TSX:IBM Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	67,535	62,753	61,860	60,530	57,350
Revenue Growth (YoY)	7.62%	1.44%	2.20%	5.54%	3.93%
Cost of Revenue	28,239	27,201	27,560	27,842	25,865
Gross Profit	39,297	35,551	34,300	32,687	31,486
Selling, General & Admin	20,123	19,688	19,003	18,609	18,745
Research & Development	8,316	7,479	6,775	6,567	6,488
Other Operating Expenses	-1,406	875	-1,774	5,140	261
Operating Income	12,264	7,509	10,296	2,371	5,992
Interest Expense	-1,935	-1,712	-1,607	-1,216	-1,155
Total Non-Operating Income (Expense)	-1,935	-1,712	-1,607	-1,216	-1,155
Pretax Income	10,328	5,797	8,690	1,156	4,837
Provision for Income Taxes	-242	-218	1,176	-626	124
Net Income	10,593	6,023	7,502	1,639	5,743
Earnings From Discontinued Operations	22	8	-12	-143	1,030
Net Income to Common	10,593	6,023	7,502	1,639	5,743
Net Income Growth	75.88%	-19.71%	357.72%	-71.46%	2.74%
Shares Outstanding (Basic)	932	922	911	903	896
Shares Outstanding (Diluted)	949	937	922	912	905
Shares Change (YoY)	1.23%	1.64%	1.07%	0.84%	0.90%
EPS (Basic)	11.36	6.53	8.23	1.82	5.26
EPS (Diluted)	11.17	6.43	8.14	1.80	5.21
EPS Growth	73.72%	-21.01%	352.22%	-65.45%	18.95%
Free Cash Flow	12,102	12,397	12,686	9,089	10,734
Free Cash Flow Growth	-2.38%	-2.28%	39.57%	-15.32%	-31.10%
Free Cash Flow Per Share	12.76	13.23	13.76	9.96	11.87
Dividends Per Share	6.710	6.670	6.630	6.590	6.550
Dividend Growth	0.60%	0.60%	0.61%	0.61%	0.61%
Gross Margin	58.19%	56.65%	55.45%	54.00%	54.90%
Operating Margin	18.16%	11.97%	16.64%	3.92%	10.45%
Profit Margin	15.65%	9.59%	12.15%	2.95%	8.22%
FCF Margin	17.92%	19.76%	20.51%	15.02%	18.72%
EBITDA	17,285	12,176	14,692	7,173	12,409
EBITDA Margin	25.59%	19.40%	23.75%	11.85%	21.64%
EBIT	12,264	7,509	10,296	2,371	5,992
EBIT Margin	18.16%	11.97%	16.64%	3.92%	10.45%
Effective Tax Rate	-2.34%	-3.76%	13.53%	-54.15%	2.56%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.