International Business Machines Corporation
IBMNYSE
$252.09
Last price · USD
- Market cap
- $239.2B
- P/E
- 22.6x
- EV / EBITDA
- 16.9x
- P/S
- 3.5x
- FCF yield
- 5.1%
- Div. yield
- 2.62%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
International Business Machines Corporation cash flow statement
Annual · USD millions except per-share data · 37 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 10,571 | 6,023 | 7,502 | 1,639 | 5,743 | +16.5% | |
| Depreciation & amortization | 5,021 | 4,667 | 4,396 | 4,802 | 6,417 | -5.9% | |
| Deferred income tax | (957) | (2,330) | (1,114) | (2,726) | (2,001) | — | |
| Stock-based compensation | 1,715 | 1,311 | 1,133 | 987 | 982 | +15.0% | |
| Change in working capital | (3,139) | 1,313 | 2,184 | 202 | 1,791 | — | |
| Accounts receivables | (4,278) | (374) | 725 | (539) | 1,372 | — | |
| Inventory | 70 | (166) | 390 | 71 | 138 | -15.6% | |
| Accounts payables | 624 | (13) | 65 | 213 | 85 | +64.6% | |
| Other working capital | 445 | 1,866 | 1,004 | 457 | 196 | +22.8% | |
| Other non-cash items | (40) | 2,461 | (170) | 5,531 | (136) | — | |
| Net cash from operating activities | 13,193 | 13,445 | 13,931 | 10,435 | 12,796 | +0.8% | |
| Operating cash flow | 13,193 | 13,445 | 13,931 | 10,435 | 12,796 | +0.8% | |
| Investing activities | |||||||
| Investments in PP&E | (1,738) | (1,048) | (1,245) | (1,346) | (2,062) | — | |
| Capital expenditure | (1,091) | (1,685) | (1,810) | (1,972) | (2,768) | — | |
| Acquisitions, net | (8,174) | (2,591) | (5,086) | (1,076) | (3,179) | — | |
| Purchases of investments | (10,095) | (7,762) | (11,143) | (5,930) | (3,561) | — | |
| Sales / maturities of investments | 9,704 | 6,544 | 10,647 | 4,665 | 3,147 | +32.5% | |
| Other investing activities | 1 | (80) | (243) | (515) | (320) | — | |
| Net cash from investing activities | (10,302) | (4,937) | (7,070) | (4,202) | (5,975) | — | |
| Financing activities | |||||||
| Net debt issuance | 2,873 | (880) | 4,497 | 1,221 | (8,115) | — | |
| Short-term net debt issuance | (29) | 30 | (7) | 217 | (40) | — | |
| Long-term net debt issuance | 2,902 | (910) | 4,504 | 1,004 | (8,075) | — | |
| Net stock issuance | 710 | 745 | (402) | (407) | (319) | — | |
| Common stock issuance | 710 | 745 | 0 | 0 | 0 | — | |
| Common stock repurchased | 0 | 0 | (402) | (407) | (319) | — | |
| Net common stock issuance | 710 | 745 | (402) | (407) | (319) | — | |
| Common dividends paid | (6,255) | (6,147) | (6,040) | (5,948) | (5,869) | — | |
| Net dividends paid | (6,255) | (6,147) | (6,040) | (5,948) | (5,869) | — | |
| Other financing activities | (1,157) | (797) | 176 | 176 | 909 | — | |
| Net cash from financing activities | (3,829) | (7,079) | (1,769) | (4,958) | (13,354) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | 418 | (359) | 9 | (244) | (185) | — | |
| Net change in cash | (520) | 1,071 | 5,101 | 1,031 | (6,718) | — | |
| Cash at beginning of period | 14,160 | 13,089 | 7,988 | 6,957 | 13,675 | +0.9% | |
| Cash at end of period | 13,640 | 14,160 | 13,089 | 7,988 | 6,957 | +18.3% | |
| Free cash flow | 12,102 | 11,760 | 12,121 | 8,463 | 10,028 | +4.8% | |
| Income taxes paid | 0 | 1,723 | 1,564 | 1,865 | 2,103 | — | |
| Interest paid | 0 | 1,978 | 1,668 | 1,401 | 1,512 | — | |