IBM

Updated: Mar 12, 2026 11:30 AM

International Business Machines

Market Cap: $282.87B P/S: 17x Ownership — Insider: 0.1% | Institutional: 64.3% | Retail: 35.6% TECHNOLOGY INFORMATION TECHNOLOGY SERVICES

International Business Machines Corporation (IBM) is a prominent American multinational technology company headquartered in Armonk, New York, with operations spanning over 170 countries. Established in 1911, IBM has established itself as a leader in innovation through its diverse offerings in hardware, software, and consulting services, with an increasing emphasis on artificial intelligence, quantum computing, and cloud solutions. The company is recognized for its strong research capabilities, having achieved the distinction of securing the most annual U.S. patents for 28 consecutive years, reflecting its dedication to pioneering technology. With a legacy that includes groundbreaking inventions like the ATM and relational database, IBM continues to evolve and play a critical role in advancing technological solutions across various sectors, adapting to the ever-changing digital landscape.

Revenue

Revenue, Profit & Income — explained by Jerry the Goat Farmer
Total RevenueEvery single dollar that wanders onto Jerry's farm. Cheese sales, milk money, goat yoga memberships, and that one weird guy who pays $50 to just watch the goats. Jerry doesn't ask questions.
Gross ProfitThe money left after feeding the goats but before reality sets in. Jerry feels rich for exactly 11 minutes.
Net IncomeWhat Jerry actually gets to keep after the Jerrynment, cousin Larry, the feed store, and his ex-wife's lawyer all take their cut. This number is often... humbling.
Using alias: revenuea -> totalRevenue [annual] [income]
Using alias: profita -> grossProfit [annual] [income]
Using alias: incomea -> netIncome [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        20/20 dates (100%)
  ✅ grossProfit                         20/20 dates (100%)
  ✅ netIncome                           20/20 dates (100%)

Plot for IBM (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               0.00B                    26.73B                    53.46B                    80.19B                    106.92B
               |                         |                         |                         |                         |

  2005-12-31 |  91.13B
  2006-12-31 |  91.42B
  2007-12-31 |  98.79B
  2008-12-31 |  103.63B
  2009-12-31 |  95.76B
  2010-12-31 |  99.87B
  2011-12-31 |  106.92B
  2012-12-31 |  102.87B
  2013-12-31 |  98.37B
  2014-12-31 |  92.79B
  2015-12-31 |  81.74B
  2016-12-31 |  79.92B
  2017-12-31 |  79.14B
  2018-12-31 |  79.59B
  2019-12-31 |  57.71B
  2020-12-31 |  73.62B
  2021-12-31 |  57.35B
  2022-12-31 |  60.53B
  2023-12-31 |  61.86B
  2024-12-31 |  62.75B

               |                         |                         |                         |                         |
               0.00B                    26.73B                    53.46B                    80.19B                    106.92B

Costs

Operating Costs — explained by Jerry the Goat Farmer
Cost of Goods & Services SoldThe unglamorous stuff: hay, feed, vet bills for when Sergio the goat eats another iPhone. These goats don't feed themselves, and they definitely don't apologize.
Selling, General & AdministrativeThe "CHEESE HAPPENS" billboard on the highway, the accountant (cousin Larry, who definitely cheated in Monopoly as a kid), office supplies, and the therapy Jerry needs after dealing with cousin Larry.
Research & DevelopmentJerry's experimental ghost pepper goat cheese that made three customers cry. Also the goat treadmill. The goats refuse to use the goat treadmill.
Using alias: rnda -> researchAndDevelopment [annual] [income]
Using alias: sgaa -> sellingGeneralAndAdministrative [annual] [income]
Using alias: cogsa -> costofGoodsAndServicesSold [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ researchAndDevelopment              20/20 dates (100%)
  ✅ sellingGeneralAndAdministrative     20/20 dates (100%)
  ✅ costofGoodsAndServicesSold          20/20 dates (100%)

Plot for IBM (in B)
  reports: annualReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00B                    14.49B                    28.98B                    43.48B                    57.97B
               |                         |                         |                         |                         |

  2005-12-31 |  54.60B
  2006-12-31 |  53.13B
  2007-12-31 |  57.06B
  2008-12-31 |  57.97B
  2009-12-31 |  51.97B
  2010-12-31 |  53.86B
  2011-12-31 |  56.78B
  2012-12-31 |  52.51B
  2013-12-31 |  49.68B
  2014-12-31 |  46.39B
  2015-12-31 |  41.06B
  2016-12-31 |  41.40B
  2017-12-31 |  42.20B
  2018-12-31 |  42.66B
  2019-12-31 |  26.18B
  2020-12-31 |  38.05B
  2021-12-31 |  25.86B
  2022-12-31 |  27.84B
  2023-12-31 |  27.56B
  2024-12-31 |  27.20B

               |                         |                         |                         |                         |
               0.00B                    14.49B                    28.98B                    43.48B                    57.97B

Cash

Cash, Debt & Cash Flow — explained by Jerry the Goat Farmer
Cash & Short-Term InvestmentsThe coffee can buried behind the barn, $47 in a savings account, and some cryptocurrency Jerry bought drunk in 2021. He's afraid to check on it.
Short/Long-Term DebtThe barn loan that'll follow Jerry to the grave (long-term) and the $200 he owes the feed store guy who's starting to give him looks (short-term).
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Using alias: casha -> cashAndShortTermInvestments [annual] [balance]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: paychecka -> operatingCashflow [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         20/20 dates (100%)
  ✅ shortLongTermDebtTotal              20/20 dates (100%)
  ✅ operatingCashflow                   20/20 dates (100%)

Plot for IBM (in B)
  reports: annualReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               0.00B                    16.07B                    32.14B                    48.21B                    64.28B
               |                         |                         |                         |                         |

  2005-12-31 |  22.64B
  2006-12-31 |  22.68B
  2007-12-31 |  35.27B
  2008-12-31 |  33.93B
  2009-12-31 |  26.10B
  2010-12-31 |  28.62B
  2011-12-31 |  31.32B
  2012-12-31 |  33.27B
  2013-12-31 |  39.72B
  2014-12-31 |  40.72B
  2015-12-31 |  39.89B
  2016-12-31 |  42.17B
  2017-12-31 |  46.82B
  2018-12-31 |  45.81B
  2019-12-31 |  64.28B
  2020-12-31 |  62.90B
  2021-12-31 |  55.14B
  2022-12-31 |  54.01B
  2023-12-31 |  59.94B
  2024-12-31 |  58.40B

               |                         |                         |                         |                         |
               0.00B                    16.07B                    32.14B                    48.21B                    64.28B

FCF

Free Cash Flow — explained by Jerry the Goat Farmer
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Capital ExpendituresBig, expensive purchases Jerry justifies at 2am: the industrial milking machine, new fencing, and a hot tub "for the goats" that somehow only Jerry uses.
Using alias: paychecka -> operatingCashflow [annual] [cashflow]
Using alias: capexa -> capitalExpenditures [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   20/20 dates (100%)
  ✅ capitalExpenditures                 20/20 dates (100%)

Plot for IBM (in B)
  reports: annualReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               0.00B                     5.19B                    10.39B                    15.58B                    20.77B
               |                         |                         |                         |                         |

  2005-12-31 |  14.91B
  2006-12-31 |  15.02B
  2007-12-31 |  16.09B
  2008-12-31 |  18.81B
  2009-12-31 |  20.77B
  2010-12-31 |  19.55B
  2011-12-31 |  19.85B
  2012-12-31 |  19.59B
  2013-12-31 |  17.48B
  2014-12-31 |  16.87B
  2015-12-31 |  17.25B
  2016-12-31 |  17.08B
  2017-12-31 |  16.72B
  2018-12-31 |  15.25B
  2019-12-31 |  14.77B
  2020-12-31 |  18.20B
  2021-12-31 |  12.80B
  2022-12-31 |  10.44B
  2023-12-31 |  13.43B
  2024-12-31 |  13.45B

               |                         |                         |                         |                         |
               0.00B                     5.19B                    10.39B                    15.58B                    20.77B

Assets

Assets, Liabilities & Equity — explained by Jerry the Goat Farmer
🐐 Assets = Liabilities + Equity

Translation: What Jerry owns = What Jerry owes + What's actually Jerry's

Or as Jerry mutters every April during tax season:
"Everything I have equals everything I owe plus whatever scraps are left for me, a humble goat man just trying to make cheese in this cruel world."
Total AssetsEverything Jerry owns: 12 acres of land, a barn that's "rustic" (rotting), 47 goats, Sergio (appraised at $800, priceless to Jerry), the cheese cave, and a 2004 Ford F-150 held together by duct tape and prayer.
Total LiabilitiesEverything Jerry owes: bank loans, the feed store tab, back taxes, and a moral debt to his neighbor for "borrowing" that tractor in 2019. They both know he's not returning it.
Total Shareholder EquityIf Jerry sold absolutely everything, paid off every debt, and finally returned that tractor... this is what he'd have left. His actual net worth. Some days it's a retirement fund. Other days it's "enough for a bus ticket and a fresh start."
Using alias: assetsa -> totalAssets [annual] [balance]
Using alias: liabila -> totalLiabilities [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         20/20 dates (100%)
  ✅ totalLiabilities                    20/20 dates (100%)
  ✅ totalShareholderEquity              20/20 dates (100%)

Plot for IBM (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               0.00B                    38.99B                    77.98B                    116.98B                   155.97B
               |                         |                         |                         |                         |

  2005-12-31 |  105.75B
  2006-12-31 |  103.23B
  2007-12-31 |  120.43B
  2008-12-31 |  109.52B
  2009-12-31 |  109.02B
  2010-12-31 |  113.45B
  2011-12-31 |  116.43B
  2012-12-31 |  119.21B
  2013-12-31 |  126.22B
  2014-12-31 |  117.53B
  2015-12-31 |  110.50B
  2016-12-31 |  117.47B
  2017-12-31 |  125.36B
  2018-12-31 |  123.38B
  2019-12-31 |  152.19B
  2020-12-31 |  155.97B
  2021-12-31 |  132.00B
  2022-12-31 |  127.24B
  2023-12-31 |  135.24B
  2024-12-31 |  137.18B

               |                         |                         |                         |                         |
               0.00B                    38.99B                    77.98B                    116.98B                   155.97B

Buffet

Using alias: incomea -> netIncome [annual] [income]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           20/20 dates (100%)
  ✅ shortLongTermDebtTotal              20/20 dates (100%)
  ✅ totalShareholderEquity              20/20 dates (100%)

Plot for IBM (in B)
  reports: annualReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               0.00B                    16.07B                    32.14B                    48.21B                    64.28B
               |                         |                         |                         |                         |

  2005-12-31 |  33.10B
  2006-12-31 |  28.51B
  2007-12-31 |  35.27B
  2008-12-31 |  33.93B
  2009-12-31 |  26.10B
  2010-12-31 |  28.62B
  2011-12-31 |  31.32B
  2012-12-31 |  33.27B
  2013-12-31 |  39.72B
  2014-12-31 |  40.72B
  2015-12-31 |  39.89B
  2016-12-31 |  42.17B
  2017-12-31 |  46.82B
  2018-12-31 |  45.81B
  2019-12-31 |  64.28B
  2020-12-31 |  62.90B
  2021-12-31 |  55.14B
  2022-12-31 |  54.01B
  2023-12-31 |  59.94B
  2024-12-31 |  58.40B

               |                         |                         |                         |                         |
               0.00B                    16.07B                    32.14B                    48.21B                    64.28B

Revenue-q

Using alias: revenue -> totalRevenue [quarterly] [income]
Using alias: profit -> grossProfit [quarterly] [income]
Using alias: income -> netIncome [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        25/25 dates (100%)
  ✅ grossProfit                         25/25 dates (100%)
  ✅ netIncome                           25/25 dates (100%)

Plot for IBM (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -21.78B                   -10.89B                    0.00B                    10.89B                    21.78B
               |                         |                         |                         |                         |

  2019-09-30 |                                                     |  18.03B
  2019-12-31 |                                                     | 21.78B
  2020-03-31 |                                                     |  17.57B
  2020-06-30 |                                                     |  18.12B
  2020-09-30 |                                                     |  17.56B
  2020-12-31 |                                                     |  20.37B
  2021-03-31 |                                                     |  13.19B
  2021-06-30 |                                                     |  14.22B
  2021-09-30 |                                                     |  13.25B
  2021-12-31 |                                                     |  16.70B
  2022-03-31 |                                                     |  14.20B
  2022-06-30 |                                                     |  15.54B
  2022-09-30 |                                             |  14.11B
  2022-12-31 |                                                     |  16.69B
  2023-03-31 |                                                     |  14.25B
  2023-06-30 |                                                     |  15.47B
  2023-09-30 |                                                     |  14.75B
  2023-12-31 |                                                     |  17.38B
  2024-03-31 |                                                     |  14.46B
  2024-06-30 |                                                     |  15.77B
  2024-09-30 |                                                    |  14.97B
  2024-12-31 |                                                     |  17.55B
  2025-03-31 |                                                     |  14.54B
  2025-06-30 |                                                     |  16.98B
  2025-09-30 |                                                     |  16.33B

               |                         |                         |                         |                         |
               -21.78B                   -10.89B                    0.00B                    10.89B                    21.78B

Costs-q

Using alias: rnd -> researchAndDevelopment [quarterly] [income]
Using alias: sga -> sellingGeneralAndAdministrative [quarterly] [income]
Using alias: cogs -> costofGoodsAndServicesSold [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ researchAndDevelopment              25/25 dates (100%)
  ✅ sellingGeneralAndAdministrative     25/25 dates (100%)
  ✅ costofGoodsAndServicesSold          25/25 dates (100%)

Plot for IBM (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00B                     2.67B                     5.34B                     8.01B                    10.68B
               |                         |                         |                         |                         |

  2019-09-30 |  9.69B
  2019-12-31 |  10.68B
  2020-03-31 |  9.65B
  2020-06-30 |  9.42B
  2020-09-30 |  9.13B
  2020-12-31 |  9.84B
  2021-03-31 |  6.16B
  2021-06-30 |  6.37B
  2021-09-30 |  6.14B
  2021-12-31 |  7.19B
  2022-03-31 |  6.86B
  2022-06-30 |  7.25B
  2022-09-30 |  6.68B
  2022-12-31 |  7.06B
  2023-03-31 |  6.74B
  2023-06-30 |  6.97B
  2023-09-30 |  6.73B
  2023-12-31 |  7.11B
  2024-03-31 |  6.72B
  2024-06-30 |  6.82B
  2024-09-30 |  6.55B
  2024-12-31 |  7.11B
  2025-03-31 |  6.51B
  2025-06-30 |  7.00B
  2025-09-30 |  6.74B

               |                         |                         |                         |                         |
               0.00B                     2.67B                     5.34B                     8.01B                    10.68B

Cash-q

Using alias: cash -> cashAndShortTermInvestments [quarterly] [balance]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         25/25 dates (100%)
  ✅ shortLongTermDebtTotal              25/25 dates (100%)
  ✅ operatingCashflow                   25/25 dates (100%)

Plot for IBM (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               0.00B                    17.87B                    35.75B                    53.62B                    71.49B
               |                         |                         |                         |                         |

  2019-09-30 |  71.49B
  2019-12-31 |  68.16B
  2020-03-31 |  69.45B
  2020-06-30 |  69.77B
  2020-09-30 |  70.39B
  2020-12-31 |  65.09B
  2021-03-31 |  61.12B
  2021-06-30 |  59.79B
  2021-09-30 |  58.98B
  2021-12-31 |  55.14B
  2022-03-31 |  57.55B
  2022-06-30 |  53.38B
  2022-09-30 |  53.83B
  2022-12-31 |  54.01B
  2023-03-31 |  61.68B
  2023-06-30 |  60.30B
  2023-09-30 |  58.52B
  2023-12-31 |  59.94B
  2024-03-31 |  62.87B
  2024-06-30 |  59.84B
  2024-09-30 |  60.13B
  2024-12-31 |  58.40B
  2025-03-31 |  66.83B
  2025-06-30 |  67.72B
  2025-09-30 |  66.57B

               |                         |                         |                         |                         |
               0.00B                    17.87B                    35.75B                    53.62B                    71.49B

FCF-q

Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]
Using alias: capex -> capitalExpenditures [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   25/25 dates (100%)
  ✅ capitalExpenditures                 25/25 dates (100%)

Plot for IBM (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               0.00B                     1.47B                     2.93B                     4.40B                     5.86B
               |                         |                         |                         |                         |

  2019-09-30 |  3.62B
  2019-12-31 |  3.45B
  2020-03-31 |  4.48B
  2020-06-30 |  3.58B
  2020-09-30 |  4.29B
  2020-12-31 |  5.86B
  2021-03-31 |  4.91B
  2021-06-30 |  2.62B
  2021-09-30 |  2.71B
  2021-12-31 |  2.54B
  2022-03-31 |  3.25B
  2022-06-30 |  1.32B
  2022-09-30 |  1.90B
  2022-12-31 |  3.96B
  2023-03-31 |  3.77B
  2023-06-30 |  2.64B
  2023-09-30 |  3.06B
  2023-12-31 |  4.46B
  2024-03-31 |  4.17B
  2024-06-30 |  2.07B
  2024-09-30 |  2.88B
  2024-12-31 |  4.33B
  2025-03-31 |  4.37B
  2025-06-30 |  1.70B
  2025-09-30 |  3.08B

               |                         |                         |                         |                         |
               0.00B                     1.47B                     2.93B                     4.40B                     5.86B

Assets-q

Using alias: assets -> totalAssets [quarterly] [balance]
Using alias: liabil -> totalLiabilities [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         25/25 dates (100%)
  ✅ totalLiabilities                    25/25 dates (100%)
  ✅ totalShareholderEquity              25/25 dates (100%)

Plot for IBM (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               0.00B                    38.99B                    77.99B                    116.98B                   155.97B
               |                         |                         |                         |                         |

  2019-09-30 |  149.62B
  2019-12-31 |  152.19B
  2020-03-31 |  153.40B
  2020-06-30 |  154.20B
  2020-09-30 |  154.13B
  2020-12-31 |  155.97B
  2021-03-31 |  148.63B
  2021-06-30 |  146.81B
  2021-09-30 |  144.21B
  2021-12-31 |  132.00B
  2022-03-31 |  133.28B
  2022-06-30 |  127.50B
  2022-09-30 |  125.85B
  2022-12-31 |  127.24B
  2023-03-31 |  133.64B
  2023-06-30 |  132.21B
  2023-09-30 |  129.32B
  2023-12-31 |  135.24B
  2024-03-31 |  137.17B
  2024-06-30 |  133.85B
  2024-09-30 |  134.34B
  2024-12-31 |  137.18B
  2025-03-31 |  145.67B
  2025-06-30 |  148.59B
  2025-09-30 |  146.31B

               |                         |                         |                         |                         |
               0.00B                    38.99B                    77.99B                    116.98B                   155.97B

Buffet-q

Using alias: income -> netIncome [quarterly] [income]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           25/25 dates (100%)
  ✅ shortLongTermDebtTotal              25/25 dates (100%)
  ✅ totalShareholderEquity              25/25 dates (100%)

Plot for IBM (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -71.49B                   -35.75B                    0.00B                    35.75B                    71.49B
               |                         |                         |                         |                         |

  2019-09-30 |                                                     | 71.49B
  2019-12-31 |                                                     |  68.16B
  2020-03-31 |                                                     |  69.45B
  2020-06-30 |                                                     |  69.77B
  2020-09-30 |                                                     |  70.39B
  2020-12-31 |                                                     |  65.09B
  2021-03-31 |                                                     |  61.12B
  2021-06-30 |                                                     |  59.79B
  2021-09-30 |                                                     |  58.98B
  2021-12-31 |                                                     |  55.14B
  2022-03-31 |                                                     |  57.55B
  2022-06-30 |                                                     |  53.38B
  2022-09-30 |                                                   |  53.83B
  2022-12-31 |                                                     |  54.01B
  2023-03-31 |                                                     |  61.68B
  2023-06-30 |                                                     |  60.30B
  2023-09-30 |                                                     |  58.52B
  2023-12-31 |                                                     |  59.94B
  2024-03-31 |                                                     |  62.87B
  2024-06-30 |                                                     |  59.84B
  2024-09-30 |                                                    |  60.13B
  2024-12-31 |                                                     |  58.40B
  2025-03-31 |                                                     |  66.83B
  2025-06-30 |                                                     |  67.72B
  2025-09-30 |                                                     |  66.57B

               |                         |                         |                         |                         |
               -71.49B                   -35.75B                    0.00B                    35.75B                    71.49B

Price History

Volume

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