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AI Cloud·IBM
International Business Machines Corporation
NYSE · US
Operator of IBM Cloud and watsonx infrastructure, including GPU-backed cloud capacity for enterprise AI workloads.
AI relevance
Enterprise AI cloud provider with dedicated accelerator clusters and hybrid-cloud AI infrastructure.
Price
$249.10
Change
-13.25 (-5.05%)
Market cap
$234.1B
52w range
$212–$332
Exchange
NYSE
Country
US
Jason's Chips
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Price chart
IBM market performance
Daily close for International Business Machines Corporation
- Latest close
- $249.1
- Range move
- -$34.11 (-12.0%)
- Range high
- $329.2
- Range low
- $214.6
- Latest volume
- 16.6M
- Source
- FMP EOD
Downloads
CSVExports
Download statements, ratios, chart data, and transcript indexes.
Income statement
12 annual rowsRevenue, gross profit, R&D, operating income, EBITDA, net income, and EPS.
Balance sheet
12 annual rowsCash, receivables, inventory, PP&E, assets, debt, liabilities, and equity.
Cash flow
12 annual rowsOperating cash flow, capital expenditures, and free cash flow.
Key metrics
12 annual rowsEnterprise value, valuation multiples, returns, yields, and cash conversion.
Ratios
12 annual rowsMargins, liquidity ratios, valuation ratios, leverage, and per-share metrics.
Chart data
1255 rowsFive years of daily close and volume data powering the company chart.
Transcript list
82 rowsAvailable earnings-call transcript dates by fiscal year and quarter.
StreetHold
Analyst expectations
Rating consensus50 ratings
Strong buy
1
Buy
22
Hold
23
Sell
4
Strong sell
0
Annual estimates
| Period | Revenue avg | Revenue range | EPS avg | EPS range | EBITDA avg | EBIT avg | Net income avg | SG&A avg | Analysts |
|---|---|---|---|---|---|---|---|---|---|
| 2026-12-31 | $71.47B | $71.25B - $71.81B | $12.43 | $12.15 - $12.59 | $14.61B | $8.74B | $11.73B | $21.76B | 16 rev / 13 EPS |
| 2027-12-31 | $74.62B | $73.95B - $75.44B | $13.39 | $12.64 - $13.98 | $15.26B | $9.12B | $12.63B | $22.72B | 16 rev / 13 EPS |
| 2028-12-31 | $78.89B | $78.87B - $78.90B | $14.71 | $13.59 - $16.12 | $16.13B | $9.65B | $14.09B | $24.02B | 12 rev / 5 EPS |
| 2029-12-31 | $82.18B | $81.16B - $83.03B | $14.36 | $14.13 - $14.56 | $16.80B | $10.05B | $13.63B | $25.02B | 11 rev / 1 EPS |
| 2030-12-31 | $82.90B | $81.86B - $83.76B | $12.73 | $12.52 - $12.90 | $16.95B | $10.14B | $12.08B | $25.24B | 6 rev / 1 EPS |
Quarterly estimates
| Period | Revenue avg | Revenue range | EPS avg | EPS range | EBITDA avg | EBIT avg | Net income avg | SG&A avg | Analysts |
|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | $17.84B | $17.77B - $17.95B | $3.01 | $2.62 - $3.13 | $3.65B | $2.18B | $2.87B | $5.43B | 11 rev / 12 EPS |
| 2026-09-30 | $17.12B | $17.03B - $17.33B | $2.92 | $2.79 - $3.00 | $3.50B | $2.09B | $2.78B | $5.21B | 10 rev / 11 EPS |
| 2026-12-31 | $20.58B | $20.36B - $20.76B | $4.59 | $4.53 - $4.64 | $4.21B | $2.52B | $4.37B | $6.27B | 5 rev / 4 EPS |
| 2027-03-31 | $16.70B | $16.52B - $16.85B | $2.05 | $2.02 - $2.07 | $3.41B | $2.04B | $1.95B | $5.08B | 5 rev / 4 EPS |
| 2027-06-30 | $18.62B | $18.43B - $18.79B | $3.24 | $3.20 - $3.28 | $3.81B | $2.28B | $3.09B | $5.67B | 5 rev / 5 EPS |
| 2027-09-30 | $17.81B | $17.62B - $17.97B | $3.17 | $3.13 - $3.21 | $3.64B | $2.18B | $3.02B | $5.42B | 5 rev / 8 EPS |
| 2027-12-31 | $21.44B | $21.22B - $21.64B | $4.86 | $4.79 - $4.91 | $4.38B | $2.62B | $4.62B | $6.53B | 5 rev / 4 EPS |
| 2028-03-31 | $16.96B | $16.78B - $17.11B | $2.19 | $2.16 - $2.22 | $3.47B | $2.07B | $2.09B | $5.16B | 4 rev / 5 EPS |
Price target history
| Window | Targets | Average target |
|---|---|---|
| Last month | 3 | $330.00 |
| Last quarter | 11 | $292.82 |
| Last year | 36 | $311.58 |
| All time | 86 | $233.46 |
Sources: TheFly, StreetInsider, Benzinga, Pulse 2.0, Investing
Latest grade actions
| Date | Firm | Action | Previous | New |
|---|---|---|---|---|
| 2026-06-03 | Citigroup | Maintain | Buy | Buy |
| 2026-05-29 | Wedbush | Maintain | Outperform | Outperform |
| 2026-05-06 | RBC Capital | Maintain | Outperform | Outperform |
| 2026-05-06 | Wedbush | Maintain | Outperform | Outperform |
| 2026-04-28 | HSBC | Upgrade | Reduce | Hold |
| 2026-04-23 | Morgan Stanley | Maintain | Equal Weight | Equal Weight |
| 2026-04-23 | BMO Capital | Maintain | Market Perform | Market Perform |
| 2026-04-23 | Wedbush | Maintain | Outperform | Outperform |
Historical rating snapshots
| Date | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| 2026-06-01 | 2 | 11 | 8 | 0 | 2 |
| 2026-05-01 | 2 | 11 | 9 | 0 | 2 |
| 2026-04-01 | 2 | 10 | 9 | 1 | 1 |
| 2026-03-01 | 2 | 9 | 8 | 1 | 1 |
| 2026-02-01 | 2 | 9 | 8 | 2 | 1 |
| 2026-01-01 | 1 | 9 | 8 | 2 | 2 |
| 2025-12-01 | 1 | 8 | 8 | 2 | 2 |
| 2025-11-01 | 1 | 8 | 8 | 2 | 2 |
FinancialsFY 2025
Financials
Income statement annual
| Period | Revenue | Gross profit | Gross margin | R&D | Operating income | EBITDA | Net income | EPS |
|---|---|---|---|---|---|---|---|---|
| FY 2025 | $67.53B | $40.19B | 59.5% | $8.32B | $10.32B | $17.28B | $10.59B | $11.36 |
| FY 2024 | $62.75B | $35.55B | 56.7% | $7.48B | $10.07B | $12.18B | $6.02B | $6.53 |
| FY 2023 | $61.86B | $34.30B | 55.4% | $6.78B | $9.82B | $14.69B | $7.50B | $8.23 |
| FY 2022 | $60.53B | $32.69B | 54.0% | $6.57B | $8.17B | $7.17B | $1.64B | $1.82 |
| FY 2021 | $57.35B | $31.49B | 54.9% | $6.49B | $6.87B | $12.41B | $5.74B | $6.41 |
| FY 2020 | $55.18B | $30.86B | 55.9% | $6.26B | $4.66B | $10.55B | $5.59B | $6.28 |
| FY 2019 | $57.71B | $31.53B | 54.6% | $5.91B | $7.54B | $14.61B | $9.43B | $10.63 |
| FY 2018 | $79.59B | $36.94B | 46.4% | $5.38B | $13.22B | $16.55B | $8.73B | $9.57 |
| FY 2017 | $79.14B | $36.94B | 46.7% | $5.59B | $13.14B | $16.56B | $5.75B | $6.17 |
| FY 2016 | $79.92B | $38.52B | 48.2% | $5.73B | $14.68B | $17.34B | $11.87B | $12.43 |
| FY 2015 | $81.74B | $40.68B | 49.8% | $5.25B | $16.51B | $20.27B | $13.19B | $13.48 |
| FY 2014 | $92.79B | $46.41B | 50.0% | $5.44B | $20.34B | $24.96B | $12.02B | $11.97 |
Cash flow annual
| Period | Operating cash flow | Capex | Free cash flow |
|---|---|---|---|
| FY 2025 | $13.19B | $1.62B | $11.57B |
| FY 2024 | $13.45B | $1.05B | $11.76B |
| FY 2023 | $13.93B | $1.25B | $12.12B |
| FY 2022 | $10.44B | $1.35B | $8.46B |
| FY 2021 | $12.80B | $2.06B | $10.03B |
| FY 2020 | $18.20B | $2.62B | $14.97B |
| FY 2019 | $14.77B | $2.29B | $11.86B |
| FY 2018 | $15.25B | $3.40B | $11.28B |
| FY 2017 | $16.72B | $3.23B | $12.95B |
| FY 2016 | $17.08B | $3.57B | $12.93B |
| FY 2015 | $17.25B | $3.58B | $13.10B |
| FY 2014 | $16.87B | $3.74B | $12.69B |
Balance sheet annual
| Period | Cash + ST inv. | Receivables | Inventory | PP&E | Assets | Debt | Net debt | Liabilities | Equity |
|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | $14.47B | $17.64B | $1.22B | $9.03B | $151.88B | $67.15B | $53.51B | $119.14B | $32.65B |
| FY 2024 | $14.59B | $14.01B | $1.29B | $8.93B | $137.18B | $58.40B | $44.45B | $109.78B | $27.31B |
| FY 2023 | $13.44B | $13.96B | $1.16B | $8.72B | $135.24B | $59.94B | $46.87B | $112.63B | $22.53B |
| FY 2022 | $8.74B | $7.00B | $1.55B | $8.21B | $127.24B | $54.01B | $46.13B | $105.22B | $21.94B |
| FY 2021 | $7.25B | $7.22B | $1.65B | $8.92B | $132.00B | $55.14B | $48.49B | $113.00B | $18.90B |
| FY 2020 | $13.81B | $6.21B | $1.84B | $9.77B | $155.97B | $65.09B | $51.90B | $135.25B | $20.60B |
| FY 2019 | $8.87B | $8.36B | $1.62B | $15.01B | $152.19B | $68.16B | $59.99B | $131.20B | $20.84B |
| FY 2018 | $12.00B | $7.90B | $1.68B | $10.79B | $123.38B | $45.81B | $34.43B | $106.45B | $16.80B |
| FY 2017 | $12.58B | $32.10B | $1.58B | $11.12B | $125.36B | $46.82B | $34.85B | $107.63B | $17.59B |
| FY 2016 | $8.53B | $29.25B | $1.55B | $10.83B | $117.47B | $42.17B | $34.34B | $99.08B | $18.25B |
| FY 2015 | $8.19B | $28.55B | $1.55B | $10.73B | $110.50B | $39.89B | $32.20B | $96.07B | $14.26B |
| FY 2014 | $8.48B | $31.83B | $2.10B | $10.77B | $117.53B | $40.72B | $32.25B | $105.52B | $11.87B |
Annual ratios and key metrics
| Period | Gross margin | Op margin | Net margin | Current | Quick | ROE | ROIC | EV / sales | EV / EBITDA | FCF yield | R&D / rev. | Cash cycle |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | 59.5% | 15.3% | 15.7% | 0.9x | 0.9x | 32.4% | 8.6% | 4.9x | 19.1x | 4.2% | 12.3% | 48d |
| FY 2024 | 56.7% | 16.1% | 9.6% | 1.0x | 1.0x | 22.1% | 9.2% | 4.0x | 20.6x | 5.7% | 11.9% | 45d |
| FY 2023 | 55.4% | 15.9% | 12.1% | 1.0x | 0.9x | 33.3% | 7.8% | 3.2x | 13.3x | 8.1% | 11.0% | 43d |
| FY 2022 | 54.0% | 13.5% | 2.7% | 0.9x | 0.9x | 7.5% | 8.1% | 2.9x | 24.2x | 6.7% | 10.8% | 9d |
| FY 2021 | 54.9% | 12.0% | 10.0% | 0.9x | 0.8x | 30.4% | 6.3% | 2.9x | 13.6x | 8.4% | 11.3% | 13d |
| FY 2020 | 55.9% | 8.4% | 10.1% | 1.0x | 0.9x | 27.1% | 3.8% | 2.9x | 15.1x | 14.0% | 11.3% | 8d |
| FY 2019 | 54.6% | 13.1% | 16.3% | 1.0x | 1.0x | 45.3% | 6.0% | 3.0x | 11.9x | 10.4% | 10.2% | 7d |
| FY 2018 | 46.4% | 16.6% | 11.0% | 1.3x | 1.2x | 52.0% | 10.7% | 1.7x | 8.1x | 11.4% | 6.8% | -5d |
| FY 2017 | 46.7% | 16.6% | 7.3% | 1.3x | 1.3x | 32.7% | 7.0% | 2.2x | 10.4x | 9.5% | 7.1% | 106d |
| FY 2016 | 48.2% | 18.4% | 14.9% | 1.2x | 1.2x | 65.1% | 15.9% | 2.3x | 10.7x | 8.5% | 7.2% | 93d |
| FY 2015 | 49.8% | 20.2% | 16.1% | 1.2x | 1.2x | 92.5% | 16.7% | 2.0x | 7.9x | 10.2% | 6.4% | 88d |
| FY 2014 | 50.0% | 21.9% | 13.0% | 1.2x | 1.1x | 101.3% | 19.6% | 2.0x | 7.5x | 8.2% | 5.9% | 88d |
Annual growth
| Period | Revenue | Gross profit | R&D | Op income | Net income | EPS | FCF | Capex | Cash + ST inv. | Inventory | Assets | Debt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | +7.6% | +13.0% | +11.2% | +2.5% | +75.9% | +74.0% | -1.6% | +4.0% | -0.8% | -5.4% | +10.7% | +15.0% |
| FY 2024 | +1.4% | +3.6% | +10.4% | +2.6% | -19.7% | -20.7% | -3.0% | +6.9% | +8.6% | +11.0% | +1.4% | -2.6% |
| FY 2023 | +2.2% | +4.9% | +3.2% | +20.1% | +357.4% | +352.2% | +43.2% | +8.2% | +53.8% | -25.2% | +6.3% | +11.0% |
| FY 2022 | +5.5% | +3.8% | +1.2% | +19.1% | -71.4% | -71.6% | -15.6% | +28.8% | +20.5% | -5.9% | -3.6% | -2.0% |
| FY 2021 | +3.9% | +2.0% | +3.6% | +47.3% | +2.7% | +2.1% | -33.0% | +14.3% | -47.5% | -10.3% | -15.4% | -15.3% |
| FY 2020 | -4.4% | -2.1% | +6.0% | -38.2% | -40.7% | -40.9% | +26.2% | -11.1% | +55.8% | +13.6% | +2.5% | -4.5% |
| FY 2019 | -27.5% | -14.6% | +9.9% | -43.0% | +8.1% | +11.1% | +5.1% | +26.7% | -26.1% | -3.7% | +23.3% | +48.8% |
| FY 2018 | +0.6% | -0.0% | -3.8% | +0.6% | +51.7% | +55.1% | -12.9% | -5.1% | -4.6% | +6.3% | -1.6% | -2.2% |
| FY 2017 | -1.0% | -4.1% | -2.4% | -10.5% | -51.5% | -50.4% | +0.1% | +9.1% | +47.5% | +1.9% | +6.7% | +11.0% |
| FY 2016 | -2.2% | -5.3% | +9.1% | -11.1% | -10.0% | -7.8% | -1.3% | +0.0% | +4.1% | +0.1% | +6.3% | +5.7% |
| FY 2015 | -11.9% | -12.3% | -3.5% | -18.8% | +9.7% | +12.6% | +3.3% | +0.8% | -3.3% | -26.2% | -6.0% | -2.0% |
| FY 2014 | -5.7% | -4.7% | -5.3% | -5.4% | -27.1% | -20.5% | -4.9% | -1.0% | -23.4% | -9.0% | -6.9% | +2.5% |
SegmentsFY 2025
Revenue Mix
Latest product mixFY 2025 · $67.47B
Software$29.96B · 44.4%
Consulting$21.05B · 31.2%
Infrastructure Services$15.72B · 23.3%
Financing$737.0M · 1.1%
Segment Reconciling Items-$2.0M · -0.0%
Latest geography mixFY 2025 · $67.53B
Americas$33.34B · 49.4%
E M E A$22.19B · 32.9%
Asia Pacific$12.00B · 17.8%
Product revenue annual
| Period | Total | Global Technology Services | Software | Global Business Services | Consulting | Infrastructure Services | Cloud And Cognitive Software | Systems | Services | Sales | Global Financing | Infrastructure | Systems Hardware | Solutions Software | Application Management Services | Technical Support Services | Transaction Processing Software | Integration Software | Financing | Operating Systems Software | Global Process Services | Financing. | Other | Segment Reconciling Items | Products And Services Other | Extended Warranty | Software Segment |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | $67.47B | -- | $29.96B | -- | $21.05B | $15.72B | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | $737.0M | -- | -- | -- | -- | -$2.0M | -- | -- | -- |
| FY 2024 | $62.75B | -- | $27.09B | -- | $20.69B | $14.02B | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | $713.0M | -- | -- | -- | -- | $243.0M | -- | -- | -- |
| FY 2023 | $61.86B | -- | $26.31B | -- | $19.98B | -- | -- | -- | -- | -- | -- | $14.59B | -- | -- | -- | -- | -- | -- | $741.0M | -- | -- | -- | $233.0M | -- | -- | -- | -- |
| FY 2022 | $60.66B | -- | -- | -- | -- | -- | -- | -- | $30.21B | $29.67B | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | $651.0M | -- | -- | -- | $135.0M | -- |
| FY 2021 | $57.35B | -- | $24.14B | -- | $17.84B | $14.19B | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | $774.0M | -- | -- | -- | $404.0M | -- | -- | -- | -- |
| FY 2020 | $73.45B | $25.81B | -- | $16.16B | -- | -- | $23.38B | $6.98B | -- | -- | $1.12B | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2019 | $76.20B | $27.36B | -- | $16.63B | -- | -- | $23.20B | $7.60B | -- | -- | $1.40B | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2018 | $70.29B | -- | -- | -- | -- | $23.01B | -- | -- | -- | -- | -- | -- | $6.36B | $12.90B | $7.85B | $6.96B | $5.58B | $4.49B | -- | $1.67B | $1.26B | -- | -- | -- | $207.0M | -- | -- |
| FY 2017 | $28.82B | -- | -- | $16.71B | -- | -- | -- | $8.95B | -- | -- | $3.17B | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2016 | $29.07B | -- | -- | $17.11B | -- | -- | -- | $8.46B | -- | -- | $3.49B | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2015 | $58.74B | $32.02B | -- | $17.17B | -- | -- | -- | -- | -- | -- | $1.84B | -- | $7.58B | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | $134.0M |
| FY 2014 | $60.95B | $38.06B | -- | $18.37B | -- | -- | -- | -- | -- | -- | $4.52B | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
Geography revenue annual
| Period | Total | Americas | Total Segments | E M E A | Asia Pacific | J [P] |
|---|---|---|---|---|---|---|
| FY 2025 | $67.53B | $33.34B | -- | $22.19B | $12.00B | -- |
| FY 2024 | $62.75B | $31.27B | -- | $19.43B | $12.06B | -- |
| FY 2023 | $61.86B | $31.67B | -- | $18.49B | $11.70B | -- |
| FY 2022 | $60.53B | $31.06B | -- | $17.95B | $11.52B | -- |
| FY 2021 | $57.35B | $28.30B | -- | $17.45B | $11.60B | -- |
| FY 2020 | $73.62B | $34.11B | -- | $23.64B | $15.86B | -- |
| FY 2019 | $77.15B | $36.27B | -- | $24.44B | $16.43B | -- |
| FY 2018 | $79.59B | $36.99B | -- | $25.49B | $17.11B | -- |
| FY 2017 | $38.00B | $29.76B | -- | -- | -- | $8.24B |
| FY 2016 | $38.53B | $30.19B | -- | -- | -- | $8.34B |
| FY 2014 | $192.94B | -- | $192.94B | -- | -- | -- |
| FY 2012 | $46.97B | $36.27B | -- | -- | -- | $10.70B |
Transcripts82 on file
Transcripts
Events
Events
Next earnings
2026-07-22EPS est $3.01
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