Superworth

International Business Machines IBM

Information Technology Services, Technology
$253.56
+0.58%
Market cap
$238.9B
PE
21.6×
10y median 21.3×
Forward PE
19.4×
10y median 14.2×
Price to sales
3.4×
EV/EBIT
n/m
a quarter missing
Revenue, 12 months
$69.9B
+7% on a year ago
Net margin
16.0%
Free cash flow yield
n/m
Q3 FY26 missing

International Business Machines trades at 21.6× trailing earnings, near its ten-year median. Revenue was $69.9B over the last twelve months, up 7% on a year earlier with a 16% net margin.

Charts

Financials

Income statement for IBM, by quarter
Income statementQ4 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26
$17.4B+4%$14.5B+2%$15.8B+2%$15B+2%$17.6B+1%$14.5B+1%$17B+8%$16.3B+9%$19.7B+12%$15.9B+10%$17.2B+1%$17.1B+5%
Cost of revenue$7.1B+1%$6.7B−0%$6.8B−2%$6.5B−3%$7.1B+0%$6.5B−3%$7B+3%$7B+6%$7.8B+9%$7B+7%$7.3B+4%n/a
Gross profit$10.3B+7%$7.7B+3%$8.9B+5%$8.4B+5%$10.4B+2%$8B+4%$10B+12%$9.4B+11%$11.9B+14%$8.9B+11%$9.9B−1%n/a
R&D$1.7B+9%$1.8B+9%$1.8B+9%$1.9B+11%$2B+13%$1.9B+9%$2.1B+14%$2.1B+11%$2.2B+11%$2.2B+11%$2.3B+10%$2.4B+14%
SG&A$4.8B+1%$5B+3%$4.9B+1%$4.9B+10%$4.9B+2%$4.9B−2%$5B+2%$4.7B−3%$5.5B+12%$5.1B+4%$5B−1%$4.6B−3%
$4B+13%$1.2B+1%$2.4B+12%$1.9B−10%$3.9B−2%$1.4B+22%$3.1B+27%$2.7B+47%$4.6B+17%$1.9B+28%$2.8B−9%n/a
Interest expense$405M+29%$432M+18%$427M+1%$429M+4%$424M+5%$455M+5%$510M+19%$492M+15%$478M+13%$473M+4%$486M−5%n/a
Pre-tax income$3.8B+14%$1.1B+2%$2.2B+11%−$802M$3.3B−12%$1.2B+8%$2.6B+17%$2.4B$4.1B+25%$1.4B+20%$2.5B−5%$2.5B+3%
$474M+7%−$502M$389M−7%−$485M$379M−20%$103M$404M+4%$686M−$1.4B$172M+67%$313M−23%n/a
Net income$3.3B+21%$1.6B+73%$1.8B+16%−$330M$2.9B−11%$1.1B−34%$2.2B+20%$1.7B$5.6B+92%$1.2B+15%$2.2B−1%$2.2B+26%
$3.55+20%$1.72+70%$1.96+14%−$0.36$3.09−13%$1.12−35%$2.31+18%$1.84$5.88+90%$1.28+14%$2.27−2%$2.30+25%
927.3M+1%933.4M+2%934.4M+2%923.6M+0%942.4M+2%945.4M+1%948M+2%948.9M+3%952.4M+1%952.1M+1%953.3M+1%953.5M+1%

Operating income: 126 periods, Q1 FY95 to Q2 FY26: not printed by the filing, worked out from its own lines.

Net income: 17 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.

EPS, diluted: 7 periods, Q2 FY95 to Q4 FY08: quarter's net income to common over its shares, to the cent. Q4 FY99: quarter's net income to common over its shares, to the cent, the shares from counts implied by EPS, near the year's EPS less the nine months'. 17 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.

Diluted shares: 10 periods, Q4 FY97 to Q4 FY07: not printed by the filing, worked out from its own lines. Q4 FY08: share-days: the 12-month average less the 9-month, weighted by days. 17 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet. Figures from older filings without data tags, and from a results release before its 10-Q, are read from the document's text and checked against it.

Estimates

Next earnings report: .

QuarterRevenueRangeEPSRangeAnalysts
Q4 FY26$20.4B$20.2B to $20.7B$4.63$4.46 to $4.7413
Q1 FY27$16.6B$16.4B to $16.9B$2.16$2.05 to $2.299
Q2 FY27$17.9B$17.7B to $18.2B$3.08$3.03 to $3.143
Q3 FY27$17.8B$17.6B to $18.1B$3.20$3.15 to $3.273
Q4 FY27$21.2B$21B to $21.6B$4.85$4.78 to $4.966
Q1 FY28$17.7B$17.4B to $18B$2.40$2.37 to $2.468
Q2 FY28$18.5B$18.3B to $18.8B$3.46$3.41 to $3.544
Q3 FY28$18.8B$18.6B to $19.1B$3.57$3.52 to $3.655

Peers

Companies in Information Technology Services nearest International Business Machines' size, closest first.

CompanyMarket capPEIts 10y median PEFwd PEP/SRevenue growthNet margin
IBMInternational Business Machines$238.9B21.6×21.3×19.4×3.4×+7%16.0%
ACNAccenture$166.8B18.4×26.9×17.0×2.2×+6%11.3%
CTSHCognizant Technology Solutions$31.8B15.1×18.2×11.6×1.5×+6%10.3%
FISVFiserv$26.5B9.6×31.1×6.8×1.3×−1%13.4%
Peer median$31.8B15.1×26.9×11.6×1.5×+6%11.3%

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Industry
Information Technology Services
Sector
Technology

Valuation data, not investment advice. Prices as of .