IBM said it generated free cash flow of $14.7 billion in 2025 after investing $1.6 billion in net capital investments, an increase of $2.0 billion from the prior year. The company cited improvements in performance-related net income as the main driver of the increase.

1. 01

   IBM said it generated free cash flow of $14.7 billion in 2025 after investing $1.6 billion in net capital investments, an increase of $2.0 billion from the prior year. The company cited improvements in performance-related net income as the main driver of the increase.

2. 02

   The company said it invested $8.3 billion in acquisitions in 2025, including the HashiCorp acquisition, and paid $6.3 billion in dividends. In Q2, it raised its quarterly common stock dividend from $1.67 to $1.68 per share.

3. 03

   IBM said its debt level rose by $6.3 billion in 2025, a result it attributed to debt issuance proceeds of $8.4 billion being partly offset by maturities of $5.5 billion. In Q1 2026, it issued $7.4 billion of debt for general corporate purposes.

4. 04

   The company said Financing revenue rose 3.3% to $737 million, segment profit increased 49.6% to $521 million, and the segment profit margin was 70.7%. Return on equity was 32.3% in 2025 and 23.3% in 2024.

Key figures

Fiscal year ended December 31, 2025

Revenue

$67.5B

Net income

$10.6B

EPS

$11.17

Gross profit

$39.3B

Operating cash flow

$13.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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