Common-Size Income Statement
Quarterly Data
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International Business Machines Corp. pages available for free this week:
- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Price to Sales (P/S) since 2005
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International Business Machines Corp., common-size consolidated income statement (quarterly data)
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 revenue structure exhibits a consistent seasonal oscillation between services and sales. Services typically represent the larger portion of revenue during the first and third quarters, whereas sales peak significantly in the fourth quarter of each year, reaching a high of 58.31% in December 2025. Financing revenue remains a marginal and stable component, generally fluctuating between 0.91% and 1.60%.
- Cost Structure and Gross Profitability
- Gross profit margins show a clear upward trend in their peak quarterly values, increasing from 56.91% in December 2021 to 60.60% in December 2025. The cost of revenue is heavily weighted toward services, which consistently incur costs between 27.77% and 37.68% of total revenue, while the cost of sales remains relatively stable, typically ranging from 9.28% to 11.64%.
- Operating Expense Management
- Selling, general, and administrative (SG&A) expenses are subject to quarterly fluctuations, generally ranging from 27.57% to 34.39% of revenue. There is a observable pattern where SG&A as a percentage of revenue tends to contract during the fourth quarter. Research and development (R&D) expenditures remain relatively constant as a proportion of revenue, staying within a narrow band between 9.61% and 13.65% over the period.
- Operating Income Trends
- Operating income is characterized by extreme seasonality. Margins are typically lowest in the first quarter and reach their zenith in the fourth quarter, with December 2025 recording an operating margin of 23.15%. This suggests a high concentration of operating profitability in the final quarter of the fiscal year.
- Net Income and Non-Operating Impact
- Net income margins are volatile and have been significantly impacted by non-operating items. A substantial negative outlier occurred in September 2022, where other income and expenses plummeted to -40.80% of revenue, resulting in a net loss of -22.66%. A similar, though less severe, dip occurred in September 2024. Despite these anomalies, the underlying trend for net income in peak quarters is positive, with the December 2025 net margin reaching 28.45%.