Analysis of Revenues
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Revenues as Reported
International Business Machines Corp., income statement, revenues
US$ in millions
| 12 months ended: | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Software | |||||||||||
| Consulting | |||||||||||
| Infrastructure | |||||||||||
| Financing | |||||||||||
| Other | |||||||||||
| Revenue |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall revenue exhibited a general upward trend throughout the observed period, increasing from US$57,350 million in 2021 to US$67,535 million in 2025. However, the rate of growth was not consistent across all segments, and some areas experienced fluctuations.
- Software Revenue
- Software revenue consistently increased year-over-year, starting at US$24,141 million in 2021 and reaching US$29,962 million in 2025. This segment demonstrated the strongest and most stable growth trajectory throughout the period. The increase suggests a growing demand for the company’s software offerings.
- Consulting Revenue
- Consulting revenue also showed an upward trend, rising from US$17,844 million in 2021 to US$21,055 million in 2025. While generally increasing, the growth rate slowed between 2022 and 2023, before resuming a more moderate pace. This indicates a sustained, but not accelerating, demand for consulting services.
- Infrastructure Revenue
- Infrastructure revenue displayed a more volatile pattern. It increased from US$14,188 million in 2021 to US$15,288 million in 2022, but then decreased to US$14,020 million in 2024 before recovering to US$15,718 million in 2025. This suggests potential cyclicality or market challenges within the infrastructure segment.
- Financing Revenue
- Financing revenue remained relatively stable, fluctuating between US$645 million and US$774 million over the five-year period. The segment concluded the period at US$737 million, indicating minimal growth or significant decline. This suggests a consistent, but limited, contribution from financing activities.
- Other Revenue
- Revenue categorized as “Other” experienced a significant decline, decreasing from US$403 million in 2021 to US$63 million in 2025. This substantial reduction suggests a strategic shift away from the activities encompassed within this category, or a discontinuation of certain revenue streams. The initial increase to US$453 million in 2022 was followed by a rapid decrease.
The overall revenue growth appears to be primarily driven by the Software and Consulting segments, while Infrastructure revenue experienced fluctuations. The decline in “Other” revenue and the stability of Financing revenue had a comparatively smaller impact on the overall trend. The company’s total revenue growth rate accelerated between 2024 and 2025.