VIE:IBM Cash Flow 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
Net Income	10,593	6,023	7,502	1,639	5,743
Depreciation & Amortization	5,021	4,667	4,396	4,802	6,417
Stock-Based Compensation	1,715	1,311	1,133	987	982
Other Adjustments	-996	131	-1,284	2,805	-2,137
Change in Receivables	-4,278	-374	725	-539	1,372
Changes in Inventories	70	-166	390	71	138
Changes in Accounts Payable	624	-13	65	213	85
Changes in Other Operating Activities	445	1,866	1,004	457	196
Operating Cash Flow	13,193	13,445	13,931	10,435	12,796
Operating Cash Flow Growth	-1.87%	-3.49%	33.50%	-18.45%	-29.68%
Capital Expenditures	-1,091	-1,048	-1,245	-1,346	-2,062
Sale of Property, Plant & Equipment	121	557	321	111	387
Purchases of Intangible Assets	-647	-637	-565	-626	-706
Purchases of Investments	-10,095	-7,762	-11,143	-5,930	-3,561
Proceeds from Sale of Investments	9,704	6,544	10,647	4,665	3,147
Payments for Business Acquisitions	-8,294	-3,289	-5,082	-2,348	-3,293
Proceeds from Business Divestments	-1	698	-4	1,272	114
Investing Cash Flow	-10,302	-4,937	-7,070	-4,202	-5,975
Long-Term Debt Issued	8,391	5,705	9,586	7,804	522
Long-Term Debt Repaid	-5,489	-6,615	-5,082	-6,800	-8,597
Net Long-Term Debt Issued (Repaid)	2,902	-910	4,504	1,004	-8,075
Issuance of Common Stock	710	745	414	279	-
Repurchase of Common Stock	-1,018	-651	-402	-407	-319
Net Common Stock Issued (Repurchased)	-308	94	12	-128	-319
Common Dividends Paid	-6,255	-6,147	-6,040	-5,948	-5,869
Other Financing Activities	-168	-115	-246	114	909
Financing Cash Flow	-3,829	-7,079	-1,769	-4,958	-13,354
Effect of Exchange Rate Changes on Cash and Cash Equivalents	418	-359	9	-244	-185
Net Cash Flow	-520	1,071	5,101	1,032	-6,718
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%
FCF Margin	17.92%	19.76%	20.51%	15.02%	18.72%
Free Cash Flow Per Share	12.76	13.23	13.76	9.96	11.87
Levered Free Cash Flow	18,564	10,419	16,616	6,840	2,442
Unlevered Free Cash Flow	17,620	13,097	13,513	7,852	10,612

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