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IBM

INTERNATIONAL BUSINESS MACHINES CORPeval run
10-K for period ending 2025-12-31gpt-6-luna@none · prompt v4$0.00128.0sfiling on sec.gov ↗

figures

fieldvaluestatement rowprintedSEC
Total revenue$67.5BR6 Total revenue67,535 millions$67.5B ✓
Operating income-not printed on this statement--
Net income attributable to the company$10.6BR24 Net income (1)10,593 millions$10.6B ✓
Diluted EPS$11.17R29 Total11.17$11.17 ✓
Cash and cash equivalents$13.6BR4 Cash and cash equivalents13,587 millions$13.6B ✓
Total assets$151.9BR27 Total assets151,880 millions$151.9B ✓
Total liabilities$119.1BR43 Total liabilities119,139 millions$119.1B ✓
Total shareholders' equity attributable to the company$32.6BR53 Total IBM stockholders' equity32,648 millions$32.6B ✓
Net cash from operating activities$13.2BR17 Net cash provided by operating activities13,193 millions$13.2B ✓
Net cash from investing activities-$10.3BR26 Net cash provided by/(used in) investing activities(10,302) millions-$10.3B ✓
Net cash from financing activities-$3.8BR35 Net cash provided by/(used in) financing activities(3,829) millions-$3.8B ✓

checks

  • assets = liabilities + equity · total assets equals total liabilities and equity
  • equity excludes minority interests · totalEquity excludes noncontrolling interests
  • net income is before preferred dividends · net income is not the after-preferred-dividends line
  • diluted EPS is for total net income · diluted EPS is for total net income
  • net income excludes minority interests · not applicable: no noncontrolling interest line printed
  • cash flows tie to the change in cash · operating + investing + financing (+ FX) equals the net change in cash

management's claims

Found 9 claims, none about a company-wide figure the statements can confirm.

trace

  1. 0locator (code)0.25s
    {
  "tables": 270,
  "exhibits": [
    "https://www.sec.gov/Archives/edgar/data/51143/000005114326000010/ibm-20251231_d2.htm"
  ],
  "documents": 2
}
    {
  "income": {
    "rows": 37,
    "scale": 1000000,
    "score": 52.25,
    "heading": "42 Consolidated Income StatementInternational Business Machines Corporation and Subsidiary Companies",
    "tableIndex": 93,
    "runnerUpScore": 34
  },
  "balance": {
    "rows": 57,
    "scale": 1000000,
    "score": 55,
    "heading": "44 Consolidated Balance SheetInternational Business Machines Corporation and Subsidiary Companies",
    "tableIndex": 97,
    "runnerUpScore": 19.25
  },
  "cashflow": {
    "rows": 43,
    "scale": 1000000,
    "score": 54,
    "heading": "Consolidated Statement of Cash FlowsInternational Business Machines Corporation and Subsidiary Companies 45",
    "tableIndex": 99,
    "runnerUpScore": 10
  }
}
  2. 1income statement agent1.95s · 1706 tokens · $0.0002
    {
  "rows": 37,
  "retryHint": null,
  "tableIndex": 93
}
    {
  "figures": [
    {
      "note": "This is the company-wide total revenue line.",
      "field": "revenue",
      "scale": 1000000,
      "value": 67535000000,
      "printed": "67,535",
      "rowIndex": 6,
      "rowLabel": "Total revenue",
      "priorValue": 62753000000,
      "agentPrinted": "67,535",
      "failedChecks": [],
      "priorPrinted": "62,753",
      "groundingMismatch": false
    },
    {
      "note": "The statement does not print an operating income line.",
      "field": "operatingIncome",
      "scale": 1000000,
      "value": null,
      "printed": null,
      "rowIndex": null,
      "rowLabel": null,
      "priorValue": null,
      "agentPrinted": null,
      "failedChecks": [],
      "priorPrinted": null,
      "groundingMismatch": false
    },
    {
      "note": "This is the only net income line; no separate noncontrolling-interest attribution is shown.",
      "field": "netIncome",
      "scale": 1000000,
      "value": 10593000000,
      "printed": "10,593",
      "rowIndex": 24,
      "rowLabel": "Net income (1)",
      "priorValue": 6023000000,
      "agentPrinted": "10,593",
      "failedChecks": [],
      "priorPrinted": "6,023",
      "groundingMismatch": false
    },
    {
      "note": "This is total diluted earnings per share, including continuing and discontinued operations.",
      "field": "epsDiluted",
      "scale": 1,
      "value": 11.17,
      "printed": "11.17",
      "rowIndex": 29,
      "rowLabel": "Total",
      "priorValue": 6.43,
      "agentPrinted": "11.17",
      "failedChecks": [],
      "priorPrinted": "6.43",
      "groundingMismatch": false
    }
  ],
  "statement": "income",
  "tableIndex": 93,
  "priorColumn": 1,
  "currentColumn": 0
}
  3. 2cash flow agent1.97s · 1613 tokens · $0.0002
    {
  "rows": 43,
  "retryHint": null,
  "tableIndex": 99
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    {
  "figures": [
    {
      "note": "This is the operating activities section total, including changes in operating assets and liabilities.",
      "field": "operatingCashFlow",
      "scale": 1000000,
      "value": 13193000000,
      "printed": "13,193",
      "rowIndex": 17,
      "rowLabel": "Net cash provided by operating activities",
      "priorValue": 13445000000,
      "agentPrinted": "13,193",
      "failedChecks": [],
      "priorPrinted": "13,445",
      "groundingMismatch": false
    },
    {
      "note": "This is the investing activities section total.",
      "field": "investingCashFlow",
      "scale": 1000000,
      "value": -10302000000,
      "printed": "(10,302)",
      "rowIndex": 26,
      "rowLabel": "Net cash provided by/(used in) investing activities",
      "priorValue": -4937000000,
      "agentPrinted": "(10,302)",
      "failedChecks": [],
      "priorPrinted": "(4,937)",
      "groundingMismatch": false
    },
    {
      "note": "This is the financing activities section total.",
      "field": "financingCashFlow",
      "scale": 1000000,
      "value": -3829000000,
      "printed": "(3,829)",
      "rowIndex": 35,
      "rowLabel": "Net cash provided by/(used in) financing activities",
      "priorValue": -7079000000,
      "agentPrinted": "(3,829)",
      "failedChecks": [],
      "priorPrinted": "(7,079)",
      "groundingMismatch": false
    }
  ],
  "statement": "cashflow",
  "tableIndex": 99,
  "priorColumn": 1,
  "currentColumn": 0
}
  4. 3balance sheet agent1.98s · 1825 tokens · $0.0002
    {
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    {
  "figures": [
    {
      "note": "This is the balance sheet's cash and cash equivalents line.",
      "field": "cash",
      "scale": 1000000,
      "value": 13587000000,
      "printed": "13,587",
      "rowIndex": 4,
      "rowLabel": "Cash and cash equivalents",
      "priorValue": 13947000000,
      "agentPrinted": "13,587",
      "failedChecks": [],
      "priorPrinted": "13,947",
      "groundingMismatch": false
    },
    {
      "note": "This row prints total assets.",
      "field": "totalAssets",
      "scale": 1000000,
      "value": 151880000000,
      "printed": "151,880",
      "rowIndex": 27,
      "rowLabel": "Total assets",
      "priorValue": 137175000000,
      "agentPrinted": "151,880",
      "failedChecks": [],
      "priorPrinted": "137,175",
      "groundingMismatch": false
    },
    {
      "note": "This is the separate total liabilities line, not total liabilities and equity.",
      "field": "totalLiabilities",
      "scale": 1000000,
      "value": 119139000000,
      "printed": "119,139",
      "rowIndex": 43,
      "rowLabel": "Total liabilities",
      "priorValue": 109783000000,
      "agentPrinted": "119,139",
      "failedChecks": [],
      "priorPrinted": "109,783",
      "groundingMismatch": false
    },
    {
      "note": "This is IBM stockholders' equity, excluding noncontrolling interests.",
      "field": "totalEquity",
      "scale": 1000000,
      "value": 32648000000,
      "printed": "32,648",
      "rowIndex": 53,
      "rowLabel": "Total IBM stockholders' equity",
      "priorValue": 27307000000,
      "agentPrinted": "32,648",
      "failedChecks": [],
      "priorPrinted": "27,307",
      "groundingMismatch": false
    }
  ],
  "statement": "balance",
  "tableIndex": 97,
  "priorColumn": 1,
  "currentColumn": 0
}
  5. 4reconciler (code)0.00s
    null
    [
  {
    "name": "balance_identity",
    "detail": "total assets equals total liabilities and equity",
    "fields": [
      "totalAssets"
    ],
    "passed": true,
    "skipped": false,
    "statement": "balance"
  },
  {
    "name": "totalEquity_attribution",
    "detail": "totalEquity excludes noncontrolling interests",
    "fields": [
      "totalEquity"
    ],
    "passed": true,
    "skipped": false,
    "statement": "balance"
  },
  {
    "name": "netIncome_before_preferred",
    "detail": "net income is not the after-preferred-dividends line",
    "fields": [
      "netIncome"
    ],
    "passed": true,
    "skipped": false,
    "statement": "income"
  },
  {
    "name": "epsDiluted_total",
    "detail": "diluted EPS is for total net income",
    "fields": [
      "epsDiluted"
    ],
    "passed": true,
    "skipped": false,
    "statement": "income"
  },
  {
    "name": "netIncome_attribution",
    "detail": "no noncontrolling interest line printed",
    "fields": [
      "netIncome"
    ],
    "passed": true,
    "skipped": true,
    "statement": "income"
  },
  {
    "name": "cash_flow_tie",
    "detail": "operating + investing + financing (+ FX) equals the net change in cash",
    "fields": [
      "operatingCashFlow",
      "investingCashFlow",
      "financingCashFlow"
    ],
    "passed": true,
    "skipped": false,
    "statement": "cashflow"
  }
]
  6. 5MD&A claims agent5.09s · 2608 tokens · $0.0005
    null
    [
  {
    "kind": "percent_change",
    "field": "revenue",
    "quote": "Total revenue grew 7.6 percent as reported and 6.1 percent adjusted for currency compared to the prior year.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Total revenue: the sentence is about a region, segment or adjusted measure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "7.6 percent",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "current_value",
    "field": "revenue",
    "quote": "In 2025, we delivered performance above expectations across all key financial metrics, reporting $67.5 billion in revenue, net income from continuing operations of $10.6 billion, and diluted earnings per share from continuing operations of $11.14.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Total revenue: the sentence is about a region, segment or adjusted measure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$67.5 billion",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "current_value",
    "field": "netIncome",
    "quote": "In 2025, we delivered performance above expectations across all key financial metrics, reporting $67.5 billion in revenue, net income from continuing operations of $10.6 billion, and diluted earnings per share from continuing operations of $11.14.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Net income attributable to the company: the sentence is about a region, segment or adjusted measure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$10.6 billion",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "current_value",
    "field": "epsDiluted",
    "quote": "In 2025, we delivered performance above expectations across all key financial metrics, reporting $67.5 billion in revenue, net income from continuing operations of $10.6 billion, and diluted earnings per share from continuing operations of $11.14.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Diluted EPS: the sentence is about a region, segment or adjusted measure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$11.14",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "current_value",
    "field": "operatingCashFlow",
    "quote": "On an operating (non-GAAP) basis, we reported earnings of $11.0 billion and diluted earnings per share of $11.59. We generated $13.2 billion in cash from operations and $14.7 billion in free cash flow, and delivered shareholder returns of $6.3 billion in dividends.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Net cash from operating activities: the sentence is about a region, segment or adjusted measure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$13.2 billion",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "amount_change",
    "field": "totalAssets",
    "quote": "Total assets increased $14.7 billion ($11.2 billion adjusted for currency) from December 31, 2024 primarily driven by an increase in goodwill and intangible assets mainly related to the HashiCorp acquisition .",
    "scope": "consolidated",
    "actual": null,
    "reason": "Total assets: the sentence is about a region, segment or adjusted measure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$14.7 billion",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "amount_change",
    "field": "cash",
    "quote": "Cash and cash equivalents, restricted cash and marketable securities at December 31, 2025 were $14,470 million, a decrease of $334 million compared to prior-year end.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Cash and cash equivalents: the sentence is about a region, segment or adjusted measure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$334 million",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "amount_change",
    "field": "operatingCashFlow",
    "quote": "During 2025, we generated $13,193 million in cash from operating activities, compared to $13,445 million in 2024.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Net cash from operating activities: the claimed number isn't in the quoted sentence",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$252 million",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "direction",
    "field": "operatingCashFlow",
    "quote": "While cash used in financing receivables increased $2,728 million year to year reflecting business growth, including strength from the z17 sales cycle, we had performance-related improvements within net income driving an increase in cash from operating activities.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Net cash from operating activities: the value is far below the company-wide figure, so it's about part of the business",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "increase",
    "tolerance": null,
    "quoteVerified": true
  }
]

Income statement

table #93 · current period is figure column 1
0( in millions except per share amounts)
1For the year ended December 31:Notes202520242023
2Revenue
3Services30,71429,81330,378
4Sales36,08532,23130,745
5Financing737709737
6Total revenue← Total revenueC67,53562,75361,860
7Cost
8Services20,97520,52921,051
9Sales6,8616,3036,127
10Financing403369382
11Total cost28,23927,20127,560
12Gross profit39,29735,55134,300
13Expense and other (income)
14Selling, general and administrative20,12319,68819,003
15Research and development8,3167,4796,775
16Intellectual property and custom development income(964)(996)(860)
17Other (income) and expense (1)F(442)1,871(914)
18Interest expenseO&S1,9351,7121,607
19Total expense and other (income)28,96829,75425,610
20Income from continuing operations before income taxes10,3285,7978,690
21Provision for/(benefit from) income taxes (1)G(242)(218)1,176
22Income from continuing operations10,5716,0157,514
23Income/(loss) from discontinued operations, net of tax228(12)
24Net income (1)← Net income attributable to the company10,5936,0237,502
25Earnings/(loss) per share of common stock (1)
26Assuming dilution
27Continuing operationsH11.146.428.15
28Discontinued operationsH0.020.01(0.01)
29Total← Diluted EPSH11.176.438.14
30Basic
31Continuing operationsH11.346.538.25
32Discontinued operationsH0.020.01(0.01)
33TotalH11.366.538.23
34Weighted-average number of common shares outstanding
35Assuming dilution948,675,228937,161,224922,073,828
36Basic932,293,927921,767,834911,210,319

Balance sheet

table #97 · current period is figure column 1
0( in millions except per share amounts)
1At December 31:Notes20252024
2Assets
3Current assets
4Cash and cash equivalents← Cash and cash equivalents13,58713,947
5Restricted cash54214
6Marketable securitiesI830644
7Notes and accounts receivable-trade (net of allowances of $99 in 2025 and $114 in 2024)C8,1126,804
8Short-term financing receivablesK
9Held for investment (net of allowances of $106 in 2025 and $109 in 2024)7,3446,259
10Held for sale1,131900
11Other accounts receivable (net of allowances of $37 in 2025 and $31 in 2024)1,052947
12InventoryJ1,2201,289
13Deferred costsC1,084959
14Prepaid expenses and other current assets2,5302,520
15Total current assets36,94434,482
16Property, plant and equipmentL17,87417,691
17Less: Accumulated depreciationL11,97511,959
18Property, plant and equipment-netL5,8995,731
19Operating right-of-use assets-netM3,1293,197
20Long-term financing receivables (net of allowances of $34 in 2025 and $19 in 2024)K7,7085,353
21Prepaid pension assetsU7,5447,492
22Deferred costsC825788
23Deferred taxesG8,6106,978
24GoodwillN67,71760,706
25Intangible assets-netN11,39110,660
26Investments and sundry assets2,1121,787
27Total assets← Total assets151,880137,175
28Liabilities and equity
29Current liabilities
30TaxesG2,3472,033
31Short-term debtI&O6,4245,089
32Accounts payable4,7564,032
33Compensation and benefits4,1143,605
34Deferred incomeC16,10113,907
35Operating lease liabilitiesM800768
36Other accrued expenses and liabilities4,1163,709
37Total current liabilities38,65833,142
38Long-term debtI&O54,83649,884
39Retirement and nonpension postretirement benefit obligationsU9,0189,432
40Deferred incomeC4,2713,622
41Operating lease liabilitiesM2,5472,655
42Other liabilitiesP9,81011,048
43Total liabilities← Total liabilities119,139109,783
44Commitments and ContingenciesQ
45EquityR
46IBM stockholders' equity
47Common stock, par value $.20 per share, and additional paid-in capital63,31861,380
48Shares authorized: 4,687,500,000
49Shares issued (2025-2,290,618,523; 2024-2,279,164,313)
50Retained earnings155,648151,163
51Treasury stock, at cost (shares: 2025-1,353,666,394; 2024-1,352,874,243)(170,605)(169,968)
52Accumulated other comprehensive income/(loss)(15,713)(15,269)
53Total IBM stockholders' equity← Total shareholders' equity attributable to the company32,64827,307
54Noncontrolling interestsA9386
55Total equity32,74027,393
56Total liabilities and equity151,880137,175

Cash flow statement

table #99 · current period is figure column 1
0( in millions)
1For the year ended December 31:202520242023
2Cash flows from operating activities
3Net income10,5936,0237,502
4Adjustments to reconcile net income to cash provided by operating activities
5Pension settlement charges-3,113-
6Depreciation (1)2,2842,1682,109
7Amortization of capitalized software and acquired intangible assets2,7372,4992,287
8Stock-based compensation1,7151,3111,133
9Deferred taxes (2)(957)(2,330)(1,114)
10Net (gain)/loss on divestitures, asset sales and other(39)(652)(170)
11Change in operating assets and liabilities, net of acquisitions/divestitures
12Receivables (including financing receivables)(4,278)(374)725
13Retirement related(50)265(462)
14Inventory70(166)390
15Other assets/other liabilities (2)4951,6011,466
16Accounts payable624(13)65
17Net cash provided by operating activities← Net cash from operating activities13,19313,44513,931
18Cash flows from investing activities
19Payments for property, plant and equipment(1,091)(1,048)(1,245)
20Proceeds from disposition of property, plant and equipment/other121557321
21Investment in software(647)(637)(565)
22Purchases of marketable securities and other investments(10,095)(7,762)(11,143)
23Proceeds from disposition of marketable securities and other investments9,7046,54410,647
24Acquisition of businesses, net of cash acquired(8,294)(3,289)(5,082)
25Divestiture of businesses, net of cash transferred(1)698(4)
26Net cash provided by/(used in) investing activities← Net cash from investing activities(10,302)(4,937)(7,070)
27Cash flows from financing activities
28Proceeds from new debt8,3915,7059,586
29Payments to settle debt(5,489)(6,615)(5,082)
30Short-term borrowings/(repayments) less than 90 days-net(29)30(7)
31Common stock repurchases for tax withholdings(1,018)(651)(402)
32Proceeds from issuance of shares710745414
33Financing-other(139)(145)(239)
34Cash dividends paid(6,255)(6,147)(6,040)
35Net cash provided by/(used in) financing activities← Net cash from financing activities(3,829)(7,079)(1,769)
36Effect of exchange rate changes on cash, cash equivalents and restricted cash418(359)9
37Net change in cash, cash equivalents and restricted cash(520)1,0715,101
38Cash, cash equivalents and restricted cash at January 114,16013,0897,988
39Cash, cash equivalents and restricted cash at December 3113,64014,16013,089
40Supplemental data
41Income taxes paid-net of refunds received1,9481,7231,564
42Interest paid on debt2,0421,9781,668