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:	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	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
Services	7,688)	8,028)	7,724)	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)
Sales	8,009)	11,478)	8,407)	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)
Financing	220)	180)	200)	166)	191)	168)	180)	169)	192)	172)	186)	183)	196)	173)	176)	147)	155)	173)	186)	209)	211)
Revenue	15,917)	19,686)	16,331)	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)
Services	(5,244)	(5,467)	(5,225)	(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)
Sales	(1,599)	(2,190)	(1,637)	(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)
Financing	(124)	(100)	(109)	(90)	(104)	(89)	(95)	(86)	(99)	(86)	(93)	(93)	(110)	(93)	(120)	(96)	(98)	(118)	(132)	(146)	(137)
Cost	(6,967)	(7,757)	(6,971)	(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)
Gross profit	8,950)	11,929)	9,360)	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)
Selling, general and administrative	(5,089)	(5,462)	(4,748)	(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)
Research and development	(2,173)	(2,187)	(2,082)	(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)
Intellectual property and custom development income	172)	277)	219)	215)	253)	301)	238)	241)	216)	242)	190)	248)	180)	245)	121)	176)	121)	180)	153)	133)	146)
Operating income	1,860)	4,557)	2,749)	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)
Other income and (expense)	—)	64)	173)	39)	165)	(178)	(2,244)	233)	318)	195)	215)	261)	244)	118)	(5,755)	81)	(246)	19)	(244)	(303)	(345)
Interest expense	(473)	(478)	(492)	(510)	(455)	(424)	(429)	(427)	(432)	(405)	(412)	(423)	(367)	(313)	(295)	(297)	(311)	(304)	(290)	(281)	(280)
Income (loss) from continuing operations before income taxes	1,387)	4,143)	2,430)	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)
(Provision for) benefit from income taxes	(171)	1,437)	(686)	(404)	(104)	(379)	485)	(389)	501)	(474)	(159)	(419)	(124)	(443)	1,287)	(257)	39)	(407)	224)	(101)	159)
Income (loss) from continuing operations	1,216)	5,580)	1,744)	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)
Income (loss) from discontinued operations, net of tax	—)	20)	—)	1)	1)	(13)	(13)	4)	30)	3)	(10)	2)	(7)	(159)	18)	(73)	71)	(129)	93)	515)	552)
Net income (loss)	1,216)	5,600)	1,744)	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)

Revenue exhibits a consistent upward trajectory characterized by significant quarterly seasonality. Total revenue grew from a range of 13.1 billion to 16.6 billion USD in 2021 to a range of 14.5 billion to 19.6 billion USD by 2025. A recurring pattern is observed where the fourth quarter of each fiscal year yields the highest revenue, driven primarily by a substantial surge in the Sales segment. While the Services segment provides a stable foundation of income, the Sales segment demonstrates higher volatility but contributes most heavily to the year-end peaks.

Operating Expense Trends: Selling, general, and administrative expenses remained relatively stable throughout the period, generally fluctuating between 4.3 billion and 5.4 billion USD. Conversely, Research and Development spending shows a steady and deliberate increase, rising from approximately 1.6 billion USD per quarter in 2021 to over 2.1 billion USD by early 2026, indicating a sustained strategic investment in product development.
Profitability and Operating Margins: Gross profit margins remain robust, mirroring the seasonal revenue spikes. Operating income follows a similar seasonal pattern, with Q4 results consistently outperforming other quarters. The peak operating income reached 4.5 billion USD in December 2025, compared to 3.1 billion USD in December 2021, suggesting an improvement in operational efficiency and scale.
Net Income Volatility and Non-Operating Items: Net income is subject to significant volatility due to substantial swings in other income and expenses. Notable anomalies occurred in September 2022 and September 2024, where large negative entries in other income and expenses led to net losses of 3.19 billion USD and 330 million USD, respectively. Excluding these non-recurring items, the underlying trend of income from continuing operations is positive.
Financial Obligations and Tax Impacts: Interest expenses have trended upward over the analyzed period, increasing from approximately 280 million USD per quarter in 2021 to roughly 470 million USD by 2026. Tax provisions have remained inconsistent, frequently fluctuating between benefits and provisions, which contributes to the variability in final net income figures.

Overall, the financial performance is marked by strong top-line growth and disciplined operational scaling, although the bottom line remains susceptible to significant non-operating volatility.

AI Ask an analyst for more

Download chart

International Business Machines Corp. (NYSE:IBM)

Income Statement Quarterly Data

Income Statement
Quarterly Data