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International Business Machines IBM Q4 2025 Annual earnings

Reported January 28, 2026 · After market close

Revenue$19.7BBeat by $495.8M
EPS$4.52Beat by $0.21
Revenue estimate$19.2B
EPS estimate$4.31

Next report

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

Financials

Q4 2025

Income statement

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Revenue$19.7B+12.1%
Gross profit$11.9B+14.3%
Net income$5.6B+92.2%
EPS (diluted)$5.90+89.7%

Balance sheet

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Cash & equivalents$13.6B-3.7%
Total debt$72.2B+12.0%
Total equity$32.6B+19.6%
Total assets$151.88B+10.7%

Cash flow

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Operating cash flow$4.0B-6.7%
CapEx$382.0M+26.1%
Free cash flow$3.7B-9.2%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$276.88B+36.2%
Enterprise value$335.42B+32.3%
P/E26.1×-7.6×
P/S4.1×+0.9×

Profitability

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Gross margin58.2%+1.5pp
Net margin15.7%+6.1pp
FCF margin17.9%-1.8pp

Returns & leverage

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Return on equity35.3%+11.2pp
Debt / equity2.2×-0.1×
Current ratio1×-0.1×

FAQ

When did International Business Machines report Q4 2025 earnings?
International Business Machines (IBM) reported Q4 2025 earnings on January 28, 2026 after market close.
What were International Business Machines's Q4 2025 revenue and EPS?
International Business Machines reported revenue of $19.7B and eps of $4.52 for Q4 2025.
Did International Business Machines beat estimates in Q4 2025?
Revenue beat the consensus estimate of $19.2B by $495.8M. EPS beat the consensus estimate of $4.31 by $0.21.
How did International Business Machines's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 12.2% from $17.6B a year earlier and eps grew 15.3% from $3.92.
Where can I find International Business Machines's Q4 2025 SEC filings?
You can read the 8-K earnings release (0000051143-26-000004) and the 10-K periodic report (0000051143-26-000010) directly on SEC EDGAR. The filing index links above go to sec.gov.