MARKETS / NYSE / IBM

NYSE · COMPUTER & OFFICE EQUIPMENT · LARGE CAP

International Business Machines Corp. IBM

19 fiscal years on record · USD · FY2025 reported · SEC filings only

9 YEARS OF DIVIDEND GROWTH

Revenue

$67.5B

▲ 7.6% YoY

Net income

$10.6B

▲ 75.9% YoY

Free cash flow

$12.1B

▼ 2.4% YoY

In brief

What this company does

Its Consulting segment operates in a market that spans business consulting, systems integration, application development and management, and business process outsourcing services. Its Infrastructure segment provides on-premises and cloud-based server and storage solutions for the hybrid cloud infrastructure market. Its Financing segment provides client and commercial financing, facilitating IBM clients' acquisition of hardware, software and services. IBM partners with a broad variety of companies, including hyperscalers, service providers, global system integrators, and software and hardware vendors. International Business Machines Corporation was incorporated in the State of New York on June 16, 1911, as the Computing-Tabulating-Recording Co., a consolidation of the Computing Scale Co. of America, the Tabulating Machine Co. and The International Time Recording Co. of New York. In 1924, C-T-R changed its name to International Business Machines Corporation.

Written from the business description in INTERNATIONAL BUSINESS MACHINES CORPORATION's annual report to the U.S. Securities and Exchange Commission, filed 24 February 2026. Every sentence was checked against that document before publication.

Growth

USD 67.5B

Revenue, FY2025 · full 19-year series below

Revenue $B Net income $B

FY2025 · Revenue 67.5 · Net income 10.6

Compound annual growth

Revenue

+3.7%

+4.1%

−1.9%

−2.6%

Net income

+86.3%

+13.6%

−2.2%

EPS, diluted

+83.8%

+12.4%

−1.8%

−0.2%

Dividend / share

+0.6%

Returned to shareholders

+1.7%

+1.5%

−4.1%

−7.0%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +4.1% a year over five years — but profit grew faster: net income at +13.6%, earnings per share at +12.4%.

The share count rose from 0.89B to 0.94B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

16 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 15.3% · Net 15.7%

ROE

FY2025 · ROE 35.3%

Gross margin58.2%

Operating margin15.3%

Net margin15.7%

Return on assets7.3%

EBITDAUSD 12.6B

Each USD of equity produced 35 cents of profit this year.

Cash & shareholders

USD 6.3B

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF 12.1

Net buybacks $B Dividends $B

FY2025 · Dividends 6.3 · Net buybacks —

Dividends paidUSD 6.3B

Net buybacks—

Share of profit59.0%

Consecutive raises9 years

USD 6.3B in dividends — 59% of the year's profit went back to shareholders.

Total assetsUSD 151.9B

EquityUSD 32.6B

CashUSD 13.6B

Gross debtUSD 61.3B

Net debtUSD 47.7B

Current ratio0.96×

Net debt stands at 146% of equity.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	67.5	62.8	61.9	60.5	57.4	55.2	57.7	79.6	79.1	79.9	81.7	92.8	98.4	102.9	106.9	99.9	95.8	103.6	98.8
Operating income $B	10.3	5.8	8.7	1.2	4.8	2.6	7.2	11.3	11.4	12.3	15.9	20.0	20.2	22.5	21.0	19.7	18.1	·	·
EBITDA $B	12.6	8.0	10.8	3.6	8.7	6.8	11.4	14.5	14.4	15.2	18.6	23.1	23.6	25.9	24.6	23.4	21.9	·	·
Income tax $B	−0.2	−0.2	1.2	−0.6	0.1	−1.4	0.1	2.6	5.6	0.4	2.6	4.2	3.4	5.5	5.1	4.9	4.7	4.4	4.1
Net income $B	10.6	6.0	7.5	1.6	5.7	5.6	9.4	8.7	5.8	11.9	13.2	12.0	16.5	16.6	15.9	14.8	13.4	12.3	10.4
Free cash flow $B	12.1	12.4	12.7	9.1	10.7	15.6	12.5	11.9	13.5	13.5	13.7	13.1	13.9	15.5	15.7	15.4	17.3	14.6	11.5
EPS, diluted $	11.17	6.43	8.14	1.80	6.35	6.23	10.56	9.52	6.14	12.38	13.42	11.90	14.94	14.37	13.06	11.52	10.01	8.89	7.15
Dividend / sh $	6.71	6.67	6.63	6.59	6.55	6.51	6.43	6.21	5.90	5.50	·	·	·	·	·	·	·	·	·
Payout %	59	102	81	363	102	104	61	65	96	44	37	35	25	23	22	21	21	21	21
ROE %	35.3	24.2	33.7	8.0	29.1	27.0	50.1	50.8	32.1	73.0	101.0	69.4	79.1	85.2	73.4	64.9	74.4	91.6	·
Shares out B	0.94	0.93	0.92	0.91	0.90	0.89	0.89	0.89	0.92	0.95	0.97	0.99	1.05	1.12	1.16	1.23	·	·	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

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Provenance

Company facts, as filed

How we verify · 0 failures in 93 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 2 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityComputer & office Equipment

Listed onNYSE

Incorporated inNew York

Fiscal year endsDecember 31

Data on record since2007