IBM
International Business Machines
NYSE: IBM · TECHNOLOGY · INFORMATION TECHNOLOGY SERVICES
$227.10
-2.55% today
Updated 2026-04-29
Market cap
$213.45B
P/E ratio
20.08
P/S ratio
3.10x
EPS (TTM)
$11.31
Dividend yield
2.88%
52W range
$221 – $323
Volume
6.4M
International Business Machines (IBM) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $91.42B | $98.79B | $103.63B | $95.76B | $99.87B | $106.92B | $102.87B | $98.37B | $92.79B | $81.74B | $79.92B | $79.14B | $79.59B | $57.71B | $73.62B | $57.35B | $60.53B | $61.86B | $62.75B | $67.53B |
| Revenue growth (YoY) | — | +8.1% | +4.9% | -7.6% | +4.3% | +7.1% | -3.8% | -4.4% | -5.7% | -11.9% | -2.2% | -1.0% | +0.6% | -27.5% | +27.6% | -22.1% | +5.5% | +2.2% | +1.4% | +7.6% |
| Cost of revenue | $53.13B | $57.06B | $57.97B | $51.97B | $53.86B | $56.78B | $52.51B | $49.68B | $46.39B | $41.06B | $41.40B | $42.20B | $42.66B | $26.18B | $38.05B | $25.86B | $27.84B | $27.56B | $27.20B | $27.35B |
| Gross profit | $38.30B | $41.73B | $45.66B | $43.78B | $46.01B | $50.14B | $50.36B | $48.68B | $46.41B | $40.68B | $38.52B | $36.94B | $36.94B | $31.53B | $35.58B | $31.49B | $32.69B | $34.30B | $35.55B | $40.19B |
| Gross margin | 41.9% | 42.2% | 44.1% | 45.7% | 46.1% | 46.9% | 49.0% | 49.5% | 50.0% | 49.8% | 48.2% | 46.7% | 46.4% | 54.6% | 48.3% | 54.9% | 54.0% | 55.4% | 56.7% | 59.5% |
| R&D | $6.11B | $6.15B | $6.34B | $5.82B | $6.03B | $6.26B | $5.82B | $5.74B | $5.44B | $5.25B | $5.73B | $5.59B | $5.38B | $5.91B | $6.33B | $6.49B | $6.57B | $6.63B | $7.48B | $8.32B |
| SG&A | $20.26B | $22.06B | $21.51B | $19.27B | $20.21B | $21.84B | $21.75B | $21.63B | $21.16B | $18.60B | $18.95B | $17.91B | $17.90B | $17.21B | $20.31B | $17.70B | $16.10B | $17.95B | $16.74B | $18.29B |
| Operating income | $11.93B | $13.52B | $15.94B | $17.01B | $19.98B | $21.92B | $22.99B | $21.50B | $20.34B | $16.51B | $14.68B | $13.14B | $13.22B | $7.54B | $6.89B | $6.83B | $8.17B | $7.51B | $10.07B | $10.32B |
| Operating margin | 13.0% | 13.7% | 15.4% | 17.8% | 20.0% | 20.5% | 22.3% | 21.9% | 21.9% | 20.2% | 18.4% | 16.6% | 16.6% | 13.1% | 9.4% | 11.9% | 13.5% | 12.1% | 16.1% | 15.3% |
| EBITDA | $18.58B | $20.30B | $22.84B | $23.53B | $24.92B | $26.23B | $27.68B | $25.32B | $24.96B | $20.27B | $17.34B | $16.56B | $16.55B | $14.61B | $12.71B | $13.44B | $7.17B | $7.51B | $12.18B | $17.28B |
| EBITDA margin | 20.3% | 20.6% | 22.0% | 24.6% | 25.0% | 24.5% | 26.9% | 25.7% | 26.9% | 24.8% | 21.7% | 20.9% | 20.8% | 25.3% | 17.3% | 23.4% | 11.9% | 12.1% | 19.4% | 25.6% |
| EBIT | $13.60B | $15.10B | $17.39B | $18.54B | $20.09B | $21.41B | $23.00B | $20.65B | $20.47B | $16.41B | $12.96B | $12.02B | $12.06B | $8.55B | $6.01B | $7.02B | $2.37B | $7.51B | $7.51B | $12.26B |
| Interest expense | $278.00M | $611.00M | $673.00M | $402.00M | $368.00M | $411.00M | $459.00M | $402.00M | $484.00M | $468.00M | $630.00M | $663.00M | $686.00M | $1.02B | $1.29B | $1.16B | $1.22B | $1.61B | $1.71B | $1.94B |
| Income tax | $3.90B | $4.07B | $4.38B | $4.71B | $4.89B | $5.15B | $5.54B | $3.36B | $4.23B | $2.58B | $449.00M | $5.64B | $2.62B | $60.00M | $-864.00M | $124.00M | $-626.00M | $1.18B | $-218.00M | $-242.00M |
| Effective tax rate | 29.1% | 28.1% | 26.2% | 26.0% | 24.8% | 24.5% | 25.0% | 16.9% | 26.0% | 16.4% | 3.6% | 49.5% | 23.1% | 0.6% | -18.3% | 2.1% | -61.7% | 13.6% | -3.8% | -2.3% |
| Net income | $9.49B | $10.42B | $12.33B | $13.43B | $14.83B | $15.86B | $16.60B | $16.48B | $12.02B | $13.19B | $11.87B | $5.75B | $8.73B | $9.43B | $5.59B | $5.74B | $1.64B | $7.50B | $6.02B | $10.59B |
| Net income growth (YoY) | — | +9.8% | +18.4% | +8.8% | +10.5% | +6.9% | +4.7% | -0.7% | -27.1% | +9.7% | -10.0% | -51.5% | +51.7% | +8.1% | -40.7% | +2.7% | -71.4% | +357.4% | -19.7% | +75.9% |
| Profit margin | 10.4% | 10.5% | 11.9% | 14.0% | 14.9% | 14.8% | 16.1% | 16.8% | 13.0% | 16.1% | 14.9% | 7.3% | 11.0% | 16.3% | 7.6% | 10.0% | 2.7% | 12.1% | 9.6% | 15.7% |