IBM cash flow statement

In fiscal 2025, IBM's operations generated $13.19bn of cash; it spent $1.09bn on capital projects, leaving free cash flow of $12.10bn. It returned $6.25bn in dividends.

Cash flow statement

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

IBM: cash flow statement, 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 from operations	20.8	19.5	19.8	19.6	17.5	16.9	17.3	17.1	16.7	15.2	14.8	18.2	12.8	10.4	13.9	13.4	13.2	15.8
Depreciation and amortisation	3.8	3.7	3.6	3.4	3.3	3.1	2.7	2.8	3.0	3.1	4.2	4.2	3.9	2.4	2.1	2.2	2.3	2.2
Stock-based pay	0.6	0.6	0.7	0.7	0.6	0.5	0.5	0.5	0.5	0.5	0.7	0.9	1.0	1.0	1.1	1.3	1.7	2.0
Capital spending	3.4	4.2	4.1	4.1	3.6	3.7	3.6	3.6	3.2	3.4	2.3	2.6	2.1	1.3	1.2	1.0	1.1	1.2
Free cash flow	17.3	15.4	15.7	15.5	13.9	13.1	13.7	13.5	13.5	11.9	12.5	15.6	10.7	9.1	12.7	12.4	12.1	14.7
Free cash flow after stock pay	16.8	14.7	15.0	14.8	13.2	12.6	13.2	13.0	13.0	11.3	11.8	14.6	9.8	8.1	11.6	11.1	10.4	12.7
Dividends paid	2.9	3.2	3.5	3.8	4.1	4.3	4.9	5.3	5.5	5.7	5.7	5.8	5.9	5.9	6.0	6.1	6.3	6.3
Share buybacks	7.4	15.4	15.0	12.0	13.9	13.7	4.6	3.5	4.3	4.4	1.4	—	—	—	—	—	—	—
Shares issued	3.1	3.8	2.5	1.5	1.1	0.7	0.3	0.2	0.2	—	—	—	—	0.3	0.4	0.7	0.7	0.7

US$ millions unless shown otherwise. Fiscal quarters.

IBM: cash flow statement, 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
Cash from operations	4,330	4,370	1,701	3,082	4,040	5,169	2,597	4,025
Depreciation and amortisation	524	536	578	584	586	555	533	550
Stock-based pay	345	401	441	444	430	506	498	535
Capital spending	303	244	210	255	382	232	229	332
Free cash flow	4,027	4,126	1,491	2,827	3,658	4,937	2,368	3,693
Free cash flow after stock pay	3,682	3,725	1,050	2,383	3,228	4,431	1,870	3,158
Shares issued	108	216	185	134	175	178	240	144

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.