Financials IBM

Stocks

IBM

US4592001014

IT Services & Consulting

Market Closed - NYSE Other stock markets 16:00:02 2026-06-11 EDT			After hours 20:00:00
274.85 ^USD	+0.91%		274.53	-0.12%

06-11	IBM, ServiceNow Expand Collaboration to Help Enterprises Unlock Data for AI	MT
06-10	Wall Street's Problem Is Not Just Inflation

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	71,465	74,636	78,922
Change	-	5.54%	2.2%	1.44%	7.62%	5.82%	4.44%	5.74%
EBITDA ¹	-	14,739	15,447	16,400	19,200	20,477	22,030	23,571
Change	-	-	4.8%	6.17%	17.07%	6.65%	7.58%	7%
EBIT ¹	-	9,937	11,052	11,263	14,126	15,144	16,149	17,836
Change	-	-	11.22%	1.91%	25.42%	7.2%	6.64%	10.44%
Interest Paid ¹	-1,155	-1,216	-1,607	-1,712	-1,935	-1,868	-1,937	-2,049
Earnings before Tax (EBT) ¹	4,837	1,156	8,690	5,797	10,328	11,759	13,547	15,478
Change	-	-76.1%	651.73%	-33.29%	78.16%	13.85%	15.21%	14.25%
Net income ¹	5,743	1,639	7,502	6,023	10,593	9,937	11,532	12,821
Change	-	-71.46%	357.72%	-19.71%	75.88%	-6.19%	16.05%	11.18%
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	17,853	17,115	20,574	16,709	18,653	17,833	21,465	16,956
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%	12.16%	-4.13%	20.21%	-18.79%	11.64%	-4.39%	20.37%	-21.01%
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	4,990	4,810	6,718	3,970	5,294	5,022	7,164	-
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%	24.74%	-3.6%	39.67%	-40.91%	33.37%	-5.15%	42.67%	-
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	3,667	3,502	5,420	2,524	3,658	3,666	5,676	-
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%	46.44%	-4.49%	54.76%	-53.43%	44.94%	0.22%	54.81%	-
Charge d'intérêts ¹	-281	-291	-303	-311	-297	-295	-313	-367	-423	-400	-405	-432	-427	-429	-424	-455	-510	-492	-478	-473	-461.9	-464	-469.1	-461.4	-461.2	-461.5	-461.9	-
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	2,900	2,840	4,402	-	-	-	-	-
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%	109.08%	-2.07%	54.98%	-	-	-	-	-
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	2,404	2,318	3,737	1,199	2,440	2,410	4,270	-
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%	97.72%	-3.58%	61.19%	-67.91%	103.5%	-1.23%	77.18%	-
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	-	-	-	-	-	-	-	-

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	47,874	36,518	32,720
Change	-	-4.62%	2.32%	-6.77%	16.48%	2.32%	-23.72%	-10.4%
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	1,633	1,690	1,724
Change	-	-21.88%	-20%	-24.26%	43.48%	1.01%	3.49%	1.98%
Free Cash Flow (FCF) ¹	6,508	9,291	11,210	12,749	14,734	15,680	16,977	18,401
Change	-	42.76%	20.65%	13.73%	15.57%	6.42%	8.27%	8.39%
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%	28.65%	29.52%	29.87%
EBIT Margin (%)	-	16.42%	17.87%	17.95%	20.92%	21.19%	21.64%	22.6%
EBT Margin (%)	8.43%	1.91%	14.05%	9.24%	15.29%	16.45%	18.15%	19.61%
Net margin (%)	10.01%	2.71%	12.13%	9.6%	15.69%	13.91%	15.45%	16.25%
FCF margin (%)	11.35%	15.35%	18.12%	20.32%	21.82%	21.94%	22.75%	23.32%
FCF / Net Income (%)	113.32%	566.87%	149.43%	211.67%	139.09%	157.79%	147.22%	143.52%
Profitability
ROA	3.99%	6.42%	5.73%	7.11%	7.61%	7.45%	7.76%	8.21%
ROE	36.33%	40.77%	33.79%	38.86%	36.67%	33%	29.82%	26.92%
Financial Health
Leverage (Debt/EBITDA)	-	2.86x	2.79x	2.45x	2.44x	2.34x	1.66x	1.39x
Debt / Free cash flow	6.78x	4.53x	3.84x	3.15x	3.18x	3.05x	2.15x	1.78x
Capital Intensity
CAPEX / Current Assets (%)	4.15%	3.07%	2.41%	1.8%	2.39%	2.29%	2.26%	2.18%
CAPEX / EBITDA (%)	-	12.62%	9.63%	6.87%	8.42%	7.98%	7.67%	7.31%
CAPEX / FCF (%)	36.59%	20.02%	13.27%	8.84%	10.97%	10.42%	9.96%	9.37%
Items per share
Cash flow per share ¹	14.15	11.44	15.11	14.35	13.91	18.88	18.52	20.4
Change	-	-19.14%	32.08%	-5.04%	-3.06%	35.79%	-1.92%	10.14%
Dividend per Share ¹	6.55	6.52	6.63	6.67	-	6.75	6.792	6.868
Change	-	-0.46%	1.69%	0.6%	-	-	0.63%	1.11%
Book Value Per Share ¹	21.09	24.31	24.63	29.48	-	40.97	47.93	56.08
Change	-	15.24%	1.3%	19.71%	-	-	17.01%	16.99%
EPS ¹	6.35	1.8	8.14	6.43	11.17	10.26	11.77	13.44
Change	-	-71.65%	352.22%	-21.01%	73.72%	-8.1%	14.63%	14.23%
Nbr of stocks (in thousands)	896,800	904,126	913,119	924,645	934,735	939,885	939,885	939,885
Announcement Date	1/24/22	1/25/23	1/24/24	1/29/25	1/28/26	-	-	-