International Business Machines Corporation +

International Business Machines Corporation

Company

Ticker

IBM

ACN

INFY

Headquarter

Armonk ,NY

Dublin

Bengaluru

Hamilton

CEO

Arvind Krishna

Julie T. Spellman Sweet

Salil Satish Parekh

Balkrishan Kalra

Industry

Information Technology Services

Stock Price

Market Cap

$304.67 B

$120.91 B

$54.49 B

$5.73 B

Employees

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Employees

282.20 K
270.30 K
0

733.00 K
774.00 K
779.00 K

343.23 K
317.24 K
323.58 K

129.10 K
140.00 K
146.50 K

Y/Y

13988.87%

4.22%

100%

1.66%

5.59%

0.65%

9.3%

7.57%

8.58%

8.44%

4.64%

Income Statement

Revenue

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Revenue

$61.86 B
$62.75 B
$67.54 B

$64.11 B
$64.90 B
$69.67 B

$18.56 B
$19.28 B
$20.16 B

$4.48 B
$4.77 B
$5.08 B

Y/Y

2.2%

1.44%

7.62%

4.09%

1.22%

7.36%

1.92%

3.86%

4.56%

2.42%

6.48%

6.56%

Revenue by Products / Services

Years

2025

2025

2025

2025

Revenue by Geography

Years

2025

2023

2025

2025

Research and Development

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Research and Development

$6.78 B
$7.48 B
$8.32 B

$135.04 M
$153.29 M
-

Y/Y

3.17%

10.39%

11.24%

4.68%

13.52%

100%

Operating Income

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Operating Income

$9.82 B
$10.07 B
$10.33 B

$8.81 B
$9.60 B
$10.23 B

$3.83 B
$4.07 B
$4.09 B

$630.86 M
$702.06 M
$760.01 M

Y/Y

20.15%

2.58%

2.49%

5.95%

8.92%

6.56%

0.24%

6.18%

0.34%

25.63%

11.29%

8.25%

Tax Rate (%)

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Tax Rate (%)

13.53%
-3.76%
-2.34%

23.37%
23.51%
23.74%

27.08%
28.87%
26.41%

-4.82%
24.11%
24.33%

Y/Y

124.99%

127.79%

37.69%

2.63%

0.59%

0.98%

2.18%

6.61%

8.53%

120.05%

600.05%

0.94%

Net Income

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Net Income

$7.50 B
$6.02 B
$10.59 B

$6.87 B
$7.26 B
$7.68 B

$3.17 B
$3.16 B
$3.31 B

$631.26 M
$513.67 M
$552.49 M

Y/Y

357.44%

19.71%

75.88%

0.08%

5.72%

5.69%

6.24%

0.24%

4.86%

78.62%

18.63%

7.56%

Revenue Per Employee

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Revenue Per Employee

$219.21 K
$232.16 K
-

$87.46 K
$83.85 K
$89.44 K

$53.06 K
$58.51 K
$59.58 K

$34.68 K
$34.05 K
$34.67 K

Y/Y

99.27%

5.91%

100%

2.38%

4.14%

6.67%

2.15%

10.27%

1.82%

5.67%

1.81%

1.83%

Net Income Per Employee

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Net Income Per Employee

$26.58 K
$22.28 K
-

$9.37 K
$9.39 K
$9.86 K

$8.69 K
$9.98 K
$9.76 K

$4.89 K
$3.67 K
$3.77 K

Y/Y

96.75%

16.18%

100%

1.72%

0.12%

5.02%

7.96%

14.94%

2.19%

64.51%

24.96%

2.79%

Assets & Liabilities | Cash Flow

Total Assets

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Total Assets

$135.24 B
$137.18 B
$151.88 B

$51.25 B
$55.93 B
$65.39 B

$16.52 B
$17.42 B
$16.45 B

$4.81 B
$4.99 B
$5.84 B

Y/Y

6.29%

1.43%

10.72%

8.42%

9.15%

16.92%

7.91%

5.44%

5.6%

4.73%

3.78%

17.17%

Total Liabilities

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Total Liabilities

$112.63 B
$109.78 B
$119.14 B

$24.79 B
$26.76 B
$33.15 B

$5.92 B
$6.17 B
$6.61 B

$2.56 B
$2.60 B
$3.29 B

Y/Y

7.04%

2.53%

8.52%

1.1%

7.98%

23.87%

2.79%

4.19%

7.14%

7.43%

1.57%

26.81%

Capital Expenditures (Capex)

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Capital Expenditures (Capex)

-$1.81 B
-$1.69 B
-$1.62 B

-$528.17 M
-$516.51 M
-$600.04 M

-$266.00 M
-$264.59 M
-$306.00 M

-$58.78 M
-$85.24 M
-$78.20 M

Y/Y

8.22%

6.91%

4.04%

26.44%

2.21%

16.17%

16.61%

0.53%

15.65%

8.07%

45.01%

8.25%

Profitability

Operating Income Margin (%)

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Operating Income Margin (%)

15.88%
16.05%
15.29%

13.74%
14.79%
14.68%

20.66%
21.12%
20.26%

14.09%
14.73%
14.96%

Y/Y

17.57%

1.12%

4.77%

9.64%

7.6%

0.74%

1.65%

2.24%

4.04%

22.66%

4.51%

1.59%

Net Income Margin (%)

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Net Income Margin (%)

12.13%
9.60%
15.69%

10.72%
11.19%
11.02%

17.06%
16.39%
16.44%

14.10%
10.78%
10.88%

Y/Y

347.6%

20.86%

63.42%

4.01%

4.44%

1.55%

4.24%

3.94%

0.27%

74.4%

23.58%

0.94%

EBITDA

2022	7174000000.00
2023	14693000000.00
2024	12176000000.00
2025	17284000000.00

2022	10274132000.00
2023	10248473000.00
2024	10836289000.00
2025	12940542000.00

2023	4707334610.00
2024	4967000000.00
2025	5066549000.00
2026	5105000000.00

2022	652855000.00
2023	772525000.00
2024	852581000.00
2025	874703000.00

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

EBITDA

$14.69 B
$12.18 B
$17.28 B

$10.25 B
$10.84 B
$12.94 B

$4.97 B
$5.07 B
$5.11 B

$772.53 M
$852.58 M
$874.70 M

Y/Y

104.81%

17.13%

41.95%

0.25%

5.74%

19.42%

5.52%

0.76%

18.33%

10.36%

2.59%

Free Cash Flow (FCF)

2022	8463000000.00
2023	12121000000.00
2024	11760000000.00
2025	11575000000.00

2022	8823131000.00
2023	8996096000.00
2024	8614518000.00
2025	10874360000.00

2023	2534000000.00
2024	2882000000.00
2025	4198508000.00
2026	3733000000.00

2022	389281000.00
2023	432035000.00
2024	530189000.00
2025	734653000.00

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Free Cash Flow (FCF)

$12.12 B
$11.76 B
$11.58 B

$9.00 B
$8.61 B
$10.87 B

$2.88 B
$4.20 B
$3.73 B

$432.04 M
$530.19 M
$734.65 M

Y/Y

43.22%

2.98%

1.57%

1.96%

4.24%

26.23%

13.73%

45.68%

11.09%

10.98%

22.72%

38.56%

Ratios

Return on Equity (ROE)

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Return on Equity (ROE)

33.29%
22.06%
0.00%

26.75%
25.68%
24.61%

29.99%
28.18%
33.85%

28.08%
21.50%
21.67%

Y/Y

345.48%

33.75%

100%

14.03%

3.98%

4.15%

7.72%

6.03%

20.12%

45.08%

23.44%

0.82%

Return on Assets (ROA)

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Return on Assets (ROA)

5.55%
4.39%
0.00%

13.41%
12.99%
11.74%

19.17%
18.14%
20.14%

13.14%
10.30%
9.46%

Y/Y

330.39%

20.85%

100%

7.85%

3.14%

9.6%

1.55%

5.38%

11.07%

70.56%

21.59%

8.2%

Debt to Equity

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Debt to Equity

265.99%
213.85%
205.69%

12.26%
14.57%
26.23%

9.49%
8.58%
9.88%

66.85%
60.47%
69.21%

Y/Y

8.06%

19.6%

3.82%

18.53%

18.84%

80.08%

13.82%

9.57%

15.15%

28.11%

9.53%

14.45%

Valuation

Enterprise Value

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Enterprise value

$195.90 B
$250.47 B
$0.00

$198.28 B
$213.81 B
$159.16 B

$71.99 B
$73.34 B
-$1.37 B

$7.25 B
$8.46 B
$7.86 B

Y/Y

13.04%

27.86%

100%

11.41%

7.83%

25.56%

0.63%

1.88%

101.87%

24.14%

16.69%

7.08%

Enterprise value to Revenue

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Enterprise value to Revenue

3.17
3.99
0.00

3.09
3.29
2.28

3.88
3.80
-0.07

1.62
1.77
1.55

Y/Y

10.61%

26.04%

100%

7.04%

6.53%

30.66%

2.51%

1.9%

101.79%

25.93%

9.59%

12.8%

Enterprise value to EBITDA

Years

2023
2024
2025

2023
2024
2025

2024
2025
2026

2023
2024
2025

Enterprise value to EBITDA

13.33
20.57
0.00

19.35
19.73
12.30

14.49
14.48
-0.27

9.38
9.92
8.99

Y/Y

44.81%

54.29%

100%

11.69%

1.99%

37.67%

5.83%

0.12%

101.86%

35.89%

5.74%

9.43%

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