IBM

INTERNATIONAL BUSINESS MACHINES CORPTechnology

10-K for period ending 2025-12-31filed 2026-02-24accession 0000051143-26-000010filing on sec.gov ↗exhibit 13 ↗

answer key

field	SEC value	XBRL concept	printed on
Total revenue	$67.5B	Revenues	Total revenue
Operating income	-	not reported	not in this filing's XBRL
Net income attributable to the company	$10.6B	NetIncomeLoss	Net income (1)
Diluted EPS	$11.17	EarningsPerShareDiluted	Total
Cash and cash equivalents	$13.6B	CashAndCashEquivalentsAtCarryingValue	Cash and cash equivalents
Total assets	$151.9B	Assets	Total assets · Total liabilities and equity
Total liabilities	$119.1B	Liabilities	Total liabilities
Total shareholders' equity attributable to the company	$32.6B	StockholdersEquity	Total IBM stockholders' equity
Net cash from operating activities	$13.2B	NetCashProvidedByUsedInOperatingActivities	Net cash provided by operating activities
Net cash from investing activities	-$10.3B	NetCashProvidedByUsedInInvestingActivities	Net cash provided by/(used in) investing activities
Net cash from financing activities	-$3.8B	NetCashProvidedByUsedInFinancingActivities	Net cash provided by/(used in) financing activities

Income statement

table #93 · score 52.3 vs 34 runner-up · in millions

( in millions except per share amounts)
For the year ended December 31:	Notes	2025	2024	2023
Revenue
Services	30,714	29,813	30,378
Sales	36,085	32,231	30,745
Financing	737	709	737
Total revenue	C	67,535	62,753	61,860
Cost
Services	20,975	20,529	21,051
Sales	6,861	6,303	6,127
Financing	403	369	382
Total cost	28,239	27,201	27,560
Gross profit	39,297	35,551	34,300
Expense and other (income)
Selling, general and administrative	20,123	19,688	19,003
Research and development	8,316	7,479	6,775
Intellectual property and custom development income	(964)	(996)	(860)
Other (income) and expense (1)	F	(442)	1,871	(914)
Interest expense	O&S	1,935	1,712	1,607
Total expense and other (income)	28,968	29,754	25,610
Income from continuing operations before income taxes	10,328	5,797	8,690
Provision for/(benefit from) income taxes (1)	G	(242)	(218)	1,176
Income from continuing operations	10,571	6,015	7,514
Income/(loss) from discontinued operations, net of tax	22	8	(12)
Net income (1)	10,593	6,023	7,502
Earnings/(loss) per share of common stock (1)
Assuming dilution
Continuing operations	H	11.14	6.42	8.15
Discontinued operations	H	0.02	0.01	(0.01)
Total	H	11.17	6.43	8.14
Basic
Continuing operations	H	11.34	6.53	8.25
Discontinued operations	H	0.02	0.01	(0.01)
Total	H	11.36	6.53	8.23
Weighted-average number of common shares outstanding
Assuming dilution	948,675,228	937,161,224	922,073,828
Basic	932,293,927	921,767,834	911,210,319

Balance sheet

table #97 · score 55 vs 19.3 runner-up · in millions

( in millions except per share amounts)
At December 31:	Notes	2025	2024
Assets
Current assets
Cash and cash equivalents	13,587	13,947
Restricted cash	54	214
Marketable securities	I	830	644
Notes and accounts receivable-trade (net of allowances of $99 in 2025 and $114 in 2024)	C	8,112	6,804
Short-term financing receivables	K
Held for investment (net of allowances of $106 in 2025 and $109 in 2024)	7,344	6,259
Held for sale	1,131	900
Other accounts receivable (net of allowances of $37 in 2025 and $31 in 2024)	1,052	947
Inventory	J	1,220	1,289
Deferred costs	C	1,084	959
Prepaid expenses and other current assets	2,530	2,520
Total current assets	36,944	34,482
Property, plant and equipment	L	17,874	17,691
Less: Accumulated depreciation	L	11,975	11,959
Property, plant and equipment-net	L	5,899	5,731
Operating right-of-use assets-net	M	3,129	3,197
Long-term financing receivables (net of allowances of $34 in 2025 and $19 in 2024)	K	7,708	5,353
Prepaid pension assets	U	7,544	7,492
Deferred costs	C	825	788
Deferred taxes	G	8,610	6,978
Goodwill	N	67,717	60,706
Intangible assets-net	N	11,391	10,660
Investments and sundry assets	2,112	1,787
Total assets	151,880	137,175
Liabilities and equity
Current liabilities
Taxes	G	2,347	2,033
Short-term debt	I&O	6,424	5,089
Accounts payable	4,756	4,032
Compensation and benefits	4,114	3,605
Deferred income	C	16,101	13,907
Operating lease liabilities	M	800	768
Other accrued expenses and liabilities	4,116	3,709
Total current liabilities	38,658	33,142
Long-term debt	I&O	54,836	49,884
Retirement and nonpension postretirement benefit obligations	U	9,018	9,432
Deferred income	C	4,271	3,622
Operating lease liabilities	M	2,547	2,655
Other liabilities	P	9,810	11,048
Total liabilities	119,139	109,783
Commitments and Contingencies	Q
Equity	R
IBM stockholders' equity
Common stock, par value $.20 per share, and additional paid-in capital	63,318	61,380
Shares authorized: 4,687,500,000
Shares issued (2025-2,290,618,523; 2024-2,279,164,313)
Retained earnings	155,648	151,163
Treasury stock, at cost (shares: 2025-1,353,666,394; 2024-1,352,874,243)	(170,605)	(169,968)
Accumulated other comprehensive income/(loss)	(15,713)	(15,269)
Total IBM stockholders' equity	32,648	27,307
Noncontrolling interests	A	93	86
Total equity	32,740	27,393
Total liabilities and equity	151,880	137,175

Cash flow statement

table #99 · score 54 vs 10 runner-up · in millions

( in millions)
For the year ended December 31:	2025	2024	2023
Cash flows from operating activities
Net income	10,593	6,023	7,502
Adjustments to reconcile net income to cash provided by operating activities
Pension settlement charges	-	3,113	-
Depreciation (1)	2,284	2,168	2,109
Amortization of capitalized software and acquired intangible assets	2,737	2,499	2,287
Stock-based compensation	1,715	1,311	1,133
Deferred taxes (2)	(957)	(2,330)	(1,114)
Net (gain)/loss on divestitures, asset sales and other	(39)	(652)	(170)
Change in operating assets and liabilities, net of acquisitions/divestitures
Receivables (including financing receivables)	(4,278)	(374)	725
Retirement related	(50)	265	(462)
Inventory	70	(166)	390
Other assets/other liabilities (2)	495	1,601	1,466
Accounts payable	624	(13)	65
Net cash provided by operating activities	13,193	13,445	13,931
Cash flows from investing activities
Payments for property, plant and equipment	(1,091)	(1,048)	(1,245)
Proceeds from disposition of property, plant and equipment/other	121	557	321
Investment in software	(647)	(637)	(565)
Purchases of marketable securities and other investments	(10,095)	(7,762)	(11,143)
Proceeds from disposition of marketable securities and other investments	9,704	6,544	10,647
Acquisition of businesses, net of cash acquired	(8,294)	(3,289)	(5,082)
Divestiture of businesses, net of cash transferred	(1)	698	(4)
Net cash provided by/(used in) investing activities	(10,302)	(4,937)	(7,070)
Cash flows from financing activities
Proceeds from new debt	8,391	5,705	9,586
Payments to settle debt	(5,489)	(6,615)	(5,082)
Short-term borrowings/(repayments) less than 90 days-net	(29)	30	(7)
Common stock repurchases for tax withholdings	(1,018)	(651)	(402)
Proceeds from issuance of shares	710	745	414
Financing-other	(139)	(145)	(239)
Cash dividends paid	(6,255)	(6,147)	(6,040)
Net cash provided by/(used in) financing activities	(3,829)	(7,079)	(1,769)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	418	(359)	9
Net change in cash, cash equivalents and restricted cash	(520)	1,071	5,101
Cash, cash equivalents and restricted cash at January 1	14,160	13,089	7,988
Cash, cash equivalents and restricted cash at December 31	13,640	14,160	13,089
Supplemental data
Income taxes paid-net of refunds received	1,948	1,723	1,564
Interest paid on debt	2,042	1,978	1,668