IBM FY 2015 Earnings Report — International Business Machines Corporation Revenue & Financial Results | Market Cap Arena

International Business Machines CorporationIBM

FY 2015 Earnings

Reported February 23, 2016

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2015	Prior Q	FY 2014	QoQ Change	YoY Change
Revenue	$81.7B	—	$92.8B	—	-11.9%
Op. Income	$16.5B	—	$20.3B	—	-18.8%
Gross Margin	49.8%	—	50.0%	—	-0.2pp
Net Margin	16.1%	—	13.0%	—	3.2pp
EPS (Diluted)	$13.42	—	$11.90	—	12.8%
Free Cash Flow	$13.1B	—	$12.7B	—	3.3%

Revenue Flow

Item	Amount
REVENUE	$81.7B
Cost of Revenue	$41.1B
GROSS PROFIT	$40.7B
R&D Expenses	$5.2B
Selling & Marketing	$1.3B
General & Administrative	$18.6B
SG&A Expenses	$19.9B
Other Expenses	-$377M
Operating Expenses	$24.8B
Cost & Expenses	$65.8B
OPERATING INCOME	$16.5B
Interest Income	$108M
Interest Expense	$468M
Other Income/Expenses	-$563M
INCOME BEFORE TAX	$15.9B
Income Tax Expense	$2.6B
Net Income from Continuing Ops	$13.4B
Net Income from Discontinued Ops	-$174M
Other Adjustments	$0
NET INCOME	$13.2B
Net Income Deductions	$1M
BOTTOM LINE NET INCOME	$13.2B
D&A	$3.9B
EBIT	$16.4B
EBITDA	$20.3B
EPS	$13
EPS Diluted	$13

Income Statement

Item	Amount
REVENUE	$81.7B
Cost of Revenue	$41.1B
GROSS PROFIT	$40.7B
R&D Expenses	$5.2B
Selling & Marketing	$1.3B
General & Administrative	$18.6B
SG&A Expenses	$19.9B
Other Expenses	-$377M
Operating Expenses	$24.8B
Cost & Expenses	$65.8B
OPERATING INCOME	$16.5B
Interest Income	$108M
Interest Expense	$468M
Other Income/Expenses	-$563M
INCOME BEFORE TAX	$15.9B
Income Tax Expense	$2.6B
Net Income from Continuing Ops	$13.4B
Net Income from Discontinued Ops	-$174M
Other Adjustments	$0
NET INCOME	$13.2B
Net Income Deductions	$1M
BOTTOM LINE NET INCOME	$13.2B
D&A	$3.9B
EBIT	$16.4B
EBITDA	$20.3B
EPS	$13
EPS Diluted	$13

Cash Flow Statement

Item	Amount
Net Income	$13.2B
Depreciation & Amortization	$3.9B
Stock-Based Compensation	$468M
Deferred Income Tax	$1.4B
Other Non-Cash Items	$551M
Change in Working Capital	-$2.2B
OPERATING CASH FLOW	$17.3B
Capital Expenditure	-$4.2B
Acquisitions (Net)	-$3.8B
Purchases of Investments	-$3.1B
Sales/Maturities of Investments	$2.8B
Other Investing Activities	-$599M
NET CASH FROM INVESTING	-$8.2B
Net Debt Issuance	$19M
Common Stock Repurchased	-$4.9B
Common Dividends Paid	-$4.9B
Other Financing Activities	$535M
NET CASH FROM FINANCING	-$9.4B
FREE CASH FLOW	$13.1B
Net Change in Cash	-$800M

Balance Sheet

Item	Amount
Cash & Equivalents	$7.7B
Short-Term Investments	$508M
Net Receivables	$28.6B
Inventory	$1.6B
Other Current Assets	$0
TOTAL CURRENT ASSETS	$42.5B
PP&E (Net)	$10.7B
Goodwill	$32.0B
Intangible Assets	$3.5B
Long-Term Investments	$5.2B
Tax Assets	$4.8B
Other Non-Current Assets	$11.7B
TOTAL NON-CURRENT ASSETS	$68.0B
TOTAL ASSETS	$110.5B
Account Payables	$6.0B
Short-Term Debt	$6.5B
Deferred Revenue	$11.0B
Other Current Liabilities	$3.6B
TOTAL CURRENT LIABILITIES	$34.3B
Long-Term Debt	$33.4B
Deferred Revenue NC	$3.8B
Deferred Tax Liabilities	$253M
Other Non-Current Liabilities	$24.4B
TOTAL NON-CURRENT LIABILITIES	$61.8B
TOTAL LIABILITIES	$96.1B
Common Stock	$53.3B
Additional Paid-In Capital	$0
Retained Earnings	$146.1B
Treasury Stock	-$155.5B
Accum. Other Comp. Income	-$29.6B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$14.3B
Minority Interest	$162M
TOTAL EQUITY	$14.4B
TOTAL LIABILITIES & EQUITY	$110.5B
Total Debt	$39.9B
Net Debt	$32.2B