IBM Q1 2024 Earnings Report — International Business Machines Corporation Revenue & Financial Results | Market Cap Arena

International Business Machines CorporationIBM

Q1 2024 Earnings

Reported April 30, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2024	Q4 2023	Q1 2023	QoQ Change	YoY Change
Revenue	$14.5B	$17.4B	$14.3B	-16.8%	1.5%
Op. Income	$1.6B	$4.0B	$1.4B	-60.9%	8.8%
Gross Margin	53.5%	59.1%	52.7%	-5.5pp	0.8pp
Net Margin	11.1%	18.9%	6.5%	-7.8pp	4.6pp
EPS (Diluted)	$1.72	$3.55	$1.01	-51.5%	70.3%
Free Cash Flow	$3.8B	$4.0B	$3.3B	-5.5%	14.8%

Revenue Flow

Item	Amount
REVENUE	$14.5B
Cost of Revenue	$6.7B
GROSS PROFIT	$7.7B
R&D Expenses	$1.8B
Selling & Marketing	$279M
General & Administrative	$4.1B
SG&A Expenses	$4.4B
Other Expenses	$18M
Operating Expenses	$6.2B
Cost & Expenses	$12.9B
OPERATING INCOME	$1.6B
Interest Income	$210M
Interest Expense	$432M
Other Income/Expenses	-$489M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	-$502M
Net Income from Continuing Ops	$1.6B
Net Income from Discontinued Ops	$30M
Other Adjustments	$0
NET INCOME	$1.6B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.6B
D&A	$1.1B
EBIT	$1.5B
EBITDA	$2.6B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$14.5B
Cost of Revenue	$6.7B
GROSS PROFIT	$7.7B
R&D Expenses	$1.8B
Selling & Marketing	$279M
General & Administrative	$4.1B
SG&A Expenses	$4.4B
Other Expenses	$18M
Operating Expenses	$6.2B
Cost & Expenses	$12.9B
OPERATING INCOME	$1.6B
Interest Income	$210M
Interest Expense	$432M
Other Income/Expenses	-$489M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	-$502M
Net Income from Continuing Ops	$1.6B
Net Income from Discontinued Ops	$30M
Other Adjustments	$0
NET INCOME	$1.6B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.6B
D&A	$1.1B
EBIT	$1.5B
EBITDA	$2.6B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.6B
Depreciation & Amortization	$1.1B
Stock-Based Compensation	$320M
Deferred Income Tax	$0
Other Non-Cash Items	-$253M
Change in Working Capital	$1.4B
OPERATING CASH FLOW	$4.2B
Capital Expenditure	-$373M
Acquisitions (Net)	$621M
Purchases of Investments	-$4.9B
Sales/Maturities of Investments	$464M
Other Investing Activities	-$122M
NET CASH FROM INVESTING	-$4.2B
Net Debt Issuance	$3.4B
Common Stock Repurchased	-$199M
Common Dividends Paid	-$1.5B
Other Financing Activities	$217M
NET CASH FROM FINANCING	$1.9B
FREE CASH FLOW	$3.8B
Net Change in Cash	$1.7B

Balance Sheet

Item	Amount
Cash & Equivalents	$14.6B
Short-Term Investments	$4.5B
Net Receivables	$11.7B
Inventory	$1.2B
Other Current Assets	$4.7B
TOTAL CURRENT ASSETS	$36.7B
PP&E (Net)	$8.8B
Goodwill	$59.5B
Intangible Assets	$10.7B
Long-Term Investments	$1.6B
Tax Assets	$6.5B
Other Non-Current Assets	$13.4B
TOTAL NON-CURRENT ASSETS	$100.5B
TOTAL ASSETS	$137.2B
Account Payables	$3.6B
Short-Term Debt	$5.5B
Deferred Revenue	$14.1B
Other Current Liabilities	$3.2B
TOTAL CURRENT LIABILITIES	$32.4B
Long-Term Debt	$54.0B
Deferred Revenue NC	$3.5B
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$21.3B
TOTAL NON-CURRENT LIABILITIES	$81.4B
TOTAL LIABILITIES	$113.8B
Common Stock	$60.1B
Additional Paid-In Capital	$0
Retained Earnings	$151.4B
Treasury Stock	-$169.8B
Accum. Other Comp. Income	-$18.5B
Other Equity	$1M
TOTAL STOCKHOLDERS' EQUITY	$23.3B
Minority Interest	$72M
TOTAL EQUITY	$23.3B
TOTAL LIABILITIES & EQUITY	$137.2B
Total Debt	$62.9B
Net Debt	$48.1B