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Profile & Fundamentals
International Business Machines (IBM.NYSE) Profile & Fundamentals
Review International Business Machines reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
International Business Machines: Company Profile & Ownership
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. The Financing segment offers client and commercial financing, and facilitates IBM clients' acquisition of hardware, software, and services. It operates a data streaming platform. The company has 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. It also has a collaboration with Arm Holdings plc to develop new dual-architecture hardware for AI and data intensive workloads; partnership with three.ws to advance ai-powered 3d agent technology; and collaboration with Lightwell to help strengthen open source software supply chain. Additionally, it offers operational resilience, logistics, and future-ready technology to the UK Ministry of Defence through Team ORION. The company was formerly known as Computing-Tabulating-Recording Co. and changed its name to International Business Machines Corporation in 1924. International Business Machines Corporation was incorporated in 1911 and is headquartered in Armonk, New York.
Company profile record
International Business Machines
Common Stock · Information Technology · IT Consulting & Other Services
Company
- Company / asset
- International Business Machines
- Security type
- Common Stock
- Sector
- Information Technology
- Industry
- IT Consulting & Other Services
- HQ
- 🇺🇸 United States
- Head office
- One New Orchard Road, Armonk, NY, United States, 10504
Leadership & scale
- Chief executive
- Mr. Arvind Krishna
- CEO year born
- 1963
- Full-time employees
- 264.3K
- Fiscal year end
- December
- IPO date
- 1962-01-02
Fundamentals snapshot
- Market Cap
- USD 233.6B
- P/E
- 20.9x
- Revenue (Q3 26)
- USD 17.1B
- Profit (Q3 26)
- USD 2.2B
- Dividend Yield
- 1.9%
- Revenue (FY 25)
- USD 67.5B
- Shares in public float
- 943.2M
- Insider ownership
- 0.11%
Reporting & identifiers
- Symbol
- IBM.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US4592001014
- Asset ID
- equity_49812ec8-b303-53bb-91a7-8f6d041625cd
International Business Machines: Ownership
Shares Outstanding
Latest: 953.5M | Max: 953.5M | Min: 893.7M
Latest reported ownership snapshot
Float Shares
98.92%
943.2M latest reported shares
Insider Ownership
0.10%
Latest reported insider stake
Short Float
0.02%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 928,900,000 |
| 2018-01-01 | 905,200,000 |
| 2019-01-01 | 893,700,000 |
| 2020-01-01 | 899,000,000 |
| 2021-01-01 | 904,641,000 |
| 2022-01-01 | 915,900,000 |
| 2023-01-01 | 927,300,000 |
| 2024-01-01 | 942,400,000 |
| 2025-01-01 | 952,400,000 |
| 2026-01-01 | 953,523,500 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 76,763,481 | 8.12% | 2026-06-30 |
| Vanguard Capital Management, LLC | 61,385,366 | 6.5% | 2026-06-30 |
| State Street Corp | 56,045,055 | 5.93% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 29,906,129 | 3.16% | 2026-09-30 |
| Vanguard Portfolio Management, LLC | 28,348,295 | 3% | 2026-06-30 |
| Vanguard 500 Index Investor | 24,743,034 | 2.62% | 2026-09-30 |
| Geode Capital Management, LLC | 23,448,500 | 2.48% | 2026-06-30 |
| Morgan Stanley - Brokerage Accounts | 17,459,828 | 1.85% | 2026-06-30 |
| Capital World Investors | 16,207,905 | 1.71% | 2026-06-30 |
| Bank of America Corp | 14,988,328 | 1.59% | 2026-06-30 |
| iShares Core S&P 500 ETF | 12,535,527 | 1.33% | 2026-10-23 |
| JPMorgan Chase & Co | 12,445,411 | 1.32% | 2026-06-30 |
| Fidelity 500 Index | 12,200,554 | 1.29% | 2026-08-31 |
| State Street® SPDR® S&P 500® ETF | 11,513,344 | 1.22% | 2026-10-29 |
| Northern Trust Corp | 10,227,731 | 1.08% | 2026-06-30 |
International Business Machines: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Headline financial results tell a story of strong underlying progress obscured by hardware timing. For fiscal 2025, revenue grew 7.6 percent to $67.5 billion, while operating income surged 24 percent, proving that high-margin hybrid cloud software is successfully replacing legacy infrastructure contracts. Even when quarterly mainframe shipments dropped sharply after customers bought ahead of price increases, core software subscriptions continued to expand. The real strength sits in cash generation rather than paper accounting profits. Trailing free cash flow reached $13.63 billion, converting earnings reliably into usable owner cash. This steady cash inflow comfortably protects the dividend and funds strategic software integration.
Headline financial results tell a story of strong underlying progress obscured by hardware timing. For fiscal 2025, revenue grew 7.6 percent to $67.5 billion, while operating income surged 24 percent, proving that high-margin hybrid cloud software is successfully replacing legacy infrastructure contracts. Even when quarterly mainframe shipments dropped sharply after customers bought ahead of price increases, core software subscriptions continued to expand. The real strength sits in cash generation rather than paper accounting profits. Trailing free cash flow reached $13.63 billion, converting earnings reliably into usable owner cash. This steady cash inflow comfortably protects the dividend and funds strategic software integration.
Revenue, Net Income, and Free Cash Flow
Latest: USD 67.5B | Max: USD 79.9B | Min: USD 1.6B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 27x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability is undergoing an enduring upward shift driven by a richer business mix. Gross margin widened from 54.0 percent in 2022 to 58.2 percent in fiscal 2025, while operating margin expanded toward 18.5 percent. This progress reflects the steady shedding of low-margin legacy hardware outsourcing in favor of recurring software platforms that carry profit margins above seventy percent. Although cyclical slowdowns in advisory consulting and periodic hardware pauses create temporary quarterly bumps, underlying software expansion provides strong operating leverage. As software continues approaching half of total revenue, baseline corporate profit margins remain well insulated against inflationary wage pressures.
Profitability is undergoing an enduring upward shift driven by a richer business mix. Gross margin widened from 54.0 percent in 2022 to 58.2 percent in fiscal 2025, while operating margin expanded toward 18.5 percent. This progress reflects the steady shedding of low-margin legacy hardware outsourcing in favor of recurring software platforms that carry profit margins above seventy percent. Although cyclical slowdowns in advisory consulting and periodic hardware pauses create temporary quarterly bumps, underlying software expansion provides strong operating leverage. As software continues approaching half of total revenue, baseline corporate profit margins remain well insulated against inflationary wage pressures.
Profitability Margins
Latest: 58.2% | Max: 58.2% | Min: 2.7%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
58.2%
Gross profit / revenue
Operating Margin
18.5%
Operating income / revenue
Net Margin
15.7%
Net income / revenue
FCF Margin
17.9%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 79,920,000,000 | 11,872,000,000 | 12,934,000,000 |
| 2017-12-31 | 79,139,000,000 | 5,753,000,000 | 12,951,000,000 |
| 2018-12-31 | 79,591,000,000 | 8,728,000,000 | 11,283,000,000 |
| 2019-12-31 | 57,714,000,000 | 9,431,000,000 | 11,863,000,000 |
| 2020-12-31 | 73,621,000,000 | 5,590,000,000 | 15,155,000,000 |
| 2021-12-31 | 57,351,000,000 | 5,742,000,000 | 10,415,000,000 |
| 2022-12-31 | 60,530,000,000 | 1,640,000,000 | 8,575,000,000 |
| 2023-12-31 | 61,860,000,000 | 7,502,000,000 | 13,432,000,000 |
| 2024-12-31 | 62,753,000,000 | 6,023,000,000 | 11,760,000,000 |
| 2025-12-31 | 67,536,000,000 | 10,593,000,000 | 12,102,000,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 26.6 | Trailing four quarters |
| 2024-12-31 | 34.4 | Trailing four quarters |
| 2023-12-31 | 20.2 | Trailing four quarters |
| 2022-12-31 | 78.7 | Annual net income |
| 2021-12-31 | 21.1 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 48.19 | 18.36 | 14.85 | 16.18 |
| 2017-12-31 | 46.68 | 16.6 | 7.27 | 16.36 |
| 2018-12-31 | 46.41 | 16.61 | 10.97 | 14.18 |
| 2019-12-31 | 54.64 | 13.06 | 16.34 | 20.55 |
| 2020-12-31 | 48.32 | 9.37 | 7.59 | 20.59 |
| 2021-12-31 | 54.9 | 11.91 | 10.01 | 18.16 |
| 2022-12-31 | 54 | 13.5 | 2.71 | 14.17 |
| 2023-12-31 | 55.45 | 12.15 | 12.13 | 21.71 |
| 2024-12-31 | 56.65 | 16.05 | 9.6 | 18.74 |
| 2025-12-31 | 58.19 | 18.5 | 15.68 | 17.92 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-03.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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