IBMIBM
Sells software including Red Hat, IT consulting and mainframe computers, and is developing quantum computers.
By financial year
| Figure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | $57.4bn | $60.5bn | $61.9bn | $62.8bn | $67.5bn |
| Gross profit | $31.5bn | $32.7bn | $34.3bn | $35.6bn | $39.3bn |
| Net income | $5.7bn | $1.6bn | $7.5bn | $6.0bn | $10.6bn |
| Earnings per share (diluted) | $6.35 | $1.80 | $8.14 | $6.43 | $11.17 |
| Cash flow | |||||
| Cash from operations | $12.8bn | $10.4bn | $13.9bn | $13.4bn | $13.2bn |
| Capital spending | $2.1bn | $1.3bn | $1.2bn | $1.0bn | $1.1bn |
| Free cash flow | $10.7bn | $9.1bn | $12.7bn | $12.4bn | $12.1bn |
| Balance sheet (at the end of the period) | |||||
| Cash and investments | $6.7bn | $7.9bn | $13.1bn | $13.9bn | $13.6bn |
| Total debt | $58.5bn | $55.7bn | $63.0bn | $60.0bn | $67.7bn |
| Net debt (debt less cash) | $51.8bn | $47.8bn | $49.9bn | $46.1bn | $54.1bn |
| Shareholders’ equity | $18.9bn | $21.9bn | $22.5bn | $27.3bn | $32.6bn |
| Shares (diluted average) | 905m | 912m | 922m | 937m | 949m |
By quarter
| Figure | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | $17.6bn | $14.5bn | $17.0bn | $16.3bn | $19.7bn | $15.9bn | $17.2bn | $17.1bn |
| Gross profit | $10.4bn | $8.0bn | $10.0bn | $9.4bn | $11.9bn | $8.9bn | $9.9bn | $9.7bn |
| Net income | $2.9bn | $1.1bn | $2.2bn | $1.7bn | $5.6bn | $1.2bn | $2.2bn | $2.2bn |
| Earnings per share (diluted) | — | $1.12 | $2.31 | $1.84 | — | $1.28 | $2.27 | $2.30 |
| Cash flow | ||||||||
| Cash from operations | $4.3bn | $4.4bn | $1.7bn | $3.1bn | $4.0bn | $5.2bn | $2.6bn | $4.0bn |
| Capital spending | $303m | $244m | $210m | $255m | $382m | $232m | $229m | $332m |
| Free cash flow | $4.0bn | $4.1bn | $1.5bn | $2.8bn | $3.7bn | $4.9bn | $2.4bn | $3.7bn |
| Balance sheet (at the end of the period) | ||||||||
| Cash and investments | $13.9bn | $11.0bn | $11.9bn | $11.6bn | $13.6bn | $10.8bn | $7.2bn | $9.2bn |
| Total debt | $60.0bn | $70.2bn | $73.1bn | $71.1bn | $67.7bn | $73.9bn | $67.8bn | $70.8bn |
| Net debt (debt less cash) | $46.1bn | $59.2bn | $61.2bn | $59.5bn | $54.1bn | $63.1bn | $60.6bn | $61.6bn |
| Shareholders’ equity | $27.3bn | $26.9bn | $27.5bn | $27.9bn | $32.6bn | $33.0bn | $34.5bn | $35.5bn |
| Shares (diluted average) | — | 945m | 948m | 949m | — | 952m | 953m | 954m |
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