International Business Machines Corp (IBM) operating KPIs

IBMNYSEComputer & office EquipmentFiscal year ends December 31

Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026Score 18/300% below fair value

$258.28+5.06 (+2.00%)

Close on Oct 29, 2026Market cap $243.33BP/E 22.9Yield 2.60%

KPIs

Operating metrics that drive International Business Machines's business · fiscal year ends December 31

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Metric	Q3 2026 2026-09-30	Q2 2026 2026-06-30	Q1 2026 2026-03-31	Q4 2025 2025-12-31	Q3 2025 2025-09-30	Q2 2025 2025-06-30	Q1 2025 2025-03-31	Q4 2024 2024-12-31	Q3 2024 2024-09-30	Q2 2024 2024-06-30	Q1 2024 2024-03-31	Q4 2023 2023-12-31

Software segment Annual Recurring Revenue (ARR)($M)3	24,900	24,600	24,600	23,600	23,200	22,700	21,700
Software ARR growth y/y (at constant currency)(%)	8.0%	8.0%	10.0%		9.0%	10.0%	11.0%
Red Hat OpenShift Annual Recurring Revenue (ARR)($M)	2,400	2,200	2,000	1,900	1,800	1,700	1,500	1,400	1,300		13,900	1,200
Hybrid Platform & Solutions ARR (legacy pre-2025 scope)($M)1								15,300	14,900	14,100	13,900	14,400
Hybrid Platform & Solutions ARR growth y/y (at constant currency)(%)								11.0%	11.0%	9.0%	8.0%	7.0%
Remaining Performance Obligations (RPO), total($M)2	69,000	68,000	69,000	71,000	64,000	66,000	64,000	63,000	57,000	56,000	56,000	60,000
Share scheduled to be recognized as revenue within 2 years(%)	70.0%	69.0%	69.0%	67.0%	68.0%	69.0%	69.0%	67.0%	70.0%	70.0%	70.0%	70.0%
Share scheduled to be recognized as revenue in years 3 to 5(%)	27.0%	28.0%	28.0%	30.0%	29.0%	27.0%	27.0%	29.0%	27.0%	27.0%	27.0%	27.0%
Contract liabilities (deferred revenue), contract assets & capitalized contract costs6
Deferred revenue (contract liabilities), current($M)	15,164	16,160	17,034	16,101	13,878	15,022	15,057	13,907	12,882	13,643	14,051	13,451
Deferred revenue (contract liabilities), non-current($M)	4,318	4,272	4,195	4,271	3,863	3,913	3,844	3,622	3,666	3,489	3,488	3,533
Revenue recognized that was included in beginning contract liability balance($M)	2,700	3,800	4,900	1,900	2,500	3,400	4,400	1,500	2,100	3,100	4,300	1,500
Contract assets, current($M)	667	559	551	482	533	495	465	433	572	540	527	505
Capitalized contract costs (deferred commissions & setup), current($M)	1,177	1,238	1,157	1,084	1,113	1,182	1,074	959	966	997	1,047	998
Capitalized contract costs, non-current($M)	808	835	831	825	768	795	769	788	788	820	810	842

IBM Consulting signings (contract bookings)($M)1	5,000	5,000	5,400	6,800	5,200	4,800	4,900	8,500	5,400	5,700	5,500	6,600
Consulting signings growth y/y (at constant currency)(%)	-2.0%	6.0%	6.0%	-22.0%	-5.0%	-18.0%	-9.0%	23.0%	-9.0%	-2.0%	4.0%	8.0%
IBM Consulting book-to-bill ratio (trailing 12 months)(×)	1.04	1.05	1.04	1.03	1.12	1.14		1.21	1.14

Software segment revenue($M)2	7,804	7,761	7,052	9,030	7,209	7,387	6,336	7,923	6,524	6,739	5,899	7,179
Software revenue growth y/y (as reported)(%)	8.2%	5.1%	11.3%	1.4%	10.5%	9.6%	7.4%	0.8%	9.7%	7.1%	5.5%	-0.1%
By sub-segment (2025 structure, recast to 1Q23 via 8-K 0000051143-25-000018)5
Hybrid Cloud (Red Hat incl. RHEL, OpenShift, Ansible)($M)1	2,086	1,998	1,905	1,958	1,886	1,796	1,687	1,774	1,659	1,547	1,510	1,533
Growth y/y at constant currency (recast 2024)(%)								17.0%	14.0%	8.0%	9.0%
Automation (incl. HashiCorp, Apptio, Turbonomic, Instana, AIOps)($M)1	1,870	1,951	1,741	2,332	1,934	1,883	1,584	1,984	1,563	1,620	1,391	1,785
Growth y/y at constant currency (recast 2024)(%)								12.0%	7.0%	9.0%	10.0%
Data (Data & AI, watsonx, Db2, Data Fabric, Confluent)($M)1	1,738	1,782	1,474	2,105	1,459	1,499	1,236	1,728	1,352	1,378	1,173	1,658
Growth y/y at constant currency (recast 2024)(%)								5.0%	8.0%	1.0%	0.0%
Transaction Processing($M)1	2,111	2,030	1,932	2,636	1,930	2,208	1,828	2,438	1,951	2,194	1,824	2,203
Growth y/y at constant currency (recast 2024)(%)								12.0%	9.0%	13.0%	4.0%
Hybrid Platform & Solutions (legacy pre-2025 sub-segment)($M)								5,536	4,600	4,575	4,098	5,008
Consulting segment revenue($M)2	5,335	5,327	5,272	5,349	5,324	5,314	5,068	5,175	5,152	5,179	5,186	5,283
Consulting revenue growth y/y (as reported)(%)	0.2%	0.2%	4.0%	0.6%	3.3%	2.6%	-2.3%	-0.4%	-0.5%	-0.9%	-0.2%	-0.1%
By sub-segment (2025 structure, recast to 1Q23 via 8-K 0000051143-25-000018)5
Strategy and Technology($M)1	2,965	2,933	2,896	2,930	2,905	2,920	2,782	2,875	2,856	2,895	2,863	2,886
Growth y/y at constant currency (recast 2024)(%)								0.0%	0.0%	5.0%	3.0%
Intelligent Operations($M)1	2,370	2,394	2,376	2,418	2,419	2,395	2,286	2,300	2,297	2,284	2,323	2,396
Growth y/y at constant currency (recast 2024)(%)								-3.0%	-1.0%	-1.0%	0.0%
Business Transformation (legacy pre-2025)($M)								2,343	2,327	2,360	2,317	2,310
Technology Consulting (legacy pre-2025)($M)								901	905	917	931	967
Application Operations (legacy pre-2025)($M)								1,931	1,921	1,902	1,938	2,006
Infrastructure segment revenue($M)2	3,707	3,835	3,326	5,132	3,559	4,142	2,886	4,256	3,042	3,645	3,076	4,605
Infrastructure revenue growth y/y (as reported)(%)	4.2%	-7.4%	15.3%	3.7%	17.0%	13.6%	-6.2%	-1.6%	-7.0%	0.7%	-0.7%	3.1%
By sub-segment & product line2
Hybrid Infrastructure (IBM Z Mainframe, Power & Storage)($M)2	2,452	2,570	2,108	3,843	2,263	2,866	1,646	2,985	1,765	2,360	1,803	3,303
IBM Z (Mainframe) revenue growth y/y (at constant currency)(%)	-19.0%	-42.0%	51.0%	52.0%	61.0%	67.0%		-10.0%	-19.0%	6.0%	4.0%
Distributed Infrastructure (Power & Storage) revenue growth y/y (at constant currency)(%)	31.0%	37.0%	17.0%	-2.0%	10.0%			2.0%	-3.0%	3.0%	6.0%
Infrastructure Support($M)	1,255	1,265	1,218	1,289	1,296	1,275	1,240	1,272	1,277	1,285	1,273	1,301
Financing segment (external) revenue($M)2	192	186	220	180	200	166	191	170	181	169	193	175
Financing revenue growth y/y (as reported)(%)	-3.9%	12.2%	14.8%	0.6%	10.4%	-1.7%	-0.8%	0.4%	-2.5%	-8.3%	-1.6%	-4.7%
Sales-type & direct financing lease revenue (consolidated)($M)1	124	273	170	999	280	877	70	337	48	367	113	752
Sales-type & direct financing lease cost of goods sold($M)	31	73	49	281	66	152	30	70	12	66	28	112

Total reportable segments pre-tax income($M)5	4,209	4,092	3,300	5,812	3,827	4,003	2,721	4,865	3,037	3,306	2,327	4,719
Software segment pre-tax income($M)1	2,734	2,502	2,099	3,403	2,374	2,296	1,847	3,102	1,969	2,113	1,500	2,649
Software segment cost of revenue($M)	1,368	1,350	1,216	1,499	1,220	1,190	1,042	1,191	1,093	1,105	1,039
Consulting segment pre-tax income($M)1	653	647	558	657	686	562	558	607	559	463	424	654
Consulting segment cost of revenue($M)	3,873	3,789	3,822	3,828	3,766	3,854	3,686	3,726	3,688	3,816	3,872
Infrastructure segment pre-tax income($M)1	715	835	524	1,601	644	965	248	1,063	422	654	311	1,299
Infrastructure segment cost of revenue($M)	1,603	1,596	1,435	2,021	1,525	1,593	1,363	1,836	1,370	1,585	1,410
Financing segment pre-tax income($M)1	108	108	118	150	123	179	69	94	86	77	92	117
Financing segment cost of revenue($M)	114	107	124	100	109	90	104	91	96	86	99
Unallocated corporate & other expenses($M)	19	127	9	7	21	-2	5	21	355	41	9	13

Total consolidated debt (Earnings Charts summary)($M)3	63,800	62,000	66,400	61,300	63,100	64,200	63,300	55,000	56,600	56,500	59,500	56,500
Core (non-IBM Financing) debt($M)	51,200	48,900	53,500	46,200	51,800	52,400	53,300	42,900	46,200	45,400	49,600	44,700
IBM Financing debt($M)	12,700	13,000	12,800	15,100	11,300	11,700	10,000	12,100	10,400	11,100	9,900	11,900
IBM Financing debt-to-equity ratio (target ~9.0x)(×)	9.00	9.00	9.00	9.00	9.00	9.00	9.00	9.00	9.00	9.00	9.00	9.00
Total consolidated assets (Earnings Charts summary)($M)3	155,000	152,100	156,200	151,900	146,300	148,600	145,700	137,200	134,300	133,800	137,200	135,200
Core (non-IBM Financing) assets($M)	129,700	129,300	130,200	120,400	118,700	120,000	116,800	108,900	109,000	105,300	106,400	107,900
IBM Financing segment assets($M)	14,200	14,600	14,200	17,000	12,800	13,100	11,300	13,500	11,700	12,500	11,500	13,900
Cash, restricted cash & marketable securities($M)	11,100	8,200	11,800	14,500	14,900	15,500	17,600	14,800	13,700	16,000	19,300	13,500
Total financing receivables, net of allowance($M)4	13,257	13,782	13,523	16,184	12,159	12,503	10,635	12,512	10,696	11,282	10,448	12,560
Short-term (current) financing receivables, net($M)	6,413	6,656	5,767	8,475	5,156	5,586	5,128	6,259	5,256	5,075	4,877	6,102
Long-term (non-current) financing receivables, net($M)	6,844	7,126	7,014	7,708	6,258	6,171	4,920	5,353	4,931	5,483	4,927	5,766
Total financing receivables, gross (before allowance)($M)4	13,956	14,526	14,304	16,968	12,840	13,116	11,187	13,052	11,220	11,856	11,017	13,173
Client loan & installment payment receivables, gross($M)	8,530	8,732	8,822	9,634	7,912	8,060	6,914	7,425	6,286	6,577	5,983	7,060
Client lease receivables (sales-type & direct financing), gross($M)5	3,877	4,142	4,165	4,338	3,704	3,769	3,225	3,406	3,750	3,938	3,949	4,261
Client lease receivables, net($M)	3,893	4,124	4,132	4,336	3,733	3,875	3,307	3,491	3,786	3,944	3,914	4,227
Short-term lease receivables, net($M)	1,225	1,293	1,277	1,257	1,286	1,489	1,372	1,408	1,570	1,507	1,493	1,520
Long-term lease receivables, net($M)	2,668	2,831	2,855	3,079	2,447	2,386	1,935	2,083	2,216	2,437	2,421	2,707
Unguaranteed residual value of leased assets($M)	485	480	482	545	485	574	466	479	457	464	424	458
Unearned income on lease receivables($M)	-1,064	-1,102	-1,136	-1,189	-1,036	-1,045	-868	-891	-850	-901	-848	-915
Commercial financing receivables held for investment, gross($M)	775	777	574	1,865	479	541	459	1,322	675	618	441	1,160
Commercial financing receivables held for sale($M)	774	874	743	1,131	745	746	588	900	509	723	644	692
Allowance for credit losses on financing receivables($M)3	120	122	128	141	130	141	149	128	131	137	145	156
Allowance on client loan receivables($M)	61	61	64	69	74	69	88	73	75	75	82	87
Allowance on client lease receivables($M)	58	60	59	67	51	67	57	50	51	57	57	63
Financing receivables write-offs charged against allowance($M)	1	4	5	3	5	14	0	1	1	1	0	9
Client financing receivables at amortized cost by region & Moody's credit rating($M)3	11,828	12,252	12,334	13,328	11,065	11,357	9,738	10,418	9,643	10,077	9,508	10,863
Americas — client financing receivables($M)2	6,674	6,769	6,761	7,278	6,306	6,293	5,376	5,861	5,731	6,075	5,722	6,488
Americas — Investment Grade (Moody's Aaa to Baa3)($M)	5,608	5,605	5,748	6,153	5,292	5,282	4,344	4,732	4,531	4,804	4,327	4,955
Americas — Sub-Investment Grade (Moody's Ba1 to C)($M)	1,066	1,164	1,013	1,125	1,014	1,010	1,032	1,129	1,201	1,271	1,395	1,533
EMEA — client financing receivables($M)2	3,657	3,816	3,998	4,440	3,347	3,515	2,975	3,128	2,531	2,672	2,511	3,007
EMEA — Investment Grade (Moody's Aaa to Baa3)($M)	2,611	2,812	2,928	3,376	2,368	2,439	1,912	2,085	1,591	1,692	1,531	1,901
EMEA — Sub-Investment Grade (Moody's Ba1 to C)($M)	1,047	1,003	1,070	1,064	980	1,076	1,063	1,043	940	980	980	1,106
Asia Pacific — client financing receivables($M)2	1,497	1,667	1,575	1,610	1,412	1,549	1,387	1,429	1,381	1,330	1,275	1,368
Asia Pacific — Investment Grade (Moody's Aaa to Baa3)($M)	1,332	1,497	1,391	1,440	1,228	1,377	1,225	1,287	1,175	1,139	1,085	1,174
Asia Pacific — Sub-Investment Grade (Moody's Ba1 to C)($M)	164	170	184	170	184	172	162	142	206	191	189	195

Adjusted EBITDA (company-reported non-GAAP)($M)	4,900	4,800	4,000	6,500	4,600	4,700	3,400	5,600	3,800	4,000	3,000	5,500
Inventories, total($M)2	1,945	1,746	1,476	1,220	1,397	1,251	1,431	1,289	1,367	1,234	1,212	1,161
Work in process & raw materials($M)	1,625	1,425	1,208	990	1,083	1,063	1,228	1,155	1,199	1,093	1,081	1,083
Finished goods($M)	320	320	268	230	314	188	203	134	169	141	131	78
Property, plant & equipment, gross($M)2	17,692	17,603	17,765	17,874	18,058	18,160	17,827	17,691	17,994	17,911	18,071	18,122
Accumulated depreciation($M)	11,649	11,867	11,985	11,975	12,207	12,218	12,085	11,959	12,380	12,311	12,477	12,621
Property, plant & equipment, net($M)	6,043	5,736	5,781	5,899	5,851	5,943	5,742	5,731	5,614	5,600	5,594	5,501
Operating lease right-of-use (ROU) assets($M)2	3,114	3,068	3,219	3,129	3,223	3,315	3,323	3,197	3,355	3,130	3,204	3,220
Operating lease liabilities, current($M)	749	770	798	800	807	820	798	768	790	762	784	820
Operating lease liabilities, non-current($M)	2,574	2,515	2,643	2,547	2,646	2,735	2,753	2,655	2,757	2,546	2,583	2,568
Goodwill, total carrying value($M)4	74,916	74,599	74,709	67,717	67,396	67,506	66,065	60,706	61,092	59,416	59,534	60,178
Software segment goodwill($M)	59,843	59,850	59,950	52,987	52,958	53,054	51,935	47,136	47,581	46,120	46,230	46,447
Consulting segment goodwill($M)	10,504	10,369	10,376	10,341	10,050	10,059	9,760	9,206	9,122	8,920	8,922	8,883
Infrastructure segment goodwill($M)	4,569	4,379	4,383	4,389	4,388	4,393	4,371	4,363	4,390	4,376	4,381	4,384
Goodwill additions from acquisitions($M)	304	15	7,225	305	0	589	5,018	527	1,253	12	195	99
Identifiable intangible assets, net($M)10	13,603	13,955	14,624	11,391	11,729	12,253	12,392	10,660	11,090	10,251	10,750	11,036
Identifiable intangible assets, gross($M)	26,357	25,992	26,006	22,218	22,038	22,016	21,475	19,247	19,506	18,175	18,266	18,265
Customer relationships, net($M)	6,826	7,128	7,474	5,659	5,848	6,148	6,298	5,317	5,574	5,065	5,316	5,553
Completed / developed technology, net($M)	4,353	4,369	4,651	3,304	3,489	3,722	3,737	3,132	3,239	2,885	3,059	3,203
Capitalized software costs, net($M)	994	977	963	964	940	885	838	790	816	867	903	874
Patents & trademarks, net($M)	1,357	1,399	1,445	1,365	1,362	1,399	1,412	1,307	1,355	1,320	1,350	1,385
Other intangible assets, net($M)	72	81	90	99	90	99	106	114	106	114	123	22
Future intangible amortization — next 12 months($M)	3,194	3,094	3,046	2,773	2,684	2,623	2,498	2,365	2,306	2,075	2,040	2,257
Future intangible amortization — year 2($M)	2,699	2,598	2,549	2,578	2,483	2,423	2,299	2,162	2,116	1,880	1,845	1,973
Future intangible amortization — year 3($M)	1,802	1,716	1,691	2,081	1,986	1,941	1,850	1,984	1,939	1,710	1,695	1,790
Future intangible amortization — year 4($M)	1,287	1,241	1,240	1,254	1,231	1,231	1,181	1,582	1,576	1,379	1,384	1,671
Workforce rebalancing, stock-based compensation, retirement plans & tax positions3
Workforce rebalancing & restructuring charges($M)	-4	30	336	281	40	17	316	-6	306	18	374	25
Pre-tax stock-based compensation, total($M)1	535	498	506	430	444	441	401	345	330	316	320	290
Stock-based compensation, net of tax($M)	330	352	299	268	215	285	207	229	199	214	200	216
Retirement-related (pension) plan assets, non-current($M)3	7,715	7,645	7,578	7,544	8,044	7,983	7,670	7,492	7,975	7,630	7,545	7,506
Retirement-related plan liabilities, non-current($M)	8,452	8,603	8,763	9,018	9,735	9,882	9,536	9,432	10,366	10,200	10,421	10,808
U.S. defined benefit plans net periodic cost / (credit)($M)	122	122	122	77	77	77	77	134	2,851	140	140	-82
Non-U.S. defined benefit plans net periodic cost / (credit)($M)	71	80	78	31	40	52	47	446	62	71	72	78

Confluent, Inc. (CIK 0001699838, acquired by IBM in March 2026 — standalone through FY2025)3
Confluent — customers with >= $100,000 in ARR				1,521	1,487	1,439	1,412	1,381	1,346	1,306	1,260	1,229
Confluent — Remaining Performance Obligations (RPO)($M)2				1,460	1,259	1,162	1,016	1,009	883	888	840	920
Confluent — RPO expected to be recognized over next 12 months(%)							61.0%	64.0%	65.0%	64.0%	68.0%	64.0%
Confluent — total deferred revenue($M)2				499	475	456	405	409	374	349	348	353
Current deferred revenue($M)				469	447	424	373	379	350	329	331	331
Non-current deferred revenue($M)				29.7	28.3	31.4	32.5	30.4	24.6	19.6	17.1	22.4
Confluent — total revenue($M)11				315	299	282	271	261	250	235	217	213
Confluent Cloud revenue (SaaS)($M)				169	161	151	143	138	130	117	107	100
Confluent Platform — post-contract customer support (PCS)($M)				93.8	93.6	89.7	87.1	86.7	85.1	80.4	80.7	79.7
Confluent Platform — term license($M)				38.4	31.8	30.6	31.1	26.1	25	27	19.4	23.1
Confluent — gross profit($M)				235	222	208	202	194	187	170	156	156
Confluent — operating income / (loss)($M)				-99.2	-83.3	-96.4	-101	-106	-93.7	-108	-111	-84.7
Confluent — research & development expense($M)				122	122	121	117	115	103	106	97.6	86.9
Confluent — sales & marketing expense($M)				160	143	144	146	145	138	133	131	120
Confluent — general & administrative expense($M)				52.6	40.3	39.7	40.1	39.4	39.5	39.4	38.4	33.9
Confluent — net income / (loss)($M)				-79.2	-66.5	-82	-67.6	-88.1	-74.1	-89.9	-93	-94.1
Confluent — operating cash flow($M)				42.1	30.8	18.1	-26.8	35.2	15.6	8.60	-26	12.2
Confluent — cash & cash equivalents($M)				347	299	296	279	386	323	311	336	350
HashiCorp, Inc. (CIK 0001720671, acquired by IBM in February 2025 — standalone through Q3 FY25 ended Oct 31, 2024)3
HashiCorp — total customers2									4,856	4,709	4,558	4,423
HashiCorp — customers with >= $100,000 in ARR									100,000	100,000	100,000	100,000
HashiCorp — trailing 4-quarter average Net Dollar Retention Rate (NDRR)(%)									109.0%	110.0%	113.0%	115.0%
HashiCorp — Remaining Performance Obligations (RPO)($M)2									775	772	749	776
HashiCorp — current deferred revenue($M)									310	312	297	335
HashiCorp — non-current deferred revenue($M)									16.6	21.4	24.4	26.7
HashiCorp — total revenue($M)8									173	165	161	156
HashiCorp — gross profit($M)									144	135	130	129
HashiCorp — operating income / (loss)($M)									-29.9	-43.3	-67.7	-48.3
HashiCorp — research & development expense($M)									53.4	55	58.8	54
HashiCorp — sales & marketing expense($M)									86.4	87.6	93.1	90.1
HashiCorp — general & administrative expense($M)									33.7	35.6	46	32.9
HashiCorp — net income / (loss)($M)									-13	-26.5	-51.1	-31.6
HashiCorp — operating cash flow($M)									38.2	-8.60	28.1	10.3
HashiCorp — cash & cash equivalents($M)									924	797	595	763

Total U.S. federal contract obligations awarded to IBM($M)10	349	384	179	242	395	394	274	354	346	406	247	312
Department of Defense (DoD)($M)	21.7	150	88.3	76.2	111	179	116	45.2	145	160	94	88
Department of Homeland Security (DHS)($M)	89.5	2.50	11	-1.10	140	3.10	39.2	2.30	53.4	29.6	36.9	3
Department of the Treasury($M)	16.4	28.3	19	9.40	19.5	30.7	66.5	12.5	19.2	36.7	44.5	27.8
Department of Commerce($M)	1.90	9.10	0.30	0.20	0.20	7.20	0.20	1.60	2	1.40	6.90	0.20
Social Security Administration (SSA)($M)	139	0	3.10	37	77.4	16.9	1.30	38.8	26.5	21.5	3	45.9
General Services Administration (GSA)($M)	50.5	34.7	36.1	34	3.60	14.3	29.6	147	14.3	22.6	37.4	9.30
Department of the Interior($M)	1.80	1.40	0	-0	1.10	1.20	1.60	0.50	1.60	0.60	0.80	-0
Department of Health and Human Services (HHS)($M)	3.10	-0.40	-3.20	-1	11.2	0.20		0.60	16.3	14.8	0.40	0
Department of Agriculture (USDA)($M)	0	0	7.30		-0	0	6.70	0.50			5.40
Department of Justice (DOJ)($M)	0	4.50	11.4	3.30	10.1	2.90	0.90	19.3	11.8	10.9	8.80	16

Consolidated revenue($M)3	17,103	17,162	15,917	19,686	16,331	16,977	14,541	17,554	14,968	15,770	14,462	17,381
By income statement line3
Software / Sales revenue($M)	8,912	9,049	8,009	11,479	8,407	9,129	7,070	9,902	7,334	8,195	6,799	9,449
Services / Consulting revenue($M)	8,000	7,927	7,688	8,028	7,724	7,682	7,280	7,484	7,453	7,405	7,470	7,760
Financing incomestatement revenue($M)	192	186	220	180	200	166	191	167	180	169	192	171
By reportable segment4
Software segment($M)	7,804	7,761	7,052	9,030	7,209	7,387	6,336	7,923	6,524	6,739	5,899	7,179
Consulting segment($M)	5,335	5,327	5,272	5,349	5,324	5,314	5,068	5,175	5,152	5,179	5,186	5,283
Infrastructure segment($M)	3,707	3,835	3,326	5,132	3,559	4,142	2,886	4,256	3,042	3,645	3,076	4,605
Financing segment($M)	192	186	220	180	200	166	191	170	181	169	193	175
By geographic region3
Americas($M)	8,576	8,417	7,861	9,531	8,143	8,462	7,206	8,539	7,453	7,979	7,296	8,856
EMEA($M)	5,426	5,633	5,242	6,973	5,251	5,413	4,552	5,810	4,584	4,722	4,313	5,336
Asia Pacific($M)	3,101	3,112	2,814	3,182	2,936	3,103	2,783	3,205	2,932	3,069	2,853	3,189
Consolidated gross profit($M)1	9,714	9,907	8,950	11,928	9,360	9,977	8,031	10,439	8,420	8,950	7,742	10,267
Consolidated cost of revenue($M)	7,389	7,255	6,968	7,758	6,970	7,001	6,510	7,114	6,548	6,820	6,719	7,114
Consolidated pre-tax income from continuing operations($M)4	2,497	2,479	1,387	4,143	2,430	2,597	1,158	3,306	-802	2,219	1,074	3,759
Research, development & engineering (RD&E)($M)	2,378	2,311	2,173	2,187	2,082	2,097	1,950	1,967	1,876	1,840	1,796	1,748
Selling, general & administrative (SG&A)($M)	4,620	4,981	5,089	5,462	4,748	5,027	4,886	4,865	4,911	4,938	4,974	4,791
Interest expense($M)	491	486	473	478	492	510	455	424	429	427	432	405
Provision for / (benefit from) income taxes($M)	298	313	172	-1,435	686	404	103	379	-485	389	-502	474
Consolidated net income($M)3	2,190	2,165	1,216	5,600	1,744	2,194	1,055	2,914	-330	1,834	1,605	3,288
Income from continuing operations($M)	2,199	2,166	1,216	5,579	1,744	2,193	1,054	2,927	-317	1,830	1,575	3,285
Diluted earnings per share (GAAP)($)	2.30	2.27	1.28	5.90	1.84	2.31	1.12	3.11	-0.36	1.96	1.72	3.56
Basic earnings per share (GAAP)($)	2.32	2.30	1.30	6	1.87	2.36	1.14	3.15	-0.36	1.99	1.75	3.60
Consolidated operating cash flow (GAAP)($M)2	4,025	2,597	5,169	4,040	3,082	1,701	4,370	4,330	2,881	2,066	4,168	4,463
Capital expenditures (PP&E additions)($M)	332	229	232	382	255	210	244	303	286	220	239	300
Cash dividends paid($M)	1,596	1,590	1,576	1,574	1,569	1,563	1,549	1,546	1,543	1,536	1,522	1,518
Consolidated balance sheet context11
Cash and cash equivalents($M)	9,233	7,172	10,819	13,587	11,569	12,026	11,161	14,160	13,214	14,478	14,765	13,089
Marketable securities (short-term investments)($M)	1,825	960	964	830	3,286	3,504	6,430	644	505	1,481	4,512	373
Notes and accounts receivable — trade, net($M)	5,794	6,044	6,493	8,112	5,532	5,974	5,857	6,804	5,390	5,769	6,041	7,214
Total current assets($M)	31,192	28,398	31,914	36,944	32,740	34,253	35,336	34,482	30,543	33,299	36,663	32,908
Total assets($M)	155,011	152,099	156,229	151,880	146,312	148,585	145,667	137,175	134,339	133,848	137,169	135,241
Accounts payable($M)	4,491	4,395	4,039	4,756	3,867	3,974	3,585	4,032	3,274	3,631	3,588	4,132
Short-term debt($M)	7,013	5,775	8,655	6,424	7,942	8,945	6,913	5,089	3,599	3,602	5,471	6,426
Long-term debt($M)	56,804	56,212	57,706	54,836	55,174	55,219	56,371	49,884	52,980	52,929	54,033	50,121
Total current liabilities($M)	36,485	35,912	40,101	38,658	35,142	37,726	35,106	33,142	28,853	29,648	32,397	34,122
Total liabilities($M)	118,805	117,558	123,174	119,139	118,322	120,998	118,714	109,783	109,809	109,745	113,836	112,628
Total stockholders' equity($M)	36,206	34,541	33,056	32,740	27,990	27,588	26,953	27,393	24,530	24,103	23,333	22,613

Italic numbers are calculated by StockData from reported figures (hover for the formula). Numbers with a dotted underline are read from the text of earnings releases and presentations; hover to see the exact sentence. Tick a row to add it to the chart above (up to 8 lines).

Methodology and excluded metrics

IBM's fiscal year is the calendar year ending December 31 (latest annual report: FY2025 Form 10-K; latest quarterly report: Q3 2026 Form 10-Q ended September 30, 2026).
In Q1 2025, IBM updated its reported sub-segment revenue categories within Software (Hybrid Cloud, Automation, Data, Transaction Processing) and Consulting (Strategy and Technology, Intelligent Operations), and furnished recast historical quarterly numbers for 2023–2024 on Form 8-K (0000051143-25-000018).
Italic cells are split from reported cumulative figures (Q4 = full year − nine months); no other calculated values or ratios are shown.
Consolidated − parent-only carve-outs are not applicable: IBM reports consolidated financial statements under US GAAP with no parent-only financial statements.

Data updated 2026-10-28.

Every KPI on its own page

Full history, chart, sources and a citation for each metric

Software Annual Recurring Revenue (ARR) & Remaining Performance Obligations (RPO) (Key Metrics)

IBM Consulting Signings, Book-to-Bill Ratio & Backlog

Disaggregated Revenue by Sub-Segment & Revenue Nature (ASC 606)

Segment Pre-Tax Income, Segment Cost of Revenue & Domestic vs. Foreign Profit

IBM Financing Portfolio, Credit Quality (Moody's Rating), Delinquencies & Core Debt Split

Adjusted EBITDA, Inventories, PP&E, Leases, Goodwill/Intangibles, SBC, Pension & Tax

Global Workforce Headcount, Diversity, Safety & Executive Pay Ratio (10-K, DEF 14A, ESG)

Data Center PUE, Energy Consumption, GHG Emissions, Waste & Circular Economy (ESG 2021–2025)

Acquired Subsidiaries Pre-Merger Standalone KPIs: Confluent, Inc. (CFLT) & HashiCorp, Inc. (HCP)

U.S. Federal Government Contract Obligations Awarded to IBM (USAspending.gov)

Total U.S. federal contract obligations awarded to IBM ($M)114 periods