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International Business Machines IBM Q2 2025 earnings

Reported July 23, 2025 · After market close

Revenue$17.0BBeat by $388.3M
EPS$2.80Beat by $0.15
Revenue estimate$16.6B
EPS estimate$2.65

Next report

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

Financials

Q2 2025

Income statement

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Revenue$17.0B+7.7%
Gross profit$10.0B+11.5%
Net income$2.2B+19.6%
EPS (diluted)$2.31+17.9%

Balance sheet

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Cash & equivalents$12.0B-16.9%
Total debt$76.7B+20.8%
Total equity$27.5B+14.5%
Total assets$148.59B+11.0%

Cash flow

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Operating cash flow$1.7B-17.7%
CapEx$210.0M-4.5%
Free cash flow$1.5B-19.2%

Valuation & ratios

Valuation

as of 06/30/25
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Market cap$273.05B+72.1%
Enterprise value$337.69B+62.7%
P/E46.8×+28.0×
P/S4.3×+1.7×

Profitability

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Gross margin57.6%+1.5pp
Net margin9.1%-4.4pp
FCF margin19.1%-1.3pp

Returns & leverage

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Return on equity22.6%-13.8pp
Debt / equity2.8×+0.1×
Current ratio0.9×-0.2×

FAQ

When did International Business Machines report Q2 2025 earnings?
International Business Machines (IBM) reported Q2 2025 earnings on July 23, 2025 after market close.
What were International Business Machines's Q2 2025 revenue and EPS?
International Business Machines reported revenue of $17.0B and eps of $2.80 for Q2 2025.
Did International Business Machines beat estimates in Q2 2025?
Revenue beat the consensus estimate of $16.6B by $388.3M. EPS beat the consensus estimate of $2.65 by $0.15.
How did International Business Machines's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 7.7% from $15.8B a year earlier and eps grew 15.2% from $2.43.
Where can I find International Business Machines's Q2 2025 SEC filings?
You can read the 8-K earnings release (0000051143-25-000048) and the 10-Q periodic report (0000051143-25-000052) directly on SEC EDGAR. The filing index links above go to sec.gov.