INTERNATIONAL BUSINESS MACHINES CORP

IBM 10-K · FY 2025

IBM FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 67,535 62,753 +7.6%
Show Product Lines breakouts
Financial Service 737 709 +3.9%
Financing · Financing 705 681 +3.5%
Maintenance · Infrastructure 3,926 3,951 -0.6%
Product 36,085 32,231 +12.0%
Servers · Infrastructure 5,410 3,693 +46.5%
Services · Consulting 20,801 20,277 +2.6%
Services · Infrastructure 2,216 2,262 -2.0%
Services · Software 3,444 3,002 +14.7%
Software · Consulting 169 324 -47.8%
Software · Infrastructure 1,795 1,753 +2.4%
Software · Software 26,493 24,055 +10.1%
Storage · Infrastructure 2,371 2,360 +0.5%
Systems · Consulting 85 91 -6.6%
Systems · Software 25 29 -13.8%
Technology Service 30,714 29,813 +3.0%
Used equipment sales · Financing 32 32 0.0%
Show Business Segments breakouts
Consulting · Operating Segments 21,055 20,692 +1.8%
Financing · Operating Segments 737 713 +3.4%
Infrastructure · Operating Segments 15,718 14,020 +12.1%
Software · Operating Segments 29,962 27,085 +10.6%
Show Geography breakouts
Americas 33,342 31,266 +6.6%
Asia Pacific 12,004 12,058 -0.4%
EMEA 22,189 19,429 +14.2%
Other countries · Sales Revenue Net 40,643 37,609 +8.1%
US · Sales Revenue Net 26,892 25,144 +7.0%
Show Consolidation Items breakouts
Operating Segments 67,472 62,510 +7.9%
Revenue (FY)
Show Product Lines breakouts
Automation · Software 7,733 6,558 +17.9%
Data · Software 6,299 5,629 +11.9%
Hybrid Cloud · Software 7,327 6,490 +12.9%
Hybrid Infrastructure · Infrastructure 10,618 8,913 +19.1%
Infrastructure Support · Infrastructure 5,100 5,107 -0.1%
Intelligent Operations · Consulting 9,518 9,204 +3.4%
Strategy and Technology · Consulting 11,537 11,488 +0.4%
Transaction Processing · Software 8,603 8,408 +2.3%
Show Consolidation Items breakouts
Material Reconciling Items 63 243 -74.1%
Cost of Revenue 28,239 27,201 +3.8%
Show Product Lines breakouts
Financial Service 403 369 +9.2%
Financial Service · Accumulated Gain Loss Net Cash Flow Hedge Parent 4 6 -33.3%
Product 6,861 6,303 +8.9%
Product · Accumulated Gain Loss Net Cash Flow Hedge Parent 15 -40 +137.5%
Technology Service 20,975 20,529 +2.2%
Technology Service · Accumulated Gain Loss Net Cash Flow Hedge Parent 27 -22 +222.7%
Show Business Segments breakouts
Consulting · Operating Segments 15,134 15,103 +0.2%
Financing · Operating Segments 403 372 +8.3%
Infrastructure · Operating Segments 6,502 6,201 +4.9%
Software · Operating Segments 4,951 4,428 +11.8%
Show Consolidation Items breakouts
Operating Segments 26,990 26,103 +3.4%
Gross Profit 39,297 35,551 +10.5%
Research & Development 8,316 7,479 +11.2%
Selling, General & Administrative 20,123 19,688 +2.2%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 6 -16 +137.5%
Other Non-Operating Income (Expense) -221 -877 +74.8%
Income Before Taxes 10,328 5,797 +78.2%
Show Business Segments breakouts
Consulting · Operating Segments 2,464 2,054 +20.0%
Financing · Operating Segments 521 348 +49.7%
Infrastructure · Operating Segments 3,458 2,450 +41.1%
Software · Operating Segments 9,920 8,684 +14.2%
Show Consolidation Items breakouts
Corporate Non Segment 31 425 -92.7%
Operating Segments 16,364 13,535 +20.9%
Income Tax Expense (Benefit) -242 -218 -11.0%
Net Income 10,593 6,023 +75.9%
Show Equity Components breakouts
Parent 10,593 6,023 +75.9%
Retained Earnings 10,593 6,023 +75.9%
Comprehensive Income 10,148 9,516 +6.6%
Show Equity Components breakouts
Parent 10,148 9,516 +6.6%
Other Comprehensive Income -445 3,492 -112.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -445 3,492 -112.7%
Parent -445 3,492 -112.7%
EPS (Basic) 11.36 6.53 +74.0%
EPS (Diluted) 11.17 6.43 +73.7%
Wtd Avg Shares (Basic) 932,293,927 921,767,834 +1.1%
Wtd Avg Shares (Diluted) 948,675,228 937,161,224 +1.2%
Interest Expense 1,935 1,712 +13.0%
Show Business Segments breakouts
Financing · Operating Segments 365 369 -1.1%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 24 31 -22.6%
Show Consolidation Items breakouts
Operating Segments 365 369 -1.1%
Net Income Loss Available To Common Stockholders Basic 10,593 6,023 +75.9%
Operating Lease Lease Income 43 60 -28.3%
Foreign Currency Transaction Gain Loss Before Tax 993 -458 +316.8%
Net Income Loss Attributable To Noncontrolling Interest (FY)
Show Income Statement Location breakouts
Other (income) and expense 26 17 +52.9%
Marketing And Advertising Expense 1,129 1,173 -3.8%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 13,587 13,947 -2.6%
Accounts Receivable 8,112 6,804 +19.2%
Inventory 1,220 1,289 -5.4%
Prepaid Expenses & Other Current Assets 2,530 2,520 +0.4%
Total Current Assets 36,944 34,482 +7.1%
Non-Current Assets
Operating Lease Right-of-Use Assets 3,129 3,197 -2.1%
Show Geography breakouts
IN · Operating Right-Of-Use Assets - Net 428 365 +17.3%
JP · Operating Right-Of-Use Assets - Net 258 324 -20.4%
Other countries · Operating Right-Of-Use Assets - Net 1,426 1,355 +5.2%
US · Operating Right-Of-Use Assets - Net 1,016 1,154 -12.0%
Goodwill 67,717 60,706 +11.5%
Show Business Segments breakouts
Consulting 10,341 9,206 +12.3%
Consulting · Apptio, Inc. 367
Consulting · Other Acquisitions 2025 781
Infrastructure 4,389 4,363 +0.6%
Software 52,987 47,136 +12.4%
Software · Apptio, Inc. 3,134
Software · Other Acquisitions 2025 473
Show Business Acquisition breakouts
HashiCorp, Inc. (HashiCorp) 4,684
Other Acquisitions 2024 894
Other Acquisitions 2025 1,254
StreamSets and webMethods 1,074
Intangible Assets 11,391 10,660 +6.9%
Show Finite Lived Intangible Assets By Major Class breakouts
Computer Software Intangible Asset 964 790 +22.0%
Customer Relationships 5,659 5,317 +6.4%
Developed Technology Rights 3,304 3,132 +5.5%
Other Intangible Assets 99 114 -13.2%
Patents/trademarks 1,365 1,307 +4.4%
Deferred Tax Assets 8,610 6,978 +23.4%
Total Assets 151,880 137,175 +10.7%
Current Liabilities
Accounts Payable 4,756 4,032 +18.0%
Deferred Revenue 16,101 13,907 +15.8%
Total Current Liabilities 38,658 33,142 +16.6%
Non-Current Liabilities
Long-Term Debt 54,836 49,884 +9.9%
Operating Lease Liabilities 2,547 2,655 -4.1%
Deferred Tax Liabilities 781 815 -4.2%
Other Non-Current Liabilities 9,810 11,048 -11.2%
Total Liabilities 119,139 109,783 +8.5%
Stockholders' Equity
Retained Earnings 155,648 151,163 +3.0%
Accumulated Other Comprehensive Income -15,713 -15,269 -2.9%
Total Stockholders' Equity 32,648 27,307 +19.6%
Total Liabilities & Equity 151,880 137,175 +10.7%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Stock-Based Compensation 1,715 1,311 +30.8%
Deferred Income Taxes -957 -2,330 +58.9%
Change in Inventory 70 -166 +142.2%
Change in Accounts Payable 624 -13 +4900.0%
Net Cash from Operations 13,193 13,445 -1.9%
Investing Activities
Capital Expenditures -1,091 -1,048 -4.1%
Net Cash from Investing -10,302 -4,937 -108.7%
Financing Activities
Tax Withholding for Share Compensation -1,018 -651 -56.4%
Net Cash from Financing -3,829 -7,079 +45.9%
Supplemental
Income Taxes Paid 1,948 1,723 +13.1%
Interest Paid 2,042 1,978 +3.2%
Other Cash Flow
Net Change in Cash -520 1,071 -148.6%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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