IBM balance sheet

At the end of fiscal 2025, IBM had total assets of $151.88bn, total liabilities of $119.14bn and shareholders' equity of $32.65bn. It held $13.59bn in cash against $67.68bn of debt: net debt of $54.10bn.

Balance sheet

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

IBM: balance sheet, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash and equivalents	12.2	10.7	11.9	10.4	10.7	8.5	7.7	7.8	12.0	11.4	8.2	13.2	6.7	7.9	13.1	13.9	13.6	9.2
Receivables	10.7	10.8	11.2	10.7	10.5	9.1	8.3	9.2	8.3	7.4	7.9	5.8	6.8	6.5	7.2	6.8	8.1	5.8
Inventory	2.5	2.5	2.6	2.3	2.3	2.1	1.6	1.6	1.6	1.7	1.6	1.8	1.6	1.6	1.2	1.3	1.2	1.9
Total current assets	48.9	48.1	50.9	49.4	51.4	47.4	42.5	43.9	49.7	49.1	38.4	39.2	29.5	29.1	32.9	34.5	36.9	31.2
Goodwill	20.2	25.1	26.2	29.2	31.2	30.6	32.0	36.2	36.8	36.3	52.5	53.8	55.6	55.9	60.2	60.7	67.7	74.9
Total assets	109.0	113.5	116.4	119.2	125.6	117.3	110.5	117.5	125.4	123.4	152.2	156.0	132.0	127.2	135.2	137.2	151.9	155.0
Accounts payable	7.4	7.8	8.5	8.0	7.5	6.9	6.0	6.2	6.5	6.6	4.9	4.0	4.0	4.1	4.1	4.0	4.8	4.5
Deferred revenue (current)	10.8	11.6	12.2	12.0	12.6	11.9	11.0	11.0	11.5	11.2	12.0	12.0	12.5	12.0	13.5	13.9	16.1	15.2
Total current liabilities	36.0	40.6	42.1	43.6	40.2	39.6	34.3	36.3	37.4	38.2	37.7	39.9	33.6	31.5	34.1	33.1	38.7	36.5
Short-term debt	4.2	6.8	8.5	9.2	6.9	5.7	6.5	7.5	7.0	10.2	8.8	7.1	6.8	4.8	6.4	5.1	6.4	7.0
Long-term debt	24.2	21.8	22.9	24.1	32.9	35.0	33.4	34.7	39.8	35.6	54.1	54.2	44.9	46.2	50.1	49.9	54.8	56.8
Total debt	26.1	28.6	31.3	33.3	39.7	40.7	39.9	42.2	46.8	52.9	70.4	68.3	58.5	55.7	63.0	60.0	67.7	70.8
Total liabilities	86.3	90.3	96.2	100.2	103.3	105.3	96.1	99.1	107.6	106.5	131.2	135.2	113.0	105.2	112.6	109.8	119.1	118.8
Shareholders' equity	22.6	23.0	20.1	18.9	22.8	11.9	14.3	18.2	17.6	16.8	20.8	20.6	18.9	21.9	22.5	27.3	32.6	35.5
Net debt (negative = net cash)	13.9	18.0	19.4	22.9	29.0	32.2	32.2	34.3	34.9	41.5	62.2	55.1	51.8	47.8	49.9	46.1	54.1	61.6
Shares outstanding	—	1,228m	1,163m	1,117m	1,054m	991m	966m	946m	922m	892m	887m	893m	898m	906m	915m	926m	937m	—

US$ billions unless shown otherwise. Fiscal quarters.

IBM: balance sheet, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Receivables	6.8	5.9	6.0	5.5	8.1	6.5	6.0	5.8
Inventory	1.3	1.4	1.3	1.4	1.2	1.5	1.7	1.9
Total current assets	34.5	35.3	34.3	32.7	36.9	31.9	28.4	31.2
Goodwill	60.7	66.1	67.5	67.4	67.7	74.7	74.6	74.9
Total assets	137.2	145.7	148.6	146.3	151.9	156.2	152.1	155.0
Accounts payable	4.0	3.6	4.0	3.9	4.8	4.0	4.4	4.5
Deferred revenue (current)	13.9	15.1	15.0	13.9	16.1	17.0	16.2	15.2
Total current liabilities	33.1	35.1	37.7	35.1	38.7	40.1	35.9	36.5
Short-term debt	5.1	6.9	8.9	7.9	6.4	8.7	5.8	7.0
Long-term debt	49.9	56.4	55.2	55.2	54.8	57.7	56.2	56.8
Total debt	55.0	63.3	64.2	63.1	61.3	66.4	62.0	63.8
Total liabilities	109.8	118.7	121.0	118.3	119.1	123.2	117.6	118.8
Shareholders' equity	27.3	26.9	27.5	27.9	32.6	33.0	34.5	35.5
Shares outstanding	926m	—	—	—	937m	—	—	—

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from IBM's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to IBM.