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.

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

US$ in millions

3 months ended:	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
Services	7,682)	7,280)	7,483)	7,454)	7,405)	7,471)	7,760)	7,541)	7,553)	7,524)	7,497)	7,366)	7,640)	7,703)	7,677)	7,251)	7,201)	7,096)	11,513)	11,180)	10,937)	11,374)
Sales	9,129)	7,070)	9,902)	7,334)	8,196)	6,799)	9,449)	7,025)	7,739)	6,532)	9,021)	6,565)	7,748)	6,339)	8,844)	5,814)	6,808)	5,880)	8,565)	6,106)	6,918)	5,895)
Financing	166)	191)	168)	180)	169)	192)	172)	186)	183)	196)	173)	176)	147)	155)	173)	186)	209)	211)	288)	274)	268)	302)
Revenue	16,977)	14,541)	17,553)	14,968)	15,770)	14,462)	17,381)	14,752)	15,475)	14,252)	16,691)	14,107)	15,535)	14,197)	16,694)	13,251)	14,218)	13,187)	20,366)	17,560)	18,123)	17,571)
Services	(5,280)	(5,002)	(5,114)	(5,049)	(5,127)	(5,240)	(5,229)	(5,217)	(5,294)	(5,311)	(5,146)	(5,168)	(5,399)	(5,349)	(5,132)	(4,650)	(4,721)	(4,644)	(7,683)	(7,357)	(7,520)	(7,844)
Sales	(1,630)	(1,404)	(1,911)	(1,404)	(1,607)	(1,381)	(1,799)	(1,419)	(1,587)	(1,322)	(1,820)	(1,389)	(1,750)	(1,415)	(1,943)	(1,363)	(1,499)	(1,379)	(1,970)	(1,601)	(1,739)	(1,624)
Financing	(90)	(104)	(89)	(95)	(86)	(99)	(86)	(93)	(93)	(110)	(93)	(120)	(96)	(98)	(118)	(132)	(146)	(137)	(190)	(172)	(164)	(181)
Cost	(7,000)	(6,510)	(7,114)	(6,548)	(6,820)	(6,720)	(7,114)	(6,729)	(6,974)	(6,743)	(7,059)	(6,677)	(7,245)	(6,862)	(7,193)	(6,145)	(6,366)	(6,160)	(9,843)	(9,130)	(9,423)	(9,649)
Gross profit	9,977)	8,031)	10,439)	8,420)	8,950)	7,742)	10,267)	8,023)	8,501)	7,509)	9,632)	7,430)	8,290)	7,335)	9,501)	7,106)	7,852)	7,027)	10,523)	8,430)	8,700)	7,922)
Selling, general and administrative	(5,027)	(4,886)	(4,865)	(4,911)	(4,938)	(4,974)	(4,792)	(4,458)	(4,900)	(4,853)	(4,766)	(4,391)	(4,855)	(4,597)	(4,902)	(4,306)	(4,849)	(4,688)	(7,232)	(4,647)	(5,248)	(5,955)
Research and development	(2,097)	(1,950)	(1,967)	(1,876)	(1,840)	(1,796)	(1,748)	(1,685)	(1,687)	(1,655)	(1,604)	(1,611)	(1,673)	(1,679)	(1,625)	(1,606)	(1,641)	(1,616)	(1,611)	(1,515)	(1,582)	(1,625)
Intellectual property and custom development income	215)	253)	301)	238)	241)	216)	242)	190)	248)	180)	245)	121)	176)	121)	180)	153)	133)	146)	173)	134)	203)	116)
Operating income	3,068)	1,448)	3,908)	1,871)	2,413)	1,188)	3,969)	2,070)	2,162)	1,181)	3,507)	1,549)	1,938)	1,180)	3,154)	1,347)	1,495)	869)	1,853)	2,402)	2,073)	458)
Other income and (expense)	39)	165)	(178)	(2,244)	233)	318)	195)	215)	261)	244)	118)	(5,755)	81)	(246)	19)	(244)	(303)	(345)	(249)	(252)	(179)	(181)
Interest expense	(510)	(455)	(424)	(429)	(427)	(432)	(405)	(412)	(423)	(367)	(313)	(295)	(297)	(311)	(304)	(290)	(281)	(280)	(316)	(323)	(323)	(326)
Income (loss) from continuing operations before income taxes	2,597)	1,158)	3,306)	(802)	2,219)	1,074)	3,759)	1,873)	2,000)	1,058)	3,312)	(4,501)	1,722)	623)	2,869)	813)	911)	244)	1,288)	1,827)	1,571)	(49)
(Provision for) benefit from income taxes	(404)	(104)	(379)	485)	(389)	501)	(474)	(159)	(419)	(124)	(443)	1,287)	(257)	39)	(407)	224)	(101)	159)	(24)	(128)	(209)	1,225)
Income (loss) from continuing operations	2,193)	1,054)	2,927)	(317)	1,830)	1,575)	3,285)	1,714)	1,581)	934)	2,869)	(3,214)	1,465)	662)	2,462)	1,037)	810)	403)	1,264)	1,699)	1,362)	1,176)
Income (loss) from discontinued operations, net of tax	1)	1)	(13)	(13)	4)	30)	3)	(10)	2)	(7)	(159)	18)	(73)	71)	(129)	93)	515)	552)	92)	(1)	(1)	(1)
Net income (loss)	2,194)	1,055)	2,914)	(330)	1,834)	1,605)	3,288)	1,704)	1,583)	927)	2,710)	(3,196)	1,392)	733)	2,333)	1,130)	1,325)	955)	1,356)	1,698)	1,361)	1,175)

Revenue Trends: There is a notable volatility in revenue across the quarters. The revenue experienced a sharp decline starting from Dec 31, 2020, reaching a low in Mar 31, 2021, followed by a gradual recovery and growth peaking around Dec 31, 2021. Subsequently, the revenue figures show fluctuations but generally maintain a level between approximately 14,000 and 17,000 million USD, with some quarters showing increased revenue compared to the same quarter in previous years.
Services Revenue: Services revenue shows a steep drop between Dec 31, 2020 and Mar 31, 2021, losing over 35% compared to previous quarters. Following this, the services segment revenue remains relatively stable but does not return to pre-2021 levels consistently. There is a slight increase towards Dec 31, 2023, then a modest decline again by Mar 31, 2025.
Sales Revenue: Sales revenue exhibits significant seasonal fluctuations with periodic peaks in Dec quarters, especially pronounced in Dec 31, 2021 and Dec 31, 2023. The general trend, however, shows some growth over the analyzed period, with the revenue peaking near 9,900 million USD in Dec 31, 2024. Lower sales quarters are often in Mar and Sep periods.
Financing Revenue: Financing revenue remains a relatively minor component, consistently under 300 million USD. There is a slight decrease over time, with values generally declining from early 2020 levels to lower values by 2025.
Total Cost and Gross Profit: The cost structure follows a similar pattern to revenue, decreasing sharply in 2021 relative to the pre-2021 period, then increasing again steadily. Gross profit mirrors this pattern: a significant decrease in early 2021, followed by recovery and increasing margins towards the end of the data period, reaching highs near 10,000 million USD in some quarters.
Operating Expenses - SG&A and R&D: Selling, General, and Administrative expenses (SG&A) demonstrate a decrease during 2020-2021, followed by a periods of stability around 4,500 to 5,000 million USD. Research and Development expenses show steady increases over time, rising from approximately 1,600 million USD in 2020 to over 2,000 million USD by 2025, suggesting increased investment in innovation.
Operating Income: Operating income fluctuates substantially, with distinct peaks at Dec 31, 2021 and Dec 31, 2023 (around 3,500 to 4,000 million USD), indicating strong operational performance in these periods. The operating income figures are generally positive and reflect improvement over the first part of the observed timeline despite some fluctuations.
Other Income and Expense: This line item shows considerable volatility with large negative impacts in some quarters (e.g., Sep 30, 2022 with about -5,755 million USD) and positive spikes in others. This suggests significant one-time or non-operating gains and losses affecting the income statement unpredictably.
Interest Expense: Interest expenses remain relatively consistent across quarters, with a gradual increase from approximately 320 million USD to more than 500 million USD by mid-2025, indicating rising debt servicing costs or increased borrowing.
Income Before Taxes and Tax Provision: Income from continuing operations before income taxes ebbs and flows, with some negative figures notably in Sep 30, 2022 and Dec 31, 2024 quarters, linked to large other income/expense swings. The provision for income taxes is inconsistent, with both benefits and provisions occurring, reflecting fluctuations in profitability and tax management strategies.
Net Income: Net income shows substantial volatility over the period, recovering from a low in Mar 31, 2021, followed by generally positive trends with intermittent negative results such as Sep 30, 2022. Positive spikes in net income often align with strong operating income quarters, showing the company's ability to convert operational performance into net profitability despite fluctuations in other income and tax provisions.
Summary of Trends: Overall, the data reveals periods of recovery and growth following the significant downturn around early 2021, alongside enhanced R&D spending indicative of strategic investment. Revenue and profit metrics display seasonal and cyclical patterns, with year-end quarters generally outperforming others. The presence of notable non-recurring income/expense effects produces considerable variability in net income and operating income. Interest expenses are rising moderately, and while operating expenses have been managed effectively, the increase in R&D signals a prioritization of innovation. The financial performance shows resilience amid market volatility and external impacts.

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International Business Machines Corp. (NYSE:IBM)

Income Statement Quarterly Data

Income Statement
Quarterly Data