Earnings quality
Compare earnings and operating cash flow for earnings quality.
International Business Machines Corporation
Ticker IBM · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-24 · Period end 2025-12-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 21.5%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio21.5%
Last priceUSD 254.32
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
INTERNATIONAL BUSINESS MACHINES CORPORATION is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 9144991900 · As of filing date 2026-02-24
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $62.8B | $67.5B |
| Cost of sales* | $27.2B | $28.2B |
| Gross profit | $35.6B | $39.3B |
| Operating profit | — | — |
| Income tax | -$218.0M | -$242.0M |
| Net income | $6.0B | $10.6B |
| Basic EPS | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $13.9B | $13.6B |
| Current assets | $34.5B | $36.9B |
| Non-current assets* | $102.7B | $114.9B |
| Total assets | $137.2B | $151.9B |
| Current liabilities | $33.1B | $38.7B |
| Non-current liabilities* | $76.6B | $80.5B |
| Total liabilities | $109.8B | $119.1B |
| Stockholders’ equity | $27.3B | $32.6B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $13.4B | $13.2B |
| Investing cash flow | -$4.9B | -$10.3B |
| Financing cash flow | -$7.1B | -$3.8B |
| Cash at end of period | $13.9B | $13.6B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $57.4B | $60.5B | $61.9B | $62.8B | $67.5B | |
| Net income | $5.7B | $1.6B | $7.5B | $6.0B | $10.6B | |
| Total assets | $132.0B | $127.2B | $135.2B | $137.2B | $151.9B | |
| Cash & equivalents | $6.7B | $7.9B | $13.1B | $13.9B | $13.6B | |
| Stockholders’ equity | $18.9B | $21.9B | $22.5B | $27.3B | $32.6B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from $62.8B to $67.5B (▲ +7.6%). Operating profit went from — to — (—).
Operating cash flow was $13.2B (prior $13.4B), with cash on the balance sheet at $13.6B versus $13.9B.
Liquidity & leverage
Cash moved from $13.9B to $13.6B; current liabilities $38.7B.
Capital buffer
Stockholders’ equity moved from $27.3B to $32.6B.
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Source: SEC EDGAR 0000051143-26-000010
(INTERNATIONAL BUSINESS MACHINES CORPORATION), period end 2025-12-31.