Income StatementBalance SheetCash FlowSegments
International Business Machines logo

International Business Machines Cash Flow Statement

Operating, investing, and financing cash movements

International Business Machines generated $14.0B in operating cash flow over the trailing twelve months. After $1.1B in capital expenditures, free cash flow was $12.9B. Free cash flow increased 0.0% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$14.0BNet Cash From Investing (TTM)-$11.0BNet Cash From Financing (TTM)-$6.6BCapital Expenditures (TTM)$1.1BDepreciation And Amortization Cf (TTM)$2.3BNet Change In Cash (TTM)$5.3B
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$238.58B
P/E Ratio22.19
ROE35.93%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$541.0M$7.1B$747.0M$58.0M$391.0M$10.5B
Proceeds from Sales of Assets and Subsidiaries$21.0M$74.0M$37.0M$7.0M$3.0M$8.0M
Capital expenditures$303.0M$244.0M$210.0M$255.0M$382.0M$232.0M
Payments to Acquire and Develop Software$141.0M$151.0M$163.0M$162.0M$171.0M$159.0M
Divestiture of businesses, net of cash transferred—-$1.0M———$1.0M
Proceeds from disposition of marketable securities and other investments$853.0M$927.0M$4.0B$1.2B$3.5B$2.0B
Proceeds from disposition of property, plant and equipment/other$21.0M$74.0M$37.0M$7.0M$3.0M$8.0M
Net cash from investing activities-$1.4B-$13.0B—-$438.0M—-$10.5B
Purchases of investments$1.3B$6.5B$1.3B$1.2B$1.2B$1.6B
Proceeds from divestiture of prepaid business—-$1.0M———$1.0M
Proceeds from sale of PPE and intangibles$21.0M$74.0M$37.0M$7.0M$3.0M$8.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable-$3.3M$156.0M$156.0M$156.0M$156.0M—
Change in inventories$41.5M-$17.5M-$17.5M-$17.5M-$17.5M—
Change in receivables$93.5M$1.1B$1.1B$1.1B$1.1B—
Deferred income taxes-$582.5M-$239.3M-$239.3M-$239.3M-$239.3M—
Change in Retirement Related Assets and Liabilities-$66.3M$12.5M$12.5M$12.5M$12.5M—
Net cash from operating activities$4.3B$4.4B$1.7B$3.1B$4.0B$5.2B
Net income$2.9B$1.1B$2.2B$1.7B$5.6B$1.2B
Amortization of capitalized software and acquired intangible assets$589.0M$641.0M$687.0M$699.0M$710.0M$719.0M
Depreciation$524.0M$536.0M$578.0M$584.0M$586.0M$555.0M
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital—-$1.8B$2.2B$383.0M—-$2.2B
Net Gain (Loss) on Divestitures, Asset Sales and Other$20.0M$22.0M$18.0M$6.0M—$11.0M
Stock-based compensation$345.0M$401.0M$441.0M$443.0M$430.0M$506.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Dividends paid$1.5B$1.5B$1.6B$1.6B$1.6B$1.6B
Proceeds from new debt—$8.4B$7.0M$6.0M$0.0$7.4B
Proceeds from issuance of shares$108.0M$216.0M$185.0M$134.0M$175.0M$178.0M
Other, net-$21.0M-$32.0M-$22.0M-$55.0M-$30.0M-$42.0M
Short-term borrowings/(repayments) less than 90 days — net$21.0M-$29.0M———$0.0
Repayment of Long-Term Debt, Long-Term Lease Obligation, and Capital Security$124.0M$1.3B$1.3B$1.1B$1.8B$2.9B
Payment of Deferred Purchase Consideration-$21.0M-$32.0M-$22.0M-$55.0M-$30.0M-$42.0M
Noncontrolling interest transactions and other-$21.0M-$32.0M-$22.0M-$55.0M-$30.0M-$42.0M
Net cash from financing activities-$1.7B$5.4B-$2.9B-$3.0B-$3.4B$2.7B
Noncontrolling Interests Activity and Other-$21.0M-$32.0M-$22.0M-$55.0M-$30.0M-$42.0M
Taxes paid for net share settlement$112.0M$284.0M$153.0M$414.0M$167.0M$350.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$4.0B$4.1B$1.5B$2.8B$3.7B$4.9B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$330.0M$167.0M$320.0M——-$177.0M
Net increase (decrease) in cash$946.0M-$3.0B—-$427.0M—-$2.8B

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$430.8M$487.0M$487.0M$487.0M$487.0M—
Interest paid$494.5M$510.5M$510.5M$510.5M$510.5M—
Income Taxes Paid, Net$430.8M$487.0M$487.0M$487.0M$487.0M—