IBM(NYSE:IBM) 
International Business Machines Corporation provides integrated solutions and services worldwide. Its Cloud & Cognitive Software segment offers software for vertical and domain-specific solutions in health, financial services, supply chain, and asset management, weather, and security software and se...
Website: http://www.ibm.com
Founded: 1911
Full Time Employees: 352,600
CEO: Arvind Krishna
Sector: Technology
Industry: Information Technology Services
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
- Hybrid Cloud & AI Remain Core Strategy: IBM continues to center its growth narrative on hybrid cloud and AI, leveraging Red Hat OpenShift and its software portfolio to drive recurring revenue and modernization projects.
- Software Mix and Recurring Revenue Emphasis: The company prioritizes higher-margin software and subscription-style revenue streams, aiming to improve resilience versus more cyclical hardware or one-time services revenue.
- Consulting Demand Tied to Enterprise Spend Cycles: IBM Consulting performance is closely linked to enterprise IT budgets; backlog and execution are important indicators, with demand typically stronger for transformation, cloud migration, and AI enablement work.
- Mainframe and Infrastructure Are Cyclical but Material: Infrastructure results can swing with mainframe product cycles; zSystems refresh periods can provide revenue tailwinds, while off-cycle quarters may show softness.
- Capital Allocation Focused on Dividends and Deleveraging: IBM generally maintains a shareholder-return profile with a significant dividend, while also managing debt levels post-acquisitions and funding targeted investments in software and AI.
Bull Thesis:
- Strong Hybrid Cloud & AI Leadership: IBM's strategic focus on hybrid cloud, powered by Red Hat, and its significant investments in AI (Watsonx) position it well for enterprise digital transformation. Many large organizations prefer hybrid solutions, and IBM's consulting arm helps drive adoption and integration.
- Sticky Enterprise Client Base & Recurring Revenue: IBM serves a vast base of large, established enterprise clients with mission-critical systems. This leads to high customer retention and a significant portion of recurring revenue from software subscriptions and long-term service contracts, providing stability and predictability.
- Enhanced Strategic Focus Post-Divestiture: The spin-off of Kyndryl allowed IBM to streamline its operations and concentrate resources on higher-growth, higher-margin areas like hybrid cloud, AI, and consulting. This sharper focus is expected to improve agility, innovation, and overall profitability.
- Robust Free Cash Flow Generation: IBM has a history of generating substantial free cash flow, which provides financial flexibility for strategic investments, debt reduction, and consistent shareholder returns through its long-standing dividend and potential share buybacks, appealing to value investors.
Bear Thesis:
- Persistent Legacy Business Drag: Despite strategic shifts, a significant portion of IBM's revenue still comes from legacy mainframe hardware and associated services, which are subject to cyclical demand and generally exhibit slower growth or decline, acting as a drag on overall company performance and growth rates.
- Intense Competition Across Key Segments: IBM faces formidable competition from hyperscalers (AWS, Azure, GCP) in cloud, tech giants (Microsoft, Google, NVIDIA) in AI, and established players (Accenture, Deloitte) in consulting. Gaining significant market share in these highly competitive fields remains challenging.
- Execution Risk with New Technologies (e.g., Watsonx): While IBM is investing heavily in AI with Watsonx, its past AI initiatives (e.g., earlier iterations of Watson) have faced challenges in widespread adoption and commercial success. Successful execution and market penetration of Watsonx are crucial but not guaranteed.
- Macroeconomic Headwinds & IT Spending Sensitivity: Enterprise IT spending, particularly in consulting and new software deployments, can be sensitive to economic downturns or uncertainty. A prolonged period of macroeconomic weakness could impact IBM's revenue growth, new deal signings, and overall profitability.
Main Competitors:
- Amazon Web Services (AWS) ($AMZN) (AWS Cloud Services (EC2, S3, Lambda, SageMaker)), AWS is a dominant force in the public cloud market, offering a vast array of infrastructure, platform, and software-as-a-service solutions. It competes with IBM Cloud for enterprise workloads, data analytics, and AI/ML initiatives, often serving as the public cloud component in hybrid cloud strategies where IBM aims to provide the integration and management layer.
- Accenture ($ACN) (Technology Consulting, Strategy & Consulting, Operations), Accenture is a global professional services company that directly competes with IBM Consulting for large-scale digital transformation projects, IT strategy, systems integration, and managed services. Both companies vie for enterprise clients seeking expertise in cloud adoption, AI implementation, cybersecurity, and business process optimization.
- Oracle Corporation ($ORCL) (Oracle Database, Fusion Cloud Applications, Oracle Cloud Infrastructure (OCI)), Oracle competes with IBM in enterprise software, particularly with its database technologies and business applications (ERP, CRM). Increasingly, Oracle Cloud Infrastructure (OCI) is a competitor to IBM Cloud, offering cloud services for mission-critical workloads, often leveraging its strong database ecosystem.
Moat:
IBM's competitive landscape is diverse, spanning hyperscale cloud providers, enterprise software giants, and global consulting firms. Its primary moat lies in its deep industry expertise, particularly in highly regulated sectors, its robust hybrid cloud and AI platforms (powered by Red Hat), and its legacy strength in mission-critical infrastructure like mainframes. However, it faces intense pressure from competitors with vast ecosystems, aggressive cloud innovation, and strong market share in various segments, necessitating continuous innovation and strategic partnerships to maintain relevance and growth.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue: | |||||||||||||||||||||||||||||||||||
services | 7,724,000,000 | 7,682,000,000 | 7,280,000,000 | 7,484,000,000 | 7,453,000,000 | 7,405,000,000 | 7,470,000,000 | 7,541,000,000 | 7,553,000,000 | 7,524,000,000 | 7,365,000,000 | 7,640,000,000 | 7,703,000,000 | 11,418,000,000 | 11,485,000,000 | 11,404,000,000 | 11,180,000,000 | 10,937,000,000 | 11,373,000,000 | 11,703,000,000 | 12,352,000,000 | 12,423,000,000 | 12,566,000,000 | 12,886,000,000 | 12,961,000,000 | 12,703,000,000 | 12,547,000,000 | 12,342,000,000 | 12,938,000,000 | 13,018,000,000 | 12,391,000,000 | 12,327,000,000 | 12,597,000,000 | 12,366,000,000 | 13,869,000,000 |
sales | 8,407,000,000 | 9,129,000,000 | 7,070,000,000 | 9,902,000,000 | 7,334,000,000 | 8,195,000,000 | 6,799,000,000 | 7,025,000,000 | 7,739,000,000 | 6,532,000,000 | 6,565,000,000 | 7,748,000,000 | 6,339,000,000 | 5,978,000,000 | 7,018,000,000 | 6,083,000,000 | 6,106,000,000 | 6,918,000,000 | 5,895,000,000 | 5,981,000,000 | 6,458,000,000 | 5,354,000,000 | 5,800,000,000 | 6,721,000,000 | 5,700,000,000 | 6,017,000,000 | 6,324,000,000 | 5,404,000,000 | 5,872,000,000 | 6,792,000,000 | 5,879,000,000 | 6,501,000,000 | 7,733,000,000 | 6,757,000,000 | 8,034,000,000 |
financing | 200,000,000 | 166,000,000 | 191,000,000 | 167,000,000 | 180,000,000 | 169,000,000 | 192,000,000 | 186,000,000 | 183,000,000 | 196,000,000 | 176,000,000 | 147,000,000 | 155,000,000 | 222,000,000 | 242,000,000 | 242,000,000 | 275,000,000 | 268,000,000 | 302,000,000 | 343,000,000 | 351,000,000 | 404,000,000 | 389,000,000 | 396,000,000 | 410,000,000 | 433,000,000 | 418,000,000 | 409,000,000 | 417,000,000 | 429,000,000 | 414,000,000 | 452,000,000 | 484,000,000 | 467,000,000 | 494,000,000 |
total revenue | 16,331,000,000 | 16,977,000,000 | 14,541,000,000 | 17,554,000,000 | 14,968,000,000 | 15,770,000,000 | 14,462,000,000 | 14,752,000,000 | 15,475,000,000 | 14,252,000,000 | 14,107,000,000 | 15,535,000,000 | 14,197,000,000 | 17,618,000,000 | 18,745,000,000 | 17,730,000,000 | 17,560,000,000 | 18,123,000,000 | 17,571,000,000 | 18,028,000,000 | 19,161,000,000 | 18,182,000,000 | 18,756,000,000 | 20,003,000,000 | 19,072,000,000 | 19,153,000,000 | 19,289,000,000 | 18,155,000,000 | 19,226,000,000 | 20,238,000,000 | 18,684,000,000 | 19,280,000,000 | 20,813,000,000 | 19,590,000,000 | 22,397,000,000 |
yoy | 9.11% | 7.65% | 0.55% | 18.99% | -3.28% | 10.65% | 2.52% | -5.04% | 9.00% | -19.11% | -24.74% | -12.38% | -19.15% | -2.79% | 6.68% | -1.65% | -8.36% | -0.32% | -6.32% | -9.87% | 0.47% | -5.07% | -2.76% | 10.18% | -0.80% | -5.36% | 3.24% | -5.84% | -7.63% | 3.31% | -16.58% | ||||
qoq | -3.81% | 16.75% | -17.16% | 17.28% | -5.09% | 9.04% | -1.97% | -4.67% | 8.58% | 1.03% | -9.19% | 9.42% | -19.42% | -6.01% | 5.72% | 0.97% | -3.11% | 3.14% | -2.53% | -5.91% | 5.38% | -3.06% | -6.23% | 4.88% | -0.42% | -0.71% | 6.25% | -5.57% | -5.00% | 8.32% | -3.09% | -7.37% | 6.24% | -12.53% | |
cost: | |||||||||||||||||||||||||||||||||||
total cost | 6,970,000,000 | 7,001,000,000 | 6,510,000,000 | 7,114,000,000 | 6,548,000,000 | 6,820,000,000 | 6,719,000,000 | 6,729,000,000 | 6,974,000,000 | 6,743,000,000 | 6,677,000,000 | 7,246,000,000 | 6,862,000,000 | 9,447,000,000 | 9,741,000,000 | 9,525,000,000 | 9,130,000,000 | 9,423,000,000 | 9,649,000,000 | 9,692,000,000 | 10,151,000,000 | 10,139,000,000 | 9,953,000,000 | 10,804,000,000 | 10,825,000,000 | 10,353,000,000 | 10,495,000,000 | 10,383,000,000 | 10,213,000,000 | 10,536,000,000 | 9,999,000,000 | 9,844,000,000 | 10,423,000,000 | 10,138,000,000 | 11,523,000,000 |
gross profit | 9,360,000,000 | 9,977,000,000 | 8,031,000,000 | 10,439,000,000 | 8,420,000,000 | 8,950,000,000 | 7,742,000,000 | 8,023,000,000 | 8,501,000,000 | 7,509,000,000 | 7,430,000,000 | 8,290,000,000 | 7,335,000,000 | 8,171,000,000 | 9,004,000,000 | 8,204,000,000 | 8,430,000,000 | 8,700,000,000 | 7,922,000,000 | 8,336,000,000 | 9,010,000,000 | 8,043,000,000 | 8,803,000,000 | 9,199,000,000 | 8,247,000,000 | 8,800,000,000 | 8,794,000,000 | 7,772,000,000 | 9,013,000,000 | 9,702,000,000 | 8,686,000,000 | 9,436,000,000 | 10,390,000,000 | 9,452,000,000 | 10,874,000,000 |
yoy | 11.16% | 11.47% | 3.73% | 30.11% | -0.95% | 19.19% | 4.20% | -3.22% | 15.90% | -8.10% | -17.48% | 1.05% | -12.99% | -6.08% | 13.66% | -1.58% | -6.44% | 8.17% | -10.01% | -9.38% | 9.25% | -8.60% | 0.10% | 18.36% | -8.50% | -9.30% | 1.24% | -17.63% | -13.25% | 2.64% | -20.12% | ||||
qoq | -6.18% | 24.23% | -23.07% | 23.98% | -5.92% | 15.60% | -3.50% | -5.62% | 13.21% | 1.06% | -10.37% | 13.02% | -10.23% | -9.25% | 9.75% | -2.68% | -3.10% | 9.82% | -4.97% | -7.48% | 12.02% | -8.63% | -4.30% | 11.54% | -6.28% | 0.07% | 13.15% | -13.77% | -7.10% | 11.70% | -7.95% | -9.18% | 9.92% | -13.08% | |
gross margin % | 57.31% | 58.77% | 55.23% | 59.47% | 56.25% | 56.75% | 53.53% | 54.39% | 54.93% | 52.69% | 52.67% | 53.36% | 51.67% | 46.38% | 48.03% | 46.27% | 48.01% | 48.01% | 45.09% | 46.24% | 47.02% | 44.24% | 46.93% | 45.99% | 43.24% | 45.95% | 45.59% | 42.81% | 46.88% | 47.94% | 46.49% | 48.94% | 49.92% | 48.25% | 48.55% |
expense and other | |||||||||||||||||||||||||||||||||||
selling, general and administrative | 4,748,000,000 | 5,027,000,000 | 4,886,000,000 | 4,865,000,000 | 4,911,000,000 | 4,938,000,000 | 4,974,000,000 | 4,458,000,000 | 4,900,000,000 | 4,853,000,000 | 4,391,000,000 | 4,855,000,000 | 4,597,000,000 | 4,860,000,000 | 5,334,000,000 | 5,174,000,000 | 4,647,000,000 | 5,248,000,000 | 5,955,000,000 | 5,024,000,000 | 5,456,000,000 | 4,691,000,000 | 4,363,000,000 | 4,857,000,000 | 5,445,000,000 | 4,648,000,000 | 5,160,000,000 | 5,152,000,000 | 4,732,000,000 | 5,349,000,000 | 6,012,000,000 | 4,731,000,000 | 5,179,000,000 | 5,362,000,000 | 5,281,000,000 |
research and development | 2,082,000,000 | 2,097,000,000 | 1,950,000,000 | ||||||||||||||||||||||||||||||||
intellectual property and custom development income | -219,000,000 | -215,000,000 | -253,000,000 | -300,000,000 | -238,000,000 | -241,000,000 | -216,000,000 | -190,000,000 | -248,000,000 | -180,000,000 | -121,000,000 | -176,000,000 | -121,000,000 | -153,000,000 | -135,000,000 | -147,000,000 | -134,000,000 | -203,000,000 | -116,000,000 | -166,000,000 | -222,000,000 | -217,000,000 | -173,000,000 | ||||||||||||
other (income) and expense | -173,000,000 | -39,000,000 | -165,000,000 | 177,000,000 | 2,244,000,000 | -233,000,000 | -317,000,000 | -215,000,000 | -261,000,000 | -245,000,000 | 5,755,000,000 | -81,000,000 | 246,000,000 | 234,000,000 | 315,000,000 | 362,000,000 | 253,000,000 | 179,000,000 | 182,000,000 | -31,000,000 | -747,000,000 | 275,000,000 | 280,000,000 | 413,000,000 | 37,000,000 | 253,000,000 | -133,000,000 | -301,000,000 | -143,000,000 | -103,000,000 | |||||
interest expense | 492,000,000 | 510,000,000 | 455,000,000 | 424,000,000 | 429,000,000 | 427,000,000 | 432,000,000 | 412,000,000 | 423,000,000 | 367,000,000 | 295,000,000 | 297,000,000 | 311,000,000 | 291,000,000 | 281,000,000 | 280,000,000 | 323,000,000 | 323,000,000 | 326,000,000 | 432,000,000 | 348,000,000 | 210,000,000 | 191,000,000 | 173,000,000 | 165,000,000 | 168,000,000 | 147,000,000 | 135,000,000 | 158,000,000 | 167,000,000 | 147,000,000 | 117,000,000 | 115,000,000 | 108,000,000 | 126,000,000 |
total expense and other | 6,931,000,000 | 7,380,000,000 | 6,873,000,000 | 7,133,000,000 | 9,222,000,000 | 6,730,000,000 | 6,669,000,000 | 6,150,000,000 | 6,501,000,000 | 6,451,000,000 | 11,931,000,000 | 6,568,000,000 | 6,712,000,000 | 6,852,000,000 | 7,451,000,000 | 7,299,000,000 | 6,603,000,000 | 7,129,000,000 | 7,972,000,000 | 6,813,000,000 | 6,242,000,000 | 6,160,000,000 | 5,807,000,000 | 6,423,000,000 | 7,111,000,000 | 5,735,000,000 | 6,351,000,000 | 6,348,000,000 | 5,751,000,000 | 6,653,000,000 | 7,652,000,000 | 5,815,000,000 | 6,165,000,000 | 6,451,000,000 | 6,513,000,000 |
income from continuing operations before income taxes | 2,430,000,000 | 2,597,000,000 | 1,158,000,000 | 3,306,000,000 | -802,000,000 | 2,219,000,000 | 1,074,000,000 | 1,873,000,000 | 2,000,000,000 | 1,058,000,000 | 1,722,000,000 | 623,000,000 | 1,319,000,000 | 1,552,000,000 | 905,000,000 | 1,827,000,000 | 1,571,000,000 | 1,522,000,000 | 2,768,000,000 | 1,883,000,000 | 2,996,000,000 | 2,776,000,000 | 1,136,000,000 | 3,065,000,000 | 2,443,000,000 | 1,424,000,000 | 3,263,000,000 | 3,049,000,000 | 1,034,000,000 | 3,001,000,000 | |||||
provision for income taxes | 686,000,000 | 404,000,000 | 103,000,000 | 379,000,000 | -485,000,000 | 389,000,000 | -502,000,000 | 159,000,000 | 419,000,000 | 124,000,000 | 257,000,000 | -39,000,000 | -51,000,000 | 128,000,000 | |||||||||||||||||||||
income from continuing operations | 1,744,000,000 | 2,193,000,000 | 1,054,000,000 | 2,927,000,000 | -317,000,000 | 1,830,000,000 | 1,575,000,000 | 1,714,000,000 | 1,581,000,000 | 934,000,000 | 1,465,000,000 | 662,000,000 | 1,130,000,000 | 1,325,000,000 | 956,000,000 | 1,698,000,000 | 1,362,000,000 | 1,176,000,000 | 1,673,000,000 | 2,499,000,000 | 1,593,000,000 | 2,692,000,000 | 2,402,000,000 | 1,675,000,000 | 2,726,000,000 | 2,332,000,000 | 1,753,000,000 | 2,854,000,000 | 2,505,000,000 | 2,016,000,000 | 2,962,000,000 | 3,526,000,000 | 2,415,000,000 | 3,455,000,000 | |
income from discontinued operations, net of tax | 1,000,000 | 1,000,000 | -13,000,000 | -13,000,000 | 4,000,000 | 30,000,000 | -10,000,000 | 2,000,000 | -7,000,000 | 18,000,000 | -73,000,000 | 71,000,000 | -1,000,000 | -1,000,000 | -12,000,000 | -77,000,000 | -88,000,000 | -3,437,000,000 | |||||||||||||||||
net income | 1,744,000,000 | 2,194,000,000 | 1,055,000,000 | 2,914,000,000 | -330,000,000 | 1,834,000,000 | 1,605,000,000 | 1,704,000,000 | 1,583,000,000 | 927,000,000 | 1,392,000,000 | 733,000,000 | 1,130,000,000 | 1,325,000,000 | 955,000,000 | 1,698,000,000 | 1,361,000,000 | 1,175,000,000 | 1,672,000,000 | 2,498,000,000 | 1,591,000,000 | 2,694,000,000 | 2,404,000,000 | 1,679,000,000 | 2,726,000,000 | 2,331,000,000 | 1,750,000,000 | 2,853,000,000 | 2,504,000,000 | 2,014,000,000 | 2,950,000,000 | 3,449,000,000 | 2,328,000,000 | 18,000,000 | |
yoy | -628.48% | 19.63% | -34.27% | 71.01% | -120.85% | 97.84% | 22.41% | 115.96% | -17.96% | 45.76% | -56.83% | -16.97% | 12.77% | -42.88% | -32.03% | -14.46% | -56.38% | -30.45% | 48.78% | -41.64% | 15.57% | 37.37% | -41.15% | 8.87% | 15.74% | -40.68% | -17.28% | 7.56% | 11088.89% | ||||||
qoq | -20.51% | 107.96% | -63.80% | -983.03% | -117.99% | 14.27% | -5.81% | 7.64% | 70.77% | 89.90% | -35.13% | -14.72% | 38.74% | -43.76% | 24.76% | 15.83% | -29.72% | -33.07% | 57.01% | -40.94% | 12.06% | 43.18% | -38.41% | 16.95% | 33.20% | -38.66% | 13.94% | 24.33% | -31.73% | -14.47% | 48.15% | 12833.33% | |||
net income margin % | 10.68% | 12.92% | 7.26% | 16.60% | -2.20% | 11.63% | 11.10% | 11.55% | 10.23% | 6.50% | 0% | 8.96% | 5.16% | 6.41% | 7.07% | 5.39% | 9.67% | 7.51% | 6.69% | 9.27% | 13.04% | 8.75% | 14.36% | 12.02% | 8.80% | 14.23% | 12.08% | 9.64% | 14.84% | 12.37% | 10.78% | 15.30% | 16.57% | 11.88% | 0.08% |
earnings per share of common stock: | |||||||||||||||||||||||||||||||||||
assuming dilution: | |||||||||||||||||||||||||||||||||||
continuing operations | 1.84 | 2.31 | 1.12 | 3.12 | -0.34 | 1.96 | 1.69 | 1.86 | 1.72 | 1.02 | -3.55 | 1.61 | 0.73 | 1.25 | 1.47 | 1.06 | 1.89 | 1.52 | 1.31 | 1.87 | 2.81 | 1.78 | 2.94 | 2.61 | 1.81 | 2.92 | 2.48 | 1.85 | 2.98 | 2.61 | 2.09 | 2.44 | |||
discontinued operations | -0.01 | -0.01 | 0.03 | -0.01 | -0.01 | 0.02 | -0.08 | 0.08 | -0.09 | ||||||||||||||||||||||||||
total | 1.84 | 2.31 | 1.12 | 3.11 | -0.36 | 1.96 | 1.72 | 1.84 | 1.72 | 1.01 | -3.54 | 1.53 | 0.81 | 1.25 | 1.47 | 1.06 | 1.89 | 1.52 | 1.31 | 1.87 | 2.81 | 1.78 | 2.94 | 2.61 | 1.81 | 2.92 | 2.48 | 1.85 | 2.98 | 2.61 | 2.09 | 3.01 | 3.5 | 2.35 | 0.02 |
basic: | |||||||||||||||||||||||||||||||||||
weighted-average number of common shares outstanding: | |||||||||||||||||||||||||||||||||||
assuming dilution | 948.9 | 948 | 945.4 | 937,160,288.6 | 923.6 | 934.4 | 933.4 | 923.7 | 919.5 | 917.8 | 904.1 | 910.7 | 909.2 | 906 | 904.2 | 901.7 | 897.3 | 894.9 | 895 | 892.8 | 890.8 | 893.9 | 915.2 | 919.4 | 925.4 | 933.2 | 939.6 | 947.8 | 957.3 | 960.5 | 964.4 | 979 | 986.7 | 992.3 | 997.7 |
basic | 933.9 | 930.8 | 928 | 921,766,913.7 | 923.6 | 920.3 | 917.2 | 912.8 | 909.9 | 907.5 | 904.1 | 901.5 | 899.3 | 897.1 | 895 | 893.6 | 891.4 | 889.4 | 888 | 886 | 886.3 | 889.6 | 911.2 | 915.1 | 920.7 | 929.4 | 934.9 | 942.4 | 954 | 957.4 | 961.7 | 975.1 | 982.3 | 988.1 | 991.8 |
research, development and engineering | 1,967,000,000 | 1,876,000,000 | 1,840,000,000 | 1,796,000,000 | 1,685,000,000 | 1,687,000,000 | 1,655,000,000 | 1,611,000,000 | 1,673,000,000 | 1,679,000,000 | 1,621,000,000 | 1,657,000,000 | 1,630,000,000 | 1,515,000,000 | 1,582,000,000 | 1,625,000,000 | 1,553,000,000 | 1,407,000,000 | 1,433,000,000 | 1,252,000,000 | 1,364,000,000 | 1,405,000,000 | 1,342,000,000 | 1,484,000,000 | 1,533,000,000 | 1,397,000,000 | 1,465,000,000 | 1,458,000,000 | 1,287,000,000 | 1,300,000,000 | 1,298,000,000 | 1,354,000,000 | |||
income/(loss) from continuing operations before income taxes | -4,501,000,000 | -49,000,000 | |||||||||||||||||||||||||||||||||
benefit from/(benefit from) income taxes | -1,287,000,000 | 188,000,000 | 227,000,000 | 209,000,000 | -1,226,000,000 | -151,000,000 | 269,000,000 | 289,000,000 | 373,000,000 | 339,000,000 | 111,000,000 | 409,000,000 | 544,000,000 | -983,000,000 | |||||||||||||||||||||
income/(loss) from continuing operations | -3,214,000,000 | ||||||||||||||||||||||||||||||||||
net income/ | -3,196,000,000 | ||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
earnings/(loss) per share of common stock: | |||||||||||||||||||||||||||||||||||
income/(loss) from discontinued operations, net of tax | -1,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | 2,000,000 | 1,000,000 | 4,000,000 | ||||||||||||||||||||||||||||
benefit from income taxes | 304,000,000 | 659,000,000 | 698,000,000 | 585,000,000 | 906,000,000 | ||||||||||||||||||||||||||||||
cash dividend per common share | 1.57 | 1.57 | 1.5 | 1.5 | 1.5 | 1.4 | 1.4 | 1.4 | 1.3 | 1.3 | 1.3 | 1.1 | 1.1 | ||||||||||||||||||||||
provision for/(benefit from) income taxes | |||||||||||||||||||||||||||||||||||
intellectual property and custom | |||||||||||||||||||||||||||||||||||
development income | -188,000,000 | -128,000,000 | -145,000,000 | ||||||||||||||||||||||||||||||||
income from continuing operations before | |||||||||||||||||||||||||||||||||||
income taxes | 3,621,000,000 | 4,224,000,000 | 4,361,000,000 | ||||||||||||||||||||||||||||||||
weighted-average number of common | |||||||||||||||||||||||||||||||||||
shares outstanding: | |||||||||||||||||||||||||||||||||||
* reclassified to reflect discontinued operations presentation. | |||||||||||||||||||||||||||||||||||
* reclassified to reflect discontinued operation presentation. | |||||||||||||||||||||||||||||||||||
discontinued operations: | |||||||||||||||||||||||||||||||||||
* reclassified to reflect discontinued operations presentation. see note 1 on page 9 for additional information. |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets: | |||||||||||||||||||||||||||||||||||
current assets: | |||||||||||||||||||||||||||||||||||
cash and cash equivalents | 11,569,000,000 | 11,943,000,000 | 11,035,000,000 | 561,000,000 | 13,197,000,000 | 12,210,000,000 | 14,603,000,000 | 7,257,000,000 | 9,394,000,000 | 9,337,000,000 | 7,816,000,000 | 7,034,000,000 | 9,934,000,000 | 7,455,000,000 | 7,350,000,000 | 10,531,000,000 | 14,393,000,000 | 12,041,000,000 | 11,218,000,000 | 10,087,000,000 | 45,399,000,000 | 17,134,000,000 | 11,563,000,000 | 10,741,000,000 | 11,949,000,000 | 10,915,000,000 | 11,696,000,000 | 10,096,000,000 | 9,039,000,000 | 10,017,000,000 | |||||
restricted cash | 30,000,000 | 83,000,000 | 126,000,000 | 17,000,000 | 2,268,000,000 | 162,000,000 | 19,000,000 | 31,000,000 | 198,000,000 | 159,000,000 | 220,000,000 | 286,000,000 | 352,000,000 | 215,000,000 | 142,000,000 | 160,000,000 | 147,000,000 | 152,000,000 | 138,000,000 | 135,000,000 | 137,000,000 | 168,000,000 | 219,000,000 | 313,000,000 | |||||||||||
marketable securities | 3,286,000,000 | 3,504,000,000 | 6,430,000,000 | 505,000,000 | 1,481,000,000 | 4,512,000,000 | 3,721,000,000 | 6,904,000,000 | 8,057,000,000 | 1,753,000,000 | 524,000,000 | 550,000,000 | 600,000,000 | 600,000,000 | 600,000,000 | 1,200,000,000 | 2,063,000,000 | 647,000,000 | 733,000,000 | 874,000,000 | 872,000,000 | 2,932,000,000 | 966,000,000 | 893,000,000 | 600,000,000 | 599,000,000 | 599,000,000 | 929,000,000 | 600,000,000 | ||||||
notes and accounts receivable — trade | 5,532,000,000 | 5,974,000,000 | 5,857,000,000 | 5,390,000,000 | 5,769,000,000 | 6,041,000,000 | 5,330,000,000 | 5,673,000,000 | 5,757,000,000 | 5,526,000,000 | 5,867,000,000 | 5,963,000,000 | 6,609,000,000 | 6,827,000,000 | 6,458,000,000 | 6,099,000,000 | 6,543,000,000 | 6,927,000,000 | 6,753,000,000 | 7,414,000,000 | 6,987,000,000 | ||||||||||||||
short-term financing receivables: | |||||||||||||||||||||||||||||||||||
held for investment | 5,156,000,000 | 5,586,000,000 | 5,128,000,000 | 1,317,000,000 | 5,256,000,000 | 5,075,000,000 | 4,877,000,000 | 5,032,000,000 | 5,564,000,000 | 6,057,000,000 | 6,280,000,000 | 6,619,000,000 | 6,759,000,000 | ||||||||||||||||||||||
held for sale | 745,000,000 | 746,000,000 | 588,000,000 | 900,000,000 | 509,000,000 | 723,000,000 | 644,000,000 | 593,000,000 | 865,000,000 | 605,000,000 | 395,000,000 | 614,000,000 | 410,000,000 | ||||||||||||||||||||||
other accounts receivable | 1,174,000,000 | 1,187,000,000 | 897,000,000 | 928,000,000 | 757,000,000 | 760,000,000 | 842,000,000 | 838,000,000 | 812,000,000 | 902,000,000 | 909,000,000 | 1,003,000,000 | 899,000,000 | 802,000,000 | 787,000,000 | 923,000,000 | 937,000,000 | 1,616,000,000 | 1,876,000,000 | 1,781,000,000 | 671,000,000 | 767,000,000 | 1,089,000,000 | 1,206,000,000 | 926,000,000 | 994,000,000 | 1,130,000,000 | 873,000,000 | 1,130,000,000 | ||||||
inventory, at lower of average cost or net realizable value: | |||||||||||||||||||||||||||||||||||
finished goods | 314,000,000 | 188,000,000 | 203,000,000 | 169,000,000 | 141,000,000 | 131,000,000 | 159,000,000 | 174,000,000 | 199,000,000 | 209,000,000 | 184,000,000 | 269,000,000 | 287,000,000 | 213,000,000 | 234,000,000 | 287,000,000 | 288,000,000 | 298,000,000 | 351,000,000 | 324,000,000 | 369,000,000 | 448,000,000 | 488,000,000 | 544,000,000 | 430,000,000 | 424,000,000 | 423,000,000 | 433,000,000 | 414,000,000 | ||||||
work in process and raw materials | 1,083,000,000 | 1,063,000,000 | 1,228,000,000 | 1,199,000,000 | 1,093,000,000 | 1,081,000,000 | 1,239,000,000 | 1,327,000,000 | 1,404,000,000 | 1,585,000,000 | 1,499,000,000 | 1,507,000,000 | 1,604,000,000 | 1,594,000,000 | 1,594,000,000 | 1,662,000,000 | 1,581,000,000 | 1,488,000,000 | 1,361,000,000 | 1,421,000,000 | 1,402,000,000 | 1,445,000,000 | 1,254,000,000 | 1,209,000,000 | 1,281,000,000 | 1,180,000,000 | 1,186,000,000 | 1,297,000,000 | 1,271,000,000 | ||||||
total inventory | 1,397,000,000 | 1,251,000,000 | 1,431,000,000 | 1,367,000,000 | 1,234,000,000 | 1,212,000,000 | 1,399,000,000 | 1,501,000,000 | 1,603,000,000 | 1,794,000,000 | 1,684,000,000 | 1,776,000,000 | 1,891,000,000 | 1,807,000,000 | 1,828,000,000 | 1,949,000,000 | 1,869,000,000 | 1,786,000,000 | |||||||||||||||||
deferred costs | 1,113,000,000 | 1,182,000,000 | 1,074,000,000 | 966,000,000 | 997,000,000 | 1,047,000,000 | 931,000,000 | 957,000,000 | 1,055,000,000 | 921,000,000 | 1,010,000,000 | 1,103,000,000 | 2,046,000,000 | 2,211,000,000 | 2,223,000,000 | 2,084,000,000 | 2,127,000,000 | 1,948,000,000 | 1,978,000,000 | 2,217,000,000 | 2,368,000,000 | 2,227,000,000 | 2,344,000,000 | 2,413,000,000 | |||||||||||
prepaid expenses and other current assets | 2,739,000,000 | 2,796,000,000 | 2,770,000,000 | 2,408,000,000 | 2,784,000,000 | 2,804,000,000 | 2,582,000,000 | 2,730,000,000 | 2,501,000,000 | 3,452,000,000 | 3,414,000,000 | 3,548,000,000 | 2,954,000,000 | 2,768,000,000 | 2,647,000,000 | 2,188,000,000 | 2,260,000,000 | 2,509,000,000 | 2,515,000,000 | 2,409,000,000 | 2,478,000,000 | 2,388,000,000 | 2,443,000,000 | 2,573,000,000 | 4,389,000,000 | 4,155,000,000 | 4,715,000,000 | 4,539,000,000 | 4,676,000,000 | ||||||
total current assets | 32,740,000,000 | 34,253,000,000 | 35,336,000,000 | 30,543,000,000 | 33,299,000,000 | 36,663,000,000 | 27,705,000,000 | 34,458,000,000 | 35,982,000,000 | 28,999,000,000 | 27,896,000,000 | 31,330,000,000 | 29,967,000,000 | 30,774,000,000 | 34,038,000,000 | 39,845,000,000 | 39,953,000,000 | 38,931,000,000 | 38,121,000,000 | 77,517,000,000 | 52,705,000,000 | 48,257,000,000 | 46,795,000,000 | 49,122,000,000 | 44,742,000,000 | 45,013,000,000 | 42,889,000,000 | 41,433,000,000 | 43,524,000,000 | 47,623,000,000 | 42,112,000,000 | 45,186,000,000 | 46,316,000,000 | 47,163,000,000 | |
property, plant and equipment | 18,058,000,000 | 18,160,000,000 | 17,827,000,000 | 17,994,000,000 | 17,911,000,000 | 18,071,000,000 | 18,217,000,000 | 18,588,000,000 | 18,761,000,000 | 18,675,000,000 | 19,079,000,000 | 20,006,000,000 | 32,349,000,000 | 32,575,000,000 | 32,269,000,000 | 32,432,000,000 | 31,666,000,000 | 31,089,000,000 | 31,670,000,000 | 31,843,000,000 | 32,692,000,000 | 32,484,000,000 | 32,233,000,000 | 32,775,000,000 | 31,937,000,000 | 31,291,000,000 | 30,681,000,000 | 30,842,000,000 | 30,136,000,000 | 29,627,000,000 | 29,229,000,000 | 38,639,000,000 | 38,303,000,000 | 39,950,000,000 | |
less: accumulated depreciation | 12,207,000,000 | 12,218,000,000 | 12,085,000,000 | 12,380,000,000 | 12,311,000,000 | 12,477,000,000 | 12,848,000,000 | 13,145,000,000 | 13,417,000,000 | 13,525,000,000 | 13,804,000,000 | 14,448,000,000 | 23,211,000,000 | 23,152,000,000 | 22,817,000,000 | 22,474,000,000 | 21,957,000,000 | 21,464,000,000 | 21,608,000,000 | 21,641,000,000 | 22,017,000,000 | 21,535,000,000 | 21,209,000,000 | 21,497,000,000 | 20,880,000,000 | 20,388,000,000 | 19,816,000,000 | 19,738,000,000 | 19,044,000,000 | ||||||
property, plant and equipment — net | 5,851,000,000 | 5,943,000,000 | 5,742,000,000 | 5,614,000,000 | 5,600,000,000 | 5,594,000,000 | 5,369,000,000 | 5,443,000,000 | 5,344,000,000 | 5,150,000,000 | 5,275,000,000 | 5,559,000,000 | 9,138,000,000 | 9,423,000,000 | 9,452,000,000 | 9,958,000,000 | 9,709,000,000 | 9,626,000,000 | 10,063,000,000 | 10,202,000,000 | 10,675,000,000 | 10,949,000,000 | 11,024,000,000 | 11,278,000,000 | 11,057,000,000 | 10,903,000,000 | 10,865,000,000 | 11,104,000,000 | 11,092,000,000 | 10,910,000,000 | 10,661,000,000 | 10,702,000,000 | 10,509,000,000 | 11,068,000,000 | |
operating right-of-use assets — net | 3,223,000,000 | 3,315,000,000 | 3,323,000,000 | 3,355,000,000 | 3,130,000,000 | 3,204,000,000 | 3,112,000,000 | 2,653,000,000 | 2,789,000,000 | 2,740,000,000 | 2,848,000,000 | 3,108,000,000 | 4,253,000,000 | 4,387,000,000 | 4,483,000,000 | 4,715,000,000 | 4,774,000,000 | 4,871,000,000 | |||||||||||||||||
long-term financing receivables | 6,258,000,000 | 6,171,000,000 | 4,920,000,000 | 4,931,000,000 | 5,483,000,000 | 4,927,000,000 | 4,789,000,000 | 5,221,000,000 | 5,065,000,000 | 4,781,000,000 | 5,316,000,000 | 4,610,000,000 | 5,046,000,000 | 5,674,000,000 | 5,922,000,000 | 6,423,000,000 | 7,351,000,000 | 7,708,000,000 | 7,739,000,000 | 8,441,000,000 | 8,361,000,000 | 8,179,000,000 | 8,783,000,000 | 8,856,000,000 | 8,459,000,000 | 8,296,000,000 | 8,502,000,000 | 8,936,000,000 | 9,267,000,000 | ||||||
prepaid pension assets | 8,044,000,000 | 7,983,000,000 | 7,670,000,000 | 7,975,000,000 | 7,630,000,000 | 7,545,000,000 | 8,901,000,000 | 8,735,000,000 | 8,487,000,000 | 9,695,000,000 | 9,930,000,000 | 9,995,000,000 | 8,197,000,000 | 8,046,000,000 | 7,800,000,000 | 7,636,000,000 | 7,254,000,000 | 6,933,000,000 | 5,481,000,000 | 5,319,000,000 | 4,966,000,000 | 5,655,000,000 | 5,375,000,000 | 5,129,000,000 | 4,521,000,000 | 4,015,000,000 | 3,491,000,000 | 3,487,000,000 | 2,957,000,000 | 2,332,000,000 | 4,033,000,000 | 3,440,000,000 | 2,690,000,000 | 7,443,000,000 | |
deferred taxes | 8,505,000,000 | 8,475,000,000 | 7,594,000,000 | 6,943,000,000 | 6,378,000,000 | 6,465,000,000 | 6,168,000,000 | 6,340,000,000 | 6,419,000,000 | 6,868,000,000 | 7,073,000,000 | 7,567,000,000 | 8,967,000,000 | 8,954,000,000 | 8,953,000,000 | 8,852,000,000 | 8,689,000,000 | 8,782,000,000 | 4,994,000,000 | 5,274,000,000 | 5,284,000,000 | 4,436,000,000 | 4,689,000,000 | 5,111,000,000 | 7,289,000,000 | 6,812,000,000 | 6,457,000,000 | 4,289,000,000 | 4,387,000,000 | 4,809,000,000 | 3,690,000,000 | 4,211,000,000 | 4,374,000,000 | 2,697,000,000 | |
goodwill | 67,396,000,000 | 67,506,000,000 | 66,065,000,000 | 61,092,000,000 | 59,416,000,000 | 59,534,000,000 | 59,596,000,000 | 56,385,000,000 | 56,193,000,000 | 54,218,000,000 | 55,039,000,000 | 56,106,000,000 | 61,378,000,000 | 61,645,000,000 | 59,984,000,000 | 58,355,000,000 | 57,833,000,000 | 57,517,000,000 | 57,951,000,000 | 35,284,000,000 | 36,281,000,000 | 36,526,000,000 | 36,482,000,000 | 36,732,000,000 | 36,782,000,000 | 36,517,000,000 | 36,307,000,000 | 36,401,000,000 | 36,422,000,000 | 34,322,000,000 | 30,275,000,000 | 30,535,000,000 | 29,871,000,000 | 31,045,000,000 | |
intangible assets — net | 11,729,000,000 | 12,253,000,000 | 12,392,000,000 | 11,090,000,000 | 10,251,000,000 | 10,750,000,000 | 11,278,000,000 | 10,496,000,000 | 10,905,000,000 | 10,967,000,000 | 11,571,000,000 | 12,312,000,000 | 13,025,000,000 | 13,539,000,000 | 13,535,000,000 | 13,962,000,000 | 14,270,000,000 | 14,666,000,000 | 15,613,000,000 | 2,728,000,000 | 2,956,000,000 | 3,134,000,000 | 3,344,000,000 | 3,521,000,000 | 3,981,000,000 | 4,179,000,000 | 4,436,000,000 | 4,881,000,000 | 5,148,000,000 | 4,373,000,000 | 2,775,000,000 | 2,938,000,000 | 2,991,000,000 | 3,373,000,000 | |
investments and sundry assets | 1,796,000,000 | 1,891,000,000 | 1,856,000,000 | 2,009,000,000 | 1,840,000,000 | 1,678,000,000 | 1,582,000,000 | 1,585,000,000 | 1,607,000,000 | 1,614,000,000 | 1,689,000,000 | 1,771,000,000 | 1,996,000,000 | 2,010,000,000 | 2,125,000,000 | 1,944,000,000 | 1,921,000,000 | 1,911,000,000 | 2,221,000,000 | 2,228,000,000 | 2,403,000,000 | 2,272,000,000 | 2,518,000,000 | 2,942,000,000 | 4,806,000,000 | 4,759,000,000 | 4,549,000,000 | 5,075,000,000 | 5,259,000,000 | 5,223,000,000 | 5,586,000,000 | 5,377,000,000 | 5,466,000,000 | 5,126,000,000 | |
total assets | 146,312,000,000 | 148,585,000,000 | 145,667,000,000 | 14,075,000,000 | 134,339,000,000 | 133,848,000,000 | 137,169,000,000 | 129,321,000,000 | 132,213,000,000 | 133,637,000,000 | 125,850,000,000 | 127,503,000,000 | 133,275,000,000 | 144,214,000,000 | 146,814,000,000 | 148,629,000,000 | 154,128,000,000 | 154,200,000,000 | 153,403,000,000 | 149,620,000,000 | 154,652,000,000 | 130,926,000,000 | 121,990,000,000 | 121,622,000,000 | 125,285,000,000 | 121,636,000,000 | 120,495,000,000 | 117,495,000,000 | 115,606,000,000 | 118,056,000,000 | 118,856,000,000 | 108,649,000,000 | 112,729,000,000 | 112,037,000,000 | 118,911,000,000 |
liabilities: | |||||||||||||||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||||||||||||||
taxes | 1,663,000,000 | 1,681,000,000 | 1,573,000,000 | 1,584,000,000 | 1,691,000,000 | 1,710,000,000 | 1,559,000,000 | 1,606,000,000 | 1,650,000,000 | 1,667,000,000 | 1,742,000,000 | 1,798,000,000 | 2,159,000,000 | 2,260,000,000 | 2,640,000,000 | 2,375,000,000 | 2,627,000,000 | 2,348,000,000 | 2,154,000,000 | 2,439,000,000 | 2,484,000,000 | 2,780,000,000 | 2,918,000,000 | 3,038,000,000 | 2,779,000,000 | 2,747,000,000 | 2,137,000,000 | 2,275,000,000 | |||||||
short-term debt | 7,942,000,000 | 8,945,000,000 | 6,913,000,000 | 3,599,000,000 | 3,602,000,000 | 5,471,000,000 | 6,414,000,000 | 6,785,000,000 | 4,887,000,000 | 5,937,000,000 | 5,981,000,000 | 7,690,000,000 | 7,575,000,000 | 6,442,000,000 | 5,198,000,000 | 10,285,000,000 | 9,289,000,000 | 11,642,000,000 | 8,530,000,000 | 14,594,000,000 | 10,250,000,000 | 7,646,000,000 | 5,977,000,000 | 4,299,000,000 | 8,061,000,000 | 8,340,000,000 | 6,920,000,000 | 4,887,000,000 | |||||||
accounts payable | 3,867,000,000 | 3,974,000,000 | 3,585,000,000 | 3,274,000,000 | 3,631,000,000 | 3,588,000,000 | 3,342,000,000 | 3,732,000,000 | 3,728,000,000 | 3,806,000,000 | 3,707,000,000 | 3,453,000,000 | 4,248,000,000 | 4,214,000,000 | 4,140,000,000 | 3,985,000,000 | 4,719,000,000 | 4,172,000,000 | 4,042,000,000 | 4,724,000,000 | 5,711,000,000 | 5,518,000,000 | 5,736,000,000 | 5,442,000,000 | 5,126,000,000 | 5,324,000,000 | 5,271,000,000 | 5,484,000,000 | |||||||
compensation and benefits | 3,508,000,000 | 3,353,000,000 | 3,653,000,000 | 3,250,000,000 | 3,125,000,000 | 3,190,000,000 | 3,257,000,000 | 3,185,000,000 | 2,772,000,000 | 3,369,000,000 | 3,327,000,000 | 2,937,000,000 | 3,780,000,000 | 3,846,000,000 | 3,256,000,000 | 3,602,000,000 | 3,486,000,000 | 3,029,000,000 | 3,504,000,000 | 3,556,000,000 | 3,027,000,000 | 3,686,000,000 | 3,289,000,000 | 3,918,000,000 | 3,865,000,000 | 3,197,000,000 | 3,958,000,000 | 3,950,000,000 | |||||||
deferred income | 13,878,000,000 | 15,022,000,000 | 15,057,000,000 | 12,882,000,000 | 13,643,000,000 | 14,051,000,000 | 11,917,000,000 | 12,712,000,000 | 13,220,000,000 | 11,139,000,000 | 12,522,000,000 | 13,526,000,000 | 12,264,000,000 | 13,272,000,000 | 14,197,000,000 | 11,681,000,000 | 12,469,000,000 | 13,377,000,000 | 11,223,000,000 | 11,261,000,000 | 12,134,000,000 | 11,752,000,000 | 13,059,000,000 | 10,649,000,000 | 11,541,000,000 | 12,351,000,000 | 10,815,000,000 | 11,508,000,000 | |||||||
operating lease liabilities | 807,000,000 | 820,000,000 | 798,000,000 | 790,000,000 | 762,000,000 | 784,000,000 | 807,000,000 | 842,000,000 | 869,000,000 | 844,000,000 | 884,000,000 | 954,000,000 | 1,285,000,000 | 1,334,000,000 | 1,337,000,000 | 1,336,000,000 | 1,343,000,000 | 1,327,000,000 | |||||||||||||||||
other accrued expenses and liabilities | 3,477,000,000 | 3,932,000,000 | 3,526,000,000 | 3,474,000,000 | 3,195,000,000 | 3,605,000,000 | 3,309,000,000 | 3,651,000,000 | 3,866,000,000 | 3,702,000,000 | 3,682,000,000 | 3,699,000,000 | 4,520,000,000 | 5,249,000,000 | 5,775,000,000 | 4,730,000,000 | 4,509,000,000 | 4,777,000,000 | 4,235,000,000 | 4,458,000,000 | 3,952,000,000 | 4,059,000,000 | 4,754,000,000 | 4,352,000,000 | 4,594,000,000 | 4,522,000,000 | 5,346,000,000 | 5,480,000,000 | |||||||
total current liabilities | 35,142,000,000 | 37,726,000,000 | 35,106,000,000 | 28,853,000,000 | 29,648,000,000 | 32,397,000,000 | 30,606,000,000 | 32,513,000,000 | 30,993,000,000 | 30,466,000,000 | 31,844,000,000 | 34,056,000,000 | 35,832,000,000 | 36,616,000,000 | 36,542,000,000 | 37,993,000,000 | 38,442,000,000 | 40,673,000,000 | 35,066,000,000 | 42,351,000,000 | 38,871,000,000 | 35,442,000,000 | 35,733,000,000 | 31,697,000,000 | 35,966,000,000 | 36,481,000,000 | 34,447,000,000 | 33,585,000,000 | |||||||
long-term debt | 55,174,000,000 | 55,219,000,000 | 56,371,000,000 | 52,980,000,000 | 52,929,000,000 | 54,033,000,000 | 48,828,000,000 | 50,691,000,000 | 53,826,000,000 | 44,942,000,000 | 44,328,000,000 | 46,545,000,000 | 46,926,000,000 | 48,735,000,000 | 51,206,000,000 | 55,129,000,000 | 55,449,000,000 | 52,685,000,000 | 57,797,000,000 | 58,445,000,000 | 39,727,000,000 | 37,851,000,000 | 40,410,000,000 | 41,327,000,000 | 37,612,000,000 | 34,441,000,000 | 35,563,000,000 | 39,638,000,000 | |||||||
retirement and nonpension postretirement benefit obligations | 9,735,000,000 | 9,882,000,000 | 9,536,000,000 | 10,366,000,000 | 10,200,000,000 | 10,421,000,000 | 9,090,000,000 | 9,385,000,000 | 9,509,000,000 | 11,760,000,000 | 13,118,000,000 | 13,937,000,000 | 16,764,000,000 | 17,265,000,000 | 17,346,000,000 | 16,732,000,000 | 16,483,000,000 | 16,474,000,000 | 15,925,000,000 | 16,471,000,000 | 16,467,000,000 | 15,963,000,000 | 16,750,000,000 | 17,554,000,000 | 17,320,000,000 | 16,967,000,000 | 16,688,000,000 | 16,723,000,000 | |||||||
other liabilities | 11,762,000,000 | 11,522,000,000 | 11,105,000,000 | 613,000,000 | 11,186,000,000 | 10,932,000,000 | 10,914,000,000 | 12,081,000,000 | 12,103,000,000 | 12,099,000,000 | 13,413,000,000 | 13,486,000,000 | 13,844,000,000 | 15,179,000,000 | 14,741,000,000 | 14,489,000,000 | 15,484,000,000 | 15,666,000,000 | 15,874,000,000 | 15,564,000,000 | 12,190,000,000 | 12,184,000,000 | 10,000,000,000 | 10,250,000,000 | 7,723,000,000 | 7,437,000,000 | 7,601,000,000 | 8,138,000,000 | 8,385,000,000 | ||||||
total liabilities | 118,322,000,000 | 120,998,000,000 | 118,714,000,000 | 12,729,000,000 | 109,809,000,000 | 109,745,000,000 | 113,836,000,000 | 106,165,000,000 | 109,942,000,000 | 111,964,000,000 | 105,703,000,000 | 108,026,000,000 | 114,162,000,000 | 121,858,000,000 | 124,747,000,000 | 127,116,000,000 | 132,794,000,000 | 133,512,000,000 | 133,275,000,000 | 131,524,000,000 | 136,876,000,000 | 114,320,000,000 | 102,974,000,000 | 106,995,000,000 | 101,879,000,000 | 101,951,000,000 | 99,047,000,000 | 98,447,000,000 | 102,167,000,000 | ||||||
equity: | |||||||||||||||||||||||||||||||||||
ibm stockholders’ equity: | |||||||||||||||||||||||||||||||||||
common stock | 62,819,000,000 | 62,392,000,000 | 61,913,000,000 | 61,013,000,000 | 60,501,000,000 | 60,145,000,000 | 59,313,000,000 | 58,963,000,000 | 58,675,000,000 | 58,117,000,000 | 57,802,000,000 | 57,603,000,000 | 57,189,000,000 | 56,912,000,000 | 56,788,000,000 | 56,366,000,000 | 56,135,000,000 | 56,092,000,000 | 55,808,000,000 | 55,404,000,000 | 55,287,000,000 | 54,827,000,000 | 54,712,000,000 | 54,395,000,000 | 54,235,000,000 | 54,104,000,000 | 53,759,000,000 | 53,565,000,000 | |||||||
shares authorized: 4,687,500,000 | |||||||||||||||||||||||||||||||||||
shares issued: 2025 - 2,288,396,487 | |||||||||||||||||||||||||||||||||||
2024 - 2,279,164,313 | |||||||||||||||||||||||||||||||||||
retained earnings | 151,581,000,000 | 151,367,000,000 | 150,703,000,000 | 149,789,000,000 | 151,659,000,000 | 151,362,000,000 | 149,506,000,000 | 149,318,000,000 | 149,253,000,000 | 148,611,000,000 | 153,298,000,000 | 153,401,000,000 | 161,747,000,000 | 162,086,000,000 | 162,218,000,000 | 162,806,000,000 | 162,559,000,000 | 162,626,000,000 | 160,709,000,000 | 160,467,000,000 | 159,396,000,000 | 157,349,000,000 | 156,371,000,000 | 155,565,000,000 | 154,234,000,000 | 153,292,000,000 | 149,585,000,000 | 148,071,000,000 | |||||||
treasury stock | -170,512,000,000 | -170,209,000,000 | -170,160,000,000 | -169,935,000,000 | -169,815,000,000 | -169,759,000,000 | -169,640,000,000 | -169,581,000,000 | -169,544,000,000 | -169,514,000,000 | -169,522,000,000 | -169,422,000,000 | -169,406,000,000 | -169,404,000,000 | -169,360,000,000 | -169,380,000,000 | -169,386,000,000 | -169,437,000,000 | -169,474,000,000 | -169,385,000,000 | |||||||||||||||
shares: 2025 - 1,353,661,281 | |||||||||||||||||||||||||||||||||||
2024 - 1,352,874,243 | |||||||||||||||||||||||||||||||||||
accumulated other comprehensive income | -15,983,000,000 | -16,041,000,000 | -15,575,000,000 | -16,418,000,000 | -18,319,000,000 | -18,488,000,000 | -16,098,000,000 | -16,780,000,000 | -22,169,000,000 | -28,257,000,000 | -28,584,000,000 | ||||||||||||||||||||||||
total ibm stockholders’ equity | 27,905,000,000 | 27,509,000,000 | 26,880,000,000 | 24,448,000,000 | 24,026,000,000 | 23,261,000,000 | 23,081,000,000 | 22,201,000,000 | 21,604,000,000 | 20,076,000,000 | 19,409,000,000 | 19,050,000,000 | 22,228,000,000 | 21,942,000,000 | 21,389,000,000 | 21,208,000,000 | 20,551,000,000 | 19,999,000,000 | 17,956,000,000 | 17,645,000,000 | 16,481,000,000 | 18,520,000,000 | 18,166,000,000 | 19,627,000,000 | 18,419,000,000 | 18,327,000,000 | 17,010,000,000 | 15,733,000,000 | |||||||
noncontrolling interests | 85,000,000 | 79,000,000 | 72,000,000 | 82,000,000 | 77,000,000 | 72,000,000 | 75,000,000 | 70,000,000 | 68,000,000 | 71,000,000 | 67,000,000 | 62,000,000 | 129,000,000 | 125,000,000 | 124,000,000 | 126,000,000 | 137,000,000 | 129,000,000 | 139,000,000 | 131,000,000 | 126,000,000 | 128,000,000 | 124,000,000 | 130,000,000 | 125,000,000 | 121,000,000 | 149,000,000 | 156,000,000 | |||||||
total equity | 27,990,000,000 | 27,588,000,000 | 26,953,000,000 | 1,346,000,000 | 24,530,000,000 | 24,103,000,000 | 23,333,000,000 | 23,156,000,000 | 22,271,000,000 | 21,672,000,000 | 20,147,000,000 | 19,476,000,000 | 19,112,000,000 | 22,357,000,000 | 22,067,000,000 | 21,513,000,000 | 21,334,000,000 | 20,688,000,000 | 20,128,000,000 | 18,096,000,000 | 17,776,000,000 | 16,607,000,000 | 18,648,000,000 | 18,290,000,000 | 19,757,000,000 | 18,544,000,000 | 18,448,000,000 | 17,159,000,000 | 15,889,000,000 | ||||||
total liabilities and equity | 146,312,000,000 | 148,585,000,000 | 145,667,000,000 | 14,075,000,000 | 134,339,000,000 | 133,848,000,000 | 137,169,000,000 | 129,321,000,000 | 132,213,000,000 | 133,637,000,000 | 125,850,000,000 | 127,503,000,000 | 133,275,000,000 | 144,214,000,000 | 146,814,000,000 | 148,629,000,000 | 154,128,000,000 | 154,200,000,000 | 153,403,000,000 | 149,620,000,000 | 154,652,000,000 | 130,926,000,000 | 121,622,000,000 | 125,285,000,000 | 121,636,000,000 | 120,495,000,000 | 117,495,000,000 | 115,606,000,000 | 118,056,000,000 | ||||||
shares issued: 2025 - 2,284,546,988 | |||||||||||||||||||||||||||||||||||
shares: 2025 - 1,353,027,746 | |||||||||||||||||||||||||||||||||||
shares issued: 2025 - 2,282,650,578 | |||||||||||||||||||||||||||||||||||
shares: 2025 - 1,353,254,003 | |||||||||||||||||||||||||||||||||||
client financing receivables | |||||||||||||||||||||||||||||||||||
net investment in sales-type and direct financing leases | 3,490,000,000 | ||||||||||||||||||||||||||||||||||
client loans | 6,804,000,000 | ||||||||||||||||||||||||||||||||||
total client financing receivables | 10,294,000,000 | ||||||||||||||||||||||||||||||||||
commercial financing receivables | |||||||||||||||||||||||||||||||||||
other receivables | 17,000,000 | ||||||||||||||||||||||||||||||||||
total external receivables | 12,528,000,000 | ||||||||||||||||||||||||||||||||||
intercompany assets | 800,000,000 | ||||||||||||||||||||||||||||||||||
other assets | 187,000,000 | ||||||||||||||||||||||||||||||||||
debt | 12,116,000,000 | ||||||||||||||||||||||||||||||||||
shares issued: 2024 - 2,277,669,454 | |||||||||||||||||||||||||||||||||||
2023 - 2,266,911,160 | |||||||||||||||||||||||||||||||||||
shares: 2024 - 1,353,024,302 | |||||||||||||||||||||||||||||||||||
2023 - 1,351,897,514 | |||||||||||||||||||||||||||||||||||
shares issued: 2024 - 2,273,721,246 | |||||||||||||||||||||||||||||||||||
shares: 2024 - 1,352,573,051 | |||||||||||||||||||||||||||||||||||
shares issued: 2024 - 2,271,074,279 | |||||||||||||||||||||||||||||||||||
shares: 2024 - 1,352,471,614 | |||||||||||||||||||||||||||||||||||
shares issued: 2023 - 2,265,198,427 | |||||||||||||||||||||||||||||||||||
2022 - 2,257,116,920 | |||||||||||||||||||||||||||||||||||
shares: 2023 - 1,352,079,846 | |||||||||||||||||||||||||||||||||||
2022 - 1,351,024,943 | |||||||||||||||||||||||||||||||||||
shares issued: 2023 - 2,262,697,191 | |||||||||||||||||||||||||||||||||||
shares: 2023 - 1,351,690,951 | |||||||||||||||||||||||||||||||||||
accumulated other comprehensive income/ | -16,499,000,000 | -17,138,000,000 | -22,532,000,000 | -27,302,000,000 | -27,652,000,000 | -28,757,000,000 | -29,283,000,000 | -29,086,000,000 | -28,841,000,000 | ||||||||||||||||||||||||||
shares issued: 2023 - 2,259,497,847 | |||||||||||||||||||||||||||||||||||
shares: 2023 - 1,351,452,434 | |||||||||||||||||||||||||||||||||||
| 2,022,000,000 | 2,022,000,000 | 2,022,000,000 | 2,021,000,000 | 2,021,000,000 | 2,021,000,000 | 2,020,000,000 | 2,020,000,000 | 2,020,000,000 | 2,019,000,000 | 2,019,000,000 | ||||||||||||||||||||||||
shares issued: 2022 - 2,255,410,248 | |||||||||||||||||||||||||||||||||||
2021 - 2,248,577,848 | |||||||||||||||||||||||||||||||||||
shares: 2022 - 1,351,283,886 | |||||||||||||||||||||||||||||||||||
2021 - 1,350,509,249 | |||||||||||||||||||||||||||||||||||
shares issued: 2022 - 2,254,538,572 | |||||||||||||||||||||||||||||||||||
shares: 2022 - 1,351,358,219 | |||||||||||||||||||||||||||||||||||
shares issued: 2022 - 2,250,139,983 | |||||||||||||||||||||||||||||||||||
shares: 2022 - 1,350,704,659 | |||||||||||||||||||||||||||||||||||
short-term financing receivables | 7,161,000,000 | 8,194,000,000 | 8,822,000,000 | 10,848,000,000 | 11,967,000,000 | 12,126,000,000 | 12,330,000,000 | 15,543,000,000 | 20,287,000,000 | 19,249,000,000 | 19,806,000,000 | 20,245,000,000 | 18,050,000,000 | 17,563,000,000 | 16,362,000,000 | 16,032,000,000 | 16,635,000,000 | ||||||||||||||||||
shares issued: 2021 - 2,247,465,474 | |||||||||||||||||||||||||||||||||||
2020 - 2,242,969,004 | |||||||||||||||||||||||||||||||||||
shares: 2021 - 1,350,665,124 | |||||||||||||||||||||||||||||||||||
2020 - 1,350,315,580 | |||||||||||||||||||||||||||||||||||
shares issued: 2021 - 2,246,982,842 | |||||||||||||||||||||||||||||||||||
shares: 2021 - 1,350,662,770 | |||||||||||||||||||||||||||||||||||
shares issued: 2021 - 2,244,015,188 | |||||||||||||||||||||||||||||||||||
shares: 2021 - 1,350,492,360 | |||||||||||||||||||||||||||||||||||
shares issued: 2020 - 2,241,658,034 | |||||||||||||||||||||||||||||||||||
2019 - 2,237,996,975 | |||||||||||||||||||||||||||||||||||
shares: 2020 - 1,350,600,918 | |||||||||||||||||||||||||||||||||||
2019 - 1,350,886,521 | |||||||||||||||||||||||||||||||||||
shares issued: 2020 - 2,241,228,730 | |||||||||||||||||||||||||||||||||||
shares: 2020 - 1,350,649,982 | |||||||||||||||||||||||||||||||||||
shares issued: 2020 - 2,238,932,461 | |||||||||||||||||||||||||||||||||||
shares: 2020 - 1,351,040,504 | |||||||||||||||||||||||||||||||||||
inventories, at lower of average cost or net realizable value: | |||||||||||||||||||||||||||||||||||
total inventories | 1,712,000,000 | 1,745,000,000 | 1,771,000,000 | 1,893,000,000 | 1,742,000,000 | 1,753,000,000 | 1,711,000,000 | 1,604,000,000 | 1,609,000,000 | 1,729,000,000 | 1,685,000,000 | ||||||||||||||||||||||||
operating right-of-use assets — net* | 4,901,000,000 | 4,998,000,000 | 4,634,000,000 | ||||||||||||||||||||||||||||||||
operating lease liabilities* | 1,377,000,000 | 1,319,000,000 | 1,313,000,000 | ||||||||||||||||||||||||||||||||
shares issued: 2019 - 2,237,055,309 | |||||||||||||||||||||||||||||||||||
2018 - 2,233,427,058 | |||||||||||||||||||||||||||||||||||
shares: 2019 - 1,351,417,855 | |||||||||||||||||||||||||||||||||||
2018 - 1,340,947,648 | |||||||||||||||||||||||||||||||||||
shares issued: 2019 - 2,236,702,273 | |||||||||||||||||||||||||||||||||||
shares: 2019 - 1,350,827,113 | |||||||||||||||||||||||||||||||||||
shares issued: 2019 - 2,234,819,047 | |||||||||||||||||||||||||||||||||||
shares: 2019 - 1,348,176,174 | |||||||||||||||||||||||||||||||||||
notes and accounts receivable - trade | 7,071,000,000 | 7,445,000,000 | 7,778,000,000 | 8,150,000,000 | 8,401,000,000 | 8,377,000,000 | 8,291,000,000 | 8,782,000,000 | |||||||||||||||||||||||||||
shares issued: | 2,018,000,000 | ||||||||||||||||||||||||||||||||||
shares: | |||||||||||||||||||||||||||||||||||
inventories, at lower of average cost or market: | |||||||||||||||||||||||||||||||||||
shares issued: 2018 - 2,232,306,588 | |||||||||||||||||||||||||||||||||||
2017 - 2,229,428,813 | |||||||||||||||||||||||||||||||||||
shares: 2018 - 1,319,538,399 | |||||||||||||||||||||||||||||||||||
2017 - 1,307,249,588 | |||||||||||||||||||||||||||||||||||
shares issued: 2018 - 2,230,466,068 | |||||||||||||||||||||||||||||||||||
shares: 2018 - 1,312,497,762 | |||||||||||||||||||||||||||||||||||
shares issued: 2017 - 2,228,489,401 | |||||||||||||||||||||||||||||||||||
2016 - 2,225,116,815 | |||||||||||||||||||||||||||||||||||
shares: 2017 - 1,302,698,023 | |||||||||||||||||||||||||||||||||||
2016 - 1,279,249,412 | |||||||||||||||||||||||||||||||||||
shares issued: 2017 - 2,228,061,851 | |||||||||||||||||||||||||||||||||||
shares: 2017 - 1,296,121,555 | |||||||||||||||||||||||||||||||||||
shares issued: 2017 - 2,226,175,975 | |||||||||||||||||||||||||||||||||||
shares: 2017 - 1,286,679,091 | |||||||||||||||||||||||||||||||||||
shares issued: 2016 - 2,224,594,441 | |||||||||||||||||||||||||||||||||||
2015 - 2,221,223,449 | |||||||||||||||||||||||||||||||||||
shares: 2016 - 1,273,739,890 | |||||||||||||||||||||||||||||||||||
2015 - 1,255,494,724 | |||||||||||||||||||||||||||||||||||
shares issued:2016 - 2,224,090,577 | |||||||||||||||||||||||||||||||||||
shares:2016 - 1,268,246,360 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-03-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||||||||||||||
net income | 1,744,000,000 | 2,194,000,000 | 1,055,000,000 | -330,000,000 | 1,834,000,000 | 1,605,000,000 | 1,703,000,000 | 1,584,000,000 | 927,000,000 | 1,392,000,000 | 733,000,000 | 1,130,000,000 | 1,325,000,000 | 955,000,000 | 1,698,000,000 | 1,361,000,000 | 1,175,000,000 | 1,672,000,000 | 2,498,000,000 | 1,591,000,000 | 1,679,000,000 | 2,725,000,000 | 2,332,000,000 | 1,750,000,000 | 2,853,000,000 | 2,504,000,000 | 2,014,000,000 | 2,950,000,000 | 3,449,000,000 | 2,328,000,000 | |
adjustments to reconcile net income to cash from operating activities: | |||||||||||||||||||||||||||||||
pension settlement charge | |||||||||||||||||||||||||||||||
depreciation | 584,000,000 | 578,000,000 | 536,000,000 | 563,000,000 | 548,000,000 | 533,000,000 | 521,000,000 | 520,000,000 | 527,000,000 | 586,000,000 | 620,000,000 | 631,000,000 | 1,037,000,000 | 1,050,000,000 | 1,052,000,000 | 1,070,000,000 | 1,056,000,000 | 1,012,000,000 | 1,058,000,000 | 987,000,000 | 1,143,000,000 | 774,000,000 | 792,000,000 | 730,000,000 | 709,000,000 | 724,000,000 | 705,000,000 | 677,000,000 | 646,000,000 | 665,000,000 | 670,000,000 |
amortization of capitalized software and acquired intangible assets | 699,000,000 | 687,000,000 | 641,000,000 | 705,000,000 | 607,000,000 | 598,000,000 | |||||||||||||||||||||||||
stock-based compensation | 443,000,000 | 441,000,000 | 401,000,000 | 330,000,000 | 316,000,000 | 320,000,000 | 287,000,000 | 288,000,000 | 268,000,000 | 251,000,000 | 254,000,000 | 234,000,000 | 262,000,000 | 244,000,000 | 213,000,000 | 222,000,000 | 247,000,000 | 189,000,000 | 220,000,000 | 135,000,000 | 113,000,000 | 116,000,000 | 123,000,000 | 136,000,000 | 129,000,000 | 142,000,000 | 128,000,000 | 133,000,000 | 112,000,000 | 130,000,000 | 127,000,000 |
net loss on divestitures, asset sales and other | -6,000,000 | -18,000,000 | -22,000,000 | -352,000,000 | |||||||||||||||||||||||||||
changes in operating assets and liabilities, net of acquisitions/divestitures | -383,000,000 | -2,180,000,000 | 1,759,000,000 | -759,000,000 | -1,213,000,000 | 1,365,000,000 | -51,000,000 | -251,000,000 | 1,559,000,000 | -2,249,000,000 | -1,522,000,000 | 1,076,000,000 | -356,000,000 | -472,000,000 | 2,066,000,000 | 764,000,000 | 444,000,000 | 1,162,000,000 | 99,000,000 | -375,000,000 | 1,785,000,000 | 1,658,000,000 | -473,000,000 | -179,000,000 | 964,000,000 | 159,000,000 | -287,000,000 | 2,302,000,000 | -205,000,000 | -494,000,000 | -165,000,000 |
net cash from operating activities | 3,082,000,000 | 1,701,000,000 | 4,370,000,000 | 2,881,000,000 | 2,066,000,000 | 4,168,000,000 | 3,056,000,000 | 2,638,000,000 | 3,774,000,000 | 1,901,000,000 | 1,321,000,000 | 3,248,000,000 | 2,713,000,000 | 2,625,000,000 | 4,914,000,000 | 4,285,000,000 | 3,576,000,000 | 4,476,000,000 | 3,619,000,000 | 2,941,000,000 | 4,759,000,000 | 4,602,000,000 | 3,570,000,000 | 3,466,000,000 | 3,955,000,000 | 4,213,000,000 | 3,443,000,000 | 5,645,000,000 | 4,235,000,000 | 3,884,000,000 | 3,610,000,000 |
capital expenditures | -255,000,000 | -210,000,000 | -244,000,000 | -286,000,000 | -220,000,000 | -239,000,000 | -281,000,000 | -364,000,000 | -300,000,000 | -317,000,000 | -339,000,000 | -281,000,000 | -558,000,000 | -560,000,000 | -494,000,000 | -725,000,000 | -585,000,000 | -630,000,000 | -588,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -956,000,000 | -948,000,000 | -865,000,000 | -857,000,000 |
free cash flows | 2,827,000,000 | 1,491,000,000 | 4,126,000,000 | 2,595,000,000 | 1,846,000,000 | 3,929,000,000 | 2,775,000,000 | 2,274,000,000 | 3,474,000,000 | 1,584,000,000 | 982,000,000 | 2,967,000,000 | 2,155,000,000 | 2,065,000,000 | 4,420,000,000 | 3,560,000,000 | 2,991,000,000 | 3,846,000,000 | 3,031,000,000 | 2,941,000,000 | 4,759,000,000 | 4,602,000,000 | 3,570,000,000 | 3,466,000,000 | 3,955,000,000 | 4,213,000,000 | 3,443,000,000 | 4,689,000,000 | 3,287,000,000 | 3,019,000,000 | 2,753,000,000 |
cash flows from investing activities: | |||||||||||||||||||||||||||||||
payments for property, plant and equipment | -255,000,000 | -210,000,000 | -244,000,000 | -286,000,000 | -220,000,000 | -239,000,000 | -281,000,000 | -364,000,000 | -300,000,000 | -317,000,000 | -339,000,000 | -281,000,000 | -558,000,000 | -560,000,000 | -494,000,000 | -725,000,000 | -585,000,000 | -630,000,000 | -588,000,000 | -956,000,000 | -948,000,000 | -865,000,000 | -857,000,000 | ||||||||
proceeds from disposition of property, plant and equipment/other | 7,000,000 | 37,000,000 | 74,000,000 | 479,000,000 | |||||||||||||||||||||||||||
investment in software | -162,000,000 | -163,000,000 | -151,000,000 | -138,000,000 | -224,000,000 | -134,000,000 | -112,000,000 | -137,000,000 | -168,000,000 | -138,000,000 | -172,000,000 | -169,000,000 | -176,000,000 | -204,000,000 | -175,000,000 | -168,000,000 | -148,000,000 | -153,000,000 | -163,000,000 | -144,000,000 | -117,000,000 | -177,000,000 | -113,000,000 | ||||||||
purchases of marketable securities and other investments | -1,170,000,000 | -1,254,000,000 | -6,486,000,000 | -905,000,000 | -662,000,000 | -4,934,000,000 | -1,114,000,000 | -729,000,000 | -8,531,000,000 | -2,138,000,000 | -1,311,000,000 | -1,025,000,000 | -764,000,000 | -1,015,000,000 | -875,000,000 | -1,534,000,000 | -2,382,000,000 | -1,096,000,000 | -1,010,000,000 | ||||||||||||
proceeds from disposition of marketable securities and other investments | 1,200,000,000 | 4,035,000,000 | 927,000,000 | 1,774,000,000 | 3,453,000,000 | 464,000,000 | 4,042,000,000 | 1,550,000,000 | 1,050,000,000 | 944,000,000 | 1,029,000,000 | 682,000,000 | 890,000,000 | 763,000,000 | 549,000,000 | 2,360,000,000 | 1,004,000,000 | 938,000,000 | 1,598,000,000 | 809,000,000 | 674,000,000 | 810,000,000 | 895,000,000 | 902,000,000 | 981,000,000 | 1,473,000,000 | |||||
acquisition of businesses, net of cash acquired | -58,000,000 | -747,000,000 | -7,098,000,000 | -2,513,000,000 | -153,000,000 | -82,000,000 | -4,589,000,000 | -334,000,000 | -22,000,000 | -62,000,000 | -260,000,000 | -698,000,000 | -152,000,000 | -1,746,000,000 | -1,120,000,000 | -18,000,000 | -6,000,000 | -13,000,000 | -32,587,000,000 | -2,590,000,000 | -113,000,000 | -560,000,000 | -148,000,000 | ||||||||
divestiture of businesses, net of cash transferred | 0 | 0 | -1,000,000 | ||||||||||||||||||||||||||||
net cash from investing activities | -438,000,000 | 1,698,000,000 | -12,979,000,000 | -1,587,000,000 | -7,960,000,000 | -2,000,000,000 | -1,343,000,000 | -1,931,000,000 | 560,000,000 | ||||||||||||||||||||||
cash flows from financing activities: | |||||||||||||||||||||||||||||||
proceeds from new debt | 6,000,000 | 7,000,000 | 8,378,000,000 | 0 | 219,000,000 | 5,486,000,000 | 154,000,000 | 0 | 9,432,000,000 | 3,395,000,000 | 318,000,000 | 4,084,000,000 | 151,000,000 | 192,000,000 | 51,000,000 | 147,000,000 | 4,135,000,000 | 6,055,000,000 | 247,000,000 | 25,270,000,000 | 5,979,000,000 | 2,170,000,000 | 3,520,000,000 | 2,948,000,000 | 2,887,000,000 | 105,000,000 | 178,000,000 | 8,085,000,000 | 936,000,000 | 475,000,000 | 2,290,000,000 |
payments to settle debt | -1,114,000,000 | -1,308,000,000 | -1,257,000,000 | -1,267,000,000 | -3,118,000,000 | -2,106,000,000 | -1,713,000,000 | -1,135,000,000 | -2,125,000,000 | -1,487,000,000 | -2,830,000,000 | -1,129,000,000 | -1,347,000,000 | -1,713,000,000 | -4,261,000,000 | -379,000,000 | -3,138,000,000 | -5,285,000,000 | -5,022,000,000 | -2,211,000,000 | -926,000,000 | -1,639,000,000 | -2,824,000,000 | ||||||||
short-term borrowings/(repayments) less than 90 days — net | 0 | 0 | -29,000,000 | 1,000,000 | 9,000,000 | 0 | -3,000,000 | 230,000,000 | -1,000,000 | -8,000,000 | 908,000,000 | 21,000,000 | -89,000,000 | -18,000,000 | -1,035,000,000 | 586,000,000 | -1,833,000,000 | -328,000,000 | 21,000,000 | 412,000,000 | -910,000,000 | 903,000,000 | 953,000,000 | -776,000,000 | |||||||
common stock repurchases for tax withholdings | -414,000,000 | -153,000,000 | -284,000,000 | -189,000,000 | -151,000,000 | -199,000,000 | -98,000,000 | -144,000,000 | -96,000,000 | -14,000,000 | -235,000,000 | -80,000,000 | -18,000,000 | -193,000,000 | -41,000,000 | -14,000,000 | -167,000,000 | -44,000,000 | -34,000,000 | ||||||||||||
proceeds from issuance of shares | 134,000,000 | 185,000,000 | 216,000,000 | ||||||||||||||||||||||||||||
financing — other | -55,000,000 | -22,000,000 | -32,000,000 | 224,000,000 | 73,000,000 | 216,000,000 | 30,000,000 | 59,000,000 | -3,000,000 | 81,000,000 | 40,000,000 | -15,000,000 | 27,000,000 | 29,000,000 | 15,000,000 | 29,000,000 | 30,000,000 | 13,000,000 | 27,000,000 | 32,000,000 | 9,000,000 | 16,000,000 | |||||||||
cash dividends paid | -1,569,000,000 | -1,563,000,000 | -1,549,000,000 | -1,543,000,000 | -1,536,000,000 | -1,522,000,000 | -1,515,000,000 | -1,510,000,000 | -1,497,000,000 | -1,491,000,000 | -1,488,000,000 | -1,475,000,000 | -1,471,000,000 | -1,467,000,000 | -1,457,000,000 | -1,453,000,000 | -1,450,000,000 | -1,440,000,000 | -1,436,000,000 | -1,250,000,000 | -1,270,000,000 | -1,278,000,000 | -1,088,000,000 | ||||||||
net cash from financing activities | -3,012,000,000 | -2,854,000,000 | 5,443,000,000 | -2,765,000,000 | 5,708,000,000 | -5,783,000,000 | -1,848,000,000 | -2,568,000,000 | -3,402,000,000 | ||||||||||||||||||||||
effect of exchange rate changes on cash, cash equivalents and restricted cash | -58,000,000 | 320,000,000 | 167,000,000 | 207,000,000 | -77,000,000 | -159,000,000 | -119,000,000 | -25,000,000 | 24,000,000 | -196,000,000 | -262,000,000 | -5,000,000 | -94,000,000 | 69,000,000 | -134,000,000 | 101,000,000 | 102,000,000 | -403,000,000 | -379,000,000 | 100,000,000 | |||||||||||
net change in cash, cash equivalents and restricted cash | -427,000,000 | 865,000,000 | -2,999,000,000 | -1,264,000,000 | -287,000,000 | 1,676,000,000 | -2,149,000,000 | -111,000,000 | 1,547,000,000 | 721,000,000 | -2,966,000,000 | 3,263,000,000 | 242,000,000 | -3,108,000,000 | -3,002,000,000 | 2,365,000,000 | 817,000,000 | 3,057,000,000 | -35,309,000,000 | 28,262,000,000 | 5,668,000,000 | 28,000,000 | |||||||||
cash, cash equivalents and restricted cash at january 1 | 0 | 0 | 14,160,000,000 | 0 | 0 | 13,089,000,000 | 0 | 0 | 7,988,000,000 | 0 | 0 | 6,957,000,000 | 0 | 0 | 13,675,000,000 | 0 | 0 | 8,314,000,000 | 0 | 0 | 11,604,000,000 | 12,234,000,000 | |||||||||
cash, cash equivalents and restricted cash at september 30 | |||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash at june 30 | |||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash at march 31 | 11,161,000,000 | 14,765,000,000 | 9,535,000,000 | 10,219,000,000 | 10,673,000,000 | 11,371,000,000 | 17,272,000,000 | 12,262,000,000 | |||||||||||||||||||||||
divestitures of businesses, net of cash transferred | 2,000,000 | 0 | 703,000,000 | -10,000,000 | 3,000,000 | 1,207,000,000 | 61,000,000 | 51,000,000 | -10,000,000 | -15,000,000 | -247,000,000 | 731,000,000 | 26,000,000 | 39,000,000 | 855,000,000 | 33,000,000 | 6,000,000 | 0 | -12,000,000 | 47,000,000 | -569,000,000 | 62,000,000 | 19,000,000 | ||||||||
net (gain)/loss on divestitures, asset sales and other | -253,000,000 | ||||||||||||||||||||||||||||||
proceeds from disposition of property, plant and equipment | 12,000,000 | 112,000,000 | 14,000,000 | 11,000,000 | 8,000,000 | 18,000,000 | 72,000,000 | 97,000,000 | 76,000,000 | 139,000,000 | 65,000,000 | 36,000,000 | 46,000,000 | 69,000,000 | 302,000,000 | 81,000,000 | 103,000,000 | 201,000,000 | 78,000,000 | 58,000,000 | 62,000,000 | 43,000,000 | 129,000,000 | 132,000,000 | 135,000,000 | 47,000,000 | |||||
net cash provided by/(used in) investing activities | -4,210,000,000 | -1,358,000,000 | -629,000,000 | -332,000,000 | -1,236,000,000 | -902,000,000 | -30,373,000,000 | ||||||||||||||||||||||||
net cash provided by/(used in) financing activities | 1,877,000,000 | 1,377,000,000 | -1,748,000,000 | -1,689,000,000 | -1,624,000,000 | -115,000,000 | -8,177,000,000 | 21,031,000,000 | 1,863,000,000 | 2,834,000,000 | |||||||||||||||||||||
amortization of intangibles | 572,000,000 | 557,000,000 | 547,000,000 | 577,000,000 | 626,000,000 | 625,000,000 | 647,000,000 | 630,000,000 | 620,000,000 | 613,000,000 | 623,000,000 | 622,000,000 | 611,000,000 | 307,000,000 | 303,000,000 | 340,000,000 | 384,000,000 | 387,000,000 | 390,000,000 | 403,000,000 | 398,000,000 | 347,000,000 | 290,000,000 | 296,000,000 | 298,000,000 | ||||||
net loss on asset sales and other | -55,000,000 | 7,000,000 | |||||||||||||||||||||||||||||
net (gain)/loss on asset sales and other | -51,000,000 | -6,000,000 | -81,000,000 | -154,000,000 | 315,000,000 | -41,000,000 | 34,000,000 | 18,000,000 | 61,000,000 | 13,000,000 | -67,000,000 | -5,000,000 | 172,000,000 | 432,000,000 | -200,000,000 | 352,000,000 | |||||||||||||||
net income/ | |||||||||||||||||||||||||||||||
adjustments to reconcile net income/(loss) to cash from operating activities: | |||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||
adjustments to reconcile net income to cash from operating activities | |||||||||||||||||||||||||||||||
non-operating finance receivables — net | -17,000,000 | 25,000,000 | -9,000,000 | -66,000,000 | 115,000,000 | -20,000,000 | 2,268,000,000 | 3,635,000,000 | 193,000,000 | -347,000,000 | -754,000,000 | 1,570,000,000 | 3,000,000 | -231,000,000 | 1,358,000,000 | -4,000,000 | -277,000,000 | 1,615,000,000 | |||||||||||||
common stock repurchases | -125,000,000 | -939,000,000 | -1,543,000,000 | -1,138,000,000 | -1,165,000,000 | ||||||||||||||||||||||||||
net cash (used in)/provided by investing activities | 350,000,000 | -2,028,000,000 | |||||||||||||||||||||||||||||
common stock transactions — other | 40,000,000 | 43,000,000 | 54,000,000 | 51,000,000 | 56,000,000 | 59,000,000 | 50,000,000 | 60,000,000 | 161,000,000 | ||||||||||||||||||||||
effect of exchange rate changes on cash and cash equivalents | 328,000,000 | 447,000,000 | 100,000,000 | 41,000,000 | -103,000,000 | 217,000,000 | 42,000,000 | 213,000,000 | -449,000,000 | ||||||||||||||||||||||
net change in cash and cash equivalents | -781,000,000 | 1,600,000,000 | 2,270,000,000 | -978,000,000 | -4,338,000,000 | 6,668,000,000 | 1,087,000,000 | -402,000,000 | 319,000,000 | ||||||||||||||||||||||
cash and cash equivalents at january 1 | 0 | 0 | 7,826,000,000 | 0 | 0 | 7,686,000,000 | 0 | 0 | 8,476,000,000 | ||||||||||||||||||||||
cash and cash equivalents at september 30 | |||||||||||||||||||||||||||||||
cash and cash equivalents at june 30 | |||||||||||||||||||||||||||||||
net cash (used in)/provided by financing activities | |||||||||||||||||||||||||||||||
cash and cash equivalents at march 31 | 10,096,000,000 | 14,354,000,000 | 8,796,000,000 | ||||||||||||||||||||||||||||
loss on microelectronics business disposal | 11,000,000 |