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Financial highlights
International Business Machines Corporation and Subsidiary Companies
 
Results from continuing operations
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| (Dollars in millions except per share amounts) |
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| For the year |
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2005 |
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2004 |
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| Revenue |
$ |
91,134 |
|
$ |
96,293 |
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| Income from continuing operations |
$ |
7,994 |
|
$ |
7,497 |
|
| Loss from discontinued operations |
|
(24 |
) |
|
(18 |
) |
| Income before cumulative effect of change in accounting principle |
|
7,970 |
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|
7,479 |
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| Cumulative effect of change in accounting principle** |
|
(36 |
) |
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— |
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| Net income |
$ |
7,934 |
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$ |
7,479 |
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| Earnings/(loss) per share of common stock: |
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| Assuming dilution: |
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| Continuing operations |
$ |
4.91 |
|
$ |
4.39 |
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| Discontinued operations |
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(0.01 |
) |
|
(0.01 |
) |
| Before cumulative effect of change in accounting principle |
|
4.90 |
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|
4.38 |
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| Cumulative effect of change in accounting principle** |
|
(0.02 |
) |
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— |
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| Total |
$ |
4.87 |
* |
$ |
4.38 |
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| Basic: |
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| Continuing operations |
$ |
4.99 |
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$ |
4.48 |
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| Discontinued operations |
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(0.02 |
) |
|
(0.01 |
) |
| Before cumulative effect of change in accounting principle |
|
4.98 |
* |
|
4.47 |
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| Cumulative effect of change in accounting principle** |
|
(0.02 |
) |
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— |
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| Total |
$ |
4.96 |
|
$ |
4.47 |
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| Net cash provided by operating activities from continuing operations |
$ |
14,914 |
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$ |
15,349 |
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| Capital expenditures, net |
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3,527 |
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|
3,745 |
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| Share repurchase |
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7,739 |
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|
7,145 |
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| Cash dividends paid on common stock |
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1,250 |
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|
1,174 |
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| Per share of common stock |
|
0.78 |
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|
0.70 |
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| At year end |
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2005 |
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2004 |
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| Cash, cash equivalents and marketable securities |
$ |
13,686 |
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$ |
10,570 |
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| Total assets |
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105,748 |
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|
111,003 |
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| Working capital |
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10,509 |
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|
7,357 |
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| Total debt |
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22,641 |
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|
22,927 |
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| Stockholders’ equity |
|
33,098 |
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|
31,688 |
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| Common shares outstanding (in millions) |
|
1,574 |
|
|
1,646 |
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| Market capitalization |
$ |
129,381 |
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$ |
162,223 |
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| Stock price per common share |
$ |
82.20 |
|
$ |
98.58 |
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| Number of employees in IBM/wholly owned subsidiaries |
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329,373 |
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329,001 |
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