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Consolidated Financial Statements (Audited)
International Business Machines Corporation and Subsidiary Companies
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| Consolidated Statement of Earnings |
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| FOR THE YEAR ENDED DECEMBER 31: | NOTES | 2003 | 2002 | 2001 | ||||||||
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| Revenue: | ||||||||||||
Global Services |
$ | 42,635 | $ | 36,360 | $ | 34,956 | ||||||
Hardware |
28,239 | 27,456 | 30,593 | |||||||||
Software |
14,311 | 13,074 | 12,939 | |||||||||
Global Financing |
2,826 | 3,232 | 3,426 | |||||||||
Enterprise Investments/Other |
1,120 | 1,064 | 1,153 | |||||||||
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| Total Revenue | 89,131 | 81,186 | 83,067 | |||||||||
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| Cost: | ||||||||||||
Global Services |
31,903 | 26,812 | 25,355 | |||||||||
Hardware |
20,401 | 20,020 | 21,231 | |||||||||
Software |
1,927 | 2,043 | 2,265 | |||||||||
Global Financing |
K | 1,248 | 1,416 | 1,693 | ||||||||
Enterprise Investments/Other |
634 | 611 | 634 | |||||||||
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| Total Cost | 56,113 | 50,902 | 51,178 | |||||||||
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| Gross Profit | 33,018 | 30,284 | 31,889 | |||||||||
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| Expense and Other Income: | ||||||||||||
Selling, general and administrative |
Q | 17,852 | 18,738 | 17,048 | ||||||||
Research, development and engineering |
R | 5,077 | 4,750 | 4,986 | ||||||||
Intellectual property and custom development income |
(1,168 | ) | (1,100 | ) | (1,476 | ) | ||||||
Other (income) and expense |
238 | 227 | (353 | ) | ||||||||
Interest expense |
K & L | 145 | 145 | 234 | ||||||||
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| Total Expense and Other Income | 22,144 | 22,760 | 20,439 | |||||||||
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| Income from Continuing Operations Before Income Taxes | 10,874 | 7,524 | 11,450 | |||||||||
Provision for income taxes |
P | 3,261 | 2,190 | 3,304 | ||||||||
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| Income from Continuing Operations | 7,613 | 5,334 | 8,146 | |||||||||
Discontinued Operations: |
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Loss from discontinued operations |
C | 30 | 1,755 | 423 | ||||||||
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| Net Income | 7,583 | 3,579 | 7,723 | |||||||||
Preferred stock dividends |
— | — | 10 | |||||||||
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| Net Income Applicable to Common Stockholders | $ | 7,583 | $ | 3,579 | $ | 7,713 | ||||||
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| Earnings/(Loss) per Share of Common Stock: | ||||||||||||
Assuming Dilution: |
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Continuing operations |
T | $ | 4.34 | $ | 3.07 | $ | 4.59 | |||||
Discontinued operations |
T | (0.02 | ) | (1.01 | ) | 0.24 | ||||||
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| Total | T | $ | 4.32 | $ | 2.06 | $ | 4.35 | |||||
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Basic: |
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Continuing operations |
T | $ | 4.42 | $ | 3.13 | $ | 4.69 | |||||
Discontinued operations |
T | (0.02 | ) | (1.03 | ) | (0.24 | ) | |||||
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Total |
T | $ | 4.40 | $ | 2.10 | $ | 4.45 | |||||
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Weighted-Average Number of Common Shares Outstanding: |
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Assuming dilution |
1,756,090,689 | 1,730,941,054 | 1,771,230,599 | |||||||||
Basic |
1,721,588,628 | 1,703,244,345 | 1,733,348,422 | |||||||||
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The accompanying notes are an integral part of the financial statements. |
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Related Links |
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For More Information Year in Review — Financial Position Management Discussion Snapshot |
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Downloads Financial Report PDF (1.6MB) Get Adobe® Reader® |
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Guide to Understanding Basic Financials Basic Financial Statements and Notes About the Statements A Statement of Earnings |
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On IBM.com Investor Relations Stockholder Services Investor Tools SEC Filings |
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Note: These links may contain non-audited content |
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