Balance Sheet: Assets
Quarterly Data

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.

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

US$ in millions

	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Cash and cash equivalents	11,943)	11,035)	13,947)	13,197)	12,210)	14,603)	13,068)	7,257)	9,394)	9,337)	7,886)	7,816)	7,034)	9,934)	6,650)	7,455)	7,350)	10,531)	13,212)	14,393)	12,041)	11,218)
Restricted cash	83)	126)	214)	17)	2,268)	162)	21)	19)	31)	198)	103)	159)	220)	286)	307)	352)	215)	142)	463)	160)	147)	152)
Marketable securities	3,504)	6,430)	644)	505)	1,481)	4,512)	373)	3,721)	6,904)	8,057)	852)	1,753)	524)	550)	600)	600)	600)	600)	600)	1,200)	2,063)	647)
Notes and accounts receivable, trade, net of allowances	5,974)	5,857)	6,804)	5,390)	5,769)	6,041)	7,214)	5,330)	5,673)	5,757)	6,541)	5,526)	5,867)	5,963)	6,754)	6,609)	6,827)	6,458)	7,132)	6,099)	6,543)	6,927)
Short-term financing receivables, held for investment, net of allowances	5,586)	5,128)	6,259)	5,256)	5,075)	4,877)	6,102)	5,032)	5,564)	6,057)	6,851)	6,280)	6,619)	6,759)	7,221)	7,161)	8,194)	8,822)	10,892)	10,848)	11,967)	12,126)
Short-term financing receivables, held for sale	746)	588)	900)	509)	723)	644)	692)	593)	865)	605)	939)	395)	614)	410)	793)	—)	—)	—)	—)	—)	—)	—)
Other accounts receivable, net of allowances	1,187)	897)	947)	928)	757)	760)	640)	842)	838)	812)	817)	902)	909)	1,003)	1,002)	899)	802)	787)	714)	923)	937)	1,616)
Finished goods	188)	203)	134)	169)	141)	131)	78)	160)	174)	199)	158)	209)	184)	269)	208)	287)	213)	234)	190)	287)	288)	298)
Work in process and raw materials	1,063)	1,228)	1,155)	1,198)	1,093)	1,081)	1,083)	1,239)	1,327)	1,404)	1,394)	1,585)	1,500)	1,507)	1,441)	1,604)	1,594)	1,594)	1,649)	1,662)	1,581)	1,488)
Inventory, at lower of average cost or net realizable value	1,251)	1,431)	1,289)	1,367)	1,234)	1,212)	1,161)	1,399)	1,501)	1,603)	1,552)	1,794)	1,684)	1,776)	1,649)	1,891)	1,807)	1,828)	1,839)	1,949)	1,869)	1,786)
Deferred costs	1,182)	1,074)	959)	966)	997)	1,047)	998)	931)	957)	1,055)	967)	921)	1,010)	1,103)	1,097)	2,046)	2,211)	2,223)	2,107)	2,084)	2,127)	1,948)
Prepaid expenses and other current assets	2,797)	2,770)	2,519)	2,408)	2,785)	2,805)	2,639)	2,581)	2,731)	2,501)	2,610)	3,453)	3,415)	3,546)	3,466)	2,954)	2,768)	2,647)	2,206)	2,189)	2,259)	2,511)
Current assets	34,253)	35,336)	34,482)	30,543)	33,299)	36,663)	32,908)	27,705)	34,458)	35,982)	29,118)	28,999)	27,896)	31,330)	29,539)	29,967)	30,774)	34,038)	39,165)	39,845)	39,953)	38,931)
Property, plant and equipment	18,160)	17,827)	17,690)	17,994)	17,911)	18,071)	18,122)	18,217)	18,588)	18,761)	18,695)	18,675)	19,079)	20,007)	20,084)	32,349)	32,575)	32,269)	33,176)	32,432)	31,666)	31,089)
Accumulated depreciation	(12,217)	(12,085)	(11,959)	(12,380)	(12,311)	(12,477)	(12,621)	(12,848)	(13,145)	(13,417)	(13,361)	(13,525)	(13,804)	(14,448)	(14,390)	(23,211)	(23,152)	(22,817)	(23,136)	(22,474)	(21,957)	(21,463)
Property, plant and equipment, net	5,943)	5,742)	5,731)	5,614)	5,600)	5,594)	5,501)	5,369)	5,443)	5,344)	5,334)	5,150)	5,275)	5,559)	5,694)	9,138)	9,423)	9,452)	10,040)	9,958)	9,709)	9,626)
Operating right-of-use assets, net	3,315)	3,323)	3,197)	3,355)	3,130)	3,204)	3,220)	3,112)	2,653)	2,789)	2,878)	2,740)	2,848)	3,108)	3,222)	4,253)	4,387)	4,483)	4,686)	4,715)	4,774)	4,871)
Long-term financing receivables, net of allowances	6,171)	4,920)	5,353)	4,931)	5,483)	4,927)	5,766)	4,789)	5,221)	5,065)	5,806)	4,781)	5,316)	4,610)	5,425)	5,046)	5,674)	5,922)	7,086)	6,423)	7,351)	7,708)
Prepaid pension assets	7,983)	7,670)	7,492)	7,975)	7,630)	7,545)	7,506)	8,901)	8,735)	8,487)	8,236)	9,695)	9,930)	9,995)	9,850)	8,197)	8,046)	7,800)	7,610)	7,636)	7,254)	6,933)
Deferred costs	795)	769)	788)	788)	820)	810)	842)	822)	897)	846)	866)	818)	865)	916)	924)	2,248)	2,362)	2,336)	2,449)	2,438)	2,445)	2,459)
Deferred taxes	8,475)	7,594)	6,978)	6,943)	6,378)	6,465)	6,656)	6,168)	6,340)	6,419)	6,256)	6,868)	7,073)	7,567)	7,370)	8,967)	8,954)	8,953)	9,241)	8,852)	8,689)	8,782)
Goodwill	67,506)	66,065)	60,706)	61,092)	59,416)	59,534)	60,178)	59,596)	56,385)	56,193)	55,949)	54,218)	55,039)	56,106)	55,643)	61,378)	61,645)	59,984)	59,617)	58,355)	57,833)	57,517)
Intangible assets, net	12,253)	12,392)	10,660)	11,090)	10,251)	10,750)	11,036)	11,278)	10,496)	10,905)	11,184)	10,967)	11,571)	12,312)	12,511)	13,025)	13,539)	13,535)	13,796)	13,962)	14,270)	14,666)
Investments and sundry assets	1,891)	1,856)	1,788)	2,008)	1,841)	1,677)	1,628)	1,581)	1,585)	1,607)	1,616)	1,614)	1,690)	1,772)	1,823)	1,995)	2,010)	2,126)	2,281)	1,944)	1,922)	1,910)
Noncurrent assets	114,332)	110,331)	102,693)	103,796)	100,549)	100,506)	102,333)	101,616)	97,755)	97,655)	98,125)	96,851)	99,607)	101,945)	102,462)	114,247)	116,040)	114,591)	116,806)	114,283)	114,247)	114,472)
Total assets	148,585)	145,667)	137,175)	134,339)	133,848)	137,169)	135,241)	129,321)	132,213)	133,637)	127,243)	125,850)	127,503)	133,275)	132,001)	144,214)	146,814)	148,629)	155,971)	154,128)	154,200)	153,403)

The quarterly financial data reveal several notable trends and fluctuations across various balance sheet items over the observed periods.

Cash and Cash Equivalents

Cash balances generally fluctuate with periods of decline and recovery. Initial values around US$11 billion to US$14 billion in 2020 declined significantly in mid-2021, reaching lows near US$6.6 billion, before rebounding to over US$13 billion by the end of 2023. The first half of 2024 shows continued strength with balances maintaining above US$12 billion.

Restricted Cash

Restricted cash remains minor relative to total cash, varying between US$19 million and US$2.3 billion. Although the amounts are small, spikes occur intermittently, notably a discrete increase in mid-2024 to US$2.3 billion, suggesting temporary reserves or compliance-related holdings.

Marketable Securities

Marketable securities demonstrate significant volatility, ranging from several hundred million to over US$8 billion, peaking at US$8 billion in early 2023 before sharply decreasing by the end of 2023. The fluctuations indicate active portfolio adjustments or realizations in marketable investments.

Receivables

Notes and Accounts Receivable, Trade: This item shows a downward trend from around US$7.1 billion in late 2020 to roughly US$5.3 billion by late 2023, suggesting improved collections or reduced sales on credit. The values moderately increase thereafter but remain below earlier highs.
Short-term Financing Receivables, Held for Investment: There is a clear decline from about US$12.1 billion early in 2020 to near US$5.0 billion by late 2023, reflecting possible repayments or shifts in financing strategy. Stability appears in 2024, hovering around US$5.0-6.0 billion.
Short-term Financing Receivables, Held for Sale: Reported only from 2021, values generally oscillate between US$395 million and under US$1 billion, indicating a relatively small segment available for timely sale.
Other Accounts Receivable: This category shows variability but generally maintains levels from US$600 million to over US$1 billion, with some troughs below this range, pointing to mixed changes in other receivable components.

Inventory

Finished Goods: Finished goods inventory fluctuates without a clear long-term trend, peaking early in the period near US$298 million and declining substantially toward US$78 million in late 2023, before modest increases. This reduction may reflect shifts in inventory management or sales patterns.
Work in Process and Raw Materials: Work in process and raw materials remain relatively stable around US$1.0-1.6 billion, with slight decreases in recent periods, indicating steady production inputs.
Total Inventory: Overall inventory levels show a subtle downward movement from near US$1.9 billion to just above US$1.1 billion by the end of 2023, consistent with the decline in finished goods.

Deferred Costs and Prepaid Expenses

Deferred Costs: Deferred costs decline markedly around late 2020 to early 2021, dropping from above US$2 billion to under US$1 billion, then stabilize with minor fluctuations near US$1 billion through 2024.
Prepaid Expenses and Other Current Assets: These assets increase sharply between late 2020 and 2021, reaching over US$3.4 billion, before settling around US$2.5-2.7 billion, reflecting changes in prepaid arrangements or accrued assets.

Current Assets and Noncurrent Assets

Current Assets: Current assets show a strong decline from approximately US$39 billion in 2020 to around US$27 billion by late 2022, followed by recovery to above US$35 billion by mid-2024, indicating varying liquidity conditions.
Noncurrent Assets: Noncurrent assets decline lightly from values near US$116 billion to just below US$97 billion in early 2021, stabilizing near US$100 billion thereafter, before rising above US$110 billion by mid-2025. This suggests fluctuations in fixed assets, goodwill, and intangible assets owing to acquisitions, disposals, or depreciation.

Property, Plant and Equipment

Gross and Net PP&E: Gross property, plant, and equipment initially increases slightly, then drops significantly from US$32 billion in early 2021 to about US$18 billion later the same year, indicating disposals or asset reclassifications. Net PP&E follows this trend, recovering slowly toward US$5.9 billion by mid-2025.
Accumulated Depreciation: Accumulated depreciation follows the asset base movements, with a substantial decrease in 2021, suggesting asset impairments or write-downs, stabilizing again around US$12 billion thereafter.

Goodwill and Intangible Assets

Goodwill: Goodwill grows steadily from near US$57.5 billion in 2020 to over US$67 billion by mid-2025, signaling acquisitions or revaluations.
Intangible Assets, Net: Intangible assets decline from US$14.6 billion to just above US$10 billion by late 2023, then climb back up near US$12 billion by mid-2025, reflecting amortization and new intangible asset capitalization.

Deferred Taxes

Deferred tax liabilities/assets decline from approximately US$9 billion in 2020 to around US$6 billion by late 2023, then increase to reach approximately US$8.5 billion by mid-2025, demonstrating tax timing differences that vary with profitability and accounting treatment.

Total Assets

Total assets peak near US$156 billion in early 2021, drop to about US$125 billion in late 2022, and then recover steadily to approximately US$149 billion by mid-2025. This indicates cyclical asset management influenced by disposals, acquisitions, and operational factors.

In summary, the data depict a company experiencing considerable asset restructuring, especially in property and equipment, alongside active management of financial assets such as cash and marketable securities. There is evidence of cautious credit management reflected in declining receivables and inventory levels. The increases in goodwill suggest strategic acquisitions. The trends overall suggest efforts to optimize asset utilization and liquidity with cyclical fluctuations over the five-year period.

Assets: Selected Items

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Current Assets: Selected Items

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International Business Machines Corp. (NYSE:IBM)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data