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.
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- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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International Business Machines Corp., consolidated cash flow statement (quarterly data)
US$ in millions
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).
- Net Income (Loss)
- The net income demonstrates significant volatility across the quarters, with notable peaks and troughs. After a steady increase through 2020, net income declined in early 2021, rebounded sharply by the end of 2021, and then fluctuated with sharp losses in some quarters (notably Q3 2022 and Q3 2024) and strong gains in others, particularly in Q4 2021 and Q4 2023. This irregular pattern suggests episodic impacts or one-time events affecting profitability.
- Pension Settlement Charge
- Charges are sporadic and substantial when they occur, with notable large amounts in Q3 2022 and again in Q2 2024. These charges, when recorded, appear to have a material impact on the overall profitability and may correspond to restructuring or pension-related settlements.
- Depreciation
- Depreciation expense demonstrates a gradual decline from just over 1 billion USD in early 2020 to around half a billion by late 2024, reflecting possible asset base changes or accounting policy adjustments.
- Amortization of Capitalized Software and Acquired Intangible Assets
- This expense remains relatively stable with mild fluctuations around the 600 million USD range, except for a slight increase in Q3 2024 to over 700 million USD, suggesting consistent amortization schedules.
- Stock-based Compensation
- There is a gradual upward trend in stock-based compensation, increasing from under 200 million USD in early 2020 to over 400 million USD by Q1 2025, reflecting possibly expanded employee incentives or equity compensation plans.
- Net (Gain) Loss on Divestitures, Asset Sales and Other
- This item fluctuates widely, with large negative values in certain quarters (e.g., Q4 2020, Q4 2022, and Q4 2024) indicating significant gains, and positive figures in others, indicating losses. The volatility signals irregular income or loss from non-operating transactions.
- Changes in Operating Assets and Liabilities
- Fluctuations are pronounced, with large positive and negative movements throughout the periods. Peaks such as Q4 2020 and troughs like Q2 2022 show varied working capital management and effects of operational cash flow timings.
- Adjustments to Reconcile Net Income (Loss) to Cash Provided by Operating Activities
- The adjustments vary broadly, with very high figures in certain quarters (e.g., Q4 2020 and Q3 2022) indicating significant non-cash items or other adjustments influencing cash flows from operations.
- Net Cash Provided by Operating Activities
- Operating cash flow peaks in Q4 2020 and Q4 2023, both surpassing 4 billion USD, but also experiences sharp contractions like in Q2 2022. Despite income volatility, positive cash flows indicate effective cash generation from operations.
- Payments for Property, Plant and Equipment
- Capital expenditures steadily decline from around 600 million USD in 2020 to under 300 million by 2025, suggesting reduced investment in physical assets or efficiency improvements in spending.
- Proceeds from Disposition of Property, Plant and Equipment/Other
- These proceeds are irregular, with occasional spikes in Q4 2023 and Q1 2024, generally small but with some notable transactions contributing moderate cash inflows.
- Investment in Software
- Software investments remain fairly consistent, fluctuating slightly but generally staying in the range of 100-200 million USD per quarter, indicating ongoing investment in intangible assets.
- Purchases of Marketable Securities and Other Investments
- There is clear volatility with very large purchases recorded in several quarters, particularly a spike in Q1 2023. The fluctuations point to active portfolio management or strategic investment decisions.
- Proceeds from Disposition of Marketable Securities and Other Investments
- These proceeds show notable variability with large inflows in certain quarters such as late 2022 and late 2023, suggesting significant liquidation activity or investment portfolio adjustments.
- Acquisition and Divestiture of Businesses
- Acquisitions show large cash outflows in several periods, particularly in late 2023 and early 2025, indicating strategic expansion or restructuring. Divestitures produce occasional cash inflows but are irregular and smaller relative to acquisitions.
- Net Cash Used in Investing Activities
- Investing cash flows vary extensively, with some quarters showing strong outflows (e.g., early 2023 and early 2025) and others showing inflows (e.g., Q4 2023), reflecting fluctuating investment and divestiture activity over time.
- Debt Activity
- Proceeds from new debt and debt repayments show high variability. Large new debt issuances occur in Q1 2020, Q1 2022, and Q1 2023, while repayments are consistently substantial but vary quarter to quarter. This pattern reflects active debt management and refinancing efforts.
- Short-term Borrowings
- Short-term borrowings are inconsistent, with some quarters showing net borrowings and others repayments, indicating tactical liquidity management over time.
- Common Stock Repurchases and Issuance
- Repurchases for tax withholdings trend upward over time, reaching a peak in Q1 2025, representing a steady outflow. Issuance of shares is sporadic, with minor inflows mainly in 2025, suggesting limited equity raising activities.
- Other Financing Activities and Dividends
- Other financing cash flows are minor and volatile. Dividends paid increase slightly and consistently over the years, reflecting a stable dividend policy with gradual increments aligned with possible earnings or cash flow capacity.
- Net Cash Provided by (Used in) Financing Activities
- Financing cash flows are volatile with large outflows during 2020 and early 2021, shifting to inflows again in late 2021 and fluctuating thereafter, demonstrating active financing adjustments in response to operational and investment needs.
- Effect of Exchange Rate Changes
- Foreign exchange impacts on cash are irregular, with both positive and negative effects across quarters, showing exposure to currency fluctuations but no persistent trend in one direction.
- Net Change in Cash, Cash Equivalents, and Restricted Cash
- The net changes largely mirror the cash flow volatility from operations and financing. Periods of positive cash accumulation alternate with quarters of significant cash decreases, reflecting the combined effect of investing, financing, and operating activities amid fluctuating business conditions.