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IBM IBM In fiscal 2025, IBM provided technology and consulting services focused on hybrid cloud and artificial intelligence. It operated in more than 175 countries through four business segments: Software, Consulting, Infrastructure and Financing.
Business description: FY2025 CIK 0000051143 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 9
Report coverage 2017–2025
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2025 FY2024 FY2023 FY2022 FY2021 IBM reported 2025 revenue of $67.5 billion, up 7.6% from 2024 as reported and 6.1% adjusted for currency.
Source: 2025 IBM launched its z17 mainframe in June 2025. IBM Z revenue increased 51.7% as reported and 48.4% adjusted for currency versus 2024; management attributed this performance to z17.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Software revenue growth Software revenue reached $29,962 million in 2025, increasing 10.6% as reported and 9.1% adjusted for currency from 2024. Hybrid Cloud, Automation and Data each recorded double-digit revenue growth.
Source: 2025 Negative signals Consulting signings decline Consulting signings declined 13.3% as reported and 14.7% adjusted for currency in 2025 versus 2024. Signings represent management’s initial estimate of client commitments under services contracts, rather than recognized revenue.
Source: 2025 Higher debt and lower operating cash flow Total debt increased by $6,287 million from December 31, 2024 to $61,260 million at December 31, 2025. Cash generated from operating activities was $13,193 million in 2025, compared with $13,445 million in 2024.
Source: 2025 Business in fiscal 2025 In fiscal 2025, IBM provided technology and consulting services focused on hybrid cloud and artificial intelligence. It operated in more than 175 countries through four business segments: Software, Consulting, Infrastructure and Financing.
Source: 2025
5-year changes FY2021–FY2025 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Infrastructure cycles The selected disclosures show changing hardware-cycle conditions. IBM Z revenue fell 4.9% as reported in 2021, when z15 reached its tenth quarter of availability. At the broader Infrastructure segment level, revenue rose 7.8% as reported in 2022; management linked growth to z16, launched that second quarter. Infrastructure revenue then fell 4.5% as reported in 2023, which management attributed to product cycles affecting both Hybrid Infrastructure and support. In 2025, Infrastructure revenue rose 12.1% as reported, with management citing the June z17 launch. The IBM Z figure covers a narrower business than the segment figures.
Source: 2021 , 2022 , 2023 , 2025 Cash-flow comparability IBM reported consolidated operating cash flow of $12,796 million in 2021, but that amount included ten months of Kyndryl operations, limiting comparison with subsequent years. Operating cash flow was $10,435 million in 2022, $13,931 million in 2023, $13,445 million in 2024 and $13,193 million in 2025. These later cash-flow presentations also include the Financing business. For 2025, management reported greater cash use for financing receivables associated with business growth, including the z17 sales cycle. These selected figures therefore do not establish a continuous improvement in cash generation or a constant business scope across the five-year window.
Source: 2021 , 2023 , 2024 , 2025 Request a correction IBM reported 2024 revenue of $62.8 billion, up 1.4% as reported from the prior year. Software revenue increased 8.3% as reported and 9.0% adjusted for currency.
Source: 2024 Income from continuing operations was $6.0 billion in 2024 versus $7.5 billion in 2023. The 2024 result included non-cash pension settlement charges of $3.1 billion, or $2.4 billion after tax.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Cash flow measures diverge IBM's management-defined free cash flow, a non-GAAP measure, reached $12.7 billion in 2024, up $1.5 billion from the prior year. GAAP operating cash flow declined to $13.4 billion from $13.9 billion; IBM's free cash flow measure excludes changes in Financing receivables and deducts net capital expenditures.
Source: 2024 Negative signals Segment declines In 2024, Consulting revenue declined 0.9% as reported but increased 0.6% adjusted for currency, while Infrastructure revenue fell 3.9% as reported and 2.7% adjusted for currency. Management linked Consulting's performance to clients reprioritizing spending and Infrastructure's decline to product cycle dynamics.
Source: 2024 Business context Acquisitions IBM completed eleven acquisitions in 2024, including StreamSets and webMethods from Software AG. That transaction closed on July 1, 2024 for approximately $2.3 billion (€2.13 billion) in cash, adding data ingestion capabilities to IBM's data platform and integration platform-as-a-service capabilities to its automation solutions.
Source: 2024 Business in fiscal 2024 In fiscal 2024, IBM provided technology and consulting services focused on hybrid cloud and artificial intelligence through its Software, Consulting, Infrastructure and Financing segments.
Source: 2024
5-year changes FY2020–FY2024 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Kyndryl separation IBM's 2020 report described a plan to separate the managed infrastructure services unit within Global Technology Services into a public company. The separation of Kyndryl was completed on November 3, 2021. The 2022 report excluded Kyndryl from continuing operations and segment results for every period presented. This change in reporting scope means the original 2020 figures require reconciliation before comparison with later continuing-operations figures.
Source: 2020 , 2021 , 2022 AI platform and model launches The selected disclosures trace IBM's artificial intelligence (AI) development from investment in AI models in 2022 to the launch of watsonx in mid-2023. IBM described watsonx as a platform that lets clients train, tune, validate and deploy AI models. Its 2024 discussion identified Granite 3.0 models and InstructLab among that year's hybrid cloud (combining on-site systems with public and private clouds) and AI innovations.
Source: 2022 , 2023 , 2024 ARR calculation and basis change IBM reported Hybrid Platform & Solutions annual recurring revenue (ARR) of $14.4 billion at the end of 2023 using a measure based on recurring committed contract value. In the first quarter of 2024, it changed the measure for organizational changes and a simpler calculation, using current-quarter recurring revenue multiplied by four. The 2024 report presented year-end 2023 ARR as $13.8 billion and year-end 2024 ARR as $15.3 billion. The original $14.4 billion figure should therefore not be treated as an unchanged-basis comparator; ARR is also distinct from recognized revenue.
Source: 2023 , 2024 Request a correction IBM reported revenue of $61.9 billion in 2023, up 2.2% year over year as reported, with Software and Consulting leading the growth.
Source: 2023 IBM launched watsonx in 2023 as its business AI platform. Built on Red Hat OpenShift, it offers IBM and open-source models for clients to run AI across their environments.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Operating cash flow growth Cash from operating activities was $13,931 million in 2023, an increase of $3,496 million from 2022.
Source: 2023 Negative signals Infrastructure revenue decline Infrastructure revenue fell 4.5% as reported to $14,593 million in 2023 compared with the prior year. Management attributed the decline to product cycle dynamics affecting both Hybrid Infrastructure and Infrastructure Support.
Source: 2023 Higher debt Total debt reached $56.5 billion at December 31, 2023, up $5.6 billion through net debt issuances. Management said its first-quarter borrowing was intended to address 2023 and 2024 maturities and capital allocation priorities.
Source: 2023 Tax dispute The U.S. Internal Revenue Service (IRS) issued a revised report in October 2023 concerning cross-border transactions from 2013. If sustained, the proposed adjustments would increase IBM’s income subject to tax by approximately $4.2 billion, with tax calculated at the relevant federal rate. IBM disputed the position and said it would pursue IRS Appeals and, if necessary, court proceedings.
Source: 2023 Business context Acquisitions IBM completed nine acquisitions in 2023 at an aggregate cost of $5,197 million, including Apptio, a provider of financial and operational IT management and optimization software.
Source: 2023 Business in fiscal 2023 In fiscal 2023, IBM provided software, consulting and mission-critical infrastructure focused on hybrid cloud and artificial intelligence, with financing supporting client purchases. Its four business segments were Software, Consulting, Infrastructure and Financing.
Source: 2023
5-year changes FY2019–FY2023 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Kyndryl separation IBM announced plans in 2020 to separate its Global Technology Services managed infrastructure services unit, then completed the Kyndryl separation on November 3, 2021. Transition services ended in the fourth quarter of 2023. The later reporting classified Kyndryl’s historical results as discontinued operations and excluded them from continuing operations and segment results. Consequently, figures from the original pre-separation filings require reconciliation before comparison with later continuing-operations figures.
Source: 2020 , 2021 , 2023 Cloud acquisition and AI platform launch IBM completed its Red Hat acquisition on July 9, 2019. Later disclosures reported OpenShift (software for running applications across different computing environments) annual recurring revenue of $1.0 billion exiting 2022 and $1.2 billion exiting 2023; these are recurring-revenue metrics, not annual recognized revenue. IBM also launched watsonx in mid-2023 as an artificial intelligence (AI) and data platform for training, tuning, validating and deploying AI models. These selected milestones document additions to its cloud and AI offerings without establishing their combined financial contribution.
Source: 2019 , 2022 , 2023 Revenue declines as margins rise Infrastructure revenue was $15,288 million in 2022 and $14,593 million in 2023, while its gross profit margin moved from 52.8% to 56.0%. Management attributed the 2023 revenue decline to product cycles affecting both Hybrid Infrastructure and Infrastructure Support. It attributed the margin improvement to expansion across Distributed Infrastructure and zSystems, reflecting productivity initiatives including supply-chain streamlining, partly offset by lower Infrastructure Support margins. This comparison uses the reported 2022–2023 Infrastructure scope.
Source: 2022 , 2023 Request a correction IBM’s 2022 revenue was $60,530 million, up 5.5% as reported and 11.6% at constant currency versus 2021. Incremental sales to Kyndryl contributed approximately 4 percentage points to revenue growth.
Source: 2022 Income from continuing operations fell 62.2% to $1.8 billion in 2022. Results included a one-time, non-cash pension settlement charge of $5.9 billion before tax ($4.4 billion net of tax); the charge had no cash-flow impact.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Gross margin decline Gross margin declined 0.9 percentage points to 54.0% in 2022. Management attributed pressure to investments in the hybrid cloud and AI strategy, higher labor and component costs, and currency effects.
Source: 2022 BMC dispute In May 2022, a trial court awarded BMC $718 million in direct damages and $718 million in punitive damages, plus interest and fees, in a dispute involving IBM’s former managed infrastructure services business. IBM appealed, and BMC cross-appealed. IBM stated that it did not believe it had material exposure and recorded no material liability or related indemnification asset.
Source: 2022 Business context Lower operating cash flow Consolidated operating cash flow, including discontinued operations, was $10.4 billion in 2022, down $2.4 billion from 2021; management attributed the decrease to financing receivables. Total debt stood at $50.9 billion at December 31, 2022.
Source: 2022 Business in fiscal 2022 In fiscal 2022, IBM provided technology and services for clients’ digital transformations through a hybrid cloud and AI strategy spanning Software, Consulting, Infrastructure and Financing.
Source: 2022
5-year changes FY2018–FY2022 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Red Hat acquisition and later growth IBM completed its Red Hat acquisition on July 9, 2019. Management said 2020 expenses included a full year of Red Hat operating spending and amortization of acquired intangible assets (spreading the cost of acquired non-physical assets over their useful lives) associated with the transaction. In 2022, IBM reported 12.6% year-over-year revenue growth for Red Hat. These selected disclosures trace acquisition-related spending and a later revenue result, without establishing an acquisition return.
Source: 2019 , 2020 , 2022 Kyndryl separation In 2020, IBM announced plans to separate the managed infrastructure services unit of Global Technology Services into a public company. It completed the Kyndryl separation on November 3, 2021. The 2022 report excluded Kyndryl results from continuing operations and segment results for every period presented. Comparing figures across the separation therefore requires matching reporting scope; the original pre-separation figures cannot simply be joined to later continuing-operations figures.
Source: 2020 , 2021 , 2022 Financing activities reduced Global Financing reported external revenue of $1,590 million in 2018 and $1,400 million in 2019. IBM attributed the 2019 decline in external financing revenue to winding down original equipment manufacturer (OEM) information-technology commercial financing. In 2020, it entered arrangements to sell certain financing receivables (amounts owed by financing customers) to third parties. In the third quarter of 2021, IBM sold its remaining OEM commercial financing capabilities, then reported within the Financing segment.
Source: 2018 , 2019 , 2020 , 2021 Request a correction IBM completed the separation of Kyndryl on November 3, 2021. Kyndryl’s results were reported separately as discontinued operations, outside continuing operations, and prior periods in management’s discussion were reclassified to make continuing operations comparable.
Source: 2021 Software revenue was $24,141 million in 2021, up 5.3 percent as reported from the prior year. Management said incremental fourth-quarter sales from the new commercial relationship with Kyndryl represented approximately 2 percentage points of full-year Software revenue growth.
Source: 2021 View full 10-K summary 2021 Hide full 10-K summary 2021 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Platform clients IBM reported 3,800 clients on its hybrid cloud platform at December 31, 2021, an increase of more than 1,000 from the prior year.
Source: 2021 Negative signals Transaction Processing revenue fell Transaction Processing revenue was $6,390 million in 2021, down 3.3 percent as reported from the prior year. Management said client buying cycles and a preference for more consumption-like purchasing (ongoing spending rather than a one-time license purchase) affected perpetual-license sales.
Source: 2021 Business in fiscal 2021 In 2021, IBM provided software, consulting services and mission-critical infrastructure, with a focus on helping clients use hybrid cloud and artificial intelligence to modernize applications and workflows.
Source: 2021
5-year changes FY2017–FY2021 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Acquisition, separation and new segments The selected disclosures trace the Red Hat acquisition closing on July 9, 2019, followed by IBM's October 2020 plan to separate managed infrastructure services from Global Technology Services. IBM completed the Kyndryl separation on November 3, 2021. Its 2021 report described four reportable segments—Software, Consulting, Infrastructure and Financing—compared with five in the 2019 report. These changes in business scope and segment classification require reconciliation before earlier segment results can be compared with the later presentation.
Source: 2019 , 2020 , 2021 Financing activities reduced IBM began winding down its original equipment manufacturer (OEM) information-technology commercial financing operations in the second quarter of 2019. Management described this as a move to concentrate Global Financing on IBM products and services. In 2020, IBM also arranged sales of certain financing receivables (amounts owed by financing customers) to third parties. The 2021 report records the sale of its remaining OEM commercial financing capabilities in the third quarter. These disclosures describe a deliberate reduction in financing scope, rather than establishing that lower financing revenue reflected weaker demand alone.
Source: 2019 , 2020 , 2021 Cash-flow reporting scope changes In their original annual presentations, IBM's operating cash inflows from continuing operations were $16,724 million in 2017, $15,247 million in 2018, $14,770 million in 2019 and $18,197 million in 2020. The 2021 report presented consolidated operating cash inflows of $12,796 million, including discontinued operations. That year's cash flows included ten months of Kyndryl operations, compared with twelve months in 2020. These amounts describe reported cash generation, but they do not constitute a uniform five-year continuing-operations series following the separation.
Source: 2017 , 2018 , 2019 , 2020 , 2021 Request a correction FINANCIAL STATEMENTS
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Annual reports & SEC 10-K filings SEC EDGAR 9 reports in this collection
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