IBM Corp IBM
US equityMarket cap rank #75Information Technology ServicesArtificial IntelligenceCloud ComputingAI Chip
$245.00 −$2.11 (-0.85%)
Market closed · Nov 6, 8:10 pm ET · Last extended-hours $245.70 +0.29%
Open$242.92
Prev close$247.11
Day range$240.35 – $246.34
Volume3.49M
Market cap$231.55B
P/E (TTM)20.9
Dividend yield2.75%
Fundamentals
Latest reported quarter: Q3, ended Sep 2026
Revenue$17.10B+4.7% YoY
Operating profit$2.90B+3.7% YoY
Net profit$2.19B+25.5% YoY
Diluted EPS$2.30+25.0% YoY
Free cash flow$3.54B+32.8% YoY
Operating cash flow$4.03B
Revenue, last 8 quarters
Net profit, last 8 quarters
Diluted EPS by quarter
Free cash flow by quarter
Annual revenue
Profitability & balance sheet
Gross margin58.0%
Operating margin18.3%
Net margin16.0%
Return on equity35.2%
Return on assets7.4%
Return on invested capital12.2%
Current ratio0.85
Liabilities / assets76.6%
Cash & investments$11.06B
Total debt$66.39B
Net cash (debt)-$55.33B
Free cash flow / sales20.1%
Where the revenue comes from
Quarter 2026/Q3
By business line
Income statement
| Line item | 2026 Q3 | 2026 Q2 | 2026 Q1 | 2025 ANNUAL | 2025 Q4 |
|---|---|---|---|---|---|
| Total Revenue as Reported | $17.10B | $17.16B | $15.92B | $67.54B | $19.69B |
| Total Operating Revenue | $17.10B | $17.16B | $15.92B | $67.54B | $19.69B |
| Cost of Revenue | $7.39B | $7.26B | $6.97B | $28.24B | $7.76B |
| Gross Profit | $9.71B | $9.91B | $8.95B | $39.30B | $11.93B |
| Operating Expense | $6.82B | $7.06B | $6.73B | $26.81B | $7.08B |
| Selling and Admin Expenses | $4.22B | $4.53B | $4.40B | $18.14B | $4.83B |
| -Selling & Marketing Expense | $234.00M | $384.00M | $229.00M | $1.13B | $271.00M |
| -General & Admin Expense | $3.98B | $4.15B | $4.17B | $17.01B | $4.56B |
| Research & Development | $2.38B | $2.31B | $2.17B | $8.32B | $2.19B |
| Depreciation & Amortization & Depletion | $381.00M | $378.00M | $333.00M | $1.28B | $331.00M |
| -Depreciation & Amortization | $381.00M | $378.00M | $333.00M | $1.28B | $331.00M |
| Asset Impairment Loss | $8.00M | $7.00M | -$2.00M | $33.00M | $6.00M |
| Other Operating Expenses | -$164.00M | -$166.00M | -$172.00M | -$964.00M | -$277.00M |
| Operating Profit | $2.90B | $2.85B | $2.22B | $12.49B | $4.85B |
| Net Non-Operating Interest Income (Expense) | -$404.00M | -$400.00M | -$321.00M | -$1.29B | -$346.00M |
| Non-Operating Interest Income | $87.00M | $86.00M | $152.00M | $645.00M | $132.00M |
| Non-Operating Interest Expense | $491.00M | $486.00M | $473.00M | $1.94B | $478.00M |
| Other Income (Expense) | $7.00M | $33.00M | -$510.00M | -$873.00M | -$358.00M |
| Gain on Sale of Security | $13.00M | $96.00M | -$86.00M | -$359.00M | -$101.00M |
| Special Income (Charges) | -$15.00M | -$65.00M | -$359.00M | -$670.00M | -$293.00M |
| -Less:Restructuring and Mergern & Acquisition | $15.00M | $65.00M | $359.00M | $670.00M | $293.00M |
| Other Non-Operating Income (Expenses) | $9.00M | $2.00M | -$65.00M | $156.00M | $36.00M |
| Pretax Profit | $2.50B | $2.48B | $1.39B | $10.33B | $4.14B |
| Tax | $298.00M | $313.00M | $172.00M | -$242.00M | -$1.44B |
| Net Profit | $2.19B | $2.17B | $1.22B | $10.59B | $5.60B |
| Profit from Continuing Operations | $2.20B | $2.17B | $1.22B | $10.57B | $5.58B |
| Net Income from Discontinuous Operations | -$10.00M | -$1.00M | $0.00 | $22.00M | $21.00M |
| Net Income to Parent Company | $2.19B | $2.17B | $1.22B | $10.59B | $5.60B |
| Net Income to Common Stockholders | $2.19B | $2.17B | $1.22B | $10.59B | $5.60B |
| Basic EPS | $2.32 | $2.30 | $1.30 | $11.36 | $5.98 |
| Diluted EPS | $2.30 | $2.27 | $1.28 | $11.17 | $5.88 |
| Dividend Per Share | $1.69 | $1.69 | $1.68 | $6.71 | $1.68 |
Balance sheet
| Line item | 2026 Q3 | 2026 Q2 | 2026 Q1 | 2025 ANNUAL | 2025 Q4 |
|---|---|---|---|---|---|
| Total Assets | $155.01B | $152.10B | $156.23B | $151.88B | $151.88B |
| Total Current Assets | $31.19B | $28.40B | $31.91B | $36.94B | $36.94B |
| Cash and Cash Equivalents & Short-Term Investments | $11.06B | $8.13B | $11.78B | $14.42B | $14.42B |
| -Cash and Cash Equivalents | $9.23B | $7.17B | $10.82B | $13.59B | $13.59B |
| -Short Term Investments | $1.83B | $960.00M | $964.00M | $830.00M | $830.00M |
| Receivables | $13.11B | $13.17B | $13.50B | $16.51B | $16.51B |
| -Accounts Receivable | $5.79B | $6.04B | $6.49B | $8.11B | $8.11B |
| -Other Receivables | $7.31B | $7.13B | $7.01B | $8.40B | $8.40B |
| Inventory | $1.95B | $1.75B | $1.48B | $1.22B | $1.22B |
| Restricted Cash | $48.00M | $45.00M | $45.00M | $54.00M | $54.00M |
| Current Deferred Assets | $1.18B | $1.24B | $1.16B | $1.08B | $1.08B |
| Other Current Assets | $3.09B | $3.19B | $3.21B | $2.53B | $2.53B |
| Total Non-Current Assets | $123.82B | $123.70B | $124.32B | $114.93B | $114.93B |
| Net PPE | $9.16B | $8.80B | $9.00B | $9.03B | $9.03B |
| -Gross PPE | $20.81B | $20.67B | $20.98B | $21.00B | $21.00B |
| -Accumulated Depreciation | -$11.65B | -$11.87B | -$11.99B | -$11.98B | -$11.98B |
| Non Current Accounts Receivables | $6.84B | $7.13B | $7.01B | $7.71B | $7.71B |
| Goodwill and Other Intangible Assets | $88.52B | $88.55B | $89.33B | $79.11B | $79.11B |
| -Goodwill | $74.92B | $74.60B | $74.71B | $67.72B | $67.72B |
| -Other Intangible Assets | $13.60B | $13.95B | $14.62B | $11.39B | $11.39B |
| Defined Pension Benefit | $7.72B | $7.65B | $7.58B | $7.54B | $7.54B |
| Non-Current Deferred Assets | $9.64B | $9.54B | $9.38B | $9.44B | $9.44B |
| Other Non-Current Assets | $1.95B | $2.03B | $2.01B | $2.11B | $2.11B |
| Total Liabilities | $118.81B | $117.56B | $123.17B | $119.14B | $119.14B |
| Total Current Liabilities | $36.49B | $35.91B | $40.10B | $38.66B | $38.66B |
| Payables | $6.36B | $6.42B | $6.09B | $7.10B | $7.10B |
| -Accounts Payable | $4.49B | $4.40B | $4.04B | $4.76B | $4.76B |
| -Total Tax Payable | $1.87B | $2.02B | $2.05B | $2.35B | $2.35B |
| Current Accrued Expenses | $3.53B | $3.43B | $3.58B | $4.12B | $4.12B |
| Short-Term Debt and Capital Lease Obligation | $7.76B | $6.55B | $9.45B | $7.22B | $7.22B |
| -Current Debt | $7.01B | $5.78B | $8.66B | $6.42B | $6.42B |
| -Current Capital Lease Obligation | $749.00M | $770.00M | $798.00M | $800.00M | $800.00M |
| Current Deferred Liabilities | $15.16B | $16.16B | $17.03B | $16.10B | $16.10B |
| Other Current Liabilities | -$1.00M | – | -$1.00M | – | – |
| Total Non-Current Liabilities | $82.32B | $81.65B | $83.07B | $80.48B | $80.48B |
| Long Term Debt and Capital Lease Obligation | $59.38B | $58.73B | $60.35B | $57.38B | $57.38B |
| -Long Term Debt | $56.80B | $56.21B | $57.71B | $54.84B | $54.84B |
| -Long Term Capital Lease Obligation | $2.57B | $2.52B | $2.64B | $2.55B | $2.55B |
| Non-Current Deferred Liabilities | $4.32B | $4.27B | $4.20B | $5.05B | $5.05B |
| Employee Benefits | $8.45B | $8.60B | $8.76B | $10.84B | $10.84B |
| Other Non-Current Liabilities | $10.17B | $10.04B | $9.77B | $1.07B | $1.07B |
| Total Equity | $36.21B | $34.54B | $33.06B | $32.74B | $32.74B |
| Stockholders' Equity | $35.54B | $34.45B | $32.97B | $32.65B | $32.65B |
| Capital Stock | $65.14B | $64.60B | $63.94B | $63.32B | $63.32B |
| -Common Stock | $65.14B | $64.60B | $63.94B | $63.32B | $63.32B |
| Retained Earnings | $156.58B | $155.94B | $155.33B | $155.65B | $155.65B |
| Less: Treasury Stock | $171.19B | $170.93B | $170.87B | $170.61B | $170.61B |
| Gains/Losses Not Affecting Retained Earnings | -$14.99B | -$15.15B | -$15.42B | -$15.71B | -$15.71B |
| Minority Interests | $669.00M | $89.00M | $81.00M | $93.00M | $93.00M |
| Non-Current Prepaid Assets | – | – | $7.58B | $7.54B | $7.54B |
| Non-Current Accrued Expenses | – | – | – | $207.00M | $207.00M |
| Derivative Product Liabilities | – | – | – | $259.00M | $259.00M |
| Non-Current Liabilities | – | – | – | $5.67B | $5.67B |
Cash flow
| Line item | 2026 Q3 | 2026 Q2 | 2026 Q1 | 2025 ANNUAL | 2025 Q4 |
|---|---|---|---|---|---|
| Operating Cash Flow | $4.03B | $2.60B | $5.17B | $13.19B | $4.04B |
| Net cash flow from continuing operations | $4.03B | $2.60B | $5.17B | $13.19B | $4.04B |
| Net Income from Continuing Operations | $2.19B | $2.17B | $1.22B | $10.59B | $5.60B |
| Gain/Loss from Continuing Operations | -$46.00M | -$67.00M | -$11.00M | -$39.00M | $7.00M |
| Depreciation & Depletion & Amortization | $1.38B | $1.35B | $1.27B | $5.02B | $1.30B |
| Change in Working Capital | -$32.00M | -$1.35B | $2.19B | -$3.14B | -$2.34B |
| Net cash flow from investing | -$2.57B | -$481.00M | -$10.49B | -$10.30B | $1.42B |
| Net Cash Flow from Continuing Investing Activities | -$2.57B | -$482.00M | -$10.49B | -$10.30B | $1.42B |
| Net PPE Purchase and Sale | -$303.00M | -$206.00M | -$224.00M | -$970.00M | -$379.00M |
| Net Intangibles Purchase and Sale | -$154.00M | -$154.00M | -$159.00M | -$647.00M | -$171.00M |
| Net Business Purchase and Sale | -$855.00M | -$15.00M | -$10.46B | -$8.30B | -$391.00M |
| Net Investment Purchase and Sale | -$1.26B | -$107.00M | $359.00M | -$391.00M | $2.36B |
| Financing Cash Flow | $606.00M | -$5.73B | $2.72B | -$3.83B | -$3.41B |
| Net Cash Flow from Continuing Financing Activities | $607.00M | -$5.73B | $2.72B | -$3.83B | -$3.41B |
| Net Issuance Payments Of Debt | $1.86B | -$4.21B | $4.51B | $2.87B | -$1.81B |
| Net Common Stock Issuance | -$208.00M | $125.00M | -$172.00M | -$308.00M | $8.00M |
| Cash Dividends Paid | -$1.60B | -$1.59B | -$1.58B | -$6.26B | -$1.57B |
| Net Other Financing Charges | $549.00M | -$49.00M | -$42.00M | -$139.00M | -$30.00M |
| Ending Cash Balance | $9.28B | $7.22B | $10.86B | $13.64B | $13.64B |
| Net Change in Cash | $2.06B | -$3.61B | -$2.60B | -$938.00M | $2.05B |
| Beginning Cash Balance | $7.22B | $10.86B | $13.64B | $14.16B | $11.60B |
| Effect of Exchange Rate Changes | $2.00M | -$34.00M | -$177.00M | $418.00M | -$11.00M |
| Free Cash Flow | $3.54B | $2.21B | $4.78B | $11.46B | $3.49B |
| Other Non-Cash Items | – | – | -$1.00M | -$1.00M | – |
| Net Other Investing Changes | – | – | -$1.00M | $1.00M | – |
| Deferred Tax | – | – | – | -$957.00M | – |
| -Change in Receivables | – | – | – | -$4.28B | – |
| -Change in Inventory | – | – | – | $70.00M | – |
| -Change in Payables and Accrued Expense | – | – | – | $624.00M | – |
| -Change In Other Working Capital | – | – | – | $445.00M | – |
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