IBM

MKT CAP:$217B

International Business Machines Corporation

Market Cap

$217B

Technology·Information Technology Services·🇺🇸 United States·NYSE

Technology·IT Services·🇺🇸·NYSE

Stock Price

$230.92-$60.58 (-20.78%)

Apr 24, 2026

Company Details

International Business Machines Corporation provides integrated solutions and services worldwide. The company operates through four business segments: Software, Consulting, Infrastructure, and Financing. The Software segment offers hybrid c...

CEO

Arvind Krishna

IPO Date

Sep 24, 1915

Website

www.ibm.com

Key Metrics TTM

Revenue

$67.1B

+7.0% YoY

Net Income

$10.1B

EPS (Diluted)

$10.59

Free Cash Flow

$13.4B

Revenue / Share

$70.50

Gross Margin

58.2%

Operating Margin

15.5%

Net Margin

15.0%

FCF Margin

19.9%

P/S

3.2x

P/E

21.5x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$15.9B+9.5%EPS $1.28

FY 2025

Feb 24, 2026

$67.5B+7.6%EPS $11.17

Q4 2025

Feb 24, 2026

$19.7B+12.2%EPS $5.88

Q2 2025

Jul 24, 2025

$17.0B+7.7%EPS $2.31

Q1 2025

Apr 24, 2025

$14.5B+0.6%EPS $1.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$14.2B	$7.3B	$1.2B
Q2 22	$15.5B	$8.3B	$2.0B
Q3 22	$14.1B	$7.4B	$1.6B
Q4 22	$16.7B	$9.6B	$3.5B
Q1 23	$14.3B	$7.5B	$1.4B
Q2 23	$15.5B	$8.5B	$2.3B
Q3 23	$14.8B	$8.0B	$2.1B
Q4 23	$17.4B	$10.3B	$4.0B
Q1 24	$14.5B	$7.7B	$1.6B
Q2 24	$15.8B	$8.9B	$2.4B
Q3 24	$15.0B	$8.4B	$2.2B
Q4 24	$17.6B	$10.4B	$3.9B
Q1 25	$14.5B	$8.0B	$1.8B
Q2 25	$17.0B	$10.0B	$3.1B
Q4 25	$19.7B	$12.1B	$4.2B
Q1 26	$15.9B	$8.9B	$1.4B

Valuation

Quarter	P/S	P/E
Q1 22	2.0x	21.4x
Q2 22	2.2x	23.0x
Q3 22	1.8x	87.3x
Q4 22	2.2x	79.4x
Q1 23	2.0x	65.5x
Q2 23	2.0x	60.3x
Q3 23	2.1x	18.6x
Q4 23	2.4x	19.7x
Q1 24	2.8x	21.4x
Q2 24	2.6x	19.2x
Q3 24	3.3x	32.0x
Q4 24	3.3x	33.9x
Q1 25	3.7x	42.2x
Q2 25	4.3x	47.2x
Q4 25	4.2x	24.3x
Q1 26	3.3x	22.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$3.2B	$2.8B
Q2 22	$1.3B	$810M
Q3 22	$1.9B	$1.4B
Q4 22	$4.0B	$3.4B
Q1 23	$3.8B	$3.3B
Q2 23	$2.6B	$2.1B
Q3 23	$3.1B	$2.7B
Q4 23	$4.5B	$4.0B
Q1 24	$4.2B	$3.8B
Q2 24	$2.1B	$1.6B
Q3 24	$2.9B	$2.5B
Q4 24	$4.3B	$3.9B
Q1 25	$4.4B	$4.0B
Q2 25	$1.7B	$1.5B
Q4 25	$4.0B	$3.1B
Q1 26	$5.2B	$4.8B

Capital Expenditures

Quarter	CapEx
Q1 22	$450M
Q2 22	$511M
Q3 22	$455M
Q4 22	$556M
Q1 23	$468M
Q2 23	$501M
Q3 23	$393M
Q4 23	$448M
Q1 24	$373M
Q2 24	$444M
Q3 24	$424M
Q4 24	$444M
Q1 25	$395M
Q2 25	$210M
Q4 25	$908M
Q1 26	$391M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+7.7%	+6.4%
Q2 22	+9.3%	+7.6%
Q3 22	+6.5%	+5.3%
Q4 22	-0.0%	-3.9%
Q1 23	+0.4%	-1.5%
Q2 23	-0.4%	-2.8%
Q3 23	+4.6%	+0.8%
Q4 23	+4.1%	+1.5%
Q1 24	+1.5%	+0.6%
Q2 24	+1.9%	+1.0%
Q3 24	+1.5%	+1.1%
Q4 24	+1.0%	+2.0%
Q1 25	+0.6%	-0.9%
Q2 25	+7.7%	+4.2%
Q4 25	+31.5%	+21.4%
Q1 26	-9.3%	+6.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$234M	1.6%
Q2 22	$254M	1.6%
Q3 22	$251M	1.8%
Q4 22	$248M	1.5%
Q1 23	$268M	1.9%
Q2 23	$288M	1.9%
Q3 23	$287M	1.9%
Q4 23	$290M	1.7%
Q1 24	$320M	2.2%
Q2 24	$316M	2.0%
Q3 24	$330M	2.2%
Q4 24	$345M	2.0%
Q1 25	$401M	2.8%
Q2 25	$441M	2.6%
Q4 25	$0	0.0%
Q1 26	$506M	3.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$1.7B	$4.0B	$336M
Q2 22	$1.7B	$4.1B	$395M
Q3 22	$1.6B	$3.8B	$297M
Q4 22	$1.6B	$4.2B	$302M
Q1 23	$1.7B	$4.0B	$314M
Q2 23	$1.7B	$4.2B	$372M
Q3 23	$1.7B	$3.9B	$303M
Q4 23	$1.7B	$4.3B	$248M
Q1 24	$1.8B	$4.1B	$279M
Q2 24	$1.8B	$4.3B	$354M
Q3 24	$1.9B	$4.0B	$279M
Q4 24	$2.0B	$4.3B	$261M
Q1 25	$1.9B	$4.0B	$238M
Q2 25	$2.1B	$4.3B	$349M
Q4 25	$2.2B	$5.5B	$305M
Q1 26	$2.2B	$5.1B	—

Revenue Segments

Quarter	Consulting	Financing	Infrastructure Services	Other	Software	Segment Reconciling Items	Infrastructure
Q1 22	$4.8B	$154M	$3.2B	$223M	$5.8B	—	—
Q2 22	$4.8B	$146M	$4.2B	$180M	$6.2B	—	—
Q3 22	$4.7B	$174M	$3.4B	$70M	$5.8B	—	—
Q1 23	$5.0B	$196M	$3.1B	$75M	$5.9B	—	—
Q2 23	$5.0B	$185M	$3.6B	—	$6.6B	$51M	—
Q3 23	$5.0B	$186M	$3.3B	—	$6.3B	$66M	—
Q4 23	$5.0B	$174M	—	$233M	$7.3B	—	$4.6B
Q1 24	$5.2B	$193M	$3.1B	—	$5.9B	$108M	—
Q2 24	$5.2B	$169M	$3.6B	—	$6.7B	$38M	—
Q3 24	$5.2B	$181M	$3.0B	—	$6.5B	$68M	—
Q4 24	$5.2B	$170M	$4.3B	—	$7.9B	$29M	—
Q1 25	$5.1B	$191M	$2.9B	—	$6.3B	$61M	—
Q2 25	$5.3B	$166M	$4.1B	—	$7.4B	-$31M	—
Q4 25	$5.3B	$180M	$5.1B	—	$9.0B	-$70M	—

Revenue by Geography

Quarter	Americas	Asia Pacific	E M E A
Q1 22	$7.1B	$2.9B	$4.2B
Q2 22	$8.1B	$2.9B	$4.5B
Q3 22	$7.4B	$2.7B	$4.0B
Q4 22	$8.4B	$3.0B	$5.2B
Q1 23	$7.1B	$2.8B	$4.3B
Q2 23	$8.0B	$2.8B	$4.6B
Q3 23	$7.7B	$2.8B	$4.2B
Q4 23	$8.9B	$3.2B	$5.3B
Q1 24	$7.3B	$2.9B	$4.3B
Q2 24	$8.0B	$3.1B	$4.7B
Q3 24	$7.5B	$2.9B	$4.6B
Q4 24	$8.5B	$3.2B	$5.8B
Q1 25	$7.2B	$2.8B	$4.6B
Q2 25	$8.5B	$3.1B	$5.4B
Q4 25	$9.5B	$3.2B	$7.0B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$7.0B	$524M	$7.6B
Q3 22	$7.8B	$1.8B	$9.6B
Q4 22	$7.9B	$852M	$8.7B
Q1 23	$9.3B	$8.1B	$17.4B
Q2 23	$9.4B	$6.9B	$16.3B
Q3 23	$7.3B	$3.7B	$11.0B
Q4 23	$13.1B	$373M	$13.4B
Q1 24	$14.6B	$4.5B	$19.1B
Q2 24	$12.2B	$1.5B	$13.7B
Q3 24	$13.2B	$505M	$13.7B
Q4 24	$13.9B	$644M	$14.6B
Q1 25	$11.0B	$6.4B	$17.5B
Q2 25	$11.9B	$3.5B	$15.4B
Q3 25	$11.6B	$3.3B	$14.9B
Q4 25	$13.6B	$830M	$14.5B
Q1 26	$10.8B	$964M	$11.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	909M	+0.5%	+0.8%
Q2 22	911M	+0.2%	+0.7%
Q3 22	904M	-0.7%	-0.2%
Q4 22	916M	+1.3%	+1.2%
Q1 23	918M	+0.2%	+0.9%
Q2 23	919M	+0.2%	+1.0%
Q3 23	924M	+0.5%	+2.2%
Q4 23	927M	+0.4%	+1.2%
Q1 24	933M	+0.7%	+1.7%
Q2 24	934M	+0.1%	+1.6%
Q3 24	924M	-1.2%	-0.0%
Q4 24	942M	+2.0%	+1.6%
Q1 25	945M	+0.3%	+1.3%
Q2 25	947M	+0.1%	+1.3%
Q4 25	952M	+0.6%	+3.1%
Q1 26	952M	-0.0%	+1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$50.3K	282K
Q2 22	$55.1K	282K
Q3 22	$50.0K	282K
Q4 22	$8M	2K
Q1 23	$7M	2K
Q2 23	$8M	2K
Q3 23	$7M	2K
Q4 23	$61.6K	282K
Q1 24	$51.2K	282K
Q2 24	$55.9K	282K
Q3 24	$53.0K	282K
Q4 24	$64.9K	270K
Q1 25	$53.8K	270K
Q2 25	$62.8K	270K
Q4 25	$10M	2K
Q1 26	$8M	2K

Revenue / Employee