Historical source-based research. Compilation date and financial period are different dates.

Executive summary

Annual revenue of USD 67.535 billion and net income of USD 10.593 billion for the period ended 2025-12-31. This is a structured data brief from filed financial statements, not an independently audited investment opinion.

Business and industry context

INTERNATIONAL BUSINESS MACHINES CORP is an SEC-reporting issuer listed on NYSE under IBM. Its SEC industry description is Computer & office Equipment. This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications. Product cycles, recurring software revenue and infrastructure investment shape this broad group. Hardware and software businesses have different cost structures.

Financial evidence

The selected fiscal period runs from 2025-01-01 to 2025-12-31. Revenue was USD 67.535 billion; operating income was not available; diluted EPS was USD 11.17 per share. Prior-period revenue was USD 62.753 billion. The reported revenue change was 7.62%. Comparisons are not adjusted for acquisitions, disposals, foreign exchange or fiscal-week differences.

Profitability and cash generation

Net margin, calculated as net income divided by revenue, was 15.69%. Operating cash flow was USD 13.193 billion; capital expenditure was USD 1.091 billion. Free cash flow (operating cash flow less purchases of property, plant and equipment) was USD 12.102 billion. Missing standard tags are not interpreted as zero. These measures may not be directly comparable between business models.

Balance-sheet context

Total assets were USD 151.880 billion, total liabilities USD 119.139 billion and reported shareholder equity USD 32.648 billion at the period end. Total liabilities include operating obligations and are not a measure of interest-bearing debt.

Valuation context

Company profiles show eligible dated valuation ratios using the September 17, 2026 price snapshot and selected annual accounting denominators. Capitalization-based measures use estimates and are identified as such. These are not live, TTM or forward values. A historical-multiple series and EV/EBITDA are not available. Sector medians describe a selected sample; they do not establish fair value or expected returns.

Risks and uncertainties

Customer concentration, product transitions, export restrictions and the durability of capital spending. Standardized XBRL can omit custom-tag disclosures. Annual data cannot establish the direction of the latest quarter.

What to monitor

Revenue mix, research spending, inventory and cash conversion. Read subsequent quarterly filings, footnotes and accounting-policy changes before interpreting these historical observations.

Methodology note

Source snapshots were collected on September 18, 2026. Values preserve reported currency and periods. This brief was compiled on September 26, 2026; the publication date is not a new source retrieval date.

Sources & dates

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