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 Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | 11,171 | 10,725 | 10,754 | 10,593 | 7,907 | 5,833 | 5,473 | 6,023 | 6,397 | 8,430 | 8,180 | 7,502 | 6,924 | 2,025 | 1,833 | 1,639 | 1,262 | 5,588 | 5,521 | 5,743 |
Depreciation & Amortization | 4,690 | 4,614 | 4,544 | 4,450 | 4,309 | 4,209 | 4,068 | 3,998 | 3,966 | 3,532 | 3,623 | 3,736 | 3,251 | 3,803 | 3,972 | 4,154 | 5,046 | 5,567 | 6,001 | 5,726 |
Other Amortization | 607 | 588 | 574 | 571 | 529 | 614 | 645 | 669 | 740 | 999 | 830 | 660 | 1,130 | 648 | 648 | 648 | - | - | - | 691 |
Loss (Gain) From Sale of Assets | -117 | -77 | -28 | -39 | -66 | -412 | -421 | -652 | -702 | -431 | -418 | -170 | -403 | -282 | -317 | -363 | -217 | -263 | -365 | -136 |
Stock-Based Compensation | 1,969 | 1,877 | 1,820 | 1,715 | 1,630 | 1,517 | 1,392 | 1,311 | 1,256 | 1,213 | 1,185 | 1,133 | 1,091 | 1,055 | 1,021 | 987 | 1,002 | 1,013 | 1,003 | 982 |
Other Operating Activities | -958 | -957 | -959 | -958 | -1,942 | 781 | 783 | 783 | 1,611 | -1,112 | -1,115 | -1,114 | -2,724 | 3,167 | 3,169 | 3,168 | 3,892 | -2,001 | -2,002 | -2,001 |
Change in Accounts Receivable | -4,278 | -4,278 | -4,278 | -4,278 | -374 | -374 | -374 | -374 | 725 | 725 | 725 | 725 | -539 | -539 | -539 | -539 | 1,372 | 1,372 | 1,372 | 1,372 |
Change in Inventory | 70 | 70 | 70 | 70 | -166 | -166 | -166 | -166 | 390 | 390 | 390 | 390 | 71 | 71 | 71 | 71 | 138 | 138 | 138 | 138 |
Change in Accounts Payable | 624 | 624 | 624 | 624 | -13 | -13 | -13 | -13 | 65 | 65 | 65 | 65 | 213 | 213 | 213 | 213 | 85 | 85 | 85 | 85 |
Change in Other Net Operating Assets | 2,053 | 1,702 | 871 | 445 | 1,669 | 1,293 | 2,260 | 1,866 | -870 | -58 | 860 | 1,004 | 4,419 | 2,117 | 890 | 457 | -3,566 | -1,673 | -623 | 196 |
Operating Cash Flow | 15,831 | 14,888 | 13,992 | 13,193 | 13,483 | 13,282 | 13,647 | 13,445 | 13,578 | 13,753 | 14,325 | 13,931 | 13,433 | 12,278 | 10,961 | 10,435 | 9,014 | 9,826 | 11,130 | 12,796 |
Operating Cash Flow Growth (YoY) | 17.41% | 12.09% | 2.53% | -1.87% | -0.70% | -3.43% | -4.73% | -3.49% | 1.08% | 12.01% | 30.69% | 33.50% | 49.02% | 24.95% | -1.52% | -18.45% | -44.05% | -44.44% | -40.27% | -29.68% |
Investing Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Capital Expenditures | -1,175 | -1,098 | -1,079 | -1,091 | -1,012 | -1,043 | -1,053 | -1,048 | -1,045 | -1,040 | -1,184 | -1,245 | -1,354 | -1,390 | -1,365 | -1,346 | -1,387 | -1,628 | -1,849 | -2,062 |
Sale of Property, Plant & Equipment | 63 | 41 | 55 | 121 | 139 | 611 | 619 | 557 | 720 | 353 | 322 | 321 | 150 | 46 | 50 | 111 | 173 | 262 | 320 | 387 |
Cash Acquisitions | -11,755 | -10,929 | -11,661 | -8,294 | -8,444 | -10,899 | -10,305 | -3,289 | -2,885 | -4,961 | -5,142 | -5,082 | -6,273 | -1,746 | -1,672 | -2,348 | -1,295 | -1,385 | -2,871 | -3,293 |
Divestitures | 30 | 1 | 1 | -1 | -8 | -6 | -6 | 698 | 705 | 693 | 699 | -4 | -3 | 10 | 1,211 | 1,272 | 1,359 | 1,407 | 190 | 114 |
Sale (Purchase) of Intangibles | -638 | -646 | -655 | -647 | -617 | -593 | -654 | -637 | -644 | -618 | -531 | -565 | -564 | -590 | -625 | -626 | -630 | -668 | -700 | -706 |
Investment in Securities | 1,351 | 2,639 | 5,527 | -391 | -3,156 | -2,317 | -2,307 | -1,218 | 2,426 | 4,485 | 2,515 | -496 | -3,178 | -7,300 | -8,403 | -1,265 | -1,780 | -461 | -431 | -414 |
Other Investing Activities | 2 | 1 | - | 1 | - | - | - | - | 1 | - | 1 | 1 | -3 | 1 | - | - | 2 | -1 | -1 | -1 |
Investing Cash Flow | -12,122 | -9,991 | -7,812 | -10,302 | -13,098 | -14,247 | -13,706 | -4,937 | -722 | -1,088 | -3,320 | -7,070 | -11,225 | -10,969 | -10,804 | -4,202 | -3,558 | -2,490 | -5,333 | -5,975 |
Financing Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 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 | 7,443 | 7,450 | 8,391 | 8,412 | 8,415 | 8,626 | 5,735 | 5,708 | 5,859 | 5,641 | 9,586 | 9,595 | 13,051 | 13,369 | 8,021 | 7,306 | 4,681 | 4,555 | 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 | -10,065 | -7,160 | -5,518 | -3,832 | -3,985 | -5,795 | -6,615 | -6,607 | -7,050 | -5,067 | -5,089 | -6,327 | -6,095 | -7,791 | -6,800 | -6,762 | -6,563 | -5,424 | -8,637 |
Net Debt Issued (Repaid) | 347 | -2,622 | 290 | 2,873 | 4,580 | 4,430 | 2,831 | -880 | -899 | -1,191 | 574 | 4,497 | 3,268 | 6,956 | 5,578 | 1,221 | 544 | -1,882 | -869 | -8,115 |
Issuance of Common Stock | 737 | 727 | 672 | 710 | 643 | 761 | 701 | 745 | 1,051 | 799 | 674 | 414 | - | - | - | 279 | - | - | - | - |
Repurchase of Common Stock | -984 | -1,046 | -1,084 | -1,018 | -963 | -738 | -736 | -651 | -603 | -512 | -505 | -402 | -416 | -332 | -423 | -407 | -396 | -400 | -358 | -319 |
Common Dividends Paid | -6,336 | -6,309 | -6,282 | -6,255 | -6,227 | -6,201 | -6,174 | -6,147 | -6,119 | -6,091 | -6,065 | -6,040 | -6,016 | -5,992 | -5,970 | -5,948 | -5,928 | -5,908 | -5,887 | -5,869 |
Other Financing Activities | 428 | -176 | -149 | -139 | -132 | -104 | -135 | -146 | -448 | -390 | -278 | -238 | 158 | 207 | 188 | -103 | 982 | 931 | 920 | 949 |
Financing Cash Flow | -5,808 | -9,426 | -6,553 | -3,829 | -2,099 | -1,852 | -3,513 | -7,079 | -7,018 | -7,385 | -5,600 | -1,769 | -3,006 | 839 | -627 | -4,958 | -4,798 | -7,259 | -6,194 | -13,354 |
Net Cash Flow
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Foreign Exchange Rate Adjustments | -220 | -280 | 74 | 418 | 99 | 364 | -33 | -359 | 100 | -226 | -174 | 9 | 99 | 22 | -215 | -244 | -489 | -387 | -56 | -185 |
Miscellaneous Cash Flow Adjustments | 1 | - | 1 | - | - | 1 | 1 | 1 | 1 | - | -1 | - | -1 | - | - | - | -1 | -1 | - | - |
Net Cash Flow | -2,318 | -4,809 | -298 | -520 | -1,615 | -2,452 | -3,604 | 1,071 | 5,939 | 5,054 | 5,230 | 5,101 | -700 | 2,170 | -685 | 1,031 | 168 | -311 | -453 | -6,718 |
Free Cash Flow
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 14,656 | 13,790 | 12,913 | 12,102 | 12,471 | 12,239 | 12,594 | 12,397 | 12,533 | 12,713 | 13,141 | 12,686 | 12,079 | 10,888 | 9,596 | 9,089 | 7,627 | 8,198 | 9,281 | 10,734 |
Free Cash Flow Growth (YoY) | 17.52% | 12.67% | 2.53% | -2.38% | -0.50% | -3.73% | -4.16% | -2.28% | 3.76% | 16.76% | 36.94% | 39.57% | 58.37% | 32.81% | 3.39% | -15.32% | -44.82% | -46.16% | -42.54% | -31.10% |
Free Cash Flow Margin | 20.98% | 19.96% | 18.74% | 17.92% | 19.07% | 19.11% | 20.04% | 19.75% | 20.03% | 20.39% | 21.17% | 20.51% | 19.75% | 17.99% | 15.84% | 15.02% | 12.60% | 13.74% | 15.90% | 18.72% |
Free Cash Flow Per Share | 15.38 | 14.49 | 13.59 | 12.76 | 13.18 | 13.02 | 13.40 | 13.23 | 13.43 | 13.62 | 14.19 | 13.76 | 13.04 | 11.88 | 10.49 | 9.96 | 8.45 | 9.03 | 10.24 | 11.87 |
Levered Free Cash Flow | 12,355 | 12,050 | 13,115 | 13,190 | 11,782 | 13,841 | 10,562 | 9,326 | 10,417 | 8,242 | 11,033 | 10,522 | 10,815 | 10,075 | 9,956 | 9,681 | 6,879 | 6,313 | 5,021 | 4,627 |
Unlevered Free Cash Flow | 13,561 | 13,255 | 14,335 | 14,400 | 12,958 | 14,977 | 11,646 | 10,396 | 11,475 | 9,290 | 12,078 | 11,526 | 11,762 | 10,949 | 10,751 | 10,441 | 7,633 | 7,063 | 5,763 | 5,348 |
Additional Metrics
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Cash Interest Paid | 2,088 | 2,079 | 2,084 | 2,042 | 2,161 | 2,090 | 2,003 | 1,978 | 1,753 | 1,731 | 1,728 | 1,668 | 1,691 | 1,592 | 1,465 | 1,401 | 1,515 | 1,513 | 1,517 | 1,512 |
Cash Income Tax Paid | 1,948 | 1,948 | 1,948 | 1,948 | 1,723 | 1,723 | 1,723 | 1,723 | 1,564 | 1,564 | 1,564 | 1,564 | 1,865 | 1,865 | 1,865 | 1,865 | 2,103 | 2,103 | 2,103 | 2,103 |
Change in Working Capital | -1,531 | -1,882 | -2,713 | -3,139 | 1,116 | 740 | 1,707 | 1,313 | 310 | 1,122 | 2,040 | 2,184 | 4,164 | 1,862 | 635 | 202 | -1,971 | -78 | 972 | 1,791 |