Financials IBM

Equities

IBM

US4592001014

IT Services & Consulting

Market Closed - Nyse Other stock markets 21:00:02 04/03/2026 GMT			5-day change	1st Jan Change
250.06 ^USD	+1.95%		+5.27%	-15.58%

03-03	International Business Machines Corporation Announces Election of Ramon Laguarta to the Board of Directors, Effective March 1, 2026	CI
03-03	Basware Oy Appoints Donna Wilczek as Chief Product and Technology Officer	CI

Projected Income Statement: IBM

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	57,350	60,530	61,860	62,753	67,535	71,190	74,261	78,539
Change	-	5.54%	2.2%	1.44%	7.62%	5.41%	4.31%	5.76%
EBITDA ¹	-	14,739	15,447	16,400	19,200	19,949	21,726	23,037
Change	-	-	4.8%	6.17%	17.07%	3.9%	8.91%	6.03%
EBIT ¹	-	9,937	11,052	11,263	14,126	14,572	15,782	17,469
Change	-	-	11.22%	1.91%	25.42%	3.16%	8.3%	10.69%
Interest Paid ¹	-1,155	-1,216	-1,607	-1,712	-1,935	-1,987	-1,997	-1,924
Earnings before Tax (EBT) ¹	4,837	1,156	8,690	5,797	10,328	11,675	12,719	13,600
Change	-	-76.1%	651.73%	-33.29%	78.16%	13.05%	8.94%	6.93%
Net income ¹	5,743	1,639	7,502	6,023	10,593	10,509	11,706	12,440
Change	-	-71.46%	357.72%	-19.71%	75.88%	-0.79%	11.39%	6.28%
Announcement Date	24/01/22	25/01/23	24/01/24	29/01/25	28/01/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	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	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	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	16,977	16,331	19,686	15,628	17,698	17,190	20,662	16,413	18,519	17,893	21,612
Change	-	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%	16.75%	-3.81%	20.54%	-20.61%	13.24%	-2.87%	20.19%	-20.56%	12.83%	-3.38%	20.79%
EBITDA ¹	3,748	4,482	4,282	5,013	2,904	3,642	3,130	5,063	2,650	3,632	3,602	5,565	3,000	4,000	3,800	5,600	3,400	4,700	4,600	6,500	3,670	5,014	4,805	6,714	3,790	5,249	5,063	7,266
Change	-	19.58%	-4.46%	17.07%	-42.07%	25.41%	-14.06%	61.76%	-47.66%	37.06%	-0.83%	54.5%	-46.09%	33.33%	-5%	47.37%	-39.29%	38.24%	-2.13%	41.3%	-43.54%	36.63%	-4.16%	39.72%	-43.55%	38.49%	-3.53%	43.51%
EBIT ¹	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	2,006	3,641	3,334	5,149	2,212	3,614	3,538	5,514	2,400	3,650	3,650	5,755
Change	-	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%	-54.44%	81.51%	-8.43%	54.44%	-57.03%	63.36%	-2.11%	55.85%	-56.47%	52.08%	-0.01%	57.68%
Charge d'intérêts ¹	-280	-281	-291	-303	-311	-297	-295	-313	-367	-423	-400	-405	-432	-427	-429	-424	-455	-510	-492	-478	-487.5	-495.5	-513	-505.5	-455.2	-474.3	-465	-461.1
Earnings before Tax (EBT) ¹	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	2,597	2,430	4,144	1,787	2,861	2,763	4,265	-	-	-	-
Change	-	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%	124.27%	-6.43%	70.53%	-56.88%	60.08%	-3.43%	54.38%	-	-	-	-
Net income ¹	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	2,194	1,744	5,600	1,461	2,521	2,487	3,858	-	-	-	-
Change	-	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%	107.96%	-20.51%	221.1%	-73.91%	72.59%	-1.37%	55.13%	-	-	-	-
Announcement Date	19/04/21	19/07/21	20/10/21	24/01/22	19/04/22	18/07/22	19/10/22	25/01/23	19/04/23	19/07/23	25/10/23	24/01/24	24/04/24	24/07/24	23/10/24	29/01/25	23/04/25	23/07/25	22/10/25	28/01/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: IBM

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	44,147	42,108	43,085	40,168	46,789	41,764	26,719	22,547
Change	-	-4.62%	2.32%	-6.77%	16.48%	-10.74%	-36.02%	-15.61%
Announcement Date	24/01/22	25/01/23	24/01/24	29/01/25	28/01/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: IBM

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	2,381	1,860	1,488	1,127	1,617	1,612	1,684	1,687
Change	-	-21.88%	-20%	-24.26%	43.48%	-0.29%	4.45%	0.15%
Free Cash Flow (FCF) ¹	6,508	9,291	11,210	12,749	14,734	15,886	17,672	19,149
Change	-	42.76%	20.65%	13.73%	15.57%	7.82%	11.25%	8.36%
Announcement Date	24/01/22	25/01/23	24/01/24	29/01/25	28/01/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: IBM

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	24.35%	24.97%	26.13%	28.43%	28.02%	29.26%	29.33%
EBIT Margin (%)	-	16.42%	17.87%	17.95%	20.92%	20.47%	21.25%	22.24%
EBT Margin (%)	8.43%	1.91%	14.05%	9.24%	15.29%	16.4%	17.13%	17.32%
Net margin (%)	10.01%	2.71%	12.13%	9.6%	15.69%	14.76%	15.76%	15.84%
FCF margin (%)	11.35%	15.35%	18.12%	20.32%	21.82%	22.31%	23.8%	24.38%
FCF / Net Income (%)	113.32%	566.87%	149.43%	211.67%	139.09%	151.16%	150.97%	153.92%
Profitability
ROA	3.99%	6.42%	5.73%	7.11%	7.61%	7.53%	7.92%	8.28%
ROE	36.33%	40.77%	33.79%	38.86%	36.67%	33.11%	30.31%	28.38%
Financial Health
Leverage (Debt/EBITDA)	-	2.86x	2.79x	2.45x	2.44x	2.09x	1.23x	0.98x
Debt / Free cash flow	6.78x	4.53x	3.84x	3.15x	3.18x	2.63x	1.51x	1.18x
Capital Intensity
CAPEX / Current Assets (%)	4.15%	3.07%	2.41%	1.8%	2.39%	2.26%	2.27%	2.15%
CAPEX / EBITDA (%)	-	12.62%	9.63%	6.87%	8.42%	8.08%	7.75%	7.32%
CAPEX / FCF (%)	36.59%	20.02%	13.27%	8.84%	10.97%	10.15%	9.53%	8.81%
Items per share
Cash flow per share ¹	14.15	11.44	15.11	14.35	13.91	17.74	19.27	24.07
Change	-	-19.14%	32.08%	-5.04%	-3.06%	27.59%	8.62%	24.91%
Dividend per Share ¹	6.55	6.52	6.63	6.67	-	6.754	6.802	6.84
Change	-	-0.46%	1.69%	0.6%	-	-	0.71%	0.56%
Book Value Per Share ¹	21.09	24.31	24.63	29.48	-	40.75	47.37	55.05
Change	-	15.24%	1.3%	19.71%	-	-	16.26%	16.2%
EPS ¹	6.35	1.8	8.14	6.43	11.17	10.77	11.86	13.41
Change	-	-71.65%	352.22%	-21.01%	73.72%	-3.61%	10.13%	13.09%
Nbr of stocks (in thousands)	896,800	904,126	913,119	924,645	934,735	938,034	938,034	938,034
Announcement Date	24/01/22	25/01/23	24/01/24	29/01/25	28/01/26	-	-	-