International Business Machines Corporation

NYSE-IBM

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	3,444	4,394	1,055	5,814	-330	3,634
Net Income
Net Income from Operations
Depreciation & Amortization	2,583	2,565	1,177	2,213	1,268	2,355
Depreciation
Amortization of Capitalized Software and Acquired Intangible Assets
Depreciation / Amortization of Intangibles
Share-Based Compensation Expense	443	441	401	345	330	316
Stock-Based Compensation
Other Adjustments	-6	-18	-22	368	43	-27
Pension Settlement Charge
Deferred Taxes
Net Gain on Divestitures, Asset Sales and Other
Gain on Microelectronics Business Disposal
Changes in Trade Receivables	300	-1,500	—	-2,300	-374	-900
Receivables (Including Financing Receivables)
IBM Financing a/R
Changes in Inventories	—	—	—	—	-166	—
Inventory
Changes in Accounts Payable	—	—	—	—	-13	—
Accounts Payable
Changes in Other Operating Activities	-1,083	-2,880	1,759	1,800	1,107	-1,513
Retirement Related
Other Assets/Other Liabilities
Operating Assets and Liabilities / Other, Net
Changes in Operating Assets and Liabilities, Net of Acquisitions/Divestitures
Cash from Operating Activities	3,082	1,701	4,370	4,330	2,881	2,066
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-655	-510	-244	-703	-286	-620
Payments for Property, Plant and Equipment
Capital Expenditures, Net of Payments & Proceeds
Proceeds from Sale of Property, Plant & Equipment	7	37	74	21	479	45
Proceeds from Disposition of Property, Plant and Equipment/Other
Purchases of Intangible Assets	-162	-163	-151	-141	-138	-224
Investment in Software
Purchases of Investments	-1,170	1,546	-6,486	-1,661	-905	2,138
Purchases of Marketable Securities and Other Investments
Marketable Securities / Other Investments, Net
Proceeds from Sale of Investments	1,200	4,035	927	853	1,774	3,453
Proceeds from Disposition of Marketable Securities and Other Investments
Payments for Business Acquisitions	-158	-747	-7,098	-1,041	-2,513	-153
Acquisition of Businesses, Net of Cash Acquired
Acquisitions, Net of Cash Acquired
Proceeds from Business Divestments	—	—	-1	-7	2	—
Divestiture of Businesses, Net of Cash Transferred
Divestitures, Net of Cash Transferred
Other Investing Activities	—	—	—	—	—	—
Non-Operating Finance Receivables-Net
Cash from Investing Activities	-438	1,698	-12,979	-1,379	-1,587	2,239
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	6	7	8,378	—	—	219
Proceeds from New Debt
Repayments of Long-Term Debt	-1,114	-1,308	-1,257	-124	-1,267	-3,118
Payments to Settle Debt
Net Issuance / (Repayments) of Long-Term Debt	-1,108	-1,301	7,121	-124	-1,267	-2,899
Issuance of Common Shares	134	185	216	108	252	125
Proceeds from Issuance of Shares
Repurchases of Common Shares	-414	-153	-284	-112	-189	-151
Common Stock Repurchases
Common Stock Repurchases for Tax Withholdings
Net Issuance / (Repurchases) of Common Shares	-280	32	-68	-4	63	-26
Common Share Dividends Paid	-3,169	-1,563	-1,549	-3,046	-1,543	-1,536
Cash Dividends Paid
Dividends
Other Financing Activities	-1,155	-1,322	-61	-100	-20	-2,952
Short-Term Borrowings Less Than 90 Days - Net
Debt, Net of Payments & Proceeds
Financing - Other
Distribution from Kyndryl
Cash from Financing Activities	-3,012	-2,854	5,443	-1,676	-2,765	-4,515
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	2,427	1,191	4,126	3,627	2,595	1,446
NOPAT	2,097.1	2,623.7	1,469.5	3,302.4	-147.4	2,182.1
Levered Free Cash Flow	1,481	68	10,868	6,100	313	-843
Unlevered Free Cash Flow	2,942.1	1,798.7	4,161.5	6,612.4	1,762.6	2,404.1
Net Change in Cash	-368	545	-3,166	1,275	-1,471	-210