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International Business Machines IBM Q1 2025 earnings

Reported April 23, 2025 · After market close

Revenue$14.5BBeat by $151.0M
EPS$1.60Beat by $0.18
Revenue estimate$14.4B
EPS estimate$1.42

Next report

Oct 21, 2026 (in 2 months)
Revenue estimate$16.8B
EPS estimate$2.90

Financials

Q1 2025

Income statement

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Revenue$14.5B+0.5%
Gross profit$8.0B+3.7%
Net income$1.1B-34.3%
EPS (diluted)$1.12-34.9%

Balance sheet

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Cash & equivalents$11.2B-24.4%
Total debt$73.7B+7.9%
Total equity$26.9B+15.6%
Total assets$145.67B+6.2%

Cash flow

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Operating cash flow$4.4B+4.8%
CapEx$244.0M+2.1%
Free cash flow$4.1B+5.0%

Valuation & ratios

Valuation

as of 03/31/25
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Market cap$230.57B+31.6%
Enterprise value$293.16B+28.2%
P/E42.1×+20.7×
P/S3.7×+0.8×

Profitability

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Gross margin57%+1.4pp
Net margin8.7%-4.5pp
FCF margin20%-1.1pp

Returns & leverage

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Return on equity21.8%-14.6pp
Debt / equity2.7×-0.2×
Current ratio1×-0.1×

Segments

By segment

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Software$6.3B+7.4%
Consulting$5.1B-2.3%
Infrastructure$2.9B-6.2%
Financing$191.0M—

By geography

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Americas$7.2B-1.2%
Europe/Middle East/Africa$4.6B+5.5%
Asia Pacific$2.8B-2.5%

FAQ

When did International Business Machines report Q1 2025 earnings?
International Business Machines (IBM) reported Q1 2025 earnings on April 23, 2025 after market close.
What were International Business Machines's Q1 2025 revenue and EPS?
International Business Machines reported revenue of $14.5B and eps of $1.60 for Q1 2025.
Did International Business Machines beat estimates in Q1 2025?
Revenue beat the consensus estimate of $14.4B by $151.0M. EPS beat the consensus estimate of $1.42 by $0.18.
How did International Business Machines's Q1 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 0.6% from $14.5B a year earlier and eps declined 4.8% from $1.68.
Where can I find International Business Machines's Q1 2025 SEC filings?
You can read the 8-K earnings release (0000051143-25-000026) and the 10-Q periodic report (0000051143-25-000032) directly on SEC EDGAR. The filing index links above go to sec.gov.