Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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International Business Machines Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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 capital structure exhibits a gradual shift from a heavily leveraged position toward an increased equity base. Total liabilities, which represented 85.53% of total liabilities and equity in March 2021, declined to 78.84% by March 2026. Conversely, total equity expanded from 14.47% to 21.16% over the same period, indicating a strategic move toward a more conservative financing mix.
- Current Liabilities Trends
- Current liabilities remained relatively stable, fluctuating between 21.48% and 25.67% of the total balance sheet. Short-term debt showed volatility, peaking at 6.02% in June 2025 before settling at 5.54% in March 2026. Deferred income within current liabilities remained a consistent and significant component, generally maintaining a range between 8.50% and 10.90%, suggesting a steady stream of prepaid obligations.
- Noncurrent Liabilities and Debt Obligations
- A notable contraction is observed in noncurrent liabilities, which fell from 60.94% in March 2021 to 53.17% by March 2026. This decline was primarily driven by a significant reduction in retirement and nonpension postretirement benefit obligations, which decreased from 11.67% to 5.61%. Long-term debt, excluding current maturities, experienced an initial increase, peaking at 40.28% in March 2023, before moderating to 36.94% by the end of the analyzed period.
- Stockholders' Equity Composition
- The equity section is characterized by high internal volatility due to substantial treasury stock activity and retained earnings. Retained earnings, while remaining high, trended downward from 109.14% in March 2021 to 99.42% in March 2026. This is mirrored by treasury stock at cost, which remained highly negative, fluctuating between -109.37% and -134.70%, reflecting aggressive share repurchase programs. Additionally, accumulated other comprehensive loss improved steadily, moving from -19.01% to -9.87%, which contributed positively to the overall growth in total equity.
- Overall Financial Leverage
- The long-term trend indicates a reduction in the reliance on external debt and a strengthening of the equity cushion. The combined effect of decreasing retirement obligations and a reduction in total liabilities relative to assets suggests an improvement in the long-term solvency profile.