International Business Machines Corporation (IBM)
NYSE: IBM · Real-Time Price · USD
253.56
+1.45 (0.58%)
At close: Oct 23, 2026, 4:00 PM EDT
253.00
-0.56 (-0.22%)
After-hours: Oct 23, 2026, 7:59 PM EDT
IBM Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Net Income | 11,171 | 10,593 | 6,023 | 7,502 | 1,639 | 5,743 |
Depreciation & Amortization | 4,690 | 4,450 | 3,998 | 3,736 | 4,154 | 5,726 |
Other Amortization | 607 | 571 | 669 | 660 | 648 | 691 |
Loss (Gain) From Sale of Assets | -117 | -39 | -652 | -170 | -363 | -136 |
Stock-Based Compensation | 1,969 | 1,715 | 1,311 | 1,133 | 987 | 982 |
Other Operating Activities | -958 | -958 | 783 | -1,114 | 3,168 | -2,001 |
Change in Accounts Receivable | -4,278 | -4,278 | -374 | 725 | -539 | 1,372 |
Change in Inventory | 70 | 70 | -166 | 390 | 71 | 138 |
Change in Accounts Payable | 624 | 624 | -13 | 65 | 213 | 85 |
Change in Other Net Operating Assets | 2,053 | 445 | 1,866 | 1,004 | 457 | 196 |
Operating Cash Flow | 15,831 | 13,193 | 13,445 | 13,931 | 10,435 | 12,796 |
Operating Cash Flow Growth | 17.41% | -1.87% | -3.49% | 33.50% | -18.45% | -29.68% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Capital Expenditures | -1,175 | -1,091 | -1,048 | -1,245 | -1,346 | -2,062 |
Sale of Property, Plant & Equipment | 63 | 121 | 557 | 321 | 111 | 387 |
Cash Acquisitions | -11,755 | -8,294 | -3,289 | -5,082 | -2,348 | -3,293 |
Divestitures | 30 | -1 | 698 | -4 | 1,272 | 114 |
Sale (Purchase) of Intangibles | -638 | -647 | -637 | -565 | -626 | -706 |
Investment in Securities | 1,351 | -391 | -1,218 | -496 | -1,265 | -414 |
Other Investing Activities | 2 | 1 | - | 1 | - | -1 |
Investing Cash Flow | -12,122 | -10,302 | -4,937 | -7,070 | -4,202 | -5,975 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Short-Term Debt Issued | - | - | 30 | - | 217 | - |
Long-Term Debt Issued | - | 8,391 | 5,705 | 9,586 | 7,804 | 522 |
Total Debt Issued | 9,418 | 8,391 | 5,735 | 9,586 | 8,021 | 522 |
Short-Term Debt Repaid | - | -29 | - | -7 | - | -40 |
Long-Term Debt Repaid | - | -5,489 | -6,615 | -5,082 | -6,800 | -8,597 |
Total Debt Repaid | -9,071 | -5,518 | -6,615 | -5,089 | -6,800 | -8,637 |
Net Debt Issued (Repaid) | 347 | 2,873 | -880 | 4,497 | 1,221 | -8,115 |
Issuance of Common Stock | 737 | 710 | 745 | 414 | 279 | - |
Repurchase of Common Stock | -984 | -1,018 | -651 | -402 | -407 | -319 |
Common Dividends Paid | -6,336 | -6,255 | -6,147 | -6,040 | -5,948 | -5,869 |
Other Financing Activities | 428 | -139 | -146 | -238 | -103 | 949 |
Financing Cash Flow | -5,808 | -3,829 | -7,079 | -1,769 | -4,958 | -13,354 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Foreign Exchange Rate Adjustments | -220 | 418 | -359 | 9 | -244 | -185 |
Miscellaneous Cash Flow Adjustments | 1 | - | 1 | - | - | - |
Net Cash Flow | -2,318 | -520 | 1,071 | 5,101 | 1,031 | -6,718 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Free Cash Flow | 14,656 | 12,102 | 12,397 | 12,686 | 9,089 | 10,734 |
Free Cash Flow Growth | 17.52% | -2.38% | -2.28% | 39.57% | -15.32% | -31.10% |
Free Cash Flow Margin | 20.98% | 17.92% | 19.75% | 20.51% | 15.02% | 18.72% |
Free Cash Flow Per Share | 15.38 | 12.76 | 13.23 | 13.76 | 9.96 | 11.87 |
Levered Free Cash Flow | 12,355 | 13,190 | 9,326 | 10,522 | 9,681 | 4,627 |
Unlevered Free Cash Flow | 13,561 | 14,400 | 10,396 | 11,526 | 10,441 | 5,348 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Cash Interest Paid | 2,088 | 2,042 | 1,978 | 1,668 | 1,401 | 1,512 |
Cash Income Tax Paid | 1,948 | 1,948 | 1,723 | 1,564 | 1,865 | 2,103 |
Change in Working Capital | -1,531 | -3,139 | 1,313 | 2,184 | 202 | 1,791 |