Financials IBM Toronto S.E.

Stocks

IBM

CA45921J1093

IT Services & Consulting

Market Closed - Toronto S.E. Other stock markets 15:59:57 2026-07-24 EDT			5-day change	1st Jan Change
31.67 ^CAD	+3.46%		-2.61%	-28.49%

07-24	Nvidia, Microsoft and other tech giants back open-source AI models	RE
07-24	Susquehanna Adjusts IBM Price Target to $225 From $303, Maintains Neutral Rating	MT

Projected Income Statement: IBM

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	57,350	60,530	61,860	62,753	67,535	70,347	73,401	77,403
Change	-	5.54%	2.2%	1.44%	7.62%	4.16%	4.34%	5.45%
EBITDA ¹	-	14,739	15,447	16,400	19,200	20,226	21,606	22,773
Change	-	-	4.8%	6.17%	17.07%	5.35%	6.82%	5.4%
EBIT ¹	-	9,937	11,052	11,263	14,126	14,975	16,090	17,815
Change	-	-	11.22%	1.91%	25.42%	6.01%	7.45%	10.72%
Interest Paid ¹	-1,155	-1,216	-1,607	-1,712	-1,935	-1,898	-1,975	-2,036
Earnings before Tax (EBT) ¹	4,837	1,156	8,690	5,797	10,328	11,030	13,175	15,200
Change	-	-76.1%	651.73%	-33.29%	78.16%	6.8%	19.44%	15.37%
Net income ¹	5,743	1,639	7,502	6,023	10,593	9,799	11,439	12,602
Change	-	-71.46%	357.72%	-19.71%	75.88%	-7.49%	16.74%	10.16%
Announcement Date	1/24/22	1/25/23	1/24/24	1/29/25	1/28/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1
Net sales ¹	18,745	17,618	16,695	14,197	15,535	14,107	16,690	14,252	15,475	14,752	17,381	14,462	15,770	14,968	17,553	14,541	16,977	16,331	19,686	15,917	17,162	16,840	20,475	16,516	17,984	17,588	21,335	17,371
Change	-	-6.01%	-5.24%	-14.96%	9.42%	-9.19%	18.31%	-14.61%	8.58%	-4.67%	17.82%	-16.79%	9.04%	-5.09%	17.27%	-17.16%	16.75%	-3.81%	20.54%	-19.15%	7.82%	-1.88%	21.59%	-19.34%	8.89%	-2.2%	21.3%	-18.58%
EBITDA ¹	4,482	4,282	5,013	2,904	3,642	3,130	5,063	2,650	3,632	3,602	5,565	3,000	4,000	3,800	5,600	3,400	4,700	4,600	6,500	4,000	4,800	4,721	6,666	4,035	5,279	4,989	7,038	-
Change	-	-4.46%	17.07%	-42.07%	25.41%	-14.06%	61.76%	-47.66%	37.06%	-0.83%	54.5%	-46.09%	33.33%	-5%	47.37%	-39.29%	38.24%	-2.13%	41.3%	-38.46%	20%	-1.66%	41.21%	-39.47%	30.83%	-5.5%	41.09%	-
EBIT ¹	2,802	2,598	3,633	1,647	2,397	1,967	3,926	1,576	2,556	2,509	4,413	1,627	2,870	2,363	4,403	2,006	3,641	3,334	5,149	2,504	3,489	3,557	5,411	2,629	3,787	3,630	5,640	-
Change	-	-7.28%	39.84%	-54.67%	45.54%	-17.94%	99.59%	-59.86%	62.18%	-1.84%	75.89%	-63.13%	76.4%	-17.67%	86.33%	-54.44%	81.51%	-8.43%	54.44%	-51.37%	39.34%	1.95%	52.13%	-51.41%	44.01%	-4.13%	55.37%	-
Charge d'intérêts ¹	-281	-291	-303	-311	-297	-295	-313	-367	-423	-400	-405	-432	-427	-429	-424	-455	-510	-492	-478	-473	-486	-466.2	-467.8	-436	-434.6	-433.6	-432.7	-485
Earnings before Tax (EBT) ¹	1,552	1,319	2,869	623	1,722	-4,501	3,312	1,058	2,000	1,873	3,759	1,074	2,219	-802	3,306	1,158	2,597	2,430	4,144	1,387	2,479	2,758	4,402	1,742	3,065	2,846	4,856	2,054
Change	-	-15.01%	117.51%	-78.29%	176.4%	-361.38%	173.58%	-68.06%	89.04%	-6.35%	100.69%	-71.43%	106.61%	-136.14%	512.22%	-64.97%	124.27%	-6.43%	70.53%	-66.53%	78.73%	11.27%	59.58%	-60.42%	75.95%	-7.15%	70.63%	-57.7%
Net income ¹	1,325	1,130	2,332	733	1,392	-3,196	2,711	927	1,583	1,704	3,288	1,605	1,834	-330	2,915	1,055	2,194	1,744	5,600	1,216	2,165	2,388	3,866	1,475	2,628	2,394	4,102	1,760
Change	-	-14.72%	106.37%	-68.57%	89.9%	-329.6%	184.82%	-65.81%	70.77%	7.64%	92.96%	-51.19%	14.27%	-117.99%	983.33%	-63.81%	107.96%	-20.51%	221.1%	-78.29%	78.04%	10.31%	61.87%	-61.84%	78.17%	-8.9%	71.35%	-57.09%
Announcement Date	7/19/21	10/20/21	1/24/22	4/19/22	7/18/22	10/19/22	1/25/23	4/19/23	7/19/23	10/25/23	1/24/24	4/24/24	7/24/24	10/23/24	1/29/25	4/23/25	7/23/25	10/22/25	1/28/26	4/22/26	7/22/26	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: IBM

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	44,147	42,108	43,085	40,168	46,789	43,313	33,564	28,440
Change	-	-4.62%	2.32%	-6.77%	16.48%	-7.43%	-22.51%	-15.27%
Announcement Date	1/24/22	1/25/23	1/24/24	1/29/25	1/28/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: IBM

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	2,381	1,860	1,488	1,127	1,617	1,556	1,687	1,733
Change	-	-21.88%	-20%	-24.26%	43.48%	-3.77%	8.41%	2.72%
Free Cash Flow (FCF) ¹	6,508	9,291	11,210	12,749	14,734	15,562	16,994	17,786
Change	-	42.76%	20.65%	13.73%	15.57%	5.62%	9.2%	4.66%
Announcement Date	1/24/22	1/25/23	1/24/24	1/29/25	1/28/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: IBM

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	24.35%	24.97%	26.13%	28.43%	28.75%	29.44%	29.42%
EBIT Margin (%)	-	16.42%	17.87%	17.95%	20.92%	21.29%	21.92%	23.02%
EBT Margin (%)	8.43%	1.91%	14.05%	9.24%	15.29%	15.68%	17.95%	19.64%
Net margin (%)	10.01%	2.71%	12.13%	9.6%	15.69%	13.93%	15.58%	16.28%
FCF margin (%)	11.35%	15.35%	18.12%	20.32%	21.82%	22.12%	23.15%	22.98%
FCF / Net Income (%)	113.32%	566.87%	149.43%	211.67%	139.09%	158.81%	148.56%	141.14%
Profitability
ROA	3.99%	6.42%	5.73%	7.11%	7.61%	7.6%	7.49%	8.02%
ROE	36.33%	40.77%	33.79%	38.86%	36.67%	32.66%	30.71%	27.66%
Financial Health
Leverage (Debt/EBITDA)	-	2.86x	2.79x	2.45x	2.44x	2.14x	1.55x	1.25x
Debt / Free cash flow	6.78x	4.53x	3.84x	3.15x	3.18x	2.78x	1.97x	1.6x
Capital Intensity
CAPEX / Current Assets (%)	4.15%	3.07%	2.41%	1.8%	2.39%	2.21%	2.3%	2.24%
CAPEX / EBITDA (%)	-	12.62%	9.63%	6.87%	8.42%	7.69%	7.81%	7.61%
CAPEX / FCF (%)	36.59%	20.02%	13.27%	8.84%	10.97%	10%	9.93%	9.74%
Items per share
Cash flow per share ¹	14.15	11.44	15.11	14.35	13.91	18.24	18	18.83
Change	-	-19.14%	32.08%	-5.04%	-3.06%	31.14%	-1.32%	4.63%
Dividend per Share ¹	6.55	6.52	6.63	6.67	6.71	6.765	6.795	6.871
Change	-	-0.46%	1.69%	0.6%	0.6%	0.82%	0.43%	1.12%
Book Value Per Share ¹	21.09	24.31	24.63	29.48	34.84	40.87	47.46	55.15
Change	-	15.24%	1.3%	19.71%	18.2%	17.3%	16.11%	16.22%
EPS ¹	6.35	1.8	8.14	6.43	11.17	10.12	11.36	12.78
Change	-	-71.65%	352.22%	-21.01%	73.72%	-9.37%	12.18%	12.57%
Nbr of stocks (in thousands)	896,800	904,126	913,119	924,645	934,735	942,134	942,134	942,134
Announcement Date	1/24/22	1/25/23	1/24/24	1/29/25	1/28/26	-	-	-