15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 4.1% per year over the past 5 years.
Net income has grown faster than revenue (13.6% vs 4.1% per year).
Free cash flow has declined 4.9% per year over the past 5 years.
Financial health
Total debt ($61.3B) exceeds cash ($13.6B); net debt is $47.7B.
Total debt has grown slower than revenue (-0.0% vs 4.1% per year).
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 59.0% of earnings and 51.7% of free cash flow.
The dividend has grown 1.5% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2025
$67.5B
$10.6B
58.2%
0.0%
32.4%
7.0%
$12.1B
$61.3B
$13.6B
2024
$62.8B
$6.0B
56.7%
0.0%
22.1%
4.4%
$12.4B
$55.0B
$13.9B
2023
$61.9B
$7.5B
55.4%
0.0%
33.3%
5.5%
$12.7B
$56.5B
$13.1B
2022
$60.5B
$1.6B
54.0%
0.0%
7.5%
1.3%
$9.1B
$50.9B
$7.9B
2021
$57.4B
$5.7B
54.9%
0.0%
30.4%
4.4%
$10.7B
$51.7B
$6.7B
2020
$55.2B
$5.6B
55.9%
0.0%
27.1%
3.6%
$15.6B
$61.3B
$13.2B
2019
$57.7B
$9.4B
54.6%
0.0%
45.3%
6.2%
$12.5B
$62.9B
$8.2B
2018
$79.6B
$8.7B
46.4%
0.0%
52.0%
7.1%
$11.9B
$52.9B
$11.4B
2017
$79.1B
$5.8B
46.7%
0.0%
32.7%
4.6%
$13.5B
$45.1B
$12.0B
2016
$79.9B
$11.9B
48.2%
0.0%
65.1%
10.1%
$13.5B
$40.9B
$7.8B
2015
$81.7B
$13.2B
49.8%
0.0%
92.5%
11.9%
$13.7B
$38.7B
$7.7B
2014
$92.8B
—
50.0%
0.0%
0.0%
0.0%
$13.1B
$39.6B
$8.5B
2013
$98.4B
—
49.5%
0.0%
0.0%
0.0%
—
$36.7B
$10.7B
2012
$102.9B
—
49.0%
0.0%
0.0%
0.0%
—
$29.7B
$10.4B
2011
$106.9B
—
46.9%
0.0%
0.0%
0.0%
—
$27.2B
$11.9B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Sep '26
$17.1B
$2.2B
56.8%
0.0%
6.2%
1.4%
$3.7B
$63.8B
$9.2B
Jun '26
$17.2B
$2.2B
57.7%
0.0%
6.3%
1.4%
$2.4B
$62.0B
$7.2B
Mar '26
$15.9B
$1.2B
56.2%
0.0%
3.7%
0.8%
$4.9B
$66.4B
$10.8B
Dec '25
$19.7B
$5.6B
60.6%
0.0%
17.2%
3.7%
$3.7B
$61.3B
$13.6B
Sep '25
$16.3B
$1.7B
57.3%
0.0%
6.2%
1.2%
$2.8B
$63.1B
$11.6B
Jun '25
$17.0B
$2.2B
58.8%
0.0%
8.0%
1.5%
$1.5B
$64.2B
$11.9B
Mar '25
$14.5B
$1.1B
55.2%
0.0%
3.9%
0.7%
$4.1B
$63.3B
$11.0B
Dec '24
$17.6B
$2.9B
59.5%
0.0%
10.7%
2.1%
$4.0B
$55.0B
$13.9B
Sep '24
$15.0B
-$330M
56.3%
0.0%
-1.3%
-0.2%
$2.6B
$56.6B
$13.2B
Jun '24
$15.8B
$1.8B
56.8%
0.0%
7.6%
1.4%
$1.8B
$56.5B
$12.2B
Mar '24
$14.5B
$1.6B
53.5%
0.0%
6.9%
1.2%
$3.9B
$59.5B
$14.6B
Dec '23
$17.4B
$3.3B
59.1%
0.0%
14.6%
2.4%
$4.2B
$56.5B
$13.1B
Sep '23
$14.8B
$1.7B
54.4%
0.0%
7.4%
1.3%
$2.8B
$55.2B
$7.3B
Jun '23
$15.5B
$1.6B
54.9%
0.0%
7.1%
1.2%
$2.3B
$57.5B
$9.4B
Mar '23
$14.3B
$927M
52.7%
0.0%
4.3%
0.7%
$3.5B
$58.7B
$9.3B
Dec '22
$16.7B
$2.7B
57.7%
0.0%
12.3%
2.1%
$3.6B
$50.9B
$7.9B
Sep '22
$14.1B
-$3.2B
52.7%
0.0%
-15.9%
-2.5%
$1.6B
$50.9B
$7.8B
Jun '22
$15.5B
$1.4B
53.4%
0.0%
7.2%
1.1%
$982M
$50.3B
$7.0B
Mar '22
$14.2B
$733M
51.7%
0.0%
3.8%
0.5%
$3.0B
$54.2B
$9.9B
Dec '21
$16.7B
$2.3B
56.9%
0.0%
12.3%
1.8%
$2.1B
$51.7B
$6.7B
Valuation over time
How the market has priced IBM against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 75.6× (Mar '23) to 22.5× (Nov '26).
The price-to-sales ratio has risen from 2.0× (Mar '23) to 3.5× (Nov '26).
The dividend yield has fallen from 4.8% (Mar '23) to 2.6% (Nov '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is IBM growing its revenue and profit?
Over the past 5 years, IBM's revenue has grown 4.1% per year, and net income grown 13.6% per year. These are computed facts, not advice.
How much debt does IBM have?
As of FY2025, IBM reported $61.3B of total debt against $13.6B of cash.
What is IBM's profit margin?
In FY2025, gross margin was 58.2%, operating margin —, and net margin 15.7%.
What is IBM's P/E ratio?
IBM's P/E (TTM) is 21.37 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the IBM stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 22.5× as of Nov '26) can differ. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.