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About

International Business Machines Corporation, together with its subsidiaries, provides integrated solutions and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Software, Consulting, Infrastructure, and Financing segments. The Software segment offers hybrid cloud and AI platforms that allow clients to realize their digital and AI transformations across the applications, data, and environments in which they operate. The Consulting segment delivers strategy and technology services and intelligent operations, providing business transformation, technology implementation, managed services, application modernization, and AI-powered solutions. The Infrastructure segment provides on-premises and cloud-based server, and storage solutions, as well as life-cycle services for hybrid cloud infrastructure deployment. Its Financing segment offers client and commercial financing, and facilitates IBM clients' acquisition of hardware, software, and services. It has strategic partnerships with various companies, including hyperscalers, service providers, global system integrators, and software and hardware vendors that include Adobe, Amazon Web Services, Microsoft, Oracle, Salesforce, Samsung Electronics and SAP, and others. The company was formerly known as Computing-Tabulating-Recording Co. International Business Machines Corporation was incorporated in 1911 and is headquartered in Armonk, New York.

Fundamentals
Scroll to Statements
Sector Technology Industry Information Technology S Market Cap 220.77B
Enterprise Value 265.04B Income 10.57B Sales 67.53B
Book/sh 34.86 Cash/sh 15.39 Dividend Yield 293.00%
Payout 60.23% Employees — IPO —
P/E 21.20 Forward P/E 17.60 PEG —
P/S 3.27 P/B 6.77 P/C —
EV/EBITDA 15.80 EV/Sales 3.92 Quick Ratio 0.80
Current Ratio 0.96 Debt/Eq 197.33 LT Debt/Eq —
EPS (ttm) 11.14 EPS next Y 13.42 EPS Growth 90.00%
Revenue Growth 12.20% Earnings 2026-04-22 ROA 5.08%
ROE 35.16% ROIC — Gross Margin 58.19%
Oper. Margin 23.12% Profit Margin 15.69% Shs Outstand 934.74M
Shs Float 934.44M Short Float 2.22% Short Ratio 4.17
Short Interest — 52W High 324.90 52W Low 214.50
Beta 0.69 Avg Volume 4.54M Volume 2.65M
Target Price $324.95 Recom Buy Prev Close $229.32
Price $236.20 Change 3.00%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$324.95
Mean price target
2. Current target
$236.19
Latest analyst target
3. DCF / Fair value
$245.92
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$236.19
Low
$218.00
High
$390.00
Mean
$324.95

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-25 reit Wedbush Outperform → Outperform $340
2026-02-25 up UBS Sell → Neutral $236
2026-01-29 main Jefferies Buy → Buy $370
2026-01-29 main UBS Sell → Sell $236
2026-01-29 main JP Morgan Neutral → Neutral $317
2026-01-29 main RBC Capital Outperform → Outperform $361
2026-01-29 main Stifel Buy → Buy $340
2026-01-29 main Wedbush Outperform → Outperform $340
2026-01-29 main Evercore ISI Group Outperform → Outperform $345
2026-01-21 main JP Morgan Neutral → Neutral $312
2026-01-20 main Evercore ISI Group Outperform → Outperform $330
2026-01-13 main B of A Securities Buy → Buy $335
2026-01-05 main RBC Capital Outperform → Outperform $350
2026-01-05 up Jefferies Hold → Buy $360
2025-12-09 main Stifel Buy → Buy $325
2025-11-21 init Oppenheimer — → Outperform $360
2025-10-23 main UBS Sell → Sell $210
2025-10-23 main Morgan Stanley Equal-Weight → Equal-Weight $252
2025-10-23 main Stifel Buy → Buy $295
2025-10-23 main RBC Capital Outperform → Outperform $300
Insider Transactions
Date Shares Url Text Insider Position Transaction Start Date Ownership Value
0 1568 — — FEHRING NICOLAS A. Officer — 2026-02-20 00:00:00 D nan
1 7582 — — COHN GARY D Officer — 2026-02-20 00:00:00 D nan
2 5664 — — KRISHNA ARVIND Chief Executive Officer — 2026-02-18 00:00:00 D nan
3 1586 — — LAMOREAUX NICKLE JACLYN Officer — 2026-02-18 00:00:00 D nan
4 696 — — FEHRING NICOLAS A. Officer — 2026-02-18 00:00:00 D nan
5 2549 — — THOMAS ROBERT DAVID Officer — 2026-02-18 00:00:00 D nan
6 1722 — — ROBINSON ANNE Officer — 2026-02-18 00:00:00 D nan
7 2719 — — KAVANAUGH JAMES J. Chief Financial Officer — 2026-02-18 00:00:00 D nan
8 2322 — — COHN GARY D Officer — 2026-02-18 00:00:00 D nan
9 83028 — Stock Award(Grant) at price 0.00 per share. KRISHNA ARVIND Chief Executive Officer — 2026-01-30 00:00:00 D —
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems-29.61M-67.23M29.40M3.38M
TaxRateForCalcs0.210.140.210.03
NormalizedEBITDA12.32B15.19B7.03B12.28B
TotalUnusualItems-141.00M-498.00M140.00M132.00M
TotalUnusualItemsExcludingGoodwill-141.00M-498.00M140.00M132.00M
NetIncomeFromContinuingOperationNetMinorityInterest6.01B7.51B1.78B4.71B
ReconciledDepreciation4.67B4.40B4.80B6.42B
ReconciledCostOfRevenue23.64B24.16B27.84B25.86B
EBITDA12.18B14.69B7.17B12.41B
EBIT7.51B10.30B2.37B5.99B
NetInterestIncome-965.00M-937.00M-1.05B-1.10B
InterestExpense1.71B1.61B1.22B1.16B
InterestIncome747.00M670.00M162.00M52.00M
NormalizedIncome6.13B7.94B1.67B4.58B
NetIncomeFromContinuingAndDiscontinuedOperation6.02B7.50B1.64B5.74B
TotalExpenses52.68B52.04B52.35B50.49B
DilutedAverageShares948.70M937.20M922.10M912.30M
BasicAverageShares932.30M921.80M911.20M902.70M
DilutedEPS11.176.438.141.80
BasicEPS11.366.538.231.82
DilutedNIAvailtoComStockholders6.02B7.50B1.64B5.74B
AverageDilutionEarnings0.000.000.000.00
NetIncomeCommonStockholders6.02B7.50B1.64B5.74B
NetIncome6.02B7.50B1.64B5.74B
NetIncomeIncludingNoncontrollingInterests6.02B7.50B1.64B5.74B
NetIncomeDiscontinuousOperations8.00M-12.00M-143.00M1.03B
NetIncomeContinuousOperations6.01B7.51B1.78B4.71B
TaxProvision-218.00M1.18B-626.00M124.00M
PretaxIncome5.80B8.69B1.16B4.84B
OtherIncomeExpense-3.31B-193.00M-5.96B-925.00M
OtherNonOperatingIncomeExpenses-3.17B305.00M-6.11B-1.06B
SpecialIncomeCharges-104.00M-438.00M-29.00M-146.00M
GainOnSaleOfPPE592.00M8.00M21.00M35.00M
RestructuringAndMergernAcquisition696.00M438.00M50.00M181.00M
GainOnSaleOfSecurity-37.00M-60.00M140.00M132.00M
NetNonOperatingInterestIncomeExpense-965.00M-937.00M-1.05B-1.10B
InterestExpenseNonOperating1.71B1.61B1.22B1.16B
InterestIncomeNonOperating747.00M670.00M162.00M52.00M
OperatingIncome10.07B9.82B8.17B6.87B
OperatingExpense25.48B24.48B24.51B24.62B
OtherOperatingExpenses-996.00M-860.00M-663.00M-612.00M
ProvisionForDoubtfulAccounts-21.00M10.00M64.00M-71.00M
DepreciationAmortizationDepletionIncomeStatement1.10B995.00M1.06B1.12B
DepreciationAndAmortizationInIncomeStatement1.10B995.00M1.06B1.12B
Amortization1.10B995.00M1.06B1.12B
AmortizationOfIntangiblesIncomeStatement1.10B995.00M1.06B1.12B
ResearchAndDevelopment7.48B6.78B6.57B6.49B
SellingGeneralAndAdministration17.91B17.56B18.61B18.75B
SellingAndMarketingExpense1.17B1.24B1.33B1.41B
GeneralAndAdministrativeExpense16.74B16.32B16.10B16.11B
OtherGandA16.05B15.71B15.54B15.55B
SalariesAndWages690.00M616.00M566.00M555.00M
GrossProfit35.55B34.30B32.69B31.49B
CostOfRevenue27.20B27.56B27.84B25.86B
TotalRevenue62.75B61.86B60.53B57.35B
OperatingRevenue62.75B61.86B60.53B57.35B
Line Item2024-12-312023-12-312022-12-312021-12-31
TreasurySharesNumber1.35B1.35B1.35B1.35B
OrdinarySharesNumber926.29M915.01M906.09M898.07M
ShareIssued2.28B2.27B2.26B2.25B
NetDebt41.03B43.48B43.06B45.05B
TotalDebt58.40B59.94B54.01B55.14B
TangibleBookValue-44.06B-48.68B-45.19B-49.25B
InvestedCapital82.28B79.08B72.89B70.60B
WorkingCapital1.34B-1.21B-2.39B-4.08B
NetTangibleAssets-44.06B-48.68B-45.19B-49.25B
CapitalLeaseObligations3.42B3.39B3.06B3.44B
CommonStockEquity27.31B22.53B21.94B18.90B
TotalCapitalization77.19B72.65B68.13B63.82B
TotalEquityGrossMinorityInterest27.39B22.61B22.02B19.00B
MinorityInterest86.00M80.00M77.00M95.00M
StockholdersEquity27.31B22.53B21.94B18.90B
OtherEquityInterest1.00M-1.00M-1.00M
GainsLossesNotAffectingRetainedEarnings-15.27B-18.76B-16.74B-23.23B
OtherEquityAdjustments-15.27B-18.76B-16.74B-23.23B
TreasuryStock169.97B169.62B169.48B169.39B
RetainedEarnings151.16B151.28B149.82B154.21B
CapitalStock61.38B59.64B58.34B57.32B
CommonStock61.38B59.64B58.34B57.32B
TotalLiabilitiesNetMinorityInterest109.78B112.63B105.22B113.00B
TotalNonCurrentLiabilitiesNetMinorityInterest76.64B78.51B73.72B79.39B
OtherNonCurrentLiabilities981.00M1.16B1.21B1.29B
LiabilitiesHeldforSaleNonCurrent0.00
DerivativeProductLiabilities463.00M299.00M488.00M103.00M
EmployeeBenefits11.15B12.55B11.21B16.48B
NonCurrentPensionAndOtherPostretirementBenefitPlans10.88B12.24B10.90B16.12B
NonCurrentAccruedExpenses204.00M206.00M243.00M253.00M
TradeandOtherPayablesNonCurrent90.00M72.00M
NonCurrentDeferredLiabilities4.44B4.68B5.79B7.53B
NonCurrentDeferredRevenue3.62B3.53B3.50B3.58B
NonCurrentDeferredTaxesLiabilities815.00M1.15B2.29B3.96B
LongTermDebtAndCapitalLeaseObligation52.54B52.69B48.38B47.38B
LongTermCapitalLeaseObligation2.65B2.57B2.19B2.46B
LongTermDebt49.88B50.12B46.19B44.92B
LongTermProvisions6.87B6.92B6.40B6.27B
CurrentLiabilities33.14B34.12B31.50B33.62B
OtherCurrentLiabilities-1.00M1.00M1.00M1.00M
CurrentDeferredLiabilities13.91B13.45B12.03B12.52B
CurrentDeferredRevenue13.91B13.45B12.03B12.52B
CurrentDebtAndCapitalLeaseObligation5.86B7.25B5.63B7.76B
CurrentCapitalLeaseObligation768.00M820.00M874.00M974.00M
CurrentDebt5.09B6.43B4.76B6.79B
OtherCurrentBorrowings5.09B6.43B4.76B6.79B
PensionandOtherPostRetirementBenefitPlansCurrent3.60B3.50B3.48B3.20B
PayablesAndAccruedExpenses9.77B9.92B10.36B10.14B
CurrentAccruedExpenses3.71B3.52B4.11B3.89B
Payables6.07B6.40B6.25B6.24B
TotalTaxPayable2.03B2.27B2.20B2.29B
AccountsPayable4.03B4.13B4.05B3.96B
TotalAssets137.18B135.24B127.24B132.00B
TotalNonCurrentAssets102.69B102.33B98.13B102.46B
OtherNonCurrentAssets1.79B1.63B1.62B1.82B
DefinedPensionBenefit7.49B7.51B8.24B9.85B
NonCurrentPrepaidAssets7.51B8.24B9.85B
NonCurrentDeferredAssets7.77B7.50B7.12B8.29B
NonCurrentDeferredTaxesAssets6.98B6.66B6.26B7.37B
NonCurrentAccountsReceivable5.35B5.77B5.81B5.42B
FinancialAssets40.00M
InvestmentsAndAdvances1.62B1.82B
OtherInvestments1.62B1.82B
LongTermEquityInvestment159.00M
InvestmentsInOtherVenturesUnderEquityMethod159.00M
GoodwillAndOtherIntangibleAssets71.37B71.21B67.13B68.15B
OtherIntangibleAssets10.66B11.04B11.18B12.51B
Goodwill60.71B60.18B55.95B55.64B
NetPPE8.93B8.72B8.21B8.92B
AccumulatedDepreciation-11.96B-12.62B-13.36B-14.39B
GrossPPE20.89B21.34B21.57B23.31B
OtherProperties6.99B6.61B6.04B6.44B
MachineryFurnitureEquipment8.89B9.22B9.64B10.59B
BuildingsAndImprovements4.83B5.33B5.68B6.05B
LandAndImprovements179.00M182.00M213.00M224.00M
Properties0.000.000.000.00
CurrentAssets34.48B32.91B29.12B29.54B
OtherCurrentAssets2.52B2.64B2.61B3.47B
AssetsHeldForSaleCurrent900.00M692.00M939.00M793.00M
CurrentDeferredAssets959.00M998.00M967.00M1.10B
RestrictedCash214.00M21.00M103.00M307.00M
PrepaidAssets3.47B
Inventory1.29B1.16B1.55B1.65B
OtherInventories-1.00M
FinishedGoods134.00M78.00M158.00M208.00M
WorkInProcess1.16B1.08B1.39B1.44B
Receivables14.01B13.96B14.21B14.98B
OtherReceivables7.21B6.74B7.67B8.22B
AccountsReceivable6.80B7.21B6.54B6.75B
AllowanceForDoubtfulAccountsReceivable-114.00M-192.00M-233.00M-218.00M
GrossAccountsReceivable6.92B7.41B6.77B6.97B
CashCashEquivalentsAndShortTermInvestments14.59B13.44B8.74B7.25B
OtherShortTermInvestments644.00M373.00M852.00M600.00M
CashAndCashEquivalents13.95B13.07B7.89B6.65B
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow11.76B12.12B8.46B10.03B
RepurchaseOfCapitalStock-651.00M-402.00M-407.00M-319.00M
RepaymentOfDebt-6.62B-5.08B-6.80B-8.60B
IssuanceOfDebt5.71B9.59B7.80B522.00M
IssuanceOfCapitalStock745.00M414.00M279.00M
CapitalExpenditure-1.69B-1.81B-1.97B-2.77B
InterestPaidSupplementalData1.98B1.67B1.40B1.51B
IncomeTaxPaidSupplementalData1.72B1.56B1.86B2.10B
EndCashPosition14.16B13.09B7.99B6.96B
BeginningCashPosition13.09B7.99B6.96B13.68B
EffectOfExchangeRateChanges-359.00M9.00M-244.00M-185.00M
ChangesInCash1.43B5.09B1.27B-6.53B
FinancingCashFlow-7.08B-1.77B-4.96B-13.35B
CashFlowFromContinuingFinancingActivities-7.08B-1.77B-4.96B-13.35B
NetOtherFinancingCharges-146.00M-238.00M-103.00M949.00M
CashDividendsPaid-6.15B-6.04B-5.95B-5.87B
CommonStockDividendPaid-6.15B-6.04B-5.95B-5.87B
NetCommonStockIssuance94.00M12.00M-128.00M-319.00M
CommonStockPayments-651.00M-402.00M-407.00M-319.00M
CommonStockIssuance745.00M414.00M279.00M
NetIssuancePaymentsOfDebt-880.00M4.50B1.22B-8.12B
NetShortTermDebtIssuance30.00M-7.00M217.00M-40.00M
NetLongTermDebtIssuance-910.00M4.50B1.00B-8.07B
LongTermDebtPayments-6.62B-5.08B-6.80B-8.60B
LongTermDebtIssuance5.71B9.59B7.80B522.00M
InvestingCashFlow-4.94B-7.07B-4.20B-5.97B
CashFlowFromContinuingInvestingActivities-4.94B-7.07B-4.20B-5.97B
NetOtherInvestingChanges1.00M-1.00M
NetInvestmentPurchaseAndSale-1.22B-496.00M-1.26B-414.00M
SaleOfInvestment6.54B10.65B4.67B3.15B
PurchaseOfInvestment-7.76B-11.14B-5.93B-3.56B
NetBusinessPurchaseAndSale-2.59B-5.09B-1.08B-3.18B
SaleOfBusiness698.00M1.27B114.00M
PurchaseOfBusiness-3.29B-5.09B-2.35B-3.29B
NetIntangiblesPurchaseAndSale-637.00M-565.00M-626.00M-706.00M
PurchaseOfIntangibles-637.00M-565.00M-626.00M-706.00M
NetPPEPurchaseAndSale-491.00M-924.00M-1.24B-1.68B
SaleOfPPE557.00M321.00M111.00M387.00M
PurchaseOfPPE-1.05B-1.25B-1.35B-2.06B
OperatingCashFlow13.45B13.93B10.44B12.80B
CashFlowFromContinuingOperatingActivities13.45B13.93B10.44B12.80B
ChangeInWorkingCapital1.31B2.18B202.00M1.79B
ChangeInOtherWorkingCapital1.87B1.00B457.00M196.00M
ChangeInPayablesAndAccruedExpense-13.00M65.00M213.00M85.00M
ChangeInPayable-13.00M65.00M213.00M85.00M
ChangeInAccountPayable-13.00M65.00M213.00M85.00M
ChangeInInventory-166.00M390.00M71.00M138.00M
ChangeInReceivables-374.00M725.00M-539.00M1.37B
StockBasedCompensation1.31B1.13B987.00M982.00M
DeferredTax-2.33B-1.11B-2.73B-2.00B
DeferredIncomeTax-2.33B-1.11B-2.73B-2.00B
DepreciationAmortizationDepletion4.67B4.40B4.80B6.42B
DepreciationAndAmortization4.67B4.40B4.80B6.42B
AmortizationCashFlow2.50B2.29B2.40B2.53B
AmortizationOfIntangibles2.50B2.29B2.40B2.53B
Depreciation2.17B2.11B2.41B3.89B
OperatingGainsLosses2.46B-170.00M5.53B-136.00M
PensionAndEmployeeBenefitExpense3.11B0.005.89B0.00
GainLossOnSaleOfBusiness-652.00M-170.00M-363.00M
NetIncomeFromContinuingOperations6.02B7.50B1.64B5.74B
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for IBM
Date User Asset Broker Type Position Size Entry Price Patterns