InsiderClue
Stocks · Technology · Computer & office Equipment

IBM

IBM Clue Score64
United States Fiscal year ends December CIK 0000051143
$227.13 +0.23% Close, 9 Oct 2026
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Price $227.13 +59.47% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue79.92Net income11.87EPS, diluted12.38Fiscal year 2017Revenue79.14 −1.0%Net income5.75 −51.5%EPS, diluted6.14 −50.4%Fiscal year 2018Revenue79.59 +0.6%Net income8.73 +51.7%EPS, diluted9.52 +55.0%Fiscal year 2019Revenue57.71 −27.5%Net income9.43 +8.1%EPS, diluted10.56 +10.9%Fiscal year 2020Revenue55.18 −4.4%Net income5.59 −40.7%EPS, diluted6.23 −41.0%Fiscal year 2021Revenue57.35 +3.9%Net income5.74 +2.7%EPS, diluted6.35 +1.9%Fiscal year 2022Revenue60.53 +5.5%Net income1.64 −71.5%EPS, diluted1.80 −71.7%Fiscal year 2023Revenue61.86 +2.2%Net income7.50 +357.7%EPS, diluted8.14 +352.2%Fiscal year 2024Revenue62.75 +1.4%Net income6.02 −19.7%EPS, diluted6.43 −21.0%Fiscal year 2025Revenue67.54 +7.6%Net income10.59 +75.9%EPS, diluted11.17 +73.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 79.92 79.14 79.59 57.71 55.18 57.35 60.53 61.86 62.75 67.54
Growth −1.0% +0.6% −27.5% −4.4% +3.9% +5.5% +2.2% +1.4% +7.6%
Net income 11.87 5.75 8.73 9.43 5.59 5.74 1.64 7.50 6.02 10.59
Growth −51.5% +51.7% +8.1% −40.7% +2.7% −71.5% +357.7% −19.7% +75.9%
EPS, diluted 12.38 6.14 9.52 10.56 6.23 6.35 1.80 8.14 6.43 11.17
Growth −50.4% +55.0% +10.9% −41.0% +1.9% −71.7% +352.2% −21.0% +73.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginNet margin
Fiscal year 2016Gross margin48.2%Net margin14.9%Free cash flow margin16.9%Fiscal year 2017Gross margin46.7%Net margin7.3%Free cash flow margin17.1%Fiscal year 2018Gross margin46.4%Net margin11.0%Free cash flow margin14.9%Fiscal year 2019Gross margin54.6%Net margin16.3%Free cash flow margin21.6%Fiscal year 2020Gross margin55.9%Net margin10.1%Free cash flow margin28.2%Fiscal year 2021Gross margin54.9%Net margin10.0%Free cash flow margin18.7%Fiscal year 2022Gross margin54.0%Net margin2.7%Free cash flow margin15.0%Fiscal year 2023Gross margin55.4%Net margin12.1%Free cash flow margin20.5%Fiscal year 2024Gross margin56.7%Net margin9.6%Free cash flow margin19.8%Fiscal year 2025Gross margin58.2%Net margin15.7%Free cash flow margin17.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 48.2% 46.7% 46.4% 54.6% 55.9% 54.9% 54.0% 55.4% 56.7% 58.2%
Net margin 14.9% 7.3% 11.0% 16.3% 10.1% 10.0% 2.7% 12.1% 9.6% 15.7%
Free cash flow margin 16.9% 17.1% 14.9% 21.6% 28.2% 18.7% 15.0% 20.5% 19.8% 17.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow17.08Capital expenditure−3.57Free cash flow13.52Buybacks−3.50Dividends paid−5.26Fiscal year 2017Operating cash flow16.72Capital expenditure−3.23Free cash flow13.50 −0.2%Buybacks−4.34Dividends paid−5.51Fiscal year 2018Operating cash flow15.25Capital expenditure−3.40Free cash flow11.85 −12.2%Buybacks−4.44Dividends paid−5.67Fiscal year 2019Operating cash flow14.77Capital expenditure−2.29Free cash flow12.48 +5.3%Buybacks−1.36Dividends paid−5.71Fiscal year 2020Operating cash flow18.20Capital expenditure−2.62Free cash flow15.58 +24.8%Dividends paid−5.80Fiscal year 2021Operating cash flow12.80Capital expenditure−2.06Free cash flow10.73 −31.1%Dividends paid−5.87Fiscal year 2022Operating cash flow10.44Capital expenditure−1.35Free cash flow9.09 −15.3%Dividends paid−5.95Fiscal year 2023Operating cash flow13.93Capital expenditure−1.25Free cash flow12.69 +39.6%Dividends paid−6.04Fiscal year 2024Operating cash flow13.45Capital expenditure−1.05Free cash flow12.40 −2.3%Dividends paid−6.15Fiscal year 2025Operating cash flow13.19Capital expenditure−1.09Free cash flow12.10 −2.4%Dividends paid−6.26
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 17.08 16.72 15.25 14.77 18.20 12.80 10.44 13.93 13.45 13.19
Capital expenditure −3.57 −3.23 −3.40 −2.29 −2.62 −2.06 −1.35 −1.25 −1.05 −1.09
Free cash flow 13.52 13.50 11.85 12.48 15.58 10.73 9.09 12.69 12.40 12.10
Growth −0.2% −12.2% +5.3% +24.8% −31.1% −15.3% +39.6% −2.3% −2.4%
Buybacks −3.50 −4.34 −4.44 −1.36 n/a n/a n/a n/a n/a n/a
Dividends paid −5.26 −5.51 −5.67 −5.71 −5.80 −5.87 −5.95 −6.04 −6.15 −6.26

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash7.83Total debt40.89Net cash (debt)−33.07Shareholders’ equity18.25Debt to equity2.24Fiscal year 2017Cash11.97Total debt45.05Net cash (debt)−33.08Shareholders’ equity17.59Debt to equity2.56Fiscal year 2018Cash11.38Total debt42.66Net cash (debt)−31.28Shareholders’ equity16.80Debt to equity2.54Fiscal year 2019Cash8.17Total debt54.10Net cash (debt)−45.93Shareholders’ equity20.84Debt to equity2.60Fiscal year 2020Cash13.19Total debt54.22Net cash (debt)−41.03Shareholders’ equity20.60Debt to equity2.63Fiscal year 2021Cash6.65Total debt44.92Net cash (debt)−38.27Shareholders’ equity18.90Debt to equity2.38Fiscal year 2022Cash7.89Total debt46.19Net cash (debt)−38.30Shareholders’ equity21.94Debt to equity2.10Fiscal year 2023Cash13.07Total debt50.12Net cash (debt)−37.05Shareholders’ equity22.53Debt to equity2.22Fiscal year 2024Cash13.95Total debt49.88Net cash (debt)−35.94Shareholders’ equity27.31Debt to equity1.83Fiscal year 2025Cash13.59Total debt54.84Net cash (debt)−41.25Shareholders’ equity32.65Debt to equity1.68
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 7.83 11.97 11.38 8.17 13.19 6.65 7.89 13.07 13.95 13.59
Total debt 40.89 45.05 42.66 54.10 54.22 44.92 46.19 50.12 49.88 54.84
Net cash (debt) −33.07 −33.08 −31.28 −45.93 −41.03 −38.27 −38.30 −37.05 −35.94 −41.25
Shareholders’ equity 18.25 17.59 16.80 20.84 20.60 18.90 21.94 22.53 27.31 32.65
Debt to equity 2.24 2.56 2.54 2.60 2.63 2.38 2.10 2.22 1.83 1.68

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
79.92 79.14 79.59 57.71 55.18 57.35 60.53 61.86 62.75 67.54
Growth −1.0% +0.6% −27.5% −4.4% +3.9% +5.5% +2.2% +1.4% +7.6%
41.40 42.20 42.66 26.18 24.31 25.87 27.84 27.56 27.20 28.24
38.52 36.94 36.94 31.53 30.87 31.49 32.69 34.30 35.55 39.30
Growth −4.1% −0.0% −14.6% −2.1% +2.0% +3.8% +4.9% +3.6% +10.5%
5.73 5.59 5.38 5.91 6.26 6.49 6.57 6.78 7.48 8.32
20.87 19.68 19.37 18.72 20.56 18.75 18.61 19.00 19.69 20.12
12.33 11.40 11.34 7.21 2.57 4.84 1.16 8.69 5.80 10.33
0.45 5.64 2.62 0.06 −1.36 0.12 −0.63 1.18 −0.22 −0.24
11.87 5.75 8.73 9.43 5.59 5.74 1.64 7.50 6.02 10.59
Growth −51.5% +51.7% +8.1% −40.7% +2.7% −71.5% +357.7% −19.7% +75.9%
Per share
12.43 6.17 9.57 10.63 6.28 6.41 1.82 8.23 6.53 11.36
12.38 6.14 9.52 10.56 6.23 6.35 1.80 8.14 6.43 11.17
Growth −50.4% +55.0% +10.9% −41.0% +1.9% −71.7% +352.2% −21.0% +73.7%
955.4 932.8 912.0 887.2 890.3 896.0 902.7 911.2 921.8 932.3
958.7 937.4 916.3 892.8 896.6 904.6 912.3 922.1 937.2 948.7
Growth −2.2% −2.2% −2.6% +0.4% +0.9% +0.8% +1.1% +1.6% +1.2%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 4.1% a year over five years, and earnings per share grew 12.4% a year.
  • The diluted share count rose 5.8% in five years, which is dilution.
  • Gross margin is up 2.3 points on five years ago, at 58.2%.
  • Profitable in every one of the 10 years on file.