INTERNATIONAL BUSINESS MACHINES CORP
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 67,683 | 67.5 |
| Stockholders' equity | 32,648 | 32.5 |
| Total capitalization | 100,331 | 100.0 |
942,134,390 shares outstanding at 30 June 2026 (cover page of the 10-Q filed 23 July 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 61,259 |
| Long-term debt, noncurrent | 54,836 |
| Current maturities | 6,424 |
| Short-term borrowings / commercial paper | 6,424 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 4,687,500,000 |
| Common shares issued | 2,290,618,523 |
| Treasury shares | 1,353,666,394 |
| Par or stated value per share ($) | 0.2 |
| Outstanding at 6/30/26 | 942,134,390 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 6.71 | 60.1 |
| 2024 | 6.67 | 103.7 |
| 2023 | 6.63 | 81.4 |
| 2022 | 6.59 | 366.1 |
| 2021 | 6.55 | 103.1 |
HISTORY AND BUSINESS
HISTORY: Incorporated in New York.
BUSINESS: Classified by the SEC under Standard Industrial Classification 3570, Computer & office Equipment. Large accelerated filer. Principal executive office: 1 New Orchard Road, Armonk, NY 10504. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Revenues | 67,535 | 62,753 | 61,860 |
| Cost of revenues | 28,239 | 27,201 | 27,560 |
| Gross profit | 39,297 | 35,551 | 34,300 |
| Research and development | 8,316 | 7,479 | 6,775 |
| Selling, general and administrative | 20,123 | 19,688 | 19,003 |
| Depreciation and amortization | 2,284 | 2,168 | 2,109 |
| Interest expense | 1,935 | 1,712 | 1,607 |
| Income before income taxes | 10,328 | 5,797 | 8,690 |
| Income taxes | (242) | (218) | 1,176 |
| Net income | 10,593 | 6,023 | 7,502 |
| Earned per share, diluted ($) | 11.17 | 6.43 | 8.14 |
| Dividends per share ($) | 6.71 | 6.67 | 6.63 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 13,587 | 13,947 |
| Receivables, net | 8,112 | 6,804 |
| Inventories | 1,220 | 1,289 |
| Total current assets | 36,944 | 34,482 |
| Property, plant and equipment, net | 5,899 | 5,731 |
| Goodwill | 67,717 | 60,706 |
| Total assets | 151,880 | 137,175 |
| Total current liabilities | 38,658 | 33,142 |
| Long-term debt | 54,836 | 49,884 |
| Total liabilities | 119,139 | 109,783 |
| Stockholders' equity | 32,648 | 27,307 |
| Total liabilities and equity | 151,880 | 137,175 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 67,535 | – | 10,593 | 15.7 | 11.17 | 6.71 | 13,193 | 1,091 | 12,102 | 151,880 | 119,139 | 67,683 | 32,648 | 32.4 | 2.07 |
| 12/31/24 | 62,753 | – | 6,023 | 9.6 | 6.43 | 6.67 | 13,445 | 1,048 | 12,397 | 137,175 | 109,783 | 60,032 | 27,307 | 22.1 | 2.20 |
| 12/31/23 | 61,860 | – | 7,502 | 12.1 | 8.14 | 6.63 | 13,931 | 1,245 | 12,686 | 135,241 | 112,628 | 62,972 | 22,533 | 33.3 | 2.79 |
| 12/31/22 | 60,530 | – | 1,639 | 2.7 | 1.80 | 6.59 | 10,435 | 1,346 | 9,089 | 127,243 | 105,222 | 55,700 | 21,944 | 7.5 | 2.54 |
| 12/31/21 | 57,350 | – | 5,743 | 10.0 | 6.35 | 6.55 | 12,796 | 2,062 | 10,734 | 132,001 | 113,005 | 58,468 | 18,901 | 30.4 | 3.09 |
| 12/31/20 | 55,179 | – | 5,590 | 10.1 | 6.23 | 6.51 | 18,197 | 2,618 | 15,579 | 155,971 | 135,244 | 68,319 | 20,597 | 27.1 | 3.32 |
| 12/31/19 | 57,714 | – | 9,431 | 16.3 | 10.56 | 6.43 | 14,770 | 2,286 | 12,484 | 152,186 | 131,202 | 70,421 | 20,841 | 45.3 | 3.38 |
| 12/31/18 | 79,591 | – | 8,728 | 11.0 | 9.52 | 6.21 | 15,247 | 3,395 | 11,852 | 123,382 | 106,452 | 52,863 | 16,796 | 52.0 | 3.15 |
| 12/31/17 | 79,139 | – | 5,753 | 7.3 | 6.14 | 5.90 | 16,724 | 3,229 | 13,495 | 125,356 | 107,631 | 45,052 | 17,594 | 32.7 | 2.56 |
| 12/31/16 | 79,919 | – | 11,872 | 14.9 | 12.38 | 5.50 | 17,084 | 3,567 | 13,517 | 117,470 | 99,078 | 40,893 | 18,246 | 65.1 | 2.24 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
INTERNATIONAL BUSINESS MACHINES CORP
CIK 51143 · EIN 13-0871985
PRINCIPAL OFFICE:
1 New Orchard Road, Armonk, NY 10504
Tel.: 9144991900
INCORPORATED:
New York
INDUSTRY (SEC SIC CODE):
3570 · Computer & office Equipment
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 24 February 2026
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/24/26) · 10-K FY2024 (filed 2/25/25) · 10-K FY2023 (filed 2/26/24) · 10-K FY2022 (filed 2/28/23) · 10-K FY2021 (filed 2/22/22) · 10-K FY2020 (filed 2/23/21) · 10-K FY2019 (filed 2/25/20) · 10-K FY2018 (filed 2/26/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.