International Business Machines Corporation (IBM) reported $69.87B of revenue for the twelve months ended Sep 30, 2026. That is up 6.8% from the year before. Revenue for fiscal 2025 was $67.53B.

Yes. International Business Machines Corporation earned $11.17B in net income for the twelve months ended Sep 30, 2026, a net margin of 16.0%.

How much cash and debt does IBM have?

International Business Machines Corporation reported $9.23B in cash and cash equivalents and $63.82B of debt on its most recent balance sheet in SEC filings.

How fast is IBM revenue growing?

International Business Machines Corporation's revenue changed +7.6% in fiscal 2025, to $67.53B. Its compound annual growth rate was +4.1% over 5 years and -1.9% over 10 years.

What is IBM gross margin?

International Business Machines Corporation's gross profit was $40.50B on $69.87B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 58.0%.

What is IBM free cash flow?

International Business Machines Corporation generated $14.66B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $15.83B less capital expenditures.

What is IBM earnings per share?

Diluted earnings per share were $11.75 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.

When did IBM last report financial results?

The latest statements here come from International Business Machines Corporation's 10-Q filed on Oct 22, 2026, covering the period ended Sep 30, 2026.

Financials · IBM

International Business Machines Corporation (IBM) financials

For the twelve months ended Sep 30, 2026, International Business Machines Corporation reported $69.87B of revenue and $11.17B of net income.

Revenue, TTM: $69.87B
Revenue growth, YoY: +6.8%
Net income, TTM: $11.17B
Net income growth, YoY: +41.3%
Net margin: 16.0%
Free cash flow, TTM: $14.66B
EPS, diluted, TTM: $11.75
EPS growth, YoY: +40.2%
Cash: $9.23B
Total debt: $63.82B
P/E: 20.73
P/S: 3.31
Market cap: $231.55B

Annual revenue$67.53B

FY2016FY2025

Annual net income$10.59B

FY2016FY2025

Annual free cash flow$12.10B

FY2016FY2025

IBM revenue and earnings growth

IBM revenueQ3 2026$17.10B

Quarter YoY: +4.7%
QoQ: -0.3%
FY YoY: +7.6%
5Y CAGR: +4.1%
10Y CAGR: -1.9%

IBM revenue was $17.10B in fiscal Q3 2026 (ended Sep 30, 2026), up 4.7% from a year earlier and down 0.3% from the prior quarter. For the full fiscal 2025 it was $67.53B, up 7.6% from fiscal 2024. Compound annual growth was +4.1% over 5 years and -1.9% over 10 years. It rose in 6 of the last 10 fiscal years.

IBM net incomeQ3 2026$2.19B

Quarter YoY: +25.6%
QoQ: +1.2%
FY YoY: +75.9%
5Y CAGR: +13.6%
10Y CAGR: -2.2%

IBM net income was $2.19B in fiscal Q3 2026 (ended Sep 30, 2026), up 25.6% from a year earlier and up 1.2% from the prior quarter. For the full fiscal 2025 it was $10.59B, up 75.9% from fiscal 2024. Compound annual growth was +13.6% over 5 years and -2.2% over 10 years. It rose in 5 of the last 10 fiscal years.

IBM EPSQ3 2026$2.30

Quarter YoY: +25.0%
QoQ: +1.3%
FY YoY: +73.7%
5Y CAGR: +12.4%
10Y CAGR: -1.8%

IBM diluted EPS was $2.30 in fiscal Q3 2026 (ended Sep 30, 2026), up 25.0% from a year earlier and up 1.3% from the prior quarter. For the full fiscal 2025 it was $11.17, up 73.7% from fiscal 2024. Compound annual growth was +12.4% over 5 years and -1.8% over 10 years.

IBM free cash flowQ3 2026$3.69B

Quarter YoY: +30.6%
QoQ: +56.0%
FY YoY: -2.4%
5Y CAGR: -4.9%
10Y CAGR: -1.2%

IBM free cash flow was $3.69B in fiscal Q3 2026 (ended Sep 30, 2026), up 30.6% from a year earlier and up 56.0% from the prior quarter. For the full fiscal 2025 it was $12.10B, down 2.4% from fiscal 2024. Compound annual growth was -4.9% over 5 years and -1.2% over 10 years. It rose in 3 of the last 10 fiscal years.

Export CSV

Income statement

Income statement
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue	$67.53B	$62.75B	$61.86B	$60.53B	$57.35B	$55.18B	$57.71B	$79.59B	$79.14B	$79.92B
Cost of revenue	$28.24B	$27.20B	$27.56B	$27.84B	$25.86B	$24.31B	$26.18B	$42.66B	$42.20B	$41.40B
Gross profit	$39.30B	$35.55B	$34.30B	$32.69B	$31.49B	$30.86B	$31.53B	$36.94B	$36.94B	$38.52B
Research and development	$8.32B	$7.48B	$6.78B	$6.57B	$6.49B	$6.26B	$5.91B	$5.38B	$5.59B	$5.73B
Selling, general and admin	$20.12B	$19.69B	$19.00B	$18.61B	$18.75B	$20.56B	$18.72B	$19.37B	$19.68B	$20.87B
Interest expense	$1.94B	$1.71B	$1.61B	$1.22B	$1.16B	$1.29B	$1.34B	$723.00M	$615.00M	$630.00M
Pre-tax income	$10.33B	$5.80B	$8.69B	$1.16B	$4.84B	$2.57B	$7.21B	$11.34B	$11.40B	$12.33B
Income tax	-$242.00M	-$218.00M	$1.18B	-$626.00M	$124.00M	-$1.36B	$60.00M	$2.62B	$5.64B	$449.00M
Net income	$10.59B	$6.02B	$7.50B	$1.64B	$5.74B	$5.59B	$9.43B	$8.73B	$5.75B	$11.87B
EPS, basic	$11.36	$6.53	$8.23	$1.82	$6.41	$6.28	$10.63	$9.57	$6.17	$12.43
EPS, diluted	$11.17	$6.43	$8.14	$1.80	$6.35	$6.23	$10.56	$9.52	$6.14	$12.38
Diluted shares	948.7M	937.2M	922.1M	912.3M	904.6M	896.6M	892.8M	916.3M	937.4M	958.7M

Balance sheet

Balance sheet
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Cash and equivalents	$13.59B	$14.16B	$13.09B	$7.99B	$6.96B	$13.68B	$8.31B	$11.60B	$12.23B	$8.07B
Short-term investments	-	-	-	-	-	-	-	-	$608.00M	$701.00M
Receivables	$8.11B	$6.80B	$7.21B	$6.54B	$6.75B	$5.79B	$7.87B	$7.43B	$8.93B	$9.18B
Inventory	$1.22B	$1.29B	$1.16B	$1.55B	$1.65B	$1.81B	$1.62B	$1.68B	$1.58B	$1.55B
Current assets	$36.94B	$34.48B	$32.91B	$29.12B	$29.54B	$39.16B	$38.42B	$49.15B	$49.73B	$43.89B
Goodwill	$67.72B	$60.71B	$60.18B	$55.95B	$55.64B	$53.77B	$52.47B	$36.27B	$36.79B	$36.20B
Total assets	$151.88B	$137.18B	$135.24B	$127.24B	$132.00B	$155.97B	$152.19B	$123.38B	$125.36B	$117.47B
Current liabilities	$38.66B	$33.14B	$34.12B	$31.50B	$33.62B	$39.87B	$37.70B	$38.23B	$37.36B	$36.27B
Short-term debt	$6.42B	$5.09B	$6.43B	$4.76B	$6.79B	$7.12B	$8.80B	$10.21B	$6.99B	$7.51B
Long-term debt	$54.84B	$49.88B	$50.12B	$46.19B	$44.92B	$54.22B	$54.10B	$35.60B	$39.84B	$34.66B
Total debt	$61.26B	$54.97B	$56.55B	$50.95B	$51.70B	$61.33B	$62.90B	$45.81B	$46.82B	$42.17B
Total liabilities	$119.14B	$109.78B	$112.63B	$105.22B	$113.00B	$135.24B	$131.20B	$106.45B	$107.63B	$99.08B
Shareholders' equity	$32.65B	$27.39B	$22.61B	$22.02B	$19.00B	$20.73B	$20.98B	$16.93B	$17.73B	$18.39B

Cash flow

Cash flow
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Operating cash flow	$13.19B	$13.45B	$13.93B	$10.44B	$12.80B	$18.20B	$14.77B	$15.25B	$16.72B	$17.08B
Capital expenditures	$1.09B	$1.05B	$1.25B	$1.35B	$2.06B	$2.62B	$2.29B	$3.40B	$3.23B	$3.57B
Free cash flow	$12.10B	$12.40B	$12.69B	$9.09B	$10.73B	$15.58B	$12.48B	$11.85B	$13.49B	$13.52B
Investing cash flow	-$10.30B	-$4.94B	-$7.07B	-$4.20B	-$5.97B	-$3.03B	-$26.94B	-$4.91B	-$7.08B	-$10.93B
Financing cash flow	-$3.83B	-$7.08B	-$1.77B	-$4.96B	-$13.35B	-$9.72B	$9.04B	-$10.47B	-$6.42B	-$5.92B
Dividends paid	$6.25B	$6.15B	$6.04B	$5.95B	$5.87B	$5.80B	$5.71B	$5.67B	$5.51B	$5.26B
Share repurchases	-	-	-	-	-	-	$1.36B	$4.44B	$4.34B	$3.50B
Stock-based compensation	$1.72B	$1.31B	$1.13B	$987.00M	$982.00M	$937.00M	$679.00M	$510.00M	$534.00M	$544.00M

Key ratios

Key ratios
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue growth, YoY	7.6%	1.4%	2.2%	5.5%	3.9%	-4.4%	-27.5%	0.6%	-1.0%	-2.2%
Net income growth, YoY	75.9%	-19.7%	357.7%	-71.5%	2.7%	-40.7%	8.1%	51.7%	-51.5%	-10.0%
EPS growth, YoY	73.7%	-21.0%	352.2%	-71.7%	1.9%	-41.0%	10.9%	55.0%	-50.4%	-7.7%
Gross margin	58.2%	56.7%	55.4%	54.0%	54.9%	55.9%	54.6%	46.4%	46.7%	48.2%
Net margin	15.7%	9.6%	12.1%	2.7%	10.0%	10.1%	16.3%	11.0%	7.3%	14.9%
Free cash flow margin	17.9%	19.8%	20.5%	15.0%	18.7%	28.2%	21.6%	14.9%	17.1%	16.9%
Return on equity	32.4%	22.0%	33.2%	7.4%	30.2%	27.0%	44.9%	51.6%	32.5%	64.5%
Return on assets	7.0%	4.4%	5.5%	1.3%	4.4%	3.6%	6.2%	7.1%	4.6%	10.1%
Current ratio	0.96	1.04	0.96	0.92	0.88	0.98	1.02	1.29	1.33	1.21
Debt to equity	1.88	2.01	2.50	2.31	2.72	2.96	3.00	2.71	2.64	2.29

Income statement

Income statement
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue	$17.10B	$17.16B	$15.92B	$19.69B	$16.33B	$16.98B	$14.54B	$17.55B	$14.97B	$15.77B	$14.46B	$17.38B
Cost of revenue	$7.39B	$7.25B	$6.97B	$7.76B	$6.97B	$7.00B	$6.51B	$7.11B	$6.55B	$6.82B	$6.72B	$7.11B
Gross profit	$9.71B	$9.91B	$8.95B	$11.93B	$9.36B	$9.98B	$8.03B	$10.44B	$8.42B	$8.95B	$7.74B	$10.27B
Research and development	$2.38B	$2.31B	$2.17B	$2.19B	$2.08B	$2.10B	$1.95B	$1.97B	$1.88B	$1.84B	$1.80B	$1.75B
Selling, general and admin	$4.62B	$4.98B	$5.09B	$5.46B	$4.75B	$5.03B	$4.89B	$4.87B	$4.91B	$4.94B	$4.97B	$4.79B
Interest expense	$491.00M	$486.00M	$473.00M	$478.00M	$492.00M	$510.00M	$455.00M	$424.00M	$429.00M	$427.00M	$432.00M	$405.00M
Pre-tax income	$2.50B	$2.48B	$1.39B	$4.14B	$2.43B	$2.60B	$1.16B	$3.31B	-$802.00M	$2.22B	$1.07B	$3.76B
Income tax	$298.00M	$313.00M	$172.00M	-$1.44B	$686.00M	$404.00M	$103.00M	$379.00M	-$485.00M	$389.00M	-$502.00M	$474.00M
Net income	$2.19B	$2.17B	$1.22B	$5.60B	$1.74B	$2.19B	$1.05B	$2.91B	-$330.00M	$1.83B	$1.60B	$3.29B
EPS, basic	$2.32	$2.30	$1.30	$5.99	$1.87	$2.36	$1.14	$3.15	-$0.36	$1.99	$1.75	$3.60
EPS, diluted	$2.30	$2.27	$1.28	$5.90	$1.84	$2.31	$1.12	$3.11	-$0.36	$1.96	$1.72	$3.57
Diluted shares	953.5M	953.3M	952.1M	-	948.9M	948.0M	945.4M	-	923.6M	934.4M	933.4M	-

Balance sheet

Balance sheet
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Cash and equivalents	$9.23B	$7.17B	$10.82B	$13.59B	$11.60B	$12.03B	$11.16B	$14.16B	$13.21B	$14.48B	$14.77B	$13.09B
Receivables	$5.79B	$6.04B	$6.49B	$8.11B	$5.53B	$5.97B	$5.86B	$6.80B	$5.39B	$5.77B	$6.04B	$7.21B
Inventory	$1.95B	$1.75B	$1.48B	$1.22B	$1.40B	$1.25B	$1.43B	$1.29B	$1.37B	$1.23B	$1.21B	$1.16B
Current assets	$31.19B	$28.40B	$31.91B	$36.94B	$32.74B	$34.25B	$35.34B	$34.48B	$30.54B	$33.30B	$36.66B	$32.91B
Goodwill	$74.92B	$74.60B	$74.71B	$67.72B	$67.40B	$67.51B	$66.06B	$60.71B	$61.09B	$59.42B	$59.53B	$60.18B
Total assets	$155.01B	$152.10B	$156.23B	$151.88B	$146.31B	$148.59B	$145.67B	$137.18B	$134.34B	$133.85B	$137.17B	$135.24B
Current liabilities	$36.48B	$35.91B	$40.10B	$38.66B	$35.14B	$37.73B	$35.11B	$33.14B	$28.85B	$29.65B	$32.40B	$34.12B
Short-term debt	$7.01B	$5.78B	$8.65B	$6.42B	$7.94B	$8.95B	$6.91B	$5.09B	$3.60B	$3.60B	$5.47B	$6.43B
Long-term debt	$56.80B	$56.21B	$57.71B	$54.84B	$55.17B	$55.22B	$56.37B	$49.88B	$52.98B	$52.93B	$54.03B	$50.12B
Total debt	$63.82B	$61.99B	$66.36B	$61.26B	$63.12B	$64.16B	$63.28B	$54.97B	$56.58B	$56.53B	$59.50B	$56.55B
Total liabilities	$118.81B	$117.56B	$123.17B	$119.14B	$118.32B	$121.00B	$118.71B	$109.78B	$109.81B	$109.75B	$113.84B	$112.63B
Shareholders' equity	$35.54B	$34.54B	$33.06B	$32.65B	$27.99B	$27.59B	$26.95B	$27.39B	$24.53B	$24.10B	$23.33B	$22.61B

Cash flow

Cash flow
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Operating cash flow	$4.03B	$2.60B	$5.17B	$4.04B	$3.08B	$1.70B	$4.37B	$4.33B	$2.88B	$2.07B	$4.17B	$4.46B
Capital expenditures	$332.00M	$229.00M	$232.00M	$382.00M	$255.00M	$210.00M	$244.00M	$303.00M	$286.00M	$220.00M	$239.00M	$300.00M
Free cash flow	$3.69B	$2.37B	$4.94B	$3.66B	$2.83B	$1.49B	$4.13B	$4.03B	$2.60B	$1.85B	$3.93B	$4.16B
Investing cash flow	-$2.57B	-$481.00M	-$10.49B	$1.42B	-$438.00M	$1.70B	-$12.98B	-$1.38B	-$1.59B	$2.24B	-$4.21B	$2.84B
Financing cash flow	$606.00M	-$5.73B	$2.72B	-$3.41B	-$3.01B	-$2.85B	$5.44B	-$1.68B	-$2.77B	-$4.51B	$1.88B	-$1.61B
Dividends paid	$1.60B	$1.59B	$1.58B	$1.57B	$1.57B	$1.56B	$1.55B	$1.55B	$1.54B	$1.54B	$1.52B	$1.52B
Stock-based compensation	$535.00M	$498.00M	$506.00M	$430.00M	$443.00M	$441.00M	$401.00M	$345.00M	$330.00M	$316.00M	$320.00M	$290.00M

Key ratios

Key ratios
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue growth, YoY	4.7%	1.1%	9.5%	12.1%	9.1%	7.7%	0.5%	1.0%	1.5%	1.9%	1.5%	4.1%
Net income growth, YoY	25.6%	-1.3%	15.3%	92.2%	-	19.6%	-34.3%	-11.4%	-	15.9%	73.1%	21.3%
EPS growth, YoY	25.0%	-1.7%	14.3%	89.7%	-	17.9%	-34.9%	-12.9%	-	14.0%	70.3%	19.0%
Gross margin	56.8%	57.7%	56.2%	60.6%	57.3%	58.8%	55.2%	59.5%	56.3%	56.8%	53.5%	59.1%
Net margin	12.8%	12.6%	7.6%	28.4%	10.7%	12.9%	7.3%	16.6%	-2.2%	11.6%	11.1%	18.9%
Free cash flow margin	21.6%	13.8%	31.0%	18.6%	17.3%	8.8%	28.4%	22.9%	17.3%	11.7%	27.2%	24.0%
Current ratio	0.85	0.79	0.80	0.96	0.93	0.91	1.01	1.04	1.06	1.12	1.13	0.96
Debt to equity	1.80	1.79	2.01	1.88	2.25	2.33	2.35	2.01	2.31	2.35	2.55	2.50

Source: XBRL data International Business Machines Corporation files with the SEC, latest filing dated Oct 22, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

IBM peers

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OMCLOmnicell Inc.	$1.24B	+5.6%	$44.66M	3.6%	$1.72B
OSSOne Stop Systems Inc.	$41.99M	-	$429.3K	1.0%	$107.8M
ZEPPZepp Health Corporation	$258.90M	+41.8%	-$40.07M	-15.5%	$33.0M

IBM FAQ

9 questions

What is IBM revenue?
International Business Machines Corporation (IBM) reported $69.87B of revenue for the twelve months ended Sep 30, 2026. That is up 6.8% from the year before. Revenue for fiscal 2025 was $67.53B.
Is IBM profitable?
Yes. International Business Machines Corporation earned $11.17B in net income for the twelve months ended Sep 30, 2026, a net margin of 16.0%.
How much cash and debt does IBM have?
International Business Machines Corporation reported $9.23B in cash and cash equivalents and $63.82B of debt on its most recent balance sheet in SEC filings.
How fast is IBM revenue growing?
International Business Machines Corporation's revenue changed +7.6% in fiscal 2025, to $67.53B. Its compound annual growth rate was +4.1% over 5 years and -1.9% over 10 years.
What is IBM gross margin?
International Business Machines Corporation's gross profit was $40.50B on $69.87B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 58.0%.
What is IBM free cash flow?
International Business Machines Corporation generated $14.66B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $15.83B less capital expenditures.
What is IBM earnings per share?
Diluted earnings per share were $11.75 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
When did IBM last report financial results?
The latest statements here come from International Business Machines Corporation's 10-Q filed on Oct 22, 2026, covering the period ended Sep 30, 2026.
Where does this IBM financial data come from?
Quantisnow builds these statements from the structured XBRL data International Business Machines Corporation files with the SEC. It is provided for information only and is not investment advice.