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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International Business Machines Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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International Business Machines Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
The financial information reveals fluctuating cash flows over the observed period, spanning from March 2021 to December 2025. Net income exhibits considerable volatility, ranging from losses of over US$3 billion to gains exceeding US$5 billion. Operating cash flow generally tracks net income, though adjustments significantly impact the final figures. Investing and financing activities demonstrate substantial shifts, influencing the overall cash position.
- Net Income and Operating Activities
- Net income initially rose from US$955 million in March 2021 to US$1,325 million in June 2021, before fluctuating. A significant loss of US$3,196 million was recorded in September 2022, followed by a recovery to US$2,710 million in December 2022. The final period shows a substantial increase to US$5,600 million in December 2025. Net cash provided by operating activities generally mirrors these trends, though adjustments, including pension settlement charges, depreciation, amortization, and changes in working capital, introduce considerable variation. The largest adjustment is the pension settlement charge of US$5,894 million in September 2022, significantly boosting operating cash flow in that quarter. Changes in operating assets and liabilities demonstrate substantial swings, often offsetting net income trends.
- Investing Activities
- Investing activities consistently represent a net cash outflow. Significant outflows are observed from purchases of marketable securities and investments, and acquisitions of businesses. In several periods, these outflows are partially offset by proceeds from the disposition of marketable securities and property, plant, and equipment. However, the acquisition of businesses, particularly in March 2025 with a US$7,098 million outflow, represents a major drain on cash. A notable positive impact comes from the divestiture of businesses, particularly in December 2023 with a US$703 million inflow.
- Financing Activities
- Financing activities demonstrate substantial variability. Large debt repayments are consistently observed, often exceeding proceeds from new debt issuances. Common stock repurchases also contribute to cash outflows. A significant inflow of US$9,432 million from proceeds of new debt occurred in March 2025. Cash dividends paid remain consistently high throughout the period, representing a substantial ongoing cash outflow. The distribution from Kyndryl in December 2021 provided a one-time cash inflow of US$879 million.
- Overall Cash Position
- The net change in cash, cash equivalents, and restricted cash fluctuates significantly. Large outflows are seen in the earlier periods, followed by inflows in certain quarters, particularly those benefiting from debt issuance or significant operating adjustments. The period ending December 2025 shows a positive change, driven by strong net income and financing activities. Exchange rate changes have a moderate impact, generally resulting in smaller outflows, but occasionally providing inflows.
In summary, the company’s cash flow statement reveals a complex pattern of inflows and outflows. While operating activities generally provide cash, significant adjustments and fluctuations in net income create volatility. Investing activities consistently require substantial cash outlays, and financing activities are heavily influenced by debt management and shareholder returns. The overall cash position is sensitive to these combined factors, demonstrating periods of both growth and decline.