Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $79.9B | $79.1B | $79.6B | $57.7B | $55.2B | $57.4B | $60.5B | $61.9B | $62.8B | $67.5B |
| Revenue growth | — | -1.0% | 0.6% | -27.5% | -4.4% | 3.9% | 5.5% | 2.2% | 1.4% | 7.6% |
| Gross profit | $38.5B | $36.9B | $36.9B | $31.5B | $30.9B | $31.5B | $32.7B | $34.3B | $35.6B | $39.3B |
| Gross margin | 48.2% | 46.7% | 46.4% | 54.6% | 55.9% | 54.9% | 54.0% | 55.4% | 56.7% | 58.2% |
| Net income | $11.9B | $5.75B | $8.73B | $9.43B | $5.59B | $5.74B | $1.64B | $7.50B | $6.02B | $10.6B |
| Net margin | 14.9% | 7.3% | 11.0% | 16.3% | 10.1% | 10.0% | 2.7% | 12.1% | 9.6% | 15.7% |
| EPS (diluted) | $12.38 | $6.14 | $9.52 | $10.56 | $6.23 | $6.35 | $1.80 | $8.14 | $6.43 | $11.17 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $17.1B | $16.7B | $15.2B | $14.8B | $18.2B | $12.8B | $10.4B | $13.9B | $13.4B | $13.2B |
| Capital expenditures | $3.57B | $3.23B | $3.40B | $2.29B | $2.62B | $2.06B | $1.35B | $1.25B | $1.05B | $1.09B |
| Free cash flow | $13.5B | $13.5B | $11.9B | $12.5B | $15.6B | $10.7B | $9.09B | $12.7B | $12.4B | $12.1B |
| Share buybacks | $3.50B | $4.34B | $4.44B | $1.36B | — | — | — | — | — | — |
| Dividends paid | $5.26B | $5.51B | $5.67B | $5.71B | $5.80B | $5.87B | $5.95B | $6.04B | $6.15B | $6.25B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $7.83B | $12.0B | $11.4B | $8.17B | $13.2B | $6.65B | $7.89B | $13.1B | $13.9B | $13.6B |
| Total assets | $117B | $125B | $123B | $152B | $156B | $132B | $127B | $135B | $137B | $152B |
| Total liabilities | $99.1B | $108B | $106B | $131B | $135B | $113B | $105B | $113B | $110B | $119B |
| Long-term debt | $34.7B | $39.8B | $35.6B | $54.1B | $54.2B | $44.9B | $46.2B | $50.1B | $49.9B | $54.8B |
| Shareholders' equity | $18.2B | $17.6B | $16.8B | $20.8B | $20.6B | $18.9B | $21.9B | $22.5B | $27.3B | $32.6B |
| Retained earnings | $153B | $153B | $159B | $163B | $163B | $154B | $150B | $151B | $151B | $156B |
| Shares (wtd avg diluted) | 959M | 937M | 916M | 893M | 897M | 905M | 912M | 922M | 937M | 949M |
Every figure is extracted from INTERNATIONAL BUSINESS MACHINES CORP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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