IBM Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	68,911	67,535	62,753	61,860	60,530	57,350
Revenue Growth (YoY)	9.67%	7.62%	1.44%	2.20%	5.54%	3.93%
Cost of Revenue	28,697	28,239	27,201	27,560	27,842	25,865
Gross Profit	40,215	39,297	35,551	34,300	32,687	31,486
Selling, General & Admin	20,326	20,123	19,688	19,003	18,609	18,745
Research & Development	8,539	8,316	7,479	6,775	6,567	6,488
Other Operating Expenses	-1,162	-1,406	875	-1,774	5,140	261
Total Operating Expenses	27,703	27,033	28,042	24,004	30,316	25,494
Operating Income	12,512	12,264	7,509	10,296	2,371	5,992
Interest Expense	-1,953	-1,935	-1,712	-1,607	-1,216	-1,155
Total Non-Operating Income (Expense)	-1,953	-1,935	-1,712	-1,607	-1,216	-1,155
Pretax Income	10,557	10,328	5,797	8,690	1,156	4,837
Provision for Income Taxes	-173	-242	-218	1,176	-626	124
Net Income	10,754	10,593	6,023	7,502	1,639	5,743
Earnings From Discontinued Operations	22	22	8	-12	-143	1,030
Net Income to Common	10,754	10,593	6,023	7,502	1,639	5,743
Net Income Growth	96.49%	75.88%	-19.71%	357.72%	-71.46%	2.74%
Shares Outstanding (Basic)	935	932	922	911	903	896
Shares Outstanding (Diluted)	950	949	937	922	912	905
Shares Change (YoY)	1.49%	1.23%	1.64%	1.07%	0.84%	0.90%
EPS (Basic)	11.51	11.36	6.53	8.23	1.82	5.26
EPS (Diluted)	11.31	11.17	6.43	8.14	1.80	5.21
EPS Growth	94.00%	73.72%	-21.01%	352.22%	-65.45%	18.95%
Shares Outstanding	939.89	936.95	926.29	915.01	906.09	898.98
Free Cash Flow	11,663	12,102	12,397	12,686	9,089	10,734
Free Cash Flow Growth	-3.63%	-2.38%	-2.28%	39.57%	-15.32%	-31.10%
Free Cash Flow Per Share	12.27	12.76	13.23	13.76	9.96	11.87
Dividends Per Share	6.720	6.710	6.670	6.630	6.590	6.550
Dividend Growth	0.15%	0.60%	0.60%	0.61%	0.61%	0.61%
Gross Margin	58.36%	58.19%	56.65%	55.45%	54.00%	54.90%
Operating Margin	18.16%	18.16%	11.97%	16.64%	3.92%	10.45%
Profit Margin	15.57%	15.65%	9.59%	12.15%	2.95%	8.22%
FCF Margin	16.92%	17.92%	19.76%	20.51%	15.02%	18.72%
EBITDA	21,527	17,285	12,176	14,692	7,173	12,409
EBITDA Margin	31.24%	25.59%	19.40%	23.75%	11.85%	21.64%
EBIT	12,512	12,264	7,509	10,296	2,371	5,992
EBIT Margin	18.16%	18.16%	11.97%	16.64%	3.92%	10.45%
Effective Tax Rate	-1.64%	-2.34%	-3.76%	13.53%	-54.15%	2.56%

Updated Apr 23, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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