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INTERNATIONAL BUSINESS MACHINES CORP

IBM

$247.10 ▼ -7.24 (-2.85%) at close

20 Visible periods

28 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Good

Bullish

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Analytical Summary

INTERNATIONAL BUSINESS MACHINES CORP shows strong fundamentals with top-quartile Return on Common Equity (%) and Profit Margin (%). The company's metrics support a bullish outlook for growth-oriented investors.

Market Cap $230.4B

Dividend Yield 2.72%

Revenue Growth 7.6% ↗

Op. Margin —

ROIC —

FCF / Share $12.98 ↘

Trailing P/E 21.8x

Price / Book 7.1x

FCF Yield 5.3%

Debt / Equity 1.88

info Valuation on last close. End-of-day price, Nov 5, 2026.

20-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$67.53B

↑ +7.6% —

Net Income Profit after all expenses

$10.59B

↑ +75.9% —

FCF / Share Free cash flow per share

$12.98

↓ -3.5% —

Long-Term Debt Long-term obligations

$54.84B

↑ +9.9% —

trending_up

Bullish Indicators

Profit Margin (%)Profit Margin (%) is in the top quartile
Return on Common Equity (%)Return on Common Equity (%) is in the top quartile

warning

Bearish Risks

Debt to EquityDebt to Equity is concerning (bottom quartile)

Health Breakdown

Profitability ↑

Returns ↑

Financial Health ↓

Cash Quality ↓

Dividend History

Dividend / share · sourced from SEC filings

$6.71 Latest / share

+0.6% YoY

+1.1% 8-yr CAGR

FY 2014

FY 2015

FY 2016

FY 2017

$6.21

FY 2018

$6.43

FY 2019

$6.51

FY 2020

$6.55

FY 2021

$6.59

FY 2022

$6.63

FY 2023

$6.67

FY 2024

$6.71

FY 2025

Financial view

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📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Revenue Growth YoY (%)	7.6% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-36%)	1.4% Caution ↑ Caution Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-88%)	2.2% Caution ↑ Caution Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-82%)	5.5% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-54%)	-22.1% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-284%)	-4.6% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-138%)	-3.1% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-126%)	0.6% Caution ↑ Caution Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-95%)	-1.0% Weak ↑ Weak Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-108%)	-2.2% Weak ↑ Weak Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-119%)	-11.9% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-199%)	-7.0% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-158%)	-4.6% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-138%)	-2.3% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-119%)	7.1% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-41%)	4.3% Caution ↑ Caution Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-64%)	-7.6% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-163%)	4.9% Caution Caution Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-59%)	—	—
EPS Growth YoY (%)	74.0% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	-20.7% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	352.2% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-71.6% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	2.1% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	-40.9% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	11.1% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	55.1% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-50.4% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-7.8% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	12.6% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	-20.5% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	3.6% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	9.7% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	13.3% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	15.5% Good ↓ Good Declining Year-over-year change in earnings per share Optimal: > 10%	12.2% Fair Fair Year-over-year change in earnings per share Optimal: > 10%	24.1% Good Good Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	75.9% Excellent ↓ Excellent Declining Year-over-year change in net income	-19.7% Weak ↓ Weak Declining Year-over-year change in net income	357.7% Excellent ↑ Excellent Improving Year-over-year change in net income	-71.5% Weak ↓ Weak Declining Year-over-year change in net income	2.7% Caution ↓ Caution Declining Year-over-year change in net income	-40.7% Weak ↓ Weak Declining Year-over-year change in net income	8.1% Fair ↑ Fair Improving Year-over-year change in net income	51.7% Excellent ↑ Excellent Improving Year-over-year change in net income	-51.5% Weak ↓ Weak Declining Year-over-year change in net income	-10.0% Weak ↓ Weak Declining Year-over-year change in net income	9.7% Fair ↑ Fair Improving Year-over-year change in net income	-27.1% Weak ↓ Weak Declining Year-over-year change in net income	-0.7% Weak ↓ Weak Declining Year-over-year change in net income	4.7% Caution ↓ Caution Declining Year-over-year change in net income	6.9% Fair ↓ Fair Declining Year-over-year change in net income	10.5% Fair ↓ Fair Declining Year-over-year change in net income	8.8% Fair Fair Year-over-year change in net income	18.4% Good Good Year-over-year change in net income	—	—
FCF Growth YoY (%)	-3.5% Weak ↓ Weak Declining Year-over-year change in free cash flow	-3.4% Weak ↓ Weak Declining Year-over-year change in free cash flow	38.3% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-16.0% Weak ↓ Weak Declining Year-over-year change in free cash flow	-31.5% Weak ↓ Weak Declining Year-over-year change in free cash flow	24.4% Good ↑ Good Improving Year-over-year change in free cash flow	8.3% Fair ↑ Fair Improving Year-over-year change in free cash flow	-10.2% Weak Weak Year-over-year change in free cash flow	2.3% Caution Caution Year-over-year change in free cash flow	—	—	—	—	—	—	—	—	—	—	—
Revenue CAGR 3Y (%)	3.7% Caution ↑ Caution Improving Compound annual revenue growth over 3 years	3.0% Caution ↑ Caution Improving Compound annual revenue growth over 3 years	-5.6% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-7.8% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-10.3% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-2.4% Weak → Weak Stable Compound annual revenue growth over 3 years	-1.2% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-0.9% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-5.2% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-7.1% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-7.9% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-4.6% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-0.0% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	3.0% Caution ↑ Caution Improving Compound annual revenue growth over 3 years	1.0% Weak Weak Compound annual revenue growth over 3 years	0.4% Weak Weak Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	-1.7% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-4.0% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-4.9% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-5.2% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-6.4% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-2.1% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-3.6% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-4.4% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-5.4% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-5.7% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-3.9% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-0.6% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-0.8% Weak Weak Compound annual revenue growth over 5 years	1.1% Caution Caution Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	84.1% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	0.6% Caution ↑ Caution Improving Compound annual EPS growth over 3 years	9.4% Fair ↑ Fair Improving Compound annual EPS growth over 3 years	-44.5% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-12.5% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	0.6% Caution ↑ Caution Improving Compound annual EPS growth over 3 years	-5.1% Weak ↑ Weak Improving Compound annual EPS growth over 3 years	-10.8% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-19.8% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-6.2% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-2.5% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-3.3% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	8.8% Fair ↓ Fair Declining Compound annual EPS growth over 3 years	12.8% Good ↓ Good Declining Compound annual EPS growth over 3 years	13.7% Good Good Compound annual EPS growth over 3 years	17.2% Excellent Excellent Compound annual EPS growth over 3 years	—	—	—	—

💰 Are margins durable? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Effective Tax Rate (%) (%)	-2.3% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-3.8% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	13.5% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-54.2% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	2.6% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-18.6% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	7.2% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	23.1% Fair → Fair Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	49.5% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	3.6% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	16.2% Good ↓ Good Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	21.2% Fair → Fair Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	15.6% Good ↓ Good Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	24.2% Fair → Fair Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	24.5% Fair Fair Actual taxes paid relative to pre-tax income Optimal: 15-25%	24.8% Fair Fair Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—
Profit Margin (%) (%)	15.7% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	9.6% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-36%)	12.1% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-19%)	2.7% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-82%)	10.0% Fair → Fair Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-33%)	7.6% Caution ↓ Caution Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-49%)	12.2% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-19%)	11.0% Fair ↓ Fair Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-27%)	7.3% Caution ↓ Caution Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-52%)	14.9% Fair → Fair Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	16.1% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+8%)	13.0% Fair ↓ Fair Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-14%)	16.5% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+10%)	15.9% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+6%)	14.8% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	14.9% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	14.0% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-7%)	11.9% Fair Fair Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-21%)	10.5% Fair Fair Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-30%)	—
FCF Margin (%) (%)	17.9% Good → Good Stable Free cash flow as a percentage of revenue Optimal: > 10%	19.8% Good ↑ Good Improving Free cash flow as a percentage of revenue Optimal: > 10%	20.5% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	15.0% Good ↓ Good Declining Free cash flow as a percentage of revenue Optimal: > 10%	18.7% Good ↑ Good Improving Free cash flow as a percentage of revenue Optimal: > 10%	21.2% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	16.2% Good → Good Stable Free cash flow as a percentage of revenue Optimal: > 10%	14.9% Fair ↓ Fair Declining Free cash flow as a percentage of revenue Optimal: > 10%	17.1% Good Good Free cash flow as a percentage of revenue Optimal: > 10%	16.9% Good Good Free cash flow as a percentage of revenue Optimal: > 10%	—	—	—	—	—	—	18.1% Good Good Free cash flow as a percentage of revenue Optimal: > 10%	—	—	—
FCF / Net Income (x)	1.14x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	2.06x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	1.69x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	5.55x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	1.87x Excellent → Excellent Stable Free cash flow relative to reported net income Optimal: > 1x	2.79x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	1.32x Good ↓ Good Declining Free cash flow relative to reported net income Optimal: > 1x	1.36x Good ↓ Good Declining Free cash flow relative to reported net income Optimal: > 1x	2.35x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	1.14x Fair Fair Free cash flow relative to reported net income Optimal: > 1x	—	—	—	—	—	—	1.29x Good Good Free cash flow relative to reported net income Optimal: > 1x	—	—	—

🎯 Is capital allocation efficient? 1 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Return on Common Equity (%) (%)	32.4% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+75%)	22.1% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+19%)	33.3% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+80%)	7.5% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-60%)	30.4% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+64%)	27.1% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+47%)	45.3% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+145%)	52.0% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+181%)	32.7% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+77%)	65.1% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+252%)	92.5% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+400%)	101.3% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+448%)	72.3% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+291%)	88.0% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+376%)	78.7% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+326%)	64.4% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+248%)	59.3% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+221%)	91.6% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+395%)	—	—

⚖️ Is the balance sheet risky? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Debt to Equity (x)	1.88x Weak ↓ Weak Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+317%)	2.01x Weak ↓ Weak Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+347%)	2.51x Weak ↓ Weak Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+458%)	2.32x Weak ↓ Weak Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+416%)	2.74x Weak → Weak Stable Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+508%)	2.99x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+564%)	3.02x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+571%)	2.54x Weak → Weak Stable Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+464%)	2.56x Weak ↓ Weak Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+469%)	2.24x Weak ↓ Weak Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+398%)	2.71x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+503%)	3.34x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+643%)	1.61x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+258%)	1.57x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+250%)	1.35x Caution ↑ Caution Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+200%)	1.12x Caution Caution Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+149%)	1.07x Caution Caution Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+137%)	—	—	—
Net Debt (USD)	$47.67B	$41.03B	$43.48B	$43.06B	$45.05B	$48.33B	$54.73B	$31.28B	$33.08B	$33.07B	$31.01B	$31.20B	$25.99B	$19.27B	$15.24B	$15.20B	$11.97B	$-12.74B	$-14.99B	$-8.02B

📊 What does each share earn? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Revenue per Share (USD)	$72.44	$68.08	$67.89	$67.06	$64.01	$82.69	$86.95	$87.27	$84.84	$83.65	$83.52	$92.40	$91.14	$91.47	$89.32	$78.71	$72.15	$75.68	$68.89	—
Basic EPS, GAAP (USD)	$11.36	$6.53	$8.23	$1.82	$6.41	$6.28	$10.63	$9.57	$6.17	$12.43	$13.48	$11.97	$15.06	$14.53	$13.25	$11.69	$10.12	$9.02	$7.27	—
Free Cash Flow per Share (USD)	$12.98	$13.45	$13.92	$10.07	$11.98	$17.50	$14.07	$12.99	$14.47	$14.15	—	—	—	—	—	—	$13.05	—	—	—
Dividend per Share (USD)	$6.71	$6.67	$6.63	$6.59	$6.55	$6.51	$6.43	$6.21	—	—	—	—	—	—	—	—	—	—	—	—
Book Value per Share (USD)	$34.84	$29.62	$24.63	$24.22	$21.05	$23.07	$23.49	$18.82	$19.08	$19.10	$14.77	$11.98	$21.62	$16.88	$17.31	$18.16	$17.06	$9.83	—	—
Tangible Book Value per Share (USD)	$-37.43	$-36.23	$-41.14	$-37.53	$-40.91	$-43.71	$-42.13	$-21.81	$-20.81	$-18.79	$-22.00	$-22.00	$-11.63	$-12.69	$-8.14	$-4.40	$-0.05	$-5.58	—	—
Basic Weighted Avg Shares (shares)	932.29M	921.77M	911.21M	902.66M	895.99M	890.35M	887.24M	912.05M	932.83M	955.42M	978.74M	1.00B	1.09B	1.14B	1.20B	1.27B	1.33B	1.37B	1.43B	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Working Capital (USD)	$-1.71B	$1.34B	$-1.21B	$-2.39B	$-4.08B	$-704.00M	$719.00M	$10.92B	$12.37B	$7.61B	$8.23B	$9.82B	$11.20B	$5.81B	$8.80B	$7.55B	$12.93B	$6.57B	—	—
LT Debt (USD)	$54.84B	$49.88B	$50.12B	$46.19B	$44.92B	$54.35B	$54.10B	$42.66B	$45.05B	$40.89B	$38.70B	$39.67B	$36.71B	$29.68B	$27.16B	$25.86B	$24.15B	—	—	—
Total Equity (USD)	$32.65B	$27.31B	$22.53B	$21.94B	$18.90B	$20.60B	$20.84B	$16.80B	$17.59B	$18.25B	$14.26B	$11.87B	$22.79B	$18.86B	$20.14B	$23.05B	$22.64B	$13.46B	—	—

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Sales/Revenue/Turnover (USD)	$67.53B	$62.75B	$61.86B	$60.53B	$57.35B	$73.62B	$77.15B	$79.59B	$79.14B	$79.92B	$81.74B	$92.79B	$99.75B	$104.51B	$106.92B	$99.87B	$95.76B	$103.63B	$98.79B	—
Depreciation Expense (USD)	$2.28B	$2.17B	$2.11B	$2.41B	$3.89B	$4.23B	$4.21B	$3.13B	$3.02B	$2.84B	$2.66B	$3.15B	$3.33B	$3.39B	$3.59B	$3.66B	$3.77B	$4.14B	$4.04B	—
Net Income, GAAP (USD)	$10.59B	$6.02B	$7.50B	$1.64B	$5.74B	$5.59B	$9.43B	$8.73B	$5.75B	$11.87B	$13.19B	$12.02B	$16.48B	$16.60B	$15.86B	$14.83B	$13.43B	$12.33B	$10.42B	—
Operating Cash Flow (USD)	$13.19B	$13.45B	$13.93B	$10.44B	$12.80B	$18.20B	$14.77B	$15.25B	$16.72B	$17.08B	—	—	—	—	—	—	$20.77B	—	—	—

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INTERNATIONAL BUSINESS MACHINES CORP

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