IBM (IBM) financials
IBM revenue and earnings by year
IBM's revenue was $67.5 billion in the fiscal year to December 31, 2025, up 7.6% from the year before. Net income was $10.6 billion, 15.7% of revenue. Since the fiscal year to December 31, 2016, revenue has shrunk 1.9% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 67.5 | 62.8 | 61.9 | 60.5 | 57.4 | 55.2 | 57.7 | 79.6 | 79.1 | 79.9 |
| Revenue growth | 7.6% | 1.4% | 2.2% | 5.5% | 3.9% | -4.4% | -27.5% | 0.6% | -1.0% | — |
| Gross profit | 39.3 | 35.6 | 34.3 | 32.7 | 31.5 | 30.9 | 31.5 | 36.9 | 36.9 | 38.5 |
| Gross margin | 58.2% | 56.7% | 55.4% | 54.0% | 54.9% | 55.9% | 54.6% | 46.4% | 46.7% | 48.2% |
| Operating income | 12.3 | 7.5 | 10.3 | 2.4 | 6.0 | 3.9 | 8.6 | 12.1 | 12.0 | 13.0 |
| Operating margin | 18.2% | 12.0% | 16.6% | 3.9% | 10.4% | 7.0% | 14.8% | 15.2% | 15.2% | 16.2% |
| Net income | 10.6 | 6.0 | 7.5 | 1.6 | 5.7 | 5.6 | 9.4 | 8.7 | 5.8 | 11.9 |
| Net margin | 15.7% | 9.6% | 12.1% | 2.7% | 10.0% | 10.1% | 16.3% | 11.0% | 7.3% | 14.9% |
| Diluted EPS | $11.17 | $6.43 | $8.14 | $1.80 | $6.35 | $5.96 | $10.10 | $9.10 | $5.87 | $11.84 |
| Free cash flow | 11.6 | 12.3 | 12.4 | 8.6 | 10.4 | 15.2 | 12.4 | 11.5 | 13.4 | 13.4 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open IBM in Markets.
How IBM makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Product | $8.91B | 52.1% |
| Technology Service | $8.00B | 46.8% |
| Financial Service | $192M | 1.1% |
See also: IBM valuation and P/E history · IBM returns
No forecast, no recommendation. This page describes IBM from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.