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 Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover 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: 2026-03-31), 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).
The financial data exhibits a period of significant volatility in net income contrasted by a generally robust and increasing capacity to generate cash from core operations. While net income experienced sharp fluctuations, including substantial quarterly losses in late 2022 and late 2024, net cash provided by operating activities remained consistently positive, peaking at 5,169 million US$ by the first quarter of 2026.
- Operating Cash Flow Dynamics
- Net cash provided by operating activities demonstrates a long-term upward trajectory despite intermittent volatility. A recurring pattern is observed where operating cash flows exceed net income, often driven by significant non-cash adjustments. Depreciation and amortization expenses remained relatively stable throughout the period, while stock-based compensation showed a gradual increase, rising from approximately 213 million US$ in early 2021 to 506 million US$ by early 2026. Changes in operating assets and liabilities contributed periodically to significant swings in cash flow, particularly in the final quarter of 2025 and the first quarter of 2026.
- Investing Activity and Capital Expenditure
- Investing activities are characterized by aggressive capital allocation toward business acquisitions and active management of marketable securities. A substantial increase in acquisition spending is evident toward the end of the period, culminating in a 10,466 million US$ outflow in the first quarter of 2026. Payments for property, plant, and equipment remained moderate and relatively stable, typically ranging between 200 million US$ and 600 million US$ per quarter. The company frequently balanced these outflows with significant proceeds from the disposition of marketable securities, indicating a strategic rotation of liquid assets to fund growth initiatives.
- Financing Strategy and Shareholder Returns
- Financing activities reflect a disciplined approach to shareholder distributions paired with opportunistic debt utilization. Cash dividends paid remained remarkably consistent, showing a slow but steady increase from 1,457 million US$ per quarter in early 2021 to 1,576 million US$ by early 2026. Debt management involves periodic large-scale issuances of new debt—such as the 9,432 million US$ in the first quarter of 2023—to offset consistent quarterly payments to settle existing debt obligations. The issuance of shares became a more regular feature in the later years of the analysis, providing a modest source of cash inflow.
Overall, the data reveals a strategic pivot toward large-scale acquisitions funded by a combination of strong operating cash flows and periodic debt issuance, all while maintaining a highly stable dividend policy for shareholders.