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
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
FCF
Total debt
Cash
2025
$67.5B
$10.6B
58.2%
0.0%
$12.1B
$61.3B
$13.6B
2024
$62.8B
$6.0B
56.7%
0.0%
$12.4B
$55.0B
$13.9B
2023
$61.9B
$7.5B
55.4%
0.0%
$12.7B
$56.5B
$13.1B
2022
$60.5B
$1.6B
54.0%
0.0%
$9.1B
$50.9B
$7.9B
2021
$57.4B
$5.7B
54.9%
0.0%
$10.7B
$51.7B
$6.7B
2020
$55.2B
$5.6B
55.9%
0.0%
$15.6B
$61.3B
$13.2B
2019
$57.7B
$9.4B
54.6%
0.0%
$12.5B
$62.9B
$8.2B
2018
$79.6B
$8.7B
46.4%
0.0%
$11.9B
$52.9B
$11.4B
2017
$79.1B
$5.8B
46.7%
0.0%
$13.5B
$45.1B
$12.0B
2016
$79.9B
$11.9B
48.2%
0.0%
$13.5B
$40.9B
$7.8B
2015
$81.7B
$13.2B
49.8%
0.0%
$13.7B
$38.7B
$7.7B
2014
$92.8B
—
50.0%
0.0%
$13.1B
$39.6B
$8.5B
2013
$98.4B
—
49.5%
0.0%
—
$36.7B
$10.7B
2012
$102.9B
—
49.0%
0.0%
—
$29.7B
$10.4B
2011
$106.9B
—
46.9%
0.0%
—
$27.2B
$11.9B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$15.9B
$1.2B
56.2%
0.0%
$4.9B
$66.4B
$10.8B
Dec '25
$19.7B
$5.6B
60.6%
0.0%
$3.7B
$61.3B
$13.6B
Sep '25
$16.3B
$1.7B
57.3%
0.0%
$2.8B
$63.1B
$11.6B
Jun '25
$17.0B
$2.2B
58.8%
0.0%
$1.5B
$64.2B
$11.9B
Mar '25
$14.5B
$1.1B
55.2%
0.0%
$4.1B
$63.3B
$11.0B
Dec '24
$17.6B
$2.9B
59.5%
0.0%
$4.0B
$55.0B
$13.9B
Sep '24
$15.0B
-$330M
56.3%
0.0%
$2.6B
$56.6B
$13.2B
Jun '24
$15.8B
$1.8B
56.8%
0.0%
$1.8B
$56.5B
$12.2B
Mar '24
$14.5B
$1.6B
53.5%
0.0%
$3.9B
$59.5B
$14.6B
Dec '23
$17.4B
$3.3B
59.1%
0.0%
$4.2B
$56.5B
$13.1B
Sep '23
$14.8B
$1.7B
54.4%
0.0%
$2.8B
$55.2B
$7.3B
Jun '23
$15.5B
$1.6B
54.9%
0.0%
$2.3B
$57.5B
$9.4B
Mar '23
$14.3B
$927M
52.7%
0.0%
$3.5B
$58.7B
$9.3B
Dec '22
$16.7B
$2.7B
57.7%
0.0%
$3.6B
$50.9B
$7.9B
Sep '22
$14.1B
-$3.2B
52.7%
0.0%
$1.6B
$50.9B
$7.8B
Jun '22
$15.5B
$1.4B
53.4%
0.0%
$982M
$50.3B
$7.0B
Mar '22
$14.2B
$733M
51.7%
0.0%
$3.0B
$54.2B
$9.9B
Dec '21
$16.7B
$2.3B
56.9%
0.0%
$2.1B
$51.7B
$6.7B
Sep '21
$13.3B
$1.1B
53.6%
0.0%
$2.2B
$54.5B
$7.5B
Jun '21
$14.2B
$1.3B
55.2%
0.0%
$2.1B
$55.2B
$7.3B
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 75.2× (Mar '23) to 22.9× (Jun '26).
The price-to-sales ratio has risen from 2.0× (Mar '23) to 3.6× (Jun '26).
The dividend yield has fallen from 4.8% (Mar '23) to 2.6% (Jun '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?
As of Jun '26, IBM traded at a price-to-earnings ratio of about 22.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.