International Business Machines Corporation

NYSE-IBM

Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	3,249	2,584	3,439	4,991	2,511	-486
Net Income
Depreciation & Amortization	2,442	2,381	2,286	2,245	2,151	2,300
Depreciation
Amortization of Capitalized Software and Acquired Intangible Assets
Stock Based Compensation	842	675	636	577	556	499
Stock-Based Compensation
Other Adjustments	-40	411	-280	-1,265	-19	2,905
Pension Settlement Charge
Deferred Taxes
Net Gain on Divestitures, Asset Sales and Other
Gain on Microelectronics Business Disposal
Changes in Trade Receivables	—	-374	—	725	—	-539
Receivables (Including Financing Receivables)
Changes in Inventories	—	-166	—	390	—	71
Inventory
Changes in Accounts Payable	—	-13	—	65	—	213
Accounts Payable
Changes in Other Operating Activities	-421	1,714	152	-210	1,214	903
Retirement Related
Other Assets/Other Liabilities
Changes in Operating Assets and Liabilities, Net of Acquisitions/Divestitures
Cash from Operating Activities	6,071	7,211	6,234	7,519	6,412	5,866
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-454	-589	-459	-581	-664	-726
Payments for Property, Plant and Equipment
Proceeds from Sale of Property, Plant & Equipment	111	500	57	296	25	21
Proceeds from Disposition of Property, Plant and Equipment/Other
Purchases of Intangible Assets	-314	-279	-358	-260	-305	-285
Investment in Software
Purchases of Investments	-7,740	-2,166	-5,596	-1,883	-9,260	-3,594
Purchases of Marketable Securities and Other Investments
Proceeds from Sale of Investments	4,962	2,627	3,917	8,047	2,600	2,954
Proceeds from Disposition of Marketable Securities and Other Investments
Payments for Business Acquisitions	-7,845	-3,054	-235	-4,726	-356	-1,390
Acquisition of Businesses, Net of Cash Acquired
Proceeds from Business Divestments	-1	-5	703	-10	6	4
Divestiture of Businesses, Net of Cash Transferred
Other Investing Activities	—	—	—	—	—	—
Non-Operating Finance Receivables-Net
Cash from Investing Activities	-11,281	-2,966	-1,971	883	-7,953	-3,016
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Issuance of Long-Term Debt	8,385	—	5,705	154	9,432	3,402
Proceeds from New Debt
Repayments of Long-Term Debt	-2,565	-1,391	-5,224	-1,822	-3,260	-2,841
Payments to Settle Debt
Net Issuance / (Repayments) of Long-Term Debt	5,820	-1,391	481	-1,668	6,172	561
Issuance of Common Shares	401	360	385	414	—	279
Proceeds from Issuance of Shares
Repurchases of Common Shares	-437	-301	-350	-162	-240	-92
Common Stock Repurchases
Common Stock Repurchases for Tax Withholdings
Net Issuance / (Repurchases) of Common Shares	-36	59	35	252	-240	187
Common Share Dividends Paid	-3,112	-3,089	-3,058	-3,033	-3,007	-2,985
Cash Dividends Paid
Other Financing Activities	-83	-20	-95	-299	53	98
Short-Term Borrowings Less Than 90 Days - Net
Financing - Other
Distribution from Kyndryl
Cash from Financing Activities	2,589	-4,441	-2,638	-4,747	2,978	-2,139
Net Cash Provided by Financing Activities