International Business Machines Corp., ROE, long-term trends, calculation

	ROE	=	100	×	Net income attributable to IBM¹	÷	Total IBM stockholders’ equity¹
Dec 31, 2005	23.97%	=	100	×	7,934	÷	33,098
Dec 31, 2006	33.30%	=	100	×	9,492	÷	28,506
Dec 31, 2007	36.59%	=	100	×	10,418	÷	28,470
Dec 31, 2008	91.60%	=	100	×	12,334	÷	13,465
Dec 31, 2009	59.31%	=	100	×	13,425	÷	22,637
Dec 31, 2010	64.36%	=	100	×	14,833	÷	23,046
Dec 31, 2011	78.73%	=	100	×	15,855	÷	20,138
Dec 31, 2012	88.04%	=	100	×	16,604	÷	18,860
Dec 31, 2013	72.32%	=	100	×	16,483	÷	22,792
Dec 31, 2014	101.30%	=	100	×	12,022	÷	11,868
Dec 31, 2015	92.48%	=	100	×	13,190	÷	14,262
Dec 31, 2016	65.07%	=	100	×	11,872	÷	18,246
Dec 31, 2017	32.70%	=	100	×	5,753	÷	17,594
Dec 31, 2018	51.96%	=	100	×	8,728	÷	16,796

¹ USD $ in millions

International Business Machines Corp., ROE, long-term trends, comparison to competitors

	International Business Machines Corp.	Adobe Inc.	Alphabet Inc.	Facebook Inc.	Intuit Inc.	Microsoft Corp.	Oracle Corp.	salesforce.com inc.
Dec 31, 2005	23.97%	32.34%	15.56%	–	22.51%	25.47%	26.63%	5.06%
Dec 31, 2006	33.30%	9.82%	18.06%	–	23.99%	31.42%	22.52%	14.50%
Dec 31, 2007	36.59%	15.57%	18.53%	–	21.62%	45.23%	25.26%	0.17%
Dec 31, 2008	91.60%	19.77%	14.97%	–	23.00%	48.73%	23.98%	4.06%
Dec 31, 2009	59.31%	7.90%	18.11%	–	17.49%	36.83%	22.29%	6.46%
Dec 31, 2010	64.36%	14.92%	18.39%	–	20.35%	40.63%	19.92%	7.73%
Dec 31, 2011	78.73%	14.40%	16.75%	–	24.24%	40.55%	21.49%	5.05%
Dec 31, 2012	88.04%	12.49%	14.97%	0.45%	28.86%	25.58%	22.85%	-0.73%
Dec 31, 2013	72.32%	4.31%	14.80%	9.70%	24.30%	27.69%	24.47%	-11.67%
Dec 31, 2014	101.30%	3.96%	13.82%	8.14%	29.47%	24.59%	23.37%	-7.64%
Dec 31, 2015	92.48%	8.99%	13.59%	8.34%	15.65%	15.23%	20.42%	-6.61%
Dec 31, 2016	65.07%	15.74%	14.01%	17.26%	84.32%	23.33%	18.82%	-0.95%
Dec 31, 2017	32.70%	20.02%	8.30%	21.43%	71.71%	29.29%	17.33%	2.40%
Dec 31, 2018	51.96%	27.67%	17.30%	26.28%	51.44%	20.03%	8.37%	1.36%

International Business Machines Corp., ROE, long-term trends, comparison to Software & Computer Services sector

	International Business Machines Corp.	Software & Computer Services
Dec 31, 2005	23.97%	24.28%
Dec 31, 2006	33.30%	27.38%
Dec 31, 2007	36.59%	32.15%
Dec 31, 2008	91.60%	38.10%
Dec 31, 2009	59.31%	31.19%
Dec 31, 2010	64.36%	31.97%
Dec 31, 2011	78.73%	31.83%
Dec 31, 2012	88.04%	25.05%
Dec 31, 2013	72.32%	24.67%
Dec 31, 2014	101.30%	20.98%
Dec 31, 2015	92.48%	17.48%
Dec 31, 2016	65.07%	19.86%
Dec 31, 2017	32.70%	17.46%
Dec 31, 2018	51.96%	20.07%

International Business Machines Corp., ROE, long-term trends, comparison to Technology industry

	International Business Machines Corp.	Technology
Dec 31, 2005	23.97%	20.40%
Dec 31, 2006	33.30%	22.83%
Dec 31, 2007	36.59%	25.02%
Dec 31, 2008	91.60%	26.71%
Dec 31, 2009	59.31%	21.06%
Dec 31, 2010	64.36%	26.15%
Dec 31, 2011	78.73%	27.07%
Dec 31, 2012	88.04%	21.57%
Dec 31, 2013	72.32%	23.11%
Dec 31, 2014	101.30%	22.66%
Dec 31, 2015	92.48%	22.58%
Dec 31, 2016	65.07%	21.96%
Dec 31, 2017	32.70%	20.64%
Dec 31, 2018	51.96%	27.20%

International Business Machines Corp. (IBM)

Return on Equity (ROE)
since 2005