,537 | 15,706 | 16,047 | 16,108 |
| Salaries And Wages | - | 566 | 616 | 690 | 904 |
| Gain On Sale Of Ppe | 35 | 21 | 8 | 592 | - |
| Other Operating Expenses | - | -663 | -860 | -996 | -964 |
| Provision For Doubtful Accounts | - | 64 | 10 | -21 | 33 |
| Selling And Marketing Expense | - | 1,330 | 1,237 | 1,173 | 1,129 |
| Average Dilution Earnings | 0 | 0 | 0 | 0 | - |
| Amortization | - | 1,062 | 995 | 1,105 | 1,279 |
| Amortization Of Intangibles Income Statement | - | 1,062 | 995 | 1,105 | 1,279 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| International Business Machines Corporationthis co. | IBM | $283.6B | 26.78↓ discount | 8.69 | 32.4% | 19.36 |
| Palantir Technologies Inc. | PLTR | $339.7B | 209.04 | 45.98 | 22.0% | 235.05 |
| KLA Corporation | KLAC | $278.4B | 68.54 | 59.33 | 86.6% | 52.88 |
| Texas Instruments Incorporated | TXN | $277.9B | 55.57 | 17.08 | 30.7% | 34.99 |
| Marvell Technology, Inc. |
| - |
| 2021 | - | - | - | - | - | - | - |
| MRVL |
| $276.8B |
| 103.67 |
| 19.35 |
| 18.7% |
| 61.45 |
| Dell Technologies Inc. | DELL | $274.2B | 46.18 | -110.99 | -240.3% | 24.82 |
| Sandisk Corporation | SNDK | $260.6B | -158.80 | 28.28 | -17.8% | -208.42 |
| QUALCOMM Incorporated | QCOM | $255.7B | 46.14 | 12.06 | 26.1% | 17.75 |
| Palo Alto Networks, Inc. | PANW | $227.6B | 200.71 | 29.09 | 14.5% | 116.26 |
| Peer Median | - | 62.06 | 23.81 | 20.3% | 43.93 | |
Historically, May has averaged the highest return (+7.4%); Feb the lowest (-6.9%).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +3.5%Positive MonthJan 2026: +3.54% | -21.7%Negative MonthFeb 2026: -21.68% | +0.9%Neutral MonthMar 2026: +0.91% | -4.7%Negative MonthApr 2026: -4.71% | +28.9%Positive MonthMay 2026: +28.93% | -5.6%Negative MonthJun 2026: -5.57% | -20.5%Negative MonthJul 2026: -20.47% | +6.0%*Positive MonthAug 2026: +6.04% | — | — | — | — |
| 2025 | +16.3%Positive MonthJan 2025: +16.32% | -1.3%Neutral MonthFeb 2025: -1.27% | -1.5%Neutral MonthMar 2025: -1.50% | -2.8%Negative MonthApr 2025: -2.75% | +7.1%Positive MonthMay 2025: +7.13% | +13.8%Positive MonthJun 2025: +13.79% | -14.1%Negative MonthJul 2025: -14.12% | -3.8%Negative MonthAug 2025: -3.82% | +15.9%Positive MonthSep 2025: +15.88% | +8.9%Positive MonthOct 2025: +8.95% | +0.4%Neutral MonthNov 2025: +0.38% | -4.0%Negative MonthDec 2025: -4.01% |
| 2024 | +12.3%Positive MonthJan 2024: +12.30% | +0.7%Neutral MonthFeb 2024: +0.75% | +3.2%Positive MonthMar 2024: +3.20% | -13.0%Negative MonthApr 2024: -12.97% | +0.4%Neutral MonthMay 2024: +0.39% | +3.7%Positive MonthJun 2024: +3.66% | +11.1%Positive MonthJul 2024: +11.10% | +5.2%Positive MonthAug 2024: +5.20% | +9.4%Positive MonthSep 2024: +9.38% | -6.5%Negative MonthOct 2024: -6.50% | +10.0%Positive MonthNov 2024: +10.01% | -3.3%Negative MonthDec 2024: -3.33% |
| 2023 | -4.4%Negative MonthJan 2023: -4.37% | -4.0%Negative MonthFeb 2023: -4.03% | +1.4%Neutral MonthMar 2023: +1.38% | -3.6%Negative MonthApr 2023: -3.57% | +1.7%Neutral MonthMay 2023: +1.72% | +4.1%Positive MonthJun 2023: +4.06% | +7.7%Positive MonthJul 2023: +7.75% | +1.8%Neutral MonthAug 2023: +1.84% | -4.4%Negative MonthSep 2023: -4.45% | +3.1%Positive MonthOct 2023: +3.09% | +9.6%Positive MonthNov 2023: +9.62% | +3.1%Positive MonthDec 2023: +3.15% |
| 2022 | -0.1%Neutral MonthJan 2022: -0.07% | -8.3%Negative MonthFeb 2022: -8.28% | +6.1%Positive MonthMar 2022: +6.13% | +1.7%Neutral MonthApr 2022: +1.68% | +5.0%Positive MonthMay 2022: +5.01% | +1.7%Neutral MonthJun 2022: +1.69% | -7.4%Negative MonthJul 2022: -7.37% | -1.8%Neutral MonthAug 2022: -1.79% | -7.5%Negative MonthSep 2022: -7.50% | +16.4%Positive MonthOct 2022: +16.40% | +7.7%Positive MonthNov 2022: +7.67% | -5.4%Negative MonthDec 2022: -5.38% |
| 2021 | — | — | — | — | +1.3%Neutral MonthMay 2021: +1.31% | +2.0%Neutral MonthJun 2021: +1.98% | -3.8%Negative MonthJul 2021: -3.84% | -0.4%Neutral MonthAug 2021: -0.44% | -1.0%Neutral MonthSep 2021: -1.00% | -10.0%Negative MonthOct 2021: -9.95% | -2.1%Negative MonthNov 2021: -2.09% | +14.1%Positive MonthDec 2021: +14.14% |
| Avg±SD |
Each cell is the percentage change in closing price from the end of the prior month to the end of this month. The bottom row shows the average return for that calendar month across the selected years, plus or minus one standard deviation — the range that historically contained roughly two-thirds of outcomes. Past monthly patterns are not a forecast of future returns.
This aggregates every month by calendar position — all Januaries together, all Februaries together, and so on — to show whether a given month has leaned positive or negative historically. ‘Simple’ counts each month as +1 or −1. ‘Weighted’ gives larger moves more influence: +2 above +10%, −2 below −10%. With only 6 years of history for this asset, each month’s score reflects a small number of observations — read it as a historical tendency, not a reliable seasonal pattern.
This tracks a running tally across the asset’s full price history: each month adds or subtracts based on whether it was positive or negative. A rising line means more positive months than negative so far; a flattening or falling line means recent months have leaned negative. This measures historical month-to-month consistency, not expected future performance.
Year-to-date return is calculated by dividing each day’s closing price by the price on January 1st of that year (or the asset’s first available price if it began trading mid-year). The custom average line shows the mean YTD return at each calendar day across the selected years. The standard deviation band shows the range within which returns have historically fallen — at 1 SD, roughly two-thirds of years; at 2 SD, roughly 95%. Past year-to-date patterns do not predict future returns. The average and standard deviation band are computed from the year set chosen in “Average from”, which is independent of which year lines are displayed. The current in-progress year is excluded from these calculations, since a partial year is not comparable to complete ones. Election-cycle groupings follow the US presidential calendar and are offered only for US and crypto assets.
