Stock Analysis on Net
Stock Analysis on Net

International Business Machines Corp. (NYSE:IBM)

$24.99

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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International Business Machines Corp., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
Services
Sales
Financing
Revenue
Services
Sales
Financing
Cost
Gross profit
Selling, general and administrative
Research and development
Intellectual property and custom development income
Operating income
Other income and (expense)
Interest expense
Income (loss) from continuing operations before income taxes
(Provision for) benefit from income taxes
Income (loss) from continuing operations
Income (loss) from discontinued operations, net of tax
Net income (loss)

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Revenue Trends
The total revenue showed significant fluctuations over the reported quarters. Initial quarters in 2020 experienced revenue levels mostly between 17,000 and 20,000 million US dollars, with a notable decline in early 2021, dropping to roughly 13,000 to 17,000 million US dollars. From mid-2021 onwards, revenue exhibited a gradual recovery and some growth, peaking at approximately 17,553 million US dollars by the end of 2024, before slightly declining in the first quarter of 2025.
Segment Revenue Analysis
Services
Services revenue declined substantially from the start of 2020 through early 2021, decreasing from over 11,000 million US dollars to just above 7,000 million US dollars. Following this, the segment stabilized with moderate volatility, maintaining values mostly between 7,000 and 7,800 million US dollars through to early 2025, showing no clear strong growth trend.
Sales
Sales revenue showed high variability across quarters. After an initial range of 5,800 to 8,500 million US dollars in 2020, it experienced a sharp drop in early 2021. The segment then demonstrated a mostly upward trend with peaks reaching nearly 9,902 million US dollars in the fourth quarter of 2024, exhibiting signs of gradual recovery and growth relative to services.
Financing
The financing revenue segment was the smallest and showed a slow but steady decline over the years, decreasing from the 300 million US dollar range in early 2020 to about 168-192 million US dollars in the later quarters, indicating a diminishing contribution to total revenue.
Cost of Revenue and Profitability
Costs, reflecting the sum of services, sales, and financing costs, declined significantly from late 2020 into early 2021, mirroring the drop in revenue. Gross profit followed a similar trend, declining in early 2021 but showing recovery from mid-2021 onward with peaks above 10,000 million US dollars in late 2021 and 2024, indicating improved profitability over time.
Operating Income and Expenses
Operating income fluctuated considerably, with low points in early 2020 and 2021, then marked improvement through late 2021 into 2024 with peaks around 3,970 million US dollars, reflecting enhanced operational efficiency or better margin management. Selling, general and administrative expenses remained relatively stable but showed minor fluctuations without a clear directional trend, hovering around 4,400 to 5,000 million US dollars. Research and development expenses increased steadily over time, rising from approximately 1,600 million US dollars to nearly 2,000 million US dollars, indicating consistent investment in innovation and product development.
Other Income and Interest Expense
Other income and expense showed volatility, with some quarters reflecting positive contributions and others negative, including a significant outlier of -5,755 million US dollars in late 2022, which notably impacted income in that period. Interest expense remained relatively consistent across quarters, with a slight increasing trend toward later periods, rising from approximately 316 million US dollars to 455 million US dollars, indicating a moderate increase in borrowing costs or interest-bearing liabilities.
Income Before Taxes and Net Income
Income before taxes mirrored operating income fluctuations but was notably volatile due to the swings in other income and extraordinary items. There were quarters with negative income before tax, such as late 2022, affected by non-operating items. Provision for income taxes was inconsistent, reflecting variable tax benefits and expenses across quarters. Overall net income followed a pattern of initial weakness in 2021, recovery through 2022 and 2023, with prominent peaks in late 2023 and 2024 reaching upwards of 3,288 million US dollars in quarterly profits. However, significant negative spikes occurred, for instance in the third quarter of 2022 and early 2024, reflecting underlying volatility in profitability.
Discontinued Operations
Discontinued operations showed relatively minor and inconsistent impacts on net income, generally representing small gains or losses in comparison to continuing operations.
Summary Insights
The financial data reflects a period of pronounced volatility around early 2021, characterized by declines in revenue, gross profit, and income metrics. This was followed by a recovery phase with gradual improvements in sales revenue, gross profit, and operating income through 2023 and 2024. The steady increase in research and development expenses suggests an ongoing commitment to innovation despite fluctuations in other areas. Exceptional swings in other income and rare negative spikes in profitability suggest occasional non-recurring items or extraordinary events influencing results. Overall, the company experienced a challenging but recovering operational environment with generally improving profitability trends in later periods.