INTERNATIONAL BUSINESS MACHINES CORP

IBM 10-K · Q4 2025

IBM Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 19,686 17,554 +12.1%
Show Product Lines breakouts
Financial Service 180 167 +7.8%
Product 11,479 9,902 +15.9%
Technology Service 8,028 7,484 +7.3%
Show Business Segments breakouts
Consulting · Operating Segments 5,349 5,175 +3.4%
Financing · Operating Segments 180 170 +5.9%
Infrastructure · Operating Segments 5,132 4,256 +20.6%
Software · Operating Segments 9,030 7,923 +14.0%
Show Geography breakouts
Americas 9,531 8,539 +11.6%
Asia Pacific 3,182 3,205 -0.7%
EMEA 6,973 5,810 +20.0%
Show Consolidation Items breakouts
Operating Segments 19,690 17,525 +12.4%
Revenue (Q)
Show Product Lines breakouts
Automation · Software 2,332 1,984 +17.5%
Data · Software 2,105 1,727 +21.9%
Hybrid Cloud · Software 1,958 1,774 +10.4%
Hybrid Infrastructure · Infrastructure 3,843 2,985 +28.7%
Infrastructure Support · Infrastructure 1,289 1,272 +1.3%
Intelligent Operations · Consulting 2,418 2,300 +5.1%
Strategy and Technology · Consulting 2,930 2,875 +1.9%
Transaction Processing · Software 2,636 2,438 +8.1%
Show Consolidation Items breakouts
Material Reconciling Items -5 29 -117.2%
Cost of Revenue 7,758 7,114 +9.1%
Show Product Lines breakouts
Financial Service 100 88 +13.6%
Financial Service · Accumulated Gain Loss Net Cash Flow Hedge Parent 1 1 0.0%
Product 2,189 1,910 +14.6%
Product · Accumulated Gain Loss Net Cash Flow Hedge Parent 17 -10 +270.0%
Technology Service 5,469 5,115 +6.9%
Technology Service · Accumulated Gain Loss Net Cash Flow Hedge Parent 15 -3 +600.0%
Show Business Segments breakouts
Consulting · Operating Segments 3,828 3,726 +2.7%
Financing · Operating Segments 100 91 +9.9%
Infrastructure · Operating Segments 2,021 1,836 +10.1%
Software · Operating Segments 1,499 1,191 +25.9%
Show Consolidation Items breakouts
Operating Segments 7,448 6,843 +8.8%
Gross Profit 11,928 10,439 +14.3%
Research & Development 2,187 1,967 +11.2%
Selling, General & Administrative 5,462 4,865 +12.3%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 7 -6 +216.7%
Other Non-Operating Income (Expense) -40 -67 +40.3%
Income Before Taxes 4,143 3,306 +25.3%
Show Business Segments breakouts
Consulting · Operating Segments 657 607 +8.2%
Financing · Operating Segments 150 94 +59.6%
Infrastructure · Operating Segments 1,601 1,063 +50.6%
Software · Operating Segments 3,403 3,102 +9.7%
Show Consolidation Items breakouts
Corporate Non Segment 7 21 -66.7%
Operating Segments 5,812 4,865 +19.5%
Income Tax Expense (Benefit) -1,435 379 -478.6%
Net Income 5,600 2,914 +92.2%
Show Equity Components breakouts
Parent 5,600 2,914 +92.2%
Retained Earnings 5,600 2,914 +92.2%
Comprehensive Income 5,870 4,064 +44.4%
Show Equity Components breakouts
Parent 5,870 4,064 +44.4%
Other Comprehensive Income 270 1,149 -76.5%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 270 1,149 -76.5%
Parent 270 1,149 -76.5%
EPS (Basic) 6 3.15 +90.5%
EPS (Diluted) 5.9 3.11 +89.7%
Wtd Avg Shares (Basic) 932,292,996.1 921,766,913.7 +1.1%
Wtd Avg Shares (Diluted) 948,674,280.6 937,160,288.6 +1.2%
Interest Expense 478 424 +12.7%
Show Business Segments breakouts
Financing · Operating Segments 97 78 +24.4%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 6 7 -14.3%
Show Consolidation Items breakouts
Operating Segments 97 78 +24.4%
Net Income Loss Available To Common Stockholders Basic 5,600 2,914 +92.2%
Operating Lease Lease Income 11 13 -15.4%
Foreign Currency Transaction Gain Loss Before Tax -138 -584 +76.4%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 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 YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Stock-Based Compensation 430 345 +24.6%
Net Cash from Operations 4,040 4,330 -6.7%
Investing Activities
Capital Expenditures -382 -303 -26.1%
Net Cash from Investing 1,417 -1,379 +202.8%
Financing Activities
Tax Withholding for Share Compensation -167 -112 -49.1%
Net Cash from Financing -3,406 -1,676 -103.2%
Other Cash Flow
Net Change in Cash 2,041 946 +115.8%

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

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