International Business Machines Corporation (IBM) quarterly cash flow statement — complete operating, investing & financing history
International Business Machines Corporation (IBM) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 2.6B | 5.17B | 4.04B | 3.08B | 1.7B | 4.37B | 4.33B | 2.88B | 2.07B | 4.17B | 4.46B | 3.06B | 2.64B | 3.77B | 3.96B | 1.9B | 1.32B | 3.25B | 2.54B | 2.71B |
| Operating CF Margin % | 15.13% | 32.47% | 20.52% | 18.87% | 10.02% | 30.05% | 24.67% | 19.25% | 13.1% | 28.82% | 25.68% | 20.72% | 17.05% | 26.48% | 23.76% | 13.48% | 8.5% | 22.88% | 15.24% | 20.47% |
| Operating CF Growth % | 52.67% | 18.28% | -6.72% | 6.98% | -17.67% | 4.85% | -2.98% | -5.73% | -21.68% | 10.44% | 12.56% | 60.76% | 99.7% | 16.19% | 55.86% | -29.93% | -49.68% | -33.9% | -56.59% | -36.69% |
| Net Income | 2.17B | 1.22B | 5.58B | -3.25B | 2.19B | 1.05B | 2.91B | -330M | 1.83B | 1.6B | 3.29B | 1.7B | 1.58B | 927M | 2.71B | -3.2B | 1.39B | 733M | 2.33B | 1.13B |
| Depreciation & Amortization | 1.35B | 1.27B | 1.3B | -2.44B | 1.26B | 1.18B | 1.11B | 1.27B | 1.16B | 1.13B | 1.15B | 1.09B | 1.08B | 1.07B | 1.14B | 1.16B | 1.25B | 1.26B | 1.38B | 1.68B |
| Stock-Based Compensation | 0 | 506M | 0 | -842M | 441M | 401M | 345M | 330M | 316M | 320M | 290M | 287M | 288M | 268M | 248M | 251M | 254M | 234M | 263M | 262M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 431M | -12M | 496M | 10.04B | -440M | -22M | -1.96B | 2.37B | -26M | -253M | -1.19B | -80M | -16M | -4M | -2.79B | 5.93B | -49M | -51M | -2.16B | -7M |
| Working Capital Changes | -1.35B | 2.19B | -3.33B | -429M | -1.76B | 1.76B | 1.92B | -759M | -1.21B | 1.36B | 927M | 53M | -295M | 1.51B | 2.66B | -2.25B | -1.52B | 1.08B | 724M | -356M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 725M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 390M | 0 | 0 | 0 | 71M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.11B | 0 | 0 | 0 | -71M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -481M | -10.49B | 1.42B | -438M | 1.7B | -12.98B | -1.38B | -1.59B | 2.24B | -4.21B | 2.84B | -1.95B | 7M | -7.96B | -1.32B | -1.7B | 172M | -1.36B | -675M | -629M |
| Capital Expenditures | -383M | -383M | -908M | 454M | -210M | -244M | -303M | -286M | -220M | -239M | -300M | -281M | -364M | -300M | -409M | -317M | -339M | -281M | -450M | -558M |
| CapEx % of Revenue | 2.23% | 2.41% | 4.61% | 2.78% | 1.24% | 1.68% | 1.73% | 1.91% | 1.4% | 1.65% | 1.73% | 1.9% | 2.35% | 2.1% | 2.45% | 2.25% | 2.18% | 1.98% | 2.7% | 4.21% |
| Acquisitions | 8M | -10.46B | -507M | 7.84B | -746M | -7.1B | -548M | -2.51B | -153M | 621M | -137M | -4.6B | -328M | -22M | -1.33B | -59M | 947M | -637M | -187M | -101M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1M | -1M | -5.69B | -11.52B | -127M | -77M | -120M | 341M | -179M | -122M | 37M | -1M | -122M | -157M | -137M | -127M | -154M | -97M | -76M | -95M |
| Cash from Financing | -5.73B | 2.72B | -3.41B | -3.01B | -2.85B | 5.44B | -1.68B | -2.77B | -4.51B | 1.88B | -1.61B | -3.13B | -2.73B | 5.71B | -2.85B | 713M | -4.2B | 1.38B | -2.69B | -1.75B |
| Debt Issued (Net) | -4.21B | 4.51B | -1.81B | -1.11B | -1.3B | 7.09B | -103M | -1.26B | -2.9B | 3.38B | -122M | -1.55B | -1.14B | 7.3B | -1.35B | 2.14B | -2.51B | 2.95B | -2.03B | -288M |
| Equity Issued (Net) | 125M | -172M | 8M | -280M | 32M | -68M | 745M | 63M | -151M | -199M | -64M | -98M | -144M | -96M | -78M | -14M | -235M | -80M | -67M | -18M |
| Dividends Paid | -1.59B | -1.58B | -1.57B | -1.57B | -1.56B | -1.55B | -1.55B | -1.54B | -1.54B | -1.52B | -1.52B | -1.51B | -1.51B | -1.5B | -1.49B | -1.49B | -1.49B | -1.48B | -1.47B | -1.47B |
| Share Repurchases | -115M | -350M | -167M | -414M | -153M | -284M | 0 | -189M | -151M | -199M | -64M | -98M | -144M | -96M | -78M | -14M | -235M | -80M | -67M | -18M |
| Other Financing | -49M | -42M | -30M | -55M | -22M | -32M | -772M | -27M | 72M | 217M | 89M | 31M | 59M | -3M | 71M | 80M | 40M | -15M | 877M | 29M |
| Net Change in Cash | -3.65B | -2.78B | 2.04B | -427M | 865M | -3B | 946M | -1.26B | -287M | 1.68B | 5.81B | -2.15B | -110M | 1.55B | 13M | 721M | -2.96B | 3.26B | -849M | 241M |
| Free Cash Flow | 2.37B | 4.78B | 3.13B | 3.69B | 1.49B | 3.98B | 3.89B | 2.46B | 1.62B | 3.79B | 4.01B | 2.66B | 2.14B | 3.31B | 3.41B | 1.45B | 810M | 2.8B | 1.94B | 1.98B |
| FCF Margin % | 13.8% | 30.02% | 15.9% | 22.58% | 8.78% | 27.34% | 22.14% | 16.42% | 10.29% | 26.24% | 23.1% | 18.05% | 13.81% | 23.2% | 20.42% | 10.25% | 5.21% | 19.71% | 11.64% | 14.93% |
| FCF Growth % | 58.82% | 20.2% | -19.43% | 50.06% | -8.08% | 4.74% | -3.21% | -7.74% | -24.1% | 14.79% | 17.78% | 84.16% | 163.83% | 18.16% | 75.45% | -26.93% | -56.47% | -34.09% | -61.44% | -41.66% |
| FCF per Share | 2.49 | 5.02 | 3.29 | 3.89 | 1.57 | 4.20 | 4.12 | 2.66 | 1.74 | 4.07 | 4.33 | 2.88 | 2.32 | 3.60 | 3.72 | 1.60 | 0.89 | 3.08 | 2.15 | 2.18 |
| FCF Conversion (FCF/Net Income) | 1.20x | 4.25x | 0.72x | 1.77x | 0.78x | 4.14x | 1.49x | -8.73x | 1.13x | 2.60x | 1.36x | 1.79x | 1.67x | 4.07x | 1.46x | -0.59x | 0.95x | 4.43x | 1.09x | 2.40x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |