Financials IBM

Equities

IBM

US4592001014

IT Services & Consulting

Market Closed - Nyse Other stock markets 04:00:02 2025-07-11 pm EDT			After hours 06:34:28 pm
283.59 ^USD	-1.34%		289.58	+2.11%

Jul. 10	Elior: collaboration with IBM in agentic AI	CF
Jul. 10	Elior Group, IBM France enter collaboration on Data, AI, agentic AI	RE

Projected Income Statement: IBM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	73,620	57,350	60,530	61,860	62,753	66,276	69,182	72,205
Change	-	-22.1%	5.54%	2.2%	1.44%	5.61%	4.38%	4.37%
EBITDA ¹	15,379	-	14,739	15,447	16,400	17,395	18,761	19,536
Change	-	-	-	4.8%	6.17%	6.06%	7.86%	4.13%
EBIT ¹	8,684	-	9,937	11,052	11,263	12,504	13,315	13,822
Change	-	-	-	11.22%	1.91%	11.02%	6.48%	3.81%
Interest Paid ¹	-1,288	-1,155	-1,216	-1,607	-1,712	-1,750	-1,647	-1,597
Earnings before Tax (EBT) ¹	4,637	4,837	1,156	8,690	5,797	9,950	10,915	11,569
Change	-	4.31%	-76.1%	651.73%	-33.29%	71.64%	9.7%	5.99%
Net income ¹	5,590	5,743	1,639	7,502	6,023	8,709	9,577	10,381
Change	-	2.74%	-71.46%	357.72%	-19.71%	44.59%	9.97%	8.4%
Announcement Date	1/21/21	1/24/22	1/25/23	1/24/24	1/29/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	18,123	17,560	20,367	17,730	18,745	17,618	16,695	14,197	15,535	14,107	16,690	14,252	15,475	14,752	17,381	14,462	15,770	14,968	17,553	14,541	16,580	16,057	19,066	15,391	17,274	16,593	19,641	15,681
Change	-	-3.11%	15.99%	-12.95%	5.72%	-6.01%	-5.24%	-14.96%	9.42%	-9.19%	18.31%	-14.61%	8.58%	-4.67%	17.82%	-16.79%	9.04%	-5.09%	17.27%	-17.16%	14.02%	-3.15%	18.74%	-19.28%	12.24%	-3.94%	18.37%	-20.16%
EBITDA ¹	4,224	4,545	4,044	3,748	4,482	4,282	5,013	2,904	3,642	3,130	5,063	2,650	3,632	3,602	5,565	2,759	4,025	3,631	5,600	3,400	4,329	4,154	5,950	3,456	4,720	4,882	6,744	-
Change	-	7.6%	-11.02%	-7.32%	19.58%	-4.46%	17.07%	-42.07%	25.41%	-14.06%	61.76%	-47.66%	37.06%	-0.83%	54.5%	-50.42%	45.89%	-9.79%	54.23%	-39.29%	27.32%	-4.04%	43.22%	-41.92%	36.6%	3.42%	38.14%	-
EBIT ¹	2,546	2,862	2,345	2,076	2,802	2,598	3,633	1,647	2,397	1,967	3,926	1,576	2,556	2,509	4,413	1,627	2,870	2,363	4,403	1,940	3,109	2,830	4,865	2,337	3,217	2,912	4,985	-
Change	-	12.41%	-18.06%	-11.47%	34.97%	-7.28%	39.84%	-54.67%	45.54%	-17.94%	99.59%	-59.86%	62.18%	-1.84%	75.89%	-63.13%	76.4%	-17.67%	86.33%	-55.94%	60.26%	-8.97%	71.89%	-51.96%	37.66%	-9.48%	71.19%	-
Charge d'intérêts ¹	-323	-323	-317	-280	-281	-291	-303	-311	-297	-295	-313	-367	-423	-400	-405	-432	-427	-429	-424	-455	-433.3	-433.4	-432.5	-400.5	-400	-398.8	-397.6	-
Earnings before Tax (EBT) ¹	1,571	1,827	1,289	905	1,552	1,319	2,869	623	1,722	-4,501	3,312	1,058	2,000	1,873	3,759	1,074	2,219	-802	3,306	1,158	2,451	2,207	4,179	1,250	2,410	2,000	4,150	-
Change	-	16.3%	-29.45%	-29.79%	71.49%	-15.01%	117.51%	-78.29%	176.4%	-361.38%	173.58%	-68.06%	89.04%	-6.35%	100.69%	-71.43%	106.61%	-136.14%	512.22%	-64.97%	111.69%	-9.98%	89.38%	-70.09%	92.8%	-17.01%	107.5%	-
Net income ¹	1,361	1,698	1,356	955	1,325	1,130	2,332	733	1,392	-3,196	2,711	927	1,583	1,704	3,288	1,605	1,834	-330	2,915	1,055	2,117	1,923	3,672	1,142	2,140	1,787	3,636	-
Change	-	24.76%	-20.14%	-29.57%	38.74%	-14.72%	106.37%	-68.57%	89.9%	-329.6%	184.82%	-65.81%	70.77%	7.64%	92.96%	-51.19%	14.27%	-117.99%	983.33%	-63.81%	100.68%	-9.17%	90.98%	-68.9%	87.39%	-16.5%	103.47%	-
Announcement Date	7/20/20	10/19/20	1/21/21	4/19/21	7/19/21	10/20/21	1/24/22	4/19/22	7/18/22	10/19/22	1/25/23	4/19/23	7/19/23	10/25/23	1/24/24	4/24/24	7/24/24	10/23/24	1/29/25	4/23/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: IBM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	47,263	44,147	42,108	43,085	40,168	38,944	28,716	22,129
Change	-	-6.59%	-4.62%	2.32%	-6.77%	-3.05%	-26.26%	-22.94%
Announcement Date	1/21/21	1/24/22	1/25/23	1/24/24	1/29/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: IBM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	3,042	2,381	1,860	1,488	1,127	1,581	1,668	1,723
Change	-	-21.73%	-21.88%	-20%	-24.26%	40.33%	5.46%	3.32%
Free Cash Flow (FCF) ¹	10,805	6,508	9,291	11,210	12,749	13,508	14,503	15,448
Change	-	-39.77%	42.76%	20.65%	13.73%	5.96%	7.36%	6.52%
Announcement Date	1/21/21	1/24/22	1/25/23	1/24/24	1/29/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: IBM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	20.89%	-	24.35%	24.97%	26.13%	26.25%	27.12%	27.06%
EBIT Margin (%)	11.8%	-	16.42%	17.87%	17.95%	18.87%	19.25%	19.14%
EBT Margin (%)	6.3%	8.43%	1.91%	14.05%	9.24%	15.01%	15.78%	16.02%
Net margin (%)	7.59%	10.01%	2.71%	12.13%	9.6%	13.14%	13.84%	14.38%
FCF margin (%)	14.68%	11.35%	15.35%	18.12%	20.32%	20.38%	20.96%	21.39%
FCF / Net Income (%)	193.29%	113.32%	566.87%	149.43%	211.67%	155.11%	151.43%	148.81%
Profitability
ROA	5.05%	3.99%	6.42%	5.73%	7.11%	6.42%	6.64%	6.82%
ROE	37.52%	36.33%	40.77%	33.79%	38.86%	34.28%	30.75%	28.75%
Financial Health
Leverage (Debt/EBITDA)	3.07x	-	2.86x	2.79x	2.45x	2.24x	1.53x	1.13x
Debt / Free cash flow	4.37x	6.78x	4.53x	3.84x	3.15x	2.88x	1.98x	1.43x
Capital Intensity
CAPEX / Current Assets (%)	4.13%	4.15%	3.07%	2.41%	1.8%	2.39%	2.41%	2.39%
CAPEX / EBITDA (%)	19.78%	-	12.62%	9.63%	6.87%	9.09%	8.89%	8.82%
CAPEX / FCF (%)	28.15%	36.59%	20.02%	13.27%	8.84%	11.71%	11.5%	11.15%
Items per share
Cash flow per share ¹	20.3	14.15	11.44	15.11	14.35	16.63	16.48	17.05
Change	-	-30.3%	-19.14%	32.08%	-5.04%	15.93%	-0.92%	3.48%
Dividend per Share ¹	6.51	6.55	6.52	6.63	6.67	6.743	6.843	6.885
Change	-	0.61%	-0.46%	1.69%	0.6%	1.09%	1.48%	0.63%
Book Value Per Share ¹	23.13	21.09	24.31	24.63	29.14	33.64	38.8	44.52
Change	-	-8.82%	15.24%	1.3%	18.32%	15.44%	15.36%	14.73%
EPS ¹	6.23	6.35	1.8	8.14	6.43	9.086	9.868	10.39
Change	-	1.93%	-71.65%	352.22%	-21.01%	41.31%	8.61%	5.3%
Nbr of stocks (in thousands)	891,057	896,800	904,126	913,119	924,645	909,397	909,397	909,397
Announcement Date	1/21/21	1/24/22	1/25/23	1/24/24	1/29/25	-	-	-