Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
Paying user area
Try for free
International Business Machines Corp. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to International Business Machines Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
International Business Machines Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
- Net Income (Loss)
- Net income exhibited notable volatility across the periods with several fluctuations and significant deviations. Early on, net income grew reaching a peak in December 2021, followed by sharp declines in some quarters, especially a pronounced loss in September 2022. A substantial recovery was observed thereafter, peaking again in December 2023, but drops recurred in subsequent quarters, indicating variability in profitability.
- Pension Settlement Charge
- This charge emerged abruptly in late 2022 and recurred sporadically in 2024, suggesting non-recurring large pension-related expenses impacting profitability during these periods.
- Depreciation
- Depreciation expenses generally trended downwards from 2020 into 2021 but stabilized thereafter with minor fluctuations, reflecting a steady allocation of long-lived asset costs over time.
- Amortization of Capitalized Software and Acquired Intangibles
- This expense remained relatively stable with a slight upward trend toward the later periods, indicating ongoing investment in software and acquisitions contributing to intangible asset amortization.
- Stock-Based Compensation
- A steady increase in stock-based compensation costs is visible over the full timeline, highlighting a growing reliance or recognition of equity-based remuneration to employees and executives.
- Net (Gain) Loss on Divestitures, Asset Sales, and Other
- This category showed exceptional volatility, including large negative values in late 2020 and late 2022, suggesting significant gains from divestitures or asset sales during those quarters, with other periods fluctuating irregularly.
- Changes in Operating Assets and Liabilities
- The changes reflect high variability with marked positive spikes in early 2021 and late 2022, as well as significant negative movements in some mid-2022 quarters, indicating fluctuating working capital requirements and operational cash flow influences.
- Adjustments to Reconcile Net Income to Cash Provided by Operating Activities
- These adjustments vary substantially by quarter, with large spikes in late 2020 and late 2022, which signal significant non-cash items or other reconciliations affecting operating cash flow.
- Net Cash Provided by Operating Activities
- Operating cash flow showed a strong peak in late 2020, followed by a general decline through mid-2021, and further variability with a notable surge in December 2023. This demonstrates fluctuating operational efficiency and cash collection patterns.
- Payments for Property, Plant and Equipment (CapEx)
- Capital expenditures decreased steadily from 2020 through 2025, indicating a deliberate reduction in investments in physical assets over the period.
- Proceeds from Disposition of Property, Plant and Equipment
- Proceeds show inconsistent but generally modest activity with occasional spikes, such as the notable increase in December 2023, reflecting occasional divestment of assets.
- Investment in Software
- Investments in software remained relatively stable with small variances, indicating consistent expenditures toward software development or acquisition.
- Purchases of Marketable Securities and Other Investments
- The company exhibited aggressive purchasing of securities and investments with marked peaks in early 2023 and repeated high outflows into 2025, suggesting active portfolio management or diversification.
- Proceeds from Disposition of Marketable Securities and Other Investments
- These proceeds displayed wide fluctuations, with particularly large inflows occurring from late 2022 through 2024, indicating opportunistic asset sales or rebalancing activities.
- Acquisition of Businesses, Net of Cash Acquired
- Acquisitions revealed a mixed pattern with certain quarters showing substantial outflows, particularly in late 2023 and in 2025, reflecting occasional strategic business acquisitions.
- Divestiture of Businesses, Net of Cash Transferred
- Divestitures were irregular with sporadic small inflows spread over the periods, notably with a significant inflow in mid-2022, marking asset sales or business divestments.
- Net Cash Used in Investing Activities
- There was high variability in investing cash flows, with sharp negative spikes particularly in early 2023 due to large investment purchases, and positive outliers such as late 2023, indicating gains from asset disposals and investments matured.
- Proceeds from New Debt
- Issuance of new debt was concentrated around early 2020, early 2022, and early 2024, with very elevated inflows in March 2023, notably supporting liquidity or financing activities at these times.
- Payments to Settle Debt
- Debt payments steadily continued each quarter with some spikes around 2020 to 2022, reflecting continuous efforts at debt reduction or refinancing.
- Short-Term Borrowings and Repayments
- Short-term borrowing activity fluctuated without a clear trend, suggesting tactical management of liquidity needs and short-term financing options.
- Common Stock Repurchases for Tax Withholdings
- Repurchase volumes increased over time, indicating growing share repurchase programs to cover tax obligations associated with stock compensation.
- Proceeds from Issuance of Shares
- Stock issuance activity was minimal until a notable spike in early 2025, possibly related to equity financing or employee stock plans.
- Financing, Other
- This category showed inconsistent minor inflows and outflows, without a clear pattern, possibly composed of miscellaneous financing-related activities.
- Distribution from Kyndryl
- A one-time distribution was recorded in late 2021, representing a significant cash inflow linked to divestment proceeds or partnership arrangements.
- Cash Dividends Paid
- Dividend payments steadily increased at a slow but consistent pace, reflecting a policy of regular shareholder returns with gradual incremental growth.
- Net Cash Provided by (Used in) Financing Activities
- Financing cash flow displayed pronounced swings with large negative outflows during 2020 and early 2021 and early 2023, indicating periods of debt repayment and share repurchases exceeding financing inflows. Offsetting positive inflows were observed in several quarters in 2022 and 2025, signifying new debt issuance or other financing receipts.
- Effect of Exchange Rate Changes on Cash and Equivalents
- Currency effects on cash holdings varied substantially including both positive and negative effects with no clear directional trend, reflecting foreign exchange volatility impacting cash balances.
- Net Change in Cash, Cash Equivalents and Restricted Cash
- The net cash position fluctuated widely, with strong increases in early 2020 and late 2023, contrasted by cash declines in mid-2020, mid-2022, and early 2025. The pattern corresponds to the combined impact of operating, investing, and financing activities, reflecting dynamic liquidity management over the periods analyzed.