Stock Analysis on Net
Stock Analysis on Net

International Business Machines Corp. (NYSE:IBM)

Common-Size Balance Sheet: Assets
Quarterly Data

International Business Machines Corp., common-size consolidated balance sheet: assets (quarterly data)

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Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 4.72 6.93 8.95 7.91 8.04 7.58 10.17 9.82 9.12 10.65 9.66 5.61 7.11 6.99 6.20 6.21 5.52 7.45 5.04 5.17 5.01 7.09
Restricted cash 0.03 0.03 0.04 0.02 0.06 0.09 0.16 0.01 1.69 0.12 0.02 0.01 0.02 0.15 0.08 0.13 0.17 0.21 0.23 0.24 0.15 0.10
Marketable securities 0.63 0.62 0.55 2.25 2.36 4.41 0.47 0.38 1.11 3.29 0.28 2.88 5.22 6.03 0.67 1.39 0.41 0.41 0.45 0.42 0.41 0.40
Notes and accounts receivable, trade, net of allowances 3.97 4.16 5.34 3.78 4.02 4.02 4.96 4.01 4.31 4.40 5.33 4.12 4.29 4.31 5.14 4.39 4.60 4.47 5.12 4.58 4.65 4.35
Short-term financing receivables, held for investment, net of allowances 3.80 3.69 4.84 3.52 3.76 3.52 4.56 3.91 3.79 3.56 4.51 3.89 4.21 4.53 5.38 4.99 5.19 5.07 5.47 4.97 5.58 5.94
Short-term financing receivables, held for sale 0.57 0.48 0.74 0.51 0.50 0.40 0.66 0.38 0.54 0.47 0.51 0.46 0.65 0.45 0.74 0.31 0.48 0.31 0.60 0.00 0.00 0.00
Other accounts receivable, net of allowances 0.89 0.79 0.69 0.80 0.80 0.62 0.69 0.69 0.57 0.55 0.47 0.65 0.63 0.61 0.64 0.72 0.71 0.75 0.76 0.62 0.55 0.53
Finished goods 0.21 0.17 0.15 0.21 0.13 0.14 0.10 0.13 0.11 0.10 0.06 0.12 0.13 0.15 0.12 0.17 0.14 0.20 0.16 0.20 0.15 0.16
Work in process and raw materials 0.94 0.77 0.65 0.74 0.72 0.84 0.84 0.89 0.82 0.79 0.80 0.96 1.00 1.05 1.10 1.26 1.18 1.13 1.09 1.11 1.09 1.07
Inventory, at lower of average cost or net realizable value 1.15% 0.94% 0.80% 0.95% 0.84% 0.98% 0.94% 1.02% 0.92% 0.88% 0.86% 1.08% 1.14% 1.20% 1.22% 1.43% 1.32% 1.33% 1.25% 1.31% 1.23% 1.23%
Deferred costs 0.81 0.74 0.71 0.76 0.80 0.74 0.70 0.72 0.74 0.76 0.74 0.72 0.72 0.79 0.76 0.73 0.79 0.83 0.83 1.42 1.51 1.50
Prepaid expenses and other current assets 2.10 2.05 1.67 1.87 1.88 1.90 1.84 1.79 2.08 2.04 1.95 2.00 2.07 1.87 2.05 2.74 2.68 2.66 2.63 2.05 1.89 1.78
Current assets 18.67% 20.43% 24.32% 22.38% 23.05% 24.26% 25.14% 22.74% 24.88% 26.73% 24.33% 21.42% 26.06% 26.93% 22.88% 23.04% 21.88% 23.51% 22.38% 20.78% 20.96% 22.90%
Property, plant and equipment 11.57 11.37 11.77 12.34 12.22 12.24 12.90 13.39 13.38 13.17 13.40 14.09 14.06 14.04 14.69 14.84 14.96 15.01 15.22 22.43 22.19 21.71
Accumulated depreciation -7.80 -7.67 -7.88 -8.34 -8.22 -8.30 -8.72 -9.22 -9.20 -9.10 -9.33 -9.93 -9.94 -10.04 -10.50 -10.75 -10.83 -10.84 -10.90 -16.09 -15.77 -15.35
Property, plant and equipment, net 3.77% 3.70% 3.88% 4.00% 4.00% 3.94% 4.18% 4.18% 4.18% 4.08% 4.07% 4.15% 4.12% 4.00% 4.19% 4.09% 4.14% 4.17% 4.31% 6.34% 6.42% 6.36%
Operating right-of-use assets, net 2.02 2.06 2.06 2.20 2.23 2.28 2.33 2.50 2.34 2.34 2.38 2.41 2.01 2.09 2.26 2.18 2.23 2.33 2.44 2.95 2.99 3.02
Long-term financing receivables, net of allowances 4.69 4.49 5.08 4.28 4.15 3.38 3.90 3.67 4.10 3.59 4.26 3.70 3.95 3.79 4.56 3.80 4.17 3.46 4.11 3.50 3.86 3.98
Prepaid pension assets 5.03 4.85 4.97 5.50 5.37 5.27 5.46 5.94 5.70 5.50 5.55 6.88 6.61 6.35 6.47 7.70 7.79 7.50 7.46 5.68 5.48 5.25
Deferred costs 0.55 0.53 0.54 0.52 0.54 0.53 0.57 0.59 0.61 0.59 0.62 0.64 0.68 0.63 0.68 0.65 0.68 0.69 0.70 1.56 1.61 1.57
Deferred taxes 5.73 5.47 5.67 5.81 5.70 5.21 5.09 5.17 4.77 4.71 4.92 4.77 4.80 4.80 4.92 5.46 5.55 5.68 5.58 6.22 6.10 6.02
Goodwill 49.05 47.82 44.59 46.06 45.43 45.35 44.25 45.48 44.39 43.40 44.50 46.08 42.65 42.05 43.97 43.08 43.17 42.10 42.15 42.56 41.99 40.36
Intangible assets, net 9.17 9.36 7.50 8.02 8.25 8.51 7.77 8.26 7.66 7.84 8.16 8.72 7.94 8.16 8.79 8.71 9.08 9.24 9.48 9.03 9.22 9.11
Investments and sundry assets 1.33 1.28 1.39 1.23 1.27 1.27 1.30 1.49 1.38 1.22 1.20 1.22 1.20 1.20 1.27 1.28 1.33 1.33 1.38 1.38 1.37 1.43
Noncurrent assets 81.33% 79.57% 75.68% 77.62% 76.95% 75.74% 74.86% 77.26% 75.12% 73.27% 75.67% 78.58% 73.94% 73.07% 77.12% 76.96% 78.12% 76.49% 77.62% 79.22% 79.04% 77.10%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The asset structure is characterized by a predominant weighting toward non-current assets, which consistently comprise between 73% and 81% of the total balance sheet. Over the observed period, there is a discernible shift toward a higher concentration of intangible assets, specifically goodwill, while the relative proportion of tangible fixed assets has steadily declined.

Liquidity and Current Asset Trends
Current assets exhibit fluctuations, peaking at 26.93% in March 2023 before trending downward to 18.67% by June 2026. Cash and cash equivalents show significant volatility, with a notable peak exceeding 10% in early 2024, followed by a contraction to 4.72% by the end of the period. Marketable securities also demonstrate intermittent spikes, most prominently in March 2023 and March 2025, suggesting periodic adjustments in short-term investment strategies.
Receivables and Inventory Management
Notes and accounts receivable remain relatively stable, generally oscillating between 4% and 5% of total assets. However, short-term financing receivables, held for investment, show a gradual long-term decline from 5.94% in March 2021 to 3.80% in June 2026. Inventory levels remain minimal and stable, consistently representing approximately 1% or less of the total asset base, reflecting a low-inventory operational model.
Fixed Asset Deleveraging
A consistent downward trend is observed in net property, plant, and equipment (PP&E). Net PP&E decreased from 6.36% in March 2021 to 3.77% in June 2026. This decline is mirrored by the reduction in gross PP&E and a corresponding decrease in the relative weight of accumulated depreciation, indicating a reduction in the company's physical asset footprint relative to its total balance sheet size.
Intangible Assets and Goodwill Expansion
Goodwill represents the most significant component of the asset base and exhibits a clear upward trajectory, increasing from 40.36% in March 2021 to 49.05% by June 2026. This suggests that a growing portion of the total asset value is derived from acquisitions. Intangible assets, net, remain a substantial secondary component, generally fluctuating between 7.5% and 9.5% of total assets.
Other Non-Current Components
Deferred taxes and prepaid pension assets remain relatively stable. Deferred taxes consistently fluctuate around the 5% to 6% mark, while prepaid pension assets saw a peak of 7.79% in June 2022 before settling near 5.03% by June 2026. Operating right-of-use assets have remained steady, hovering around 2% of total assets throughout the period.

In summary, the balance sheet has evolved toward an increasingly "asset-light" physical profile, with a marked transition from tangible fixed assets to intangible value. The substantial growth in goodwill suggests an aggressive acquisition strategy, while the overall decline in current asset percentage toward the end of the period indicates a tightening of short-term liquidity relative to the total asset base.

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