Tearsheet
Investment Highlights Market Valuation Price Chart Return vs. Risk About IBM Interactive Breakdown Better Bets vs. IBM Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

International Business Machines (IBM)

Market Price (10/23/2025): $268.88 | Market Cap: $250.3 Bil
Sector: Information Technology | Industry: IT Consulting & Other Services

International Business Machines (IBM)

Market Price (10/23/2025): $268.88
Market Cap: $250.3 Bil
Sector: Information Technology
Industry: IT Consulting & Other Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 13 Bil, FCF LTM is 12 Bil		 Trading close to highs
Dist 52W High is -2.2%, Dist 3Y High is -2.2%		 
1 Attractive yield
Dividend Yield is 2.3%		  
2 Low stock price volatility
Vol 12M is 30%		  
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 13 Bil, FCF LTM is 12 Bil
1 Attractive yield
Dividend Yield is 2.3%
2 Low stock price volatility
Vol 12M is 30%
3 Trading close to highs
Dist 52W High is -2.2%, Dist 3Y High is -2.2%

Market Valuation & Key Metrics

IBMS&P 500
REVENUE GROWTHPOOR
Rev LTM ($ Bil)64.0
Rev Chg Q7.7%6.1%
Rev Chg LTM2.7%5.2%
Rev Chg 3Y Avg2.4%5.4%
PROFITABILITYFAIR
Op Inc LTM ($ Bil)10.9
CFO LTM ($ Bil)13.3
Net Inc LTM ($ Bil)5.8
Op Mgn LTM17.1%18.6%
CFO/Rev LTM20.7%20.4%
Net Inc Mgn9.1%12.7%
VALUATIONHIGH
P/S3.93.3
P/CFO18.816.1
P/FCF21.521.2
P/E42.924.5
STABILITYGOOD
Debt/Equity0.270.21
Cash/Assets0.100.07

IBM Stock

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
IBM Return-1%16%11%22%39%33%181%
Peers Return31%30%-30%56%13%23%157%
S&P 500 Return16%27%-19%24%23%14%106%

Monthly Win Rates [3]
IBM Win Rate58%58%50%67%75%44% 
Peers Win Rate67%60%32%60%60%42% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
IBM Max Drawdown-29%-6%-9%-12%-3%-1% 
Peers Max Drawdown-25%-6%-41%-6%-21%-26% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MSFT, ORCL, SAP, INTC, GLOB. See IBM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/22/2025 (YTD)

How Low Can It Go

Unique KeyEventIBMS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-20.2%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven25.4%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven356 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-39.0%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven63.9%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven974 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-40.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven69.1%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven1858 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-44.8%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven81.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven398 days1480 days

Compare to MSFT, ORCL, SAP, INTC, GLOB


In The Past

International Business Machines's stock fell -20.2% during the 2022 Inflation Shock from a high on 6/11/2021. A -20.2% loss requires a 25.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About International Business Machines (IBM)

Interactive Breakdown

International Business Machines Interactive Breakdown Analysis

Better Bets than International Business Machines (IBM)

 IBMBetter Performance than IBM
MetricValueIndustry (IT Consulting & Other Services)
Rev Chg LTM2.7%ACN (7.4%), CTSH (4.1%), GIB (7.1%), IT (5.9%), EPAM (9.7%)
Rev Chg 3Y Avg2.4%ACN (4.2%), GIB (7.3%), IT (8.0%), EPAM (4.6%), APLD (172.2%)
Op Mgn LTM17.1%IT (18.2%), INOD (17.5%), ADEA (38.1%)
CFO/Rev LTM20.7%IT (25.3%), CLVT (25.3%), ADEA (53.4%)
FCF/Rev LTM18.2%IT (23.5%), ADEA (48.5%)
Total Yield4.5%ACN (7.3%), CTSH (7.4%), GIB (8.8%), IT (6.5%), EPAM (4.6%)
 IBMBetter Performance than IBM
MetricValueAll Other Sectors
Rev Chg LTM2.7%GOOGL (13.1%), AMZN (10.9%), META (19.4%), WMT (4.2%), JPM (8.2%)
Rev Chg 3Y Avg2.4%GOOGL (10.2%), AMZN (11.3%), META (13.0%), TSLA (12.9%), WMT (5.7%)
Op Mgn LTM17.1%GOOGL (32.7%), META (42.9%), LLY (43.0%), V (66.5%), MA (58.0%)
CFO/Rev LTM20.7%GOOGL (36.0%), META (56.4%), V (60.4%), MA (53.3%), NFLX (22.1%)
FCF/Rev LTM18.2%META (30.7%), V (56.8%), MA (49.2%), NFLX (20.7%), JNJ (20.3%)
Total Yield4.5%JPM (6.9%), XOM (9.7%), JNJ (8.0%), BAC (7.1%), HD (6.1%)
null

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1International Business Machines Earnings Notes  
2With International Business Machines Stock Climbed 5.6% In A Month, How Confident Are You?Return 
3Day 5 of Loss Streak for International Business Machines Stock with -6% Return (vs. 28% YTD) [10/14/2025]Notification 
4IBM Leaps 16% In One Month: Does It Lead the Pack?  
5IBM Has Returned $77 Bil To Shareholders In A Decade  
6Now Is Not The Time To Buy International Business Machines StockBuy or Fear 
7Day 7 of Gains Streak for International Business Machines Stock with 7.4% Return (vs. 26% YTD) [9/23/2025]Notification 
8Day 5 of Gains Streak for International Business Machines Stock with 7.3% Return (vs. 20% YTD) [9/9/2025]Notification 
9International Business Machines vs Adeia: Which Is A Better Investment?Counter-Intuitive Comparisons 
10Better Bet Than IBM Stock: Pay Less Than International Business Machines To Get More From GOOGL, DIS   
11ARTICLES  
12IBM Earnings Preview: How To Position For Upcoming Results October 20th, 2025
13IBM Soars 16% In A Single Month: How Does It Compare With Others? October 7th, 2025
14A Decade of Rewards: IBM Returns $77 Bil to Investors October 4th, 2025
15IBM Shares Rally 16% In A Month, Now Is Not The Time To Buy The Stock September 27th, 2025
16IBM Stock Analysis: 2x Rise On Back of Strong Fundamentals But Valuations Stretched September 26th, 2025
Title
0DASHBOARDS
1IBM Earnings Preview: How To Position For Upcoming Results
2IBM Soars 16% In A Single Month: How Does It Compare With Others?
3A Decade of Rewards: IBM Returns $77 Bil to Investors
4IBM Shares Rally 16% In A Month, Now Is Not The Time To Buy The Stock
5IBM Stock Analysis: 2x Rise On Back of Strong Fundamentals But Valuations Stretched
6ARTICLES
7International Business Machines Earnings Notes
8With International Business Machines Stock Climbed 5.6% In A Month, How Confident Are You?
9Day 5 of Loss Streak for International Business Machines Stock with -6% Return (vs. 28% YTD) [10/14/2025]
10IBM Leaps 16% In One Month: Does It Lead the Pack?
11IBM Has Returned $77 Bil To Shareholders In A Decade
12Now Is Not The Time To Buy International Business Machines Stock
13Day 7 of Gains Streak for International Business Machines Stock with 7.4% Return (vs. 26% YTD) [9/23/2025]
14Day 5 of Gains Streak for International Business Machines Stock with 7.3% Return (vs. 20% YTD) [9/9/2025]
15International Business Machines vs Adeia: Which Is A Better Investment?
16Better Bet Than IBM Stock: Pay Less Than International Business Machines To Get More From GOOGL, DIS 

Trade Ideas

Select past ideas related to IBM. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		1.4%1.4%-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		11.1%11.1%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		11.7%11.7%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		11.7%11.7%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		3.2%3.2%-0.3%
IBM_10312018_Monopoly_xInd_xCD_Getting_Cheaper10312018IBMInternational Business MachinesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		24.8%21.5%-5.6%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		1.4%1.4%-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		11.1%11.1%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		11.7%11.7%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		11.7%11.7%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		3.2%3.2%-0.3%
IBM_10312018_Monopoly_xInd_xCD_Getting_Cheaper10312018IBMInternational Business MachinesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		24.8%21.5%-5.6%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines221.6%139.6%
2VICRVicor49.6%77.5%
3CCOClear Channel Outdoor41.2%40.1%
4CELCCelcuity40.0%435.1%
5WGOWinnebago Industries34.9%-11.6%
6BALYBallys27.4%-2.4%
7TFINTriumph Financial27.3%-32.9%
8SIONSionna Therapeutics25.8% 
9LVWRLiveWire24.4%29.1%
10PMIPicard Medical24.4%20804.8%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1BITFBitfarms-39.1%164.4%
2QBTSD-Wave Quantum-39.1%224.9%
3RGTIRigetti Computing-36.0%136.3%
4SMRNuScale Power-35.0%93.6%
5RCATRed Cat-31.9%-22.3%
6BKSYBlackSky Technology-31.3%101.3%
7OKLOOklo-30.0%465.8%
8QUBTQuantum Computing-30.0%-10.2%
9SESSES AI-29.9%13.2%
10ASPIASP Isotopes-29.4%96.7%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1366.7%342.6%
2QUREuniQure338.6%239.2%
3PRAXPraxis Precision Medicines279.5%139.6%
4LACLithium Americas117.9%125.3%
5CLPTClearPoint Neuro99.8%57.9%
6NVTSNavitas Semiconductor97.7%281.1%
7UAMYUnited States Antimony79.6%640.7%
8ORKAOruka Therapeutics71.3%37.4%
9GRALGRAIL69.8%346.8%
10TSHATaysha Gene Therapies69.2%185.5%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1SOCSable Offshore-51.7%-48.4%
2FLYFirefly Aerospace-37.4% 
3UPWheels Up Experience-37.0%-12.1%
4VGVenture Global-34.5% 
5PSIXPower Solutions International-33.0%160.7%
6ALABAstera Labs-32.7%16.9%
7FWRDForward Air-30.6%-41.0%
8QUBTQuantum Computing-30.5%-10.2%
9AEHRAehr Test Systems-29.6%42.4%
10TIPTTiptree-29.0%-15.1%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines221.6%139.6%
2VICRVicor49.6%77.5%
3CCOClear Channel Outdoor41.2%40.1%
4CELCCelcuity40.0%435.1%
5WGOWinnebago Industries34.9%-11.6%
6BALYBallys27.4%-2.4%
7TFINTriumph Financial27.3%-32.9%
8SIONSionna Therapeutics25.8% 
9LVWRLiveWire24.4%29.1%
10PMIPicard Medical24.4%20804.8%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1BITFBitfarms-39.1%164.4%
2QBTSD-Wave Quantum-39.1%224.9%
3RGTIRigetti Computing-36.0%136.3%
4SMRNuScale Power-35.0%93.6%
5RCATRed Cat-31.9%-22.3%
6BKSYBlackSky Technology-31.3%101.3%
7OKLOOklo-30.0%465.8%
8QUBTQuantum Computing-30.0%-10.2%
9SESSES AI-29.9%13.2%
10ASPIASP Isotopes-29.4%96.7%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for International Business Machines

Financials

IBMMSFTORCLSAPINTCGLOBMedian
NameInternat.MicrosoftOracle SAP Intel Globant  
Mkt Price287.51520.54272.66276.2236.9259.60274.44
Mkt Cap267.63,867.6770.5322.1161.32.6294.8
Rev LTM64,038281,72459,01835,88753,0702,48256,044
Op Inc LTM10,929128,52818,6679,309-4,39718710,119
FCF LTM11,64671,611-5,8806,399-10,9431553,277
FCF 3Y Avg11,34668,3864,9496,132-13,3571475,540
CFO LTM13,282136,16221,5347,18910,08227611,682
CFO 3Y Avg13,104114,09719,4686,93510,45227511,778

Growth & Margins

IBMMSFTORCLSAPINTCGLOBMedian
NameInternat.MicrosoftOracle SAP Intel Globant  
Rev Chg LTM2.7%14.9%9.7%10.3%-3.7%8.7%9.2%
Rev Chg 3Y Avg2.4%12.5%10.2%8.7%-9.4%17.1%9.5%
Rev Chg Q7.7%18.1%12.2%8.9%0.2%4.5%8.3%
QoQ Delta Rev Chg LTM1.9%4.3%2.8%2.1%0.0%1.1%2.0%
Op Mgn LTM17.1%45.6%31.6%25.9%-8.3%7.5%21.5%
Op Mgn 3Y Avg15.9%44.0%30.3%22.1%-3.9%9.5%19.0%
QoQ Delta Op Mgn LTM0.7%0.4%0.2%1.2%-0.5%-2.0%0.3%
CFO/Rev LTM20.7%48.3%36.5%20.0%19.0%11.1%20.4%
CFO/Rev 3Y Avg21.0%46.0%35.6%21.0%19.3%12.4%21.0%
FCF/Rev LTM18.2%25.4%-10.0%17.8%-20.6%6.2%12.0%
FCF/Rev 3Y Avg18.2%27.9%9.8%18.6%-24.7%6.7%14.0%

Valuation

IBMMSFTORCLSAPINTCGLOBMedian
NameInternat.MicrosoftOracle SAP Intel Globant  
Mkt Cap267.63,867.6770.5322.1161.32.6294.8
P/S4.213.713.19.03.01.16.6
P/EBIT33.130.742.630.9-14.915.230.8
P/E45.938.061.949.2-7.924.041.9
P/CFO20.128.435.844.816.09.624.3
Total Yield4.5%3.3%2.3%2.0%-12.4%4.2%2.8%
Dividend Yield2.3%0.6%0.7%0.0%0.3%0.0%0.5%
FCF Yield 3Y Avg6.8%2.2%1.6%2.6%-10.8%2.5%2.4%
D/E0.30.00.10.00.30.20.2
Net D/E0.2-0.00.1-0.00.20.10.1

Returns

IBMMSFTORCLSAPINTCGLOBMedian
NameInternat.MicrosoftOracle SAP Intel Globant  
1M Rtn5.9%1.2%-16.8%4.1%28.4%3.7%3.9%
3M Rtn2.6%3.1%12.9%-5.0%57.2%-33.9%2.9%
6M Rtn18.7%39.5%108.3%2.6%79.3%-46.9%29.1%
12M Rtn27.3%22.7%57.1%19.9%64.8%-72.8%25.0%
3Y Rtn148.5%120.3%289.2%215.6%43.9%-65.7%134.4%
1M Excs Rtn5.0%1.6%-13.6%3.5%25.2%4.4%4.0%
3M Excs Rtn5.8%-3.2%7.2%-8.8%57.9%-38.2%1.3%
6M Excs Rtn-5.9%14.9%83.7%-22.0%54.7%-71.5%4.5%
12M Excs Rtn13.1%11.2%43.4%6.7%47.9%-87.6%12.1%
3Y Excs Rtn83.5%42.4%240.1%148.1%-35.3%-147.9%63.0%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/24/20254/24/20252/25/202510/30/20247/30/20244/30/20242/26/202410/31/20237/25/20234/25/20232/28/202310/25/2022
Key Financials Quarterly            
Total Revenue16,97714,54117,55314,96715,76914,46117,38014,75215,47514,25216,69114,106
Ebitda4,3722,7904,8438953,8012,6375,3163,3783,5002,4994,762-3,043
Operating Income3,0861,7653,9012,1772,4341,5633,9992,1042,2781,4363,4691,561
Net Income2,1941,0552,914-3301,8341,6053,2881,7041,5839272,711-3,196
EPS2.361.143.15-0.361.991.753.591.871.741.022.99-3.54
Key Financials TTM            
Total Revenue TTM64,03862,83062,75062,57762,36262,06861,85961,17060,52460,58460,52960,532
Ebitda TTM12,90012,32912,17612,64915,13214,83114,69314,1397,7187,4837,1746,965
Operating Income TTM10,92910,27710,07510,17310,1009,9449,8179,2878,7448,4268,1747,677
Net Income TTM5,8335,4736,0236,3978,4318,1807,5026,9252,0251,8341,6401,261
Growth Rates Quarterly            
Total Revenue Growth7.7%0.6%1.0%1.5%1.9%1.5%4.1%4.6%-0.4%0.4%-0.0%6.5%
EBITDA Growth15.0%5.8%-8.9%-73.5%8.6%5.5%11.6%211.0%7.2%14.1%4.6%-209.2%
Operating Income Growth26.8%12.9%-2.5%3.5%6.8%8.8%15.3%34.8%16.2%21.3%16.7%16.8%
Net Income Growth19.6%-34.3%-11.4%-119.4%15.9%73.1%21.3%153.3%13.7%26.5%16.3%-382.8%
Margins Quarterly            
EBITDA Margin25.8%19.2%27.6%6.0%24.1%18.2%30.6%22.9%22.6%17.5%28.5%-21.6%
Operating Income Margin18.2%12.1%22.2%14.5%15.4%10.8%23.0%14.3%14.7%10.1%20.8%11.1%
Net Income Margin12.9%7.3%16.6%-2.2%11.6%11.1%18.9%11.6%10.2%6.5%16.2%-22.7%
Cash & Debt            
Total Cash15,44717,46514,59113,70213,69119,11513,44110,97816,29817,3948,7389,569
Total Debt67,71966,83558,39660,12659,83962,87159,93558,52460,30461,67654,01353,826
Net Debt / (Cash)52,27249,37043,80546,42446,14843,75646,49447,54644,00644,28245,27544,257
Cash Flows Quarterly            
FCF from Operations1,7014,3704,3302,8812,0664,1684,4633,0562,6383,7743,9651,901
Cash Flows TTM            
FCF from Operations TTM13,28213,64713,44513,57813,75314,32513,93113,43312,27810,96110,4359,014
Returns to Shareholders Quarterly            
Dividends1,5631,5491,5461,5431,5361,5221,5181,5151,5101,4971,4941,491
Share Repurchases1532841121891511996498144967814
Return on Invested Capital (ROIC) Quarterly            
ROIC19.9%13.0%31.5%7.4%17.4%14.3%30.1%16.2%16.4%11.5%26.5%10.1%
Return on Invested Capital (ROIC) TTM            
ROIC TTM19.6%19.5%23.0%21.9%20.6%21.3%18.3%16.8%19.9%19.0%18.1%17.3%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Software25,01123,62923,42622,92722,891
Consulting20,88420,05817,84416,25716,798
Infrastructure14,59315,28814,18814,5337,604
Financing7416457749751,400
Other-divested businesses397774785101930
Other revenue235135335387162
Global Technology Services    27,361
Total61,86160,52957,35255,18077,146


Assets by Segment
$ Mil20242023202220212020
Software59,81155,82258,42058,55858,342
Consulting15,08914,26111,91410,54810,136
Financing14,40915,75716,88024,97429,568
Cash and marketable securities12,907  12,4637,308
Infrastructure11,99112,24311,76612,3784,590
Pension assets7,506  7,5576,865
Deferred tax assets6,468  8,1754,995
Other3,563  3,5143,077
Operating right-of-use assets2,085  2,3683,530
Plant, other property and equipment1,838  2,4492,262
Other-divested businesses601  2541,906
Elimination of internal transactions-1,028  -4,686-4,317
Notes and accounts receivable   1,6551,488
Total assets of discontinued operations   15,764 
Global Technology Services    22,436
Total135,24098,08398,980155,971152,186


Price Behavior

IBM Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta0.390.440.530.660.690.67
Up Beta0.39-0.151.180.580.590.59
Down Beta-1.50-0.030.040.770.740.73
Up Capture204%109%18%62%78%52%
Bmk +ve Days13233574144420
Stock +ve Days16263372141424
Down Capture-119%32%71%69%77%84%
Bmk -ve Days8192952107330
Stock -ve Days5163154110326

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity16,197,030
Short Interest: % Change Since 915202510.7%
Average Daily Volume6,149,545
Days-to-Cover Short Interest2.63
Basic Shares Quantity930,807,276
Short % of Basic Shares1.7%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/2025-7.6%-7.7%-14.5%
4/23/2025-6.6%-1.5%6.0%
1/29/202513.0%15.2%11.1%
10/23/2024-6.2%-12.0%-3.7%
7/24/20244.3%4.4%7.4%
4/24/2024-8.3%-10.7%-6.4%
1/24/20249.5%5.6%7.8%
10/25/20234.9%6.1%14.5%
...
SUMMARY STATS   
# Positive131315
# Negative11119
Median Positive4.7%4.6%6.0%
Median Negative-6.2%-6.9%-6.4%
Max Positive13.0%15.2%20.7%
Max Negative-9.9%-12.0%-14.5%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025724202510-Q 6/30/2025
3312025424202510-Q 3/31/2025
12312024225202510-K 12/31/2024
93020241030202410-Q 9/30/2024
6302024730202410-Q 6/30/2024
3312024430202410-Q 3/31/2024
12312023226202410-K 12/31/2023
93020231031202310-Q 9/30/2023
6302023725202310-Q 6/30/2023
3312023425202310-Q 3/31/2023
12312022228202310-K 12/31/2022
93020221025202210-Q 9/30/2022
6302022725202210-Q 6/30/2022
3312022426202210-Q 3/31/2022
12312021222202210-K 12/31/2021
93020211105202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Thomas Robert DavidSenior Vice President3032025Sell253.0126,5436,715,63911,387,282Form
1FARR DAVID N2282025Buy249.001,200298,8002,056,242Form
2ZOLLAR ALFRED W11132024Buy210.62936197,139197,139Form
3LAMOREAUX NICKLE JACLYNSenior Vice President11082024Sell215.203,600774,7275,463,965Form

External Quote Links


Prefer one of these to Trefis? Tell us why.