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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
Operating cash flow demonstrates a degree of resilience despite significant volatility in quarterly net income. While net income experienced sharp fluctuations, including substantial losses in September 2022 and September 2024, net cash provided by operating activities remained consistently positive, generally ranging between 1.3 billion and 5.2 billion US dollars. This divergence is primarily attributable to significant non-cash adjustments, most notably large pension settlement charges and consistent depreciation and amortization expenses.
- Operating Performance and Cash Conversion
- Net income exhibits high variability, with a notable peak of 5.6 billion US dollars in December 2025. However, the cash flow from operations is less volatile than bottom-line earnings, suggesting that non-cash items heavily influence reported profit. Depreciation and amortization expenses have remained relatively stable, though amortization of capitalized software and intangible assets showed a gradual upward trend from approximately 620 million US dollars in early 2021 to over 800 million US dollars by mid-2026.
- Investment and Capital Expenditure Patterns
- Capital expenditures for property, plant, and equipment have trended downward, decreasing from a range of 450 to 560 million US dollars in 2021 to a lower range of 220 to 300 million US dollars by 2026. In contrast, the company has engaged in episodic, large-scale acquisitions, with significant cash outflows occurring in March 2025 (7.1 billion US dollars) and March 2026 (10.5 billion US dollars), indicating a strategy of inorganic growth.
- Financing and Liquidity Management
- A cyclical pattern of debt issuance is observable, with substantial proceeds from new debt typically occurring in the first quarter of several years, such as March 2023 (9.4 billion US dollars), March 2025 (8.4 billion US dollars), and March 2026 (7.4 billion US dollars). These inflows appear to offset large acquisition costs and facilitate consistent debt settlements. Cash dividends have been maintained with high discipline, showing a steady, incremental increase from 1.46 billion US dollars per quarter in 2021 to 1.59 billion US dollars by June 2026, regardless of quarterly earnings volatility.
- Treasury and Marketable Securities Activity
- The company maintains an active management of marketable securities, with frequent and large-scale purchases and dispositions. This activity often serves as a liquidity buffer, as evidenced by the significant proceeds from dispositions in late 2023 and mid-2025, which helped stabilize net cash positions during periods of high investment spending.
Overall, the financial data indicates a business model that generates stable operating cash flows used to fund a consistent dividend policy and targeted, large-scale strategic acquisitions. The reliance on periodic large-scale debt issuance to fund these acquisitions suggests a leveraged approach to growth and capital structure management.