International Business Machines Corporation provides integrated solutions and services worldwide. The company operates through four business segments: Software, Consulting, Infrastructure, and Financing. The Software segment offers hybrid cloud platform and software solutions, such as Red Hat, an enterprise open-source solutions; software for business automation, AIOps and management, integration, and application servers; data and artificial intelligence solutions; and security software and services for threat, data, and identity. This segment also provides transaction processing software that supports clients' mission-critical and on-premise workloads in banking, airlines, and retail industries. The Consulting segment offers business transformation services, including strategy, business process design and operations, data and analytics, and system integration services; technology consulting services; and application and cloud platform services. The Infrastructure segment provides on-premises and cloud-based server and storage solutions for its clients' mission-critical and regulated workloads; and support services and solutions for hybrid cloud infrastructure, as well as remanufacturing and remarketing services for used equipment. The Financing segment offers lease, installment payment, loan financing, and short-term working capital financing services. The company was formerly known as Computing-Tabulating-Recording Co. International Business Machines Corporation was incorporated in 1911 and is headquartered in Armonk, New York.

International Business Machines Corporation

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Price Targets

# of Analysts

Consensus Recommendation

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EBIT

Free Cash Flow

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AFFO / Share

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CapEx

Estimates	Dec '23 (A)	Dec '24 (A)	Dec '25 (E)
Mean	$61,783.08	$62,775.77	$67,053.79
Median	$61,731.34	$62,818.84	$67,009.28
Actual	$61,860.00	$62,753.00	—
High	$62,153.91	$62,925.97	$67,531.73
Low	$61,652.00	$62,561.48	$66,823.00
Standard Deviation	$121.66	$102.00	$168.54
# of Estimates	18	18	21