International Business Machines Corporation

NYSE-IBM

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Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	65,404	62,753	61,860	60,530	57,350	55,179	57,714	79,591	79,139	79,919	81,741
Total Revenues %Chg	4.5%	1.4%	2.2%	5.5%	3.9%	-4.4%	-27.5%	0.6%	-1%	-2.2%	-11.9%
Services
Sales
Financing
Cost of Sales	27,595	27,201	27,560	27,842	25,865	24,314	26,181	42,655	42,196	41,403	41,057
Services
Sales
Financing
Gross Profit	37,807	35,551	34,300	32,687	31,486	30,865	31,533	36,936	36,943	38,516	40,684
Gross Profit
Gross Profit Margin	57.8%	56.7%	55.4%	54%	54.9%	55.9%	54.6%	46.4%	46.7%	48.2%	49.8%
Selling, General & Administrative Expenses	19,526	19,688	19,003	18,609	18,745	20,561	18,724	19,366	19,680	20,869	20,430
Selling, General and Administrative
Research & Development Expenses	8,096	7,479	6,775	6,567	6,488	6,262	5,910	5,379	5,590	5,726	5,247
Research and Development
Other Operating Expenses	-1,187	875	-1,774	5,140	261	182	-1,651	126	-341	-1,038	-1,406
Intellectual Property and Custom Development Expense
Other Expense
Operating Profit	11,372	7,509	10,296	2,371	5,992	3,860	8,550	12,065	12,014	12,959	16,413
Operating Margin	17.4%	12%	16.6%	3.9%	10.4%	7%	14.8%	15.2%	15.2%	16.2%	20.1%
Interest Expense	-1,881	-1,712	-1,607	-1,216	-1,155	-1,288	-1,344	-723	-615	-630	-468
Interest Expense
Total Non-Operating Income	-1,881	-1,712	-1,607	-1,216	-1,155	-1,288	-1,344	-723	-615	-630	-468
Income Before Provision for Income Taxes	9,491	5,797	8,690	1,156	4,837	2,572	7,206	11,342	11,400	12,330	15,945
Income from Continuing Operations Before Income Taxes
Provision for Income Taxes	1,572	-218	1,176	-626	124	-1,360	60	2,619	5,642	449	2,581
Provision for Income Taxes
Consolidated Net Income	7,919	6,015	7,514	1,783	4,712	3,932	7,146	8,723	5,758	11,881	13,364
Income from Continuing Operations
Net Income Attributable to Discontinued Operations	-11.5	8	-12	-143	1,030	1,658	2,285	5	-5	-9	-174
Income from Discontinued Operations, Net of Tax
Net Income Attributable to Common Shareholders	7,907	6,023	7,502	1,639	5,743	5,590	9,431	8,728	5,753	11,872	13,190
Net Income
Basic EPS	8.5	6.5	8.2	1.8	5.3	4.4	10.8	9.6	6.2	12.4	13.5
Diluted EPS	8.4	6.4	8.1	1.8	5.2	4.4	10.7	9.5	6.1	12.4	13.4
Basic Weighted Average Shares Outstanding	929.2	921.8	911.2	902.7	896	890.3	891.1	912	932.8	965.1	978.7
Total Shares Outstanding	934.7	926.3	915	906.1	899	892.7	887.1	889.6	922.2	945.9	965.7
Diluted Weighted Average Shares Outstanding	946.2	937.2	922.1	912.3	904.6	896.6	895.5	916.3	937.4	967.2	982.7
EBITDA	16,210	12,176	14,692	7,173	12,409	7,265	14,609	16,545	16,555	17,340	20,268
Effective Tax Rate	16.6%	-3.8%	13.5%	-54.2%	2.6%	-52.9%	0.8%	23.1%	49.5%	3.6%	16.2%