IBM sells software, IT consulting services, and mainframe hardware to large enterprises and governments. Its main revenue streams are: software subscriptions (including Red Hat's Linux/hybrid cloud platform and AI tools under the watsonx brand), technology consulting and systems integration work, and mainframe hardware sales with associated support contracts. Customers are primarily large organizations — banks, retailers, insurers — that run complex, high-volume data workloads. IBM makes money through a mix of recurring software licenses/subscriptions, long-term consulting engagements, and hardware sales.
Employees287,000IPOJan 28, 1949SIC7373HQOne New Orchard Road, Armonk, NY, USA, 10504
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Financials
Profitability
Metric
Current
Margins
Gross Margin
58.1%
Operating Margin
18.4%
EBITDA Margin
25.4%
Net Margin
15.5%
OCF Margin
21.6%
FCF Margin
19.0%
Returns on Capital
ROE
34.5%
ROA
7.1%
ROIC
8.7%
ROCE
10.9%
ROC (Greenblatt)
136.9%
3Y ROIIC
18.7%
Consistency
Years Profitable / 10Y
10
Valuation
Metric
Current
Earnings Multiples
P/E (TTM)
20.60
Forward P/E
18.86
P/E ex-NRI
19.33
Shiller P/E (CAPE)
24.72
Cash Flow Multiples
P/FCF
16.82
P/OCF
14.86
P/Owner Earnings
17.29
FCF Yield
6.01%
Enterprise Value Multiples
EV / EBIT
22.24
EV / Forward EBIT
20.00
EV / EBITDA
15.66
EV / Forward EBITDA
14.91
EV / Revenue
3.98
EV / Forward Revenue
3.94
Asset / Sales
P/S
3.24
P/B
6.35
P/Tangible Book
—
Growth-Adjusted
PEG
2.39
Capital Returns
Metric
Current
Dividends
Dividend Yield (TTM)
2.87%
Forward Dividend Yield
2.88%
3Y Dividend Growth
0.6%
Payout Ratio
0.56
5Y Yield on Cost
2.93%
Buybacks & Dilution
3Y Buyback Ratio
−1.10%
5Y Share Change
5.8%
Combined
Shareholder Yield
1.50%
Balance Sheet
Metric
Current
Leverage
Debt / Equity
1.90
Gross Debt / EBITDA
3.72
Cash / Debt
0.13
Equity / Assets
0.23
Coverage
Interest Coverage
6.59
Short-Term Liquidity
Current Ratio
0.79
Quick Ratio
0.74
Cash Ratio
0.23
Composite Scores
Piotroski F-Score
6
Altman Z-Score
3.24
Split History
Date
Split
1999-05-27
2:1
1997-05-28
2:1
1979-06-01
4:1
1973-05-29
1.25:1
Ex-date
Amount
Pay date
2026-08-10
$1.69
2026-09-10
2026-05-08
$1.69
2026-06-10
2026-02-10
$1.68
2026-03-10
2025-11-10
$1.68
2025-12-10
2025-08-08
$1.68
2025-09-10
2025-05-09
$1.68
2025-06-10
2025-02-10
$1.67
2025-03-10
2024-11-12
$1.67
2024-12-10
2024-08-09
$1.67
2024-09-10
2024-05-09
$1.67
2024-06-10
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View allDate
Transcript
Type
2026-07-22
Q2 2026 International Business Machines Corp Earnings Call Transcript
Earnings Call
2026-04-22
Q1 2026 International Business Machines Corp Earnings Call Transcript
Earnings Call
2026-01-28
Q4 2025 International Business Machines Corp Earnings Call Transcript
Earnings Call
2025-10-22
Q3 2025 International Business Machines Corp Earnings Call Transcript
Earnings Call
2025-07-23
Q2 2025 International Business Machines Corp Earnings Call Transcript
Earnings Call
2025-04-23
Q1 2025 International Business Machines Corp Earnings Call Transcript
Earnings Call
2025-01-29
Q4 2024 International Business Machines Corp Earnings Call Transcript
Earnings Call
2024-10-23
Q3 2024 International Business Machines Corp Earnings Call Transcript
Earnings Call
2024-07-24
Q2 2024 International Business Machines Corp Earnings Call Transcript
Earnings Call
2024-04-24
Q1 2024 International Business Machines Corp Earnings Call Transcript
Earnings Call
10 of 81
5-Step DuPont Analysis
ROE %
34.62%
×
×
Net Margin %
15.52%
×
×
Operating Margin %
18.39%
Operating Income
$12.71B
÷
Revenue
$69.10B
×
Tax Burden
1.0274
Net Income
$10.72B
÷
Pretax Income
$10.44B
×
Interest Burden
0.8216
Pretax Income
$10.44B
÷
Operating Income
$12.71B
×
Asset Turnover
0.46
÷
Revenue
$69.10B
÷
Average Total Assets
$150.34B
Begin Total Assets
$148.59B
End Total Assets
$152.10B
×
Equity Multiplier
4.85
÷
Avg Total Assets
$150.34B
÷
Avg Stockholders Equity
$30.98B
Begin Equity
$27.51B
End Equity
$34.45B
Top institutional holders
Q2 2026| Holder | Shares | % Owned | Chg. shares | |
|---|---|---|---|---|
| BlackRock, Inc. | 76.8M | 8.18% | -802.5K | $21.59B |
| VANGUARD CAPITAL MANAGEMENT LLC | 61.4M | 6.54% | +539.8K | $17.26B |
| STATE STREET CORP | 56.0M | 5.97% | +1.5M | $15.76B |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 28.3M | 3.02% | +687.4K | $7.97B |
| GEODE CAPITAL MANAGEMENT, LLC | 23.4M | 2.50% | +372.2K | $6.58B |
| MORGAN STANLEY | 17.5M | 1.86% | -2.2M | $4.91B |
| Capital World Investors | 16.2M | 1.73% | -854.5K | $4.56B |
| BANK OF AMERICA CORP /DE/ | 15.0M | 1.60% | -1.1M | $4.21B |
| JPMORGAN CHASE & CO | 12.4M | 1.33% | -6.1M | $3.46B |
| NORTHERN TRUST CORP | 10.2M | 1.09% | -77.1K | $2.88B |
10 of 3,668
View allTop insider holdings
as reported| Insider | Shares held | % Owned | |
|---|---|---|---|
| KRISHNA ARVINDOfficer | 371.9K | 0.0396% | $86.33M |
| KAVANAUGH JAMES JOfficer | 175.4K | 0.0187% | $40.72M |
| COHN GARY DOfficer | 110.6K | 0.0118% | $25.67M |
| LAMOREAUX NICKLE JACLYNOfficer | 56.8K | 0.0060% | $13.18M |
| Thomas Robert DavidOfficer | 47.8K | 0.0051% | $11.10M |
| Fehring Nicolas A.Officer | 16.6K | 0.0018% | $3.85M |
| Robinson AnneOfficer | 13.6K | 0.0015% | $3.17M |
| ZOLLAR ALFRED WDirector | 936 | 0.0001% | $217.3K |
| Miebach MichaelDirector | 434 | 0.0000% | $100.7K |
| FARR DAVID NDirector | — | — | — |
10 of 11· 1 withheld
View allRecent insider activity
through Aug 26, 2026| Insider | Action | Shares | Date | |
|---|---|---|---|---|
| Thomas Robert DavidOfficer | Open-Market or Private Sale | -25.0K | $5.76M | Aug 26, 2026 |
| Robinson AnneOfficer | Option Exercise (Rule 16b-3 Exempt) | +5.9K | $0 | Jul 1, 2026 |
| Robinson AnneOfficer | Tax Withholding | -3.3K | $933.0K | Jul 1, 2026 |
| Robinson AnneOfficer | Option Exercise (Rule 16b-3 Exempt) | +1.4K | $0 | Jul 1, 2026 |
| Robinson AnneOfficer | Tax Withholding | -781 | $223.9K | Jul 1, 2026 |
| Fehring Nicolas A.Officer | Gift | -400 | $0 | Jun 4, 2026 |
| Miebach MichaelDirector | Open-Market or Private Purchase | +434 | $101.3K | Feb 25, 2026 |
| HOWARD MICHELLE JDirector | Open-Market or Private Purchase | +50 | $11.9K | Feb 25, 2026 |
| Thomas Robert DavidOfficer | Option Exercise (Rule 16b-3 Exempt) | +2.6K | $0 | Feb 21, 2026 |
| Thomas Robert DavidOfficer | Tax Withholding | -1.3K | $340.8K | Feb 21, 2026 |
10 of 6,604
View all