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 income statement

Annual · USD millions except per-share data · 31 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Revenue & gross profit
Revenue	67,536	62,753	61,860	60,530	57,351	+4.2%
Cost of revenue	28,239	27,201	27,560	27,842	25,865	+2.2%
Gross profit	39,297	35,551	34,300	32,687	31,486	+5.7%
Operating expenses & income
Research & development	8,316	7,479	6,775	6,567	6,488	+6.4%
General & administrative	17,012	16,737	16,322	16,103	16,105	+1.4%
Selling & marketing	1,129	1,173	1,237	2,506	2,640	-19.1%
SG&A (combined)	18,141	17,910	17,559	18,609	18,745	-0.8%
Total operating expenses	26,805	25,478	24,479	24,514	24,621	+2.1%
Cost and expenses	55,044	52,679	52,039	52,356	50,486	+2.2%
Operating income	12,492	10,074	9,821	8,174	6,865	+16.1%
Non-operating & other
Interest income	645	747	670	162	52	+87.7%
Interest expense	1,935	1,712	1,607	1,216	1,155	+13.8%
Net interest income	(1,290)	(965)	(937)	(1,054)	(1,103)	—
Non-operating income (excl. interest)	229	2,565	(476)	5,802	873	-28.4%
Other expenses	348	89	145	(662)	(612)	—
Other adjustments to net income	1	0	0	0	0	—
Total other income (expenses), net	(2,164)	(4,277)	(1,131)	(7,018)	(2,028)	—
Profitability
Depreciation & amortization	5,021	4,667	4,396	4,802	6,417	-5.9%
Income before tax	10,328	5,797	8,690	1,156	4,837	+20.9%
Income tax expense	(242)	(218)	1,176	(626)	124	—
Net income from continuing operations	10,570	6,015	7,514	1,783	4,713	+22.4%
Net income from discontinued operations	22	8	(12)	(143)	1,030	-61.8%
Net income deductions	0	0	0	1	(1)	—
Net income	10,593	6,023	7,502	1,640	5,742	+16.5%
Bottom line net income	10,593	6,023	7,502	1,639	5,743	+16.5%
Additional fields
Ebit	12,263	7,509	10,297	2,372	5,992	+19.6%
Ebitda	17,284	12,176	14,693	7,174	12,409	+8.6%
Eps	$11.36	$6.53	$8.23	$1.82	$6.41	+15.4%
Eps Diluted	$11.17	$6.43	$8.14	$1.80	$6.35	+15.2%
Weighted Average Shs Out	932	937	911	903	896	+1.0%
Weighted Average Shs Out Dil	949	937	922	912	905	+1.2%

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 income statement

Annual · USD millions except per-share data · 31 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Revenue & gross profit
Revenue	67,536	62,753	61,860	60,530	57,351	+4.2%
Cost of revenue	28,239	27,201	27,560	27,842	25,865	+2.2%
Gross profit	39,297	35,551	34,300	32,687	31,486	+5.7%
Operating expenses & income
Research & development	8,316	7,479	6,775	6,567	6,488	+6.4%
General & administrative	17,012	16,737	16,322	16,103	16,105	+1.4%
Selling & marketing	1,129	1,173	1,237	2,506	2,640	-19.1%
SG&A (combined)	18,141	17,910	17,559	18,609	18,745	-0.8%
Total operating expenses	26,805	25,478	24,479	24,514	24,621	+2.1%
Cost and expenses	55,044	52,679	52,039	52,356	50,486	+2.2%
Operating income	12,492	10,074	9,821	8,174	6,865	+16.1%
Non-operating & other
Interest income	645	747	670	162	52	+87.7%
Interest expense	1,935	1,712	1,607	1,216	1,155	+13.8%
Net interest income	(1,290)	(965)	(937)	(1,054)	(1,103)	—
Non-operating income (excl. interest)	229	2,565	(476)	5,802	873	-28.4%
Other expenses	348	89	145	(662)	(612)	—
Other adjustments to net income	1	0	0	0	0	—
Total other income (expenses), net	(2,164)	(4,277)	(1,131)	(7,018)	(2,028)	—
Profitability
Depreciation & amortization	5,021	4,667	4,396	4,802	6,417	-5.9%
Income before tax	10,328	5,797	8,690	1,156	4,837	+20.9%
Income tax expense	(242)	(218)	1,176	(626)	124	—
Net income from continuing operations	10,570	6,015	7,514	1,783	4,713	+22.4%
Net income from discontinued operations	22	8	(12)	(143)	1,030	-61.8%
Net income deductions	0	0	0	1	(1)	—
Net income	10,593	6,023	7,502	1,640	5,742	+16.5%
Bottom line net income	10,593	6,023	7,502	1,639	5,743	+16.5%
Additional fields
Ebit	12,263	7,509	10,297	2,372	5,992	+19.6%
Ebitda	17,284	12,176	14,693	7,174	12,409	+8.6%
Eps	$11.36	$6.53	$8.23	$1.82	$6.41	+15.4%
Eps Diluted	$11.17	$6.43	$8.14	$1.80	$6.35	+15.2%
Weighted Average Shs Out	932	937	911	903	896	+1.0%
Weighted Average Shs Out Dil	949	937	922	912	905	+1.2%