COVERAGE / IBM / Technology

INTERNATIONAL BUSINESS MACHINES CORP

Computer & office Equipment

COVERAGE STATUSACTIVE

DATA THROUGH2025-12-31

RESEARCH REPORTS1

SELECTED FILINGS0

Fundamental matrix

Latest / 2025-12-31 · Prior / 2024-12-31 · USD · Annual periods

Revenue

$67.54bn

Prior / $62.75bn

Change / +7.62%

SOURCE / 2026-02-24

Operating income

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Net income

$10.59bn

Prior / $6.02bn

Change / +75.88%

SOURCE / 2026-02-24

Diluted EPS

$11.17

Prior / $6.43

Change / +73.72%

SOURCE / 2026-02-24

Free cash flow

$12.1bn

Prior / $12.4bn

Change / -2.38%

SOURCE / 2026-02-24

Gross margin

58.19%

Prior / 56.65%

Change / +1.54 pp

SOURCE / 2026-02-24

Operating margin

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Return on avg. equity

35.34%

Prior / 24.17%

Change / +11.17 pp

SOURCE / 2026-02-24

Debt / equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

ROE uses net income divided by average opening/closing equity. FCF = operating cash flow − selected capital expenditure. Debt/equity is unavailable because a verified interest-bearing-debt series is absent; total liabilities are not substituted for debt.

Inspect source tags, dates and accession numbers

{
  "revenue": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 67535000000,
    "accn": "0000051143-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:Revenues",
    "unit": "USD"
  },
  "netIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 10593000000,
    "accn": "0000051143-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:NetIncomeLoss",
    "unit": "USD"
  },
  "grossProfit": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 39297000000,
    "accn": "0000051143-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:GrossProfit",
    "unit": "USD"
  },
  "eps": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 11.17,
    "accn": "0000051143-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:EarningsPerShareDiluted",
    "unit": "USD/shares"
  },
  "operatingCashFlow": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 13193000000,
    "accn": "0000051143-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities",
    "unit": "USD"
  },
  "capex": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 1091000000,
    "accn": "0000051143-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment",
    "unit": "USD"
  },
  "totalAssets": {
    "end": "2025-12-31",
    "val": 151880000000,
    "accn": "0000051143-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:Assets",
    "unit": "USD"
  },
  "totalLiabilities": {
    "end": "2025-12-31",
    "val": 119139000000,
    "accn": "0000051143-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:Liabilities",
    "unit": "USD"
  },
  "shareholdersEquity": {
    "end": "2025-12-31",
    "val": 32648000000,
    "accn": "0000051143-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:StockholdersEquity",
    "unit": "USD"
  },
  "currentAssets": {
    "end": "2025-12-31",
    "val": 36944000000,
    "accn": "0000051143-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:AssetsCurrent",
    "unit": "USD"
  },
  "currentLiabilities": {
    "end": "2025-12-31",
    "val": 38658000000,
    "accn": "0000051143-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:LiabilitiesCurrent",
    "unit": "USD"
  }
}

Financial trend system

Annual financial trends are summarized in the accessible table below.

Annual figures / accessible table

Period end	Revenue	Net income	Free cash flow	EPS
2025-12-31	$67.54bn	$10.59bn	$12.1bn	$11.17
2024-12-31	$62.75bn	$6.02bn	$12.4bn	$6.43
2023-12-31	$61.86bn	$7.5bn	$12.69bn	$8.14
2022-12-31	$60.53bn	$1.64bn	$9.09bn	$1.80

Valuation context

Historical snapshot / 2026-09-17. Annual accounting period / 2025-12-31. Not current, TTM or forward valuation.

Dated ratios / eligible same-method sector sample
Measure	Snapshot value	Historical median	Sector median	Peer count
P/E	21.28x	Unavailable	47.78x	16
P/S	3.32x	Unavailable	12.58x	14
P/B	6.86x	Unavailable	14.12x	13
EV / EBITDA	Unavailable	Unavailable	Unavailable	0
FCF yield	5.40%	Unavailable	1.72%	11

Annual denominators, not TTM or forward. Capitalization-based measures use estimated market capitalization from the dated quote snapshot. ADR/share-basis uncertainty is excluded. No comparable historical-multiple series or EV/EBITDA is available. Sector samples are equal-weight medians of this publication’s eligible covered companies; fiscal periods differ. No fair value or price target is implied.

Source: Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-06-30 DAILY-BAR SOURCE ↗

Retained price snapshot and capitalization estimate

{
  "currentPrice": 237.75,
  "tradingDate": "2026-09-17",
  "marketCap": 223992451222.5,
  "source": "Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-06-30"
}

Company & operating context

INTERNATIONAL BUSINESS MACHINES CORP is an SEC-reporting issuer listed on NYSE under IBM. Its SEC industry description is Computer & office Equipment. This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications.

Product cycles, recurring software revenue and infrastructure investment shape this broad group. Hardware and software businesses have different cost structures.

Segment-level revenue is not included in this standardized dataset. Consult the business and segment notes in the linked annual filing for the issuer’s actual reporting segments.

Filing timeline

No reading guide selected for this issuer. Annual sources remain linked below.

Research archive

HR-0076IBMCompany Research

IBM: reading the FY2025 financial structure ↗

INTERNATIONAL BUSINESS MACHINES CORP

Research abstract

Annual revenue of USD 67.535 billion and net income of USD 10.593 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

Sector context & risk factors

Customer concentration, product transitions, export restrictions and the durability of capital spending.

Revenue mix, research spending, inventory and cash conversion.

TECHNOLOGY SYSTEM ↗

Sources & dates

SEC annual filing · 2025-12-31 ↗Source date 2026-02-24
SEC annual filing · 2024-12-31 ↗Source date 2026-02-24
SEC annual filing · 2023-12-31 ↗Source date 2026-02-24
SEC annual filing · 2022-12-31 ↗Source date 2025-02-25
SEC issuer record ↗Source date 2026-09-18