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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.
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 | |