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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- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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International Business Machines Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 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
- Revenue shows significant volatility over the quarters. Starting at 17,571 million USD in Q1 2020, it initially rises and peaks at 20,366 million USD in Q4 2020. A sharp decline follows in early 2021, with revenues dropping to 13,187 million USD in Q1 2021. Subsequently, revenue demonstrates a general upward trajectory with some fluctuations, reaching 16,331 million USD by Q3 2025.
- Segment Revenue Patterns
- Services revenue exhibits a decline from Q1 2020 through Q4 2020, followed by a significant decrease in Q1 2021. It then fluctuates mildly up to Q4 2025, remaining relatively stable around 7,000 to 7,700 million USD in the latest quarters. Sales revenue follows a similar trend, with sharp fluctuations and occasional spikes notably in Q4 each year, suggestive of seasonality. Financing revenue, although the smallest segment, shows a gradual decline with minor fluctuations, reflecting reduced finance-related income or activity.
- Cost of Revenue and Profitability
- Cost of revenue follows the pattern of revenue, peaking in line with revenue peaks but with significant absolute values, indicating persistent high operational costs. Gross profit mirrors these fluctuations, peaking notably in Q4 each year and maintaining a positive spread despite volatility. Gross profit margins show pressure during early 2021 with a recovery trend thereafter.
- Operating Expenses
- Selling, general and administrative (SG&A) expenses decline sharply in 2020 from a high baseline, stabilizing between roughly 4,400 million to 5,000 million USD in subsequent periods. Research and development (R&D) expenses slightly increase over time, indicating a sustained or growing investment in innovation. Intellectual property and custom development income experiences fluctuations but generally increases, contributing positively to operational income.
- Operating Income and Income Before Taxes
- Operating income fluctuates considerably. Periods of strong operating income are apparent in Q4 each year, with Q4 2023 and Q4 2025 standing out as the highest points. Income before taxes shows similar variability, bolstered by operating income but significantly affected by volatility in other income and expenses, which appears erratic including extreme negative values in some quarters.
- Net Income Analysis
- Net income follows the general trend of operating income with wide fluctuations. Periods such as Q3 2022 show substantial losses, while Q4 quarters across years generally show strong income results, reflective of seasonal performance effects or year-end adjustments. Income from discontinued operations is relatively minor but has sporadic positive and negative impacts on net income.
- Other Income and Interest Expense
- Other income and expenses show irregular patterns including large negative spikes and positive reversals, notably extreme negative values in Q3 2022 affecting overall profitability markedly. Interest expense remains relatively stable but trends slightly upward in later periods, increasing the cost burden and impacting net profitability.
- Tax Provision Dynamics
- Tax provisions vary greatly by quarter, with some quarters showing substantial tax benefits and others large provisions, contributing to the volatility in net income after tax. This variability suggests fluctuating pre-tax incomes and possible changes in tax strategies or tax rates.
- Summary Insights
- The financial data reveals a pattern of cyclical or seasonal performance, with stronger results typically recorded in the fourth quarter of each year. Revenue and profitability show resilience despite intermittent declines, particularly pronounced in 2021. The business maintains significant investment in services and R&D, and its operating income is sensitive to fluctuations in non-operating items and tax impacts. Cost control appears consistent but is challenged by revenue volatility and periodic extraordinary losses, especially notable in mid-2022. Overall, the company demonstrates an ability to recover from downturns but faces ongoing profit margin pressures and income variability.