FY2007 – FY2025 · IBM · CIK 51143
IBM Financials
Revenue, four-segment split, the Red Hat acquisition story, the Kyndryl spinoff, watsonx and Granite, the mainframe product cycle, capital returns under the dividend-aristocrat posture, and the side-by-side acquisitions and divestitures rosters — every chart point sourced to a 10-K filing. EDGAR XBRL pulled live.
Sibling page: IBM Leadership (ships separately).
Software segment share (FY2025)
44%
Software revenue $29.96B of segment total $67.47B.
Infrastructure (FY2025)
$15.72B
z17 cycle drove the FY2025 mainframe upcycle.
Capex (FY2025)
$1.09B
1.6% of revenue — light vs. hyperscaler peers.
R&D as % of revenue (FY2025)
12.3%
R&D $8.32B / revenue $67.53B.
Stock price (IBM)
Live current price plus a five-year history. Updates during US market hours (9:30 a.m. – 4:00 p.m. Eastern, Monday – Friday) via TradingView's embed widget.
Most recent IBM SEC filings
The freshness frontier — the latest filing of each material form type, sourced live from EDGAR. The 10-K marked “Anchors this page” is the source of every value below; the others are surfaced for transparency.
7 material filings have been filed since the anchor 10-K above (1 10-Q, 4 8-K, 1 DEF 14A, 1 ARS). The financial metrics on this page (revenue, R&D, capex, capital returns, cash) reflect what's been disclosed at fiscal-year-end; quarterly cuts in the 10-Qs filed since are not yet folded into the annual charts. The 10-K marked “Anchors this page” remains the source for the per-FY values shown.
Earnings Reaction History
Eight most recent quarterly earnings prints — consensus vs. actuals on revenue and adjusted EPS, the 30-day pre-print stock run-up, and the 1-day / 5-day post-print stock moves. IBM reports earnings after market close on a Wednesday each quarter (typically late January / late April / late July / late October). Default sort is oldest-first (newest at the bottom); click the Quarter header to flip to newest-first. Pending cells (em-dashes) populate as the monthly refresh task walks each row.
| Q2 2024 | — | — | — | — | — | — | — |
| Q3 2024 | — | — | — | — | — | — | — |
| Q4 2024 | — | — | — | — | — | — | — |
| Q1 2025 | — | — | — | — | — | — | — |
| Q2 2025 | — | — | — | — | — | — | — |
| Q3 2025 | — | — | — | — | — | — | — |
| Q4 2025 | — | — | — | — | — | — | — |
| Q1 2026 | — | — | — | — | — | — | — |
Actuals are sourced from the IBM earnings 8-K Exhibit 99.1 press release filed on the report date; stock-move cells are computed from the Yahoo Finance v8 daily-bars endpoint anchored on each report date. Consensus values are the sell-side consensus picked up by aggregators (FactSet / Refinitiv / Visible Alpha) at the moment of each print.
Annual revenue
As reported on the consolidated income statement in each year's 10-K. IBM's fiscal year matches the calendar year (ends December 31). Sourced live from SEC EDGAR XBRL; the underlying tag is Revenues. The chart's long arc carries the multi-decade strategic-reinvention story — the pre-2021 trajectory included the managed-infrastructure-services business that was spun off as Kyndryl on November 3, 2021; the post-2021 base reflects the company at its current shape (Software / Consulting / Infrastructure / Financing). The Red Hat close in July 2019 inflected the Software-segment trajectory; the FY2025 figure is the highest annual revenue since the Kyndryl spinoff.
Show table
| Fiscal year | Revenue | Source |
|---|---|---|
| FY2007 | $98.79B | 10-K filed 2010-02-23 |
| FY2008 | $103.63B | 10-K filed 2011-02-22 |
| FY2009 | $95.76B | 10-K filed 2012-02-28 |
| FY2010 | $99.87B | 10-K filed 2013-02-26 |
| FY2011 | $106.92B | 10-K filed 2014-02-25 |
| FY2012 | $102.87B | 10-K filed 2015-02-24 |
| FY2013 | $98.37B | 10-K filed 2016-02-23 |
| FY2014 | $92.79B | 10-K filed 2017-02-28 |
| FY2015 | $81.74B | 10-K filed 2018-02-27 |
| FY2016 | $79.92B | 10-K filed 2019-02-26 |
| FY2017 | $79.14B | 10-K filed 2020-02-25 |
| FY2018 | $79.59B | 10-K filed 2021-02-23 |
| FY2019 | $57.71B | 10-K filed 2022-02-22 |
| FY2020 | $55.18B | 10-K filed 2023-02-28 |
| FY2021 | $57.35B | 10-K filed 2024-02-26 |
| FY2022 | $60.53B | 10-K filed 2025-02-25 |
| FY2023 | $61.86B | 10-K filed 2026-02-24 |
| FY2024 | $62.75B | 10-K filed 2026-02-24 |
| FY2025 | $67.53B | 10-K filed 2026-02-24 |
Red Hat acquisition — closed 2019-07-09
$34B all-cash deal — the load-bearing recent strategic move
The largest acquisition in IBM's history. Red Hat (Raleigh, NC) brings Red Hat Enterprise Linux, OpenShift (Kubernetes platform), Ansible, and the broader open-source middleware stack. Post-close Red Hat operates as a distinct business unit inside IBM but reports inside the Software segment; the FY2025 10-K's MD&A continues to break out Red Hat YoY growth as a narrative metric in each Software-segment subsection. The acquisition is the load-bearing recent strategic move that anchors IBM's hybrid-cloud positioning under the Krishna CEO tenure (Krishna led the Red Hat deal as SVP of Cloud and Cognitive Software before becoming CEO in April 2020).
Kyndryl spinoff — distributed 2021-11-03
~90,000 employees moved out; segment structure reset
IBM spun off its managed-infrastructure-services business as Kyndryl Holdings (NYSE: KD) in a tax-free distribution to IBM shareholders on November 3, 2021. The pre-2021 'Global Technology Services' segment essentially became Kyndryl; the post-2021 IBM segment structure (Software / Consulting / Infrastructure / Financing) was the result. Approximately 90,000 employees transferred to Kyndryl, materially reducing IBM's headcount and revenue base. Pre-2021 IBM revenue trajectories are not directly comparable to the post-spinoff structure shown on this page's charts; the divestitures table and key-events timeline mark the discontinuity explicitly. Kyndryl is now a separately-public company; its own filings on EDGAR (CIK 0001830821) include historical IBM-relationship disclosures.
Revenue by segment
IBM's four reportable segments under the post-Q1-2025 recast structure: Software (Red Hat / OpenShift, Automation, Data including watsonx.data, Transaction Processing — anchored by Red Hat's hybrid-cloud middleware and the Z/IS transaction-processing book), Consulting (Strategy and Technology + Intelligent Operations — services revenue tied to enterprise transformation engagements), Infrastructure (Z mainframe + Power + Storage hardware, plus mainframe and storage maintenance — visibly cyclic on the mainframe-refresh cadence), and Financing (legacy lease and loan financing, now a minor line). The FY2023 and FY2024 values shown here are the FY2025 10-K's recast figures, conformed to the post-Q1-2025 sub-line groupings. Hand-curated from the FY2025 10-K's MD&A 'Segment Details' table; EDGAR companyfacts does not expose segment-disaggregated facts.
Show table
| FY | Software | Consulting | Infrastructure | Financing | SW % | Source |
|---|---|---|---|---|---|---|
| FY2023 | $25.01B | $20.88B | $14.59B | $741M | 41% | 10-K filed 2026-02-24 |
| FY2024 | $27.09B | $20.69B | $14.02B | $713M | 43% | 10-K filed 2026-02-24 |
| FY2025 | $29.96B | $21.05B | $15.72B | $737M | 44% | 10-K filed 2026-02-24 |
Software segment — sub-line composition
Inside the Software segment, IBM discloses four sub-lines under the post-Q1-2025 recast structure. Hybrid Platform & Solutions is the home of Red Hat (OpenShift, RHEL, Ansible) and the broader hybrid-cloud middleware stack — the load-bearing growth line in the Krishna-era hybrid-cloud thesis. Automation is the IT-automation portfolio including Apptio (closed August 2023) and HashiCorp (closed February 2025). Data contains watsonx.data, Db2, and the Cognos / SPSS data and analytics stack. Transaction Processing is the mainframe-resident operational software (CICS, IMS, MQ, Z system software) that carries the highest segment margins. Hand-curated from each year's 10-K MD&A Software-segment subsection.
Infrastructure segment — mainframe-cycle visibility
The Infrastructure segment splits into Hybrid Infrastructure (the Z mainframe, Power servers, and Storage hardware lines) and Infrastructure Support (mainframe and storage maintenance contracts). Hybrid Infrastructure is materially cyclic on the mainframe-refresh schedule: the z16 was announced April 5, 2022 (May 2022 GA) and drove the FY2022–FY2023 cycle; the z17 was announced April 8, 2025 (June 2025 GA) and drove the visible FY2025 upcycle. Across two-to-three-year cadences the segment shows peaks and troughs even when the underlying customer base is stable. Hand-curated from each year's 10-K MD&A Infrastructure-segment subsection.
watsonx and Granite — the AI-era strategic bet
Announced at THINK 2023 on 2023-05-09. IBM's enterprise AI platform plus open-source foundation-model line.
watsonx is IBM's enterprise AI platform announced at THINK 2023 (May 9, 2023). The platform has three components: watsonx.ai (foundation-model studio), watsonx.data (lakehouse), and watsonx.governance (model risk and lifecycle). The Granite open-source model family — open-weight LLMs released under Apache 2.0 — is IBM's foundation-model line for watsonx; Granite 4.0 shipped September 15, 2025. IBM has disclosed an 'AI book of business' framing in earnings narrative each quarter since 2H 2023; the latest disclosed figure in the FY2025 earnings cycle was the cumulative inception-to-date book-of-business that IBM has surfaced in the Software segment MD&A. The framing has evolved across quarters (generative-AI revenue, AI book of business, watsonx adoption) — the latest 10-K and earnings press release are the authoritative source for the current quarter's framing.
Mainframe product cycle
Infrastructure-segment revenue is materially cyclic on the mainframe-refresh schedule. The z16 mainframe was announced April 5, 2022 (GA May 2022) and drove the FY2022–FY2023 Hybrid Infrastructure cycle; the z17 was announced April 8, 2025 (GA June 2025) and drove the FY2025 Hybrid Infrastructure upcycle visible in the Infrastructure-segment chart on this page. The 2-to-3-year cadence is the primary reason the Infrastructure segment shows visible peaks and troughs even when the underlying customer base is stable.
Capital expenditures
Annual cash spent on property, plant, and equipment, sourced live from SEC EDGAR XBRL (PaymentsToAcquirePropertyPlantAndEquipment). IBM's capex profile is materially lighter than the hyperscaler peers (Microsoft, Alphabet, Oracle) because IBM is not building general-purpose AI-cloud capacity at the same scale — the Software and Consulting segments together make up the majority of revenue, and the Z mainframe / Power / Storage hardware footprint is customer-owned rather than IBM-operated cloud capacity. The percentage in each label is capex as a share of revenue.
Show table
| FY | Capex | Revenue | % of revenue |
|---|---|---|---|
| FY2007 | $4.63B | $98.79B | 4.7% |
| FY2008 | $4.17B | $103.63B | 4.0% |
| FY2009 | $3.45B | $95.76B | 3.6% |
| FY2010 | $4.18B | $99.87B | 4.2% |
| FY2011 | $4.11B | $106.92B | 3.8% |
| FY2012 | $4.08B | $102.87B | 4.0% |
| FY2013 | $3.62B | $98.37B | 3.7% |
| FY2014 | $3.74B | $92.79B | 4.0% |
| FY2015 | $3.58B | $81.74B | 4.4% |
| FY2016 | $3.57B | $79.92B | 4.5% |
| FY2017 | $3.23B | $79.14B | 4.1% |
| FY2018 | $3.40B | $79.59B | 4.3% |
| FY2019 | $2.29B | $57.71B | 4.0% |
| FY2020 | $2.62B | $55.18B | 4.7% |
| FY2021 | $2.06B | $57.35B | 3.6% |
| FY2022 | $1.35B | $60.53B | 2.2% |
| FY2023 | $1.25B | $61.86B | 2.0% |
| FY2024 | $1.05B | $62.75B | 1.7% |
| FY2025 | $1.09B | $67.53B | 1.6% |
Capital returns: buybacks & dividends
Cash returned to shareholders via share buybacks (PaymentsForRepurchaseOfCommonStock) plus common-stock dividends (PaymentsOfDividendsCommonStock). Cumulative across the years shown: $214.47B. Both series are sourced live from SEC EDGAR XBRL.
IBM is a long-standing dividend aristocrat — it has raised its quarterly dividend annually for 30+ consecutive years (the exact consecutive-raise count is re-verified each refresh against IBM's most recent dividend declaration in the dividend-history press release). Buybacks have decelerated materially since the FY2019 Red Hat close; IBM has prioritized debt paydown and bolt-on M&A (Apptio, HashiCorp, DataStax) over share repurchases in the Krishna era. The capital-returns chart below shows both lines.
Show table
| FY | Buybacks | Dividends | Total | Cumulative |
|---|---|---|---|---|
| FY2007 | $18.83B | $2.15B | $20.98B | $20.98B |
| FY2008 | $10.58B | $2.58B | $13.16B | $34.14B |
| FY2009 | $7.43B | $2.86B | $10.29B | $44.43B |
| FY2010 | $15.38B | $3.18B | $18.55B | $62.98B |
| FY2011 | $15.05B | $3.47B | $18.52B | $81.50B |
| FY2012 | $11.99B | $3.77B | $15.77B | $97.27B |
| FY2013 | $13.86B | $4.06B | $17.92B | $115.18B |
| FY2014 | $13.68B | $4.26B | $17.94B | $133.13B |
| FY2015 | $4.61B | $4.90B | $9.51B | $142.63B |
| FY2016 | $3.50B | $5.26B | $8.76B | $151.39B |
| FY2017 | $4.34B | $5.51B | $9.85B | $161.24B |
| FY2018 | $4.44B | $5.67B | $10.11B | $171.35B |
| FY2019 | $1.36B | $5.71B | $7.07B | $178.41B |
| FY2020 | $0 | $5.80B | $5.80B | $184.21B |
| FY2021 | $0 | $5.87B | $5.87B | $190.08B |
| FY2022 | $0 | $5.95B | $5.95B | $196.03B |
| FY2023 | $0 | $6.04B | $6.04B | $202.07B |
| FY2024 | $0 | $6.15B | $6.15B | $208.22B |
| FY2025 | $0 | $6.25B | $6.25B | $214.47B |
R&D spending
Annual research-and-development expense. Bar height is absolute dollars; the percentage in each label is R&D as a share of revenue. IBM Research is one of the longest-running corporate R&D organizations in technology; the watsonx platform, Granite models, and the IBM Quantum stack are recent outputs. Sourced live from SEC EDGAR XBRL (ResearchAndDevelopmentExpense).
Show table
| FY | R&D | Revenue | % of revenue |
|---|---|---|---|
| FY2007 | $6.15B | $98.79B | 6.2% |
| FY2008 | $6.34B | $103.63B | 6.1% |
| FY2009 | $5.82B | $95.76B | 6.1% |
| FY2010 | $6.03B | $99.87B | 6.0% |
| FY2011 | $6.26B | $106.92B | 5.9% |
| FY2012 | $5.82B | $102.87B | 5.7% |
| FY2013 | $5.74B | $98.37B | 5.8% |
| FY2014 | $5.44B | $92.79B | 5.9% |
| FY2015 | $5.25B | $81.74B | 6.4% |
| FY2016 | $5.73B | $79.92B | 7.2% |
| FY2017 | $5.59B | $79.14B | 7.1% |
| FY2018 | $5.38B | $79.59B | 6.8% |
| FY2019 | $5.91B | $57.71B | 10.2% |
| FY2020 | $6.26B | $55.18B | 11.3% |
| FY2021 | $6.49B | $57.35B | 11.3% |
| FY2022 | $6.57B | $60.53B | 10.8% |
| FY2023 | $6.78B | $61.86B | 11.0% |
| FY2024 | $7.48B | $62.75B | 11.9% |
| FY2025 | $8.32B | $67.53B | 12.3% |
Acquisitions and divestitures — the strategic-reinvention lineage
IBM's modern strategic-reinvention pattern is visible in the side-by-side acquisitions and divestitures rosters. Headline values are USD billions; a negative value on a divestiture row means IBM paid the acquirer to take the business (the 2015 chip-foundry divestiture is the precedent — IBM paid GlobalFoundries to take over the chip manufacturing line). The acquisitions skew toward enterprise software and hybrid cloud (Red Hat, Apptio, HashiCorp); the divestitures shed commodity hardware (PC, x86 servers, chip foundry) and managed-services scale (Kyndryl). Sorted newest-first.
Acquisitions
| Date | Target | Headline | Category |
|---|---|---|---|
| 2025-08-06 | DataStax | — | AI vector / NoSQL data |
| 2025-02-27 | HashiCorp | $6.4B | infrastructure automation |
| 2023-08-21 | Apptio | $4.6B | IT financial management |
| 2022-07-01 | Randori | $0.1B | attack-surface management |
| 2019-07-09 | Red Hat | $34.0B | hybrid cloud / open-source |
| 2016-01-29 | The Weather Company (B2B) | $2.0B | weather data + AI platform |
| 2013-09-03 | Trusteer | $1.0B | security |
| 2009-10-01 | SPSS | $1.2B | predictive analytics |
| 2008-01-31 | Cognos | $5.0B | business intelligence |
Divestitures
| Date | Business | Headline | Category |
|---|---|---|---|
| 2022-06-01 | Watson Health (sold to Francisco Partners) | $1.0B | healthcare analytics |
| 2021-11-03 | Kyndryl spinoff (managed infrastructure services) | — | tax-free distribution to IBM holders |
| 2015-07-01 | Chip-foundry business (divested to GlobalFoundries) | -$1.5B | semiconductor manufacturing |
| 2014-10-01 | x86 server business (sold to Lenovo) | $2.1B | commodity x86 |
| 2005-05-01 | PC business (sold to Lenovo) | $1.8B | consumer hardware |
Other metrics
Operating income, net income, stock-based compensation, operating cash flow, and year-end cash & equivalents — the standard 10-K-derived secondary metrics. Last ten fiscal years shown. All values pulled live from SEC EDGAR XBRL.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Income | — | — | — | — | — | — | — | — | — | — |
| Net Income | $11.87B | $5.75B | $8.73B | $9.43B | $5.59B | $5.74B | $1.64B | $7.50B | $6.02B | $10.59B |
| Stock-Based Compensation | $544M | $534M | $510M | $679M | $937M | $982M | $987M | $1.13B | $1.31B | $1.72B |
| Operating Cash Flow | $17.08B | $16.72B | $15.25B | $14.77B | $18.20B | $12.80B | $10.44B | $13.93B | $13.45B | $13.19B |
| Cash & Equivalents | $7.83B | $11.97B | $11.38B | $8.17B | $13.19B | $6.65B | $7.89B | $13.07B | $13.95B | $13.59B |
Key events on the revenue timeline
Product launches, leadership transitions, acquisitions, divestitures, and disclosure changes that shape IBM's multi-decade strategic-reinvention arc. Sorted newest-first; the founding event and the Watson-dynasty leadership-era milestones are at the bottom.
- 2025-09-15productGranite 4.0 open-source model family released
- 2025-08-06acquisitionDataStax acquisition closed (AI vector / NoSQL data)
- 2025-04-08productIBM z17 mainframe announced (June 2025 GA)
- 2025-02-27acquisitionHashiCorp acquisition closed ($6.4B)
- 2024-04-24acquisitionHashiCorp acquisition agreement announced ($6.4B)
- 2023-08-21acquisitionApptio acquisition closed ($4.6B)
- 2023-05-09productwatsonx AI platform announced at THINK 2023
- 2023-01-23disclosureWorkforce restructuring announced (~3,900 roles)
- 2022-04-05productIBM z16 mainframe announced (May 2022 GA)
- 2021-11-03divestitureKyndryl spinoff distributed (managed-infrastructure-services business)
- 2020-04-06leadershipArvind Krishna becomes CEO
- 2019-07-09acquisitionRed Hat acquisition closed ($34B)
- 2015-07-01divestitureChip-foundry business divested to GlobalFoundries
- 2014-10-01divestiturex86 server business sold to Lenovo ($2.1B)
- 2012-01-01leadershipGinni Rometty becomes CEO
- 2005-05-01divestiturePC business sold to Lenovo ($1.75B)
- 2002-03-01leadershipSam Palmisano becomes CEO
- 1993-04-01leadershipLou Gerstner becomes CEO (turnaround era begins)
- 1981-08-12productIBM Personal Computer launched (Model 5150)
- 1925-04-13milestoneListed on NYSE under ticker IBM
- 1924-02-14milestoneRenamed International Business Machines Corporation
- 1911-06-16milestoneComputing-Tabulating-Recording Co. incorporated (predecessor entity)
Methodology & data sources
Live data. Annual revenue, gross profit, R&D, operating income, net income, stock-based compensation, operating cash flow, capital expenditures (PP&E), share-buyback cash, dividends paid, and year-end cash & equivalents are sourced live from IBM's SEC EDGAR XBRL company-facts endpoint. If EDGAR is unreachable when the page is being prepared, the page is not updated, so visitors never see stale fallback numbers.
Hand-curated, source-tagged. IBM's per-segment revenue split (Software / Consulting / Infrastructure / Financing), the Software-segment sub-line split (Hybrid Platform & Solutions / Automation / Data / Transaction Processing), the Infrastructure-segment sub-line split (Hybrid Infrastructure / Infrastructure Support), the Red Hat and Kyndryl narratives, the watsonx and mainframe-cycle commentary, the acquisitions and divestitures rosters, the capital-returns commentary, and the key-events timeline are not exposed in the EDGAR companyfacts JSON. Each value is hand-curated from the underlying 10-K filing or material 8-K and tagged with the filing's accession number. When a newer 10-K is filed than the one a value was last verified against, a "Verification due" banner appears next to the affected sections.
Fiscal-year convention. IBM's fiscal year is the calendar year (ends December 31), unlike Oracle (May 31), Salesforce / NVIDIA (January), or C3.ai (April). Chart axis labels use "FY2025" / "FY2026" for matched-set consistency with the rest of the per-org financials pages on this site; the labels are calendar-year-aligned.
Segment-comparability note. IBM recast its Software and Consulting segment composition in Q1 2025; the FY2024 and FY2023 segment rows shown here use the FY2025 10-K's recast figures. Pre-2021 trajectories carried the managed-infrastructure-services business that was spun off as Kyndryl in November 2021; that earlier-period revenue is not directly comparable to the post-Kyndryl structure used on this page. The acquisitions and divestitures tables make both discontinuities visible explicitly.
Refresh cadence. Hand-curated segment, narrative, and event-timeline values are re-verified monthly, aligned with IBM's filing cadence (FY ends December 31; 10-K typically lands late February; 10-Qs late April / late July / late October; 8-Ks for material events at any time).
What's intentionally not here. Live market cap (live share-price × stale share counts produces a number that is routinely wrong; visitors can read market cap from any public quote source). Forward guidance, analyst estimates, and price targets (out of scope — the page is reported actuals). Editorial framing about whether the Red Hat deal "worked," whether the Kyndryl spinoff was the right call, or whether IBM is "behind" on AI relative to peers. Watson-dynasty leadership history beyond the timeline annotations (that's leadership-page content). Pre-XBRL detailed historicals (the 2008 revenue peak, the Gerstner-turnaround 1990s recovery) — surfaced in the timeline rather than charted. Year-end headcount is captured in the source data so the recurring refresh continues to track it, but is intentionally not charted in v1 — the orgs-index IBM row remains the canonical home for "current IBM headcount" as a single-stat reference.
Cross-references. Tech Filings for every IBM SEC filing in chronological order. Federal Tech Spending for the US-government IT-procurement side (IBM is a top federal IT vendor). IBM's row on the Orgs index for the company profile. Microsoft Financials and Oracle Financials for the mature-large-cap-with-strategic-cloud-transition comparison.
Last updated: 2026-06-03 21:28 UTC. Latest 10-K on EDGAR: 0000051143-26-000010 filed 2026-02-24. Hand-curated source-tag anchor: 0000051143-26-000010.