Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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International Business Machines Corp. pages available for free this week:
- 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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International Business Machines Corp., consolidated balance sheet: assets
US$ in millions
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, total assets exhibited a generally increasing trend over the five-year period, moving from US$132,001 million in 2021 to US$151,880 million in 2025. This growth was not consistent year-over-year, with a slight decrease observed between 2021 and 2022, followed by more substantial increases in subsequent years. The composition of assets shifted notably, with significant changes observed in both current and noncurrent asset categories.
- Current Assets
- Current assets demonstrated volatility throughout the period. After a slight decrease from US$29,539 million in 2021 to US$29,118 million in 2022, they increased to US$36,944 million by 2025. A significant driver of this increase was cash and cash equivalents, which more than doubled from US$6,650 million in 2021 to US$13,587 million in 2025. Accounts receivable also showed an upward trend, increasing from US$6,754 million to US$8,112 million over the same period. Inventory levels decreased initially, reaching a low of US$1,161 million in 2023, before stabilizing around US$1,200 million. Short-term financing receivables experienced fluctuations but generally remained within a range of US$6,102 million to US$7,344 million.
- Noncurrent Assets
- Noncurrent assets also generally increased, moving from US$102,462 million in 2021 to US$114,936 million in 2025. Goodwill constituted the largest portion of noncurrent assets and exhibited a consistent upward trend, rising from US$55,643 million to US$67,717 million. Intangible assets also increased, though at a slower pace, from US$12,511 million to US$11,391 million, with some fluctuation. Long-term financing receivables showed an increase from US$5,425 million to US$7,708 million. Prepaid pension assets decreased steadily from US$9,850 million to US$7,544 million. Property, plant, and equipment remained relatively stable, with a modest increase from US$5,694 million to US$5,899 million. Deferred taxes also increased, from US$7,370 million to US$8,610 million.
The increase in cash and cash equivalents, coupled with the growth in goodwill and long-term financing receivables, contributed significantly to the overall asset growth. The decrease in prepaid pension assets may indicate changes in pension plan funding strategies. The relatively stable levels of property, plant, and equipment suggest limited capital expenditure in these areas during the period. The overall trend suggests a strengthening asset base, although the composition of those assets is evolving.