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IBM

International Business Machines Corporation

IBM

International Business Machines Corporation • NYSE
$308.42 ▲ 1.72% (+5.21)
Market Cap $288.29 B
52w High $324.90
52w Low $214.50
Dividend Yield 6.71%
P/E 36.72
Volume 1.65M
Outstanding Shares 934.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $16.331B ▼ $6.931B ▲ $1.744B ▼ 10.679% ▼ $1.87 ▼ $4.205B ▼
Q2-2025 $16.977B ▲ $6.89B ▲ $2.194B ▲ 12.923% ▲ $2.36 ▲ $4.374B ▲
Q1-2025 $14.541B ▼ $6.266B ▼ $1.055B ▼ 7.255% ▼ $1.14 ▼ $2.79B ▼
Q4-2024 $17.553B ▲ $6.538B ▲ $2.914B ▲ 16.601% ▲ $3.15 ▲ $4.843B ▲
Q3-2024 $14.967B $6.242B $-330M -2.205% $-0.36 $895M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $14.855B ▼ $146.312B ▼ $118.322B ▼ $27.905B ▲
Q2-2025 $15.447B ▼ $148.585B ▲ $120.997B ▲ $27.509B ▲
Q1-2025 $17.465B ▲ $145.667B ▲ $118.715B ▲ $26.88B ▼
Q4-2024 $14.591B ▲ $137.175B ▲ $109.782B ▼ $27.307B ▲
Q3-2024 $13.702B $134.339B $109.809B $24.448B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.249B ▼ $3.082B ▲ $-438M ▼ $-3.012B ▼ $-427M ▼ $3.687B ▲
Q2-2025 $2.194B ▲ $1.701B ▼ $1.698B ▲ $-2.854B ▼ $865M ▲ $1.491B ▼
Q1-2025 $1.055B ▼ $4.37B ▲ $-12.979B ▼ $5.443B ▲ $-2.999B ▼ $3.975B ▲
Q4-2024 $2.914B ▲ $4.33B ▲ $-1.379B ▲ $-1.676B ▲ $946M ▲ $3.886B ▲
Q3-2024 $-330M $2.881B $-1.587B $-2.765B $-1.264B $2.457B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Consulting
Consulting
 $5.17Bn ▲$5.07Bn ▼$5.31Bn ▲$5.32Bn ▲
Financing
Financing
 $170.00M ▲$190.00M ▲$170.00M ▼$200.00M ▲
Infrastructure Services
Infrastructure Services
 $0 ▲$2.89Bn ▲$4.14Bn ▲$3.56Bn ▼
Software
Software
 $7.92Bn ▲$6.34Bn ▼$7.39Bn ▲$7.21Bn ▼
Segment Reporting Reconciling Item Excluding Corporate Nonsegment
Segment Reporting Reconciling Item Excluding Corporate Nonsegment
 $0 ▲$0 ▲$-30.00M ▼$0 ▲
Infrastructure
Infrastructure
 $4.26Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement IBM looks like a mature business that has slowly returned to growth. Sales have edged up over the last several years, and profit margins have improved as the company has shifted more toward software, services, and higher‑value offerings. Operating profit has generally moved in the right direction, suggesting better cost control and a healthier mix of business. Net income and earnings per share, however, have been a bit bumpy, reflecting one‑off items and restructuring as IBM has repositioned itself. Overall, the income statement tells a story of steady, not spectacular, progress in profitability during a long transition away from legacy businesses.

Balance Sheet

Balance Sheet IBM’s balance sheet shows a large, complex company with meaningful debt but improving foundations. Total assets have stayed fairly steady, while cash levels are healthier than a few years ago, giving more of a cushion. Debt remains significant, which is common for a company of this size, but it has been nudged down from earlier peaks. Shareholders’ equity has been rebuilding, which is a positive sign for financial strength and suggests that accumulated profits are now adding back to the company’s base. In short, IBM is still leveraged, but the direction of change has been gradually constructive.

Cash Flow

Cash Flow Cash generation is one of IBM’s clearest strengths. The company consistently produces solid cash from its operations, year after year, even as reported earnings move around. After necessary investment in equipment and infrastructure, it still retains a comfortable level of free cash flow. Capital spending has been quite disciplined and has even trended lower, which helps support strong free cash flow but also raises the question of how much is being reinvested versus optimized. Overall, IBM’s cash profile looks like that of a mature, cash‑rich business with flexibility to fund R&D, acquisitions, and shareholder returns if management chooses.

Competitive Edge

Competitive Edge IBM holds a solid but challenged position in enterprise technology. It retains deep relationships with large corporate and government clients, especially where reliability, security, and compliance are critical. Mainframes, hybrid cloud offerings anchored by Red Hat, and a large consulting arm create meaningful switching costs and embed IBM deeply into customers’ core systems. At the same time, it faces intense competition from hyperscale cloud providers, other software vendors, and global consultancies that are often growing faster. The moat is still present—built on trust, integration, and intellectual property—but it is not as wide as it once was and depends heavily on IBM’s ability to keep modernizing its stack.

Innovation and R&D

Innovation and R&D IBM continues to be a research powerhouse, with long‑standing strengths in AI, quantum computing, and semiconductor innovation. The Watson and watsonx platforms aim to reposition IBM as a serious player in enterprise AI, focusing on trustworthy, governed solutions rather than consumer‑style AI tools. In quantum computing and advanced chips, IBM is pushing the frontier, which could open entirely new markets over the long term, though commercial payoffs are still uncertain and likely distant. The company’s challenge has historically been turning world‑class research into fast‑growing, scalable businesses; recent moves in hybrid cloud, AI platforms, and strategic partnerships are attempts to close that gap. Overall, its innovation engine is strong, but execution and commercialization will determine how much shareholders ultimately benefit.

Summary

IBM today looks like a classic incumbent in the middle of a long transition. Financially, it combines modest revenue growth with improving profit quality and strong, reliable cash flow, while gradually strengthening its balance sheet despite a still‑sizeable debt load. Competitively, it retains durable positions in mainframes, hybrid cloud, and enterprise consulting, but operates in markets where nimbler cloud and software rivals are aggressive and fast‑moving. Its heavy investment in AI, hybrid cloud, and quantum computing offers meaningful upside if these bets scale, yet also brings execution risk if they fail to offset ongoing pressure in legacy areas. Overall, the picture is of a large, stable, cash‑generative tech company working to reinvent itself, with clear strengths, clear competitive threats, and outcomes that depend heavily on how well it delivers on its innovation roadmap.

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