IBMIBMRevenue: is the business selling more than it used to?
$67.5B+8% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $67.5B in 2025, compounding +4% a year since 2022 and the pace is picking up. The trailing twelve months are already running at $69.1B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMNet income: how much of that revenue becomes profit?
$10.6B+76% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $10.6B in 2025, compounding +86% a year over three years. Earnings per share moved +84% over the last twelve months.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMHow fast is it growing, year by year?
+7.6%revenue growth, FY 2025
Off the axis: 2023 earnings +357.7% - rebounds off a collapsed prior year.
→Revenue grew +8% in 2025 against a five-year average of +4%. Earnings grew faster (+76%), so each new dollar of sales is arriving more profitably. 2023's +358% earnings rebound off a collapsed base sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMRevenue per share: is your slice growing as fast as the company?
$71.19revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $71.19 in 2025, compounding +2% a year against +4% for IBM as a whole. Dilution absorbed about 1.3 points of that growth. Free cash flow per share stands at $12.76.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMFree cash flow: what is left in real cash after everything?
$12.1B−2% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $12.1B in 2025, compounding +10% a year since 2022. The trailing twelve months stand at $13.8B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→18 cents of every sales dollar became free cash in 2025, up 3 points since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is research and development, at 12% of revenue (stock compensation 3%, capital spending 2%).
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Net margin stands at 16% in 2025. IBM doesn't break out gross or operating margin in its filings, so net is the only layer the data supports.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→IBM earns 31% on shareholders' capital. Return on capital employed isn't meaningful for this business model, so ROE carries the picture alone.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMWhat has the market paid for IBM over time?
20.8xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 20.8x earnings, the market is paying +35% more than IBM's own 11-year median of 15.4x. Expectations are elevated, so more has to go right to justify the price.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMWhat cash return does the business throw off per dollar of market value?
6.2%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 6.2% of annual free cash flow, less than its 11-year median of 13.3% - you are paying up for the same cash.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMCould it handle its debt if things went wrong?
◌ 2026 = the latest balance sheet (2026-06-30), not a fiscal year-end
→Debt of $62.0B sits against $7.2B of cash, or 1.8x shareholders' equity.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMIs the company's own capital growing?
→The company's own capital grew from $22.5B in 2023 to $34.5B (+53%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMHow much goes back, and how much leaks out as stock comp?
→Shareholders received $1.4B in buybacks and $6.3B in dividends in 2019. Stock compensation issued $1.7B of new shares in the same year, offsetting 23% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMHow fast is your ownership being diluted - or concentrated?
→The share count grew 1.2% in 2025, averaging 1.3% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMIs the dividend cheque growing?
→The dividend per share reached $6.59 in 2025, compounding +0% a year since 2020.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMCan it afford the dividend?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The dividend consumed 59% of profit and 52% of free cash flow in 2025. That leaves room to keep paying through a weak year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMIBM has issued or retired shares - did shareholders end up better off?
→IBM has shrunk its share count -22% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is -19% over the same years.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
IBMIBMAre the people running it buying or selling?
→Insiders bought $113,155 and sold $6M on the open market, a net sale of $6M. A further 17 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30