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Five-year comparison of selected financial data
International Business Machines Corporation and Subsidiary Companies

($ in millions except per share amounts)
For the year ended
December 31:
2008 2007 2006 2005 2004
Revenue $103,630 $98,786 $91,424 $91,134 $96,293
Income from continuing operations $12,334 $10,418 $9,416 $7,994 $7,497
Income/(loss) from discontinued operations (00) 76 (24) (18)
Income before cumulative effect of change in accounting principle 12,334 10,418 9,492 7,970 7,479
Cumulative effect of change in accounting principle* (36)
Net income $12,334 $10,418 $9,492 $7,934 $7,479
Earnings/(loss) per share of common stock:          
Assuming dilution:          
Continuing operations $8.93 $7.18 $6.06 $4.91 $4.39
Discontinued operations (0.00) 0.05 (0.01) (0.01)
Before cumulative effect of change in accounting principle 8.93 7.18 6.11 4.90 4.38
Cumulative effect of change in accounting principle* (0.02)
Total $8.93 $7.18 $6.11 $4.87 $4.38
Basic:          
Continuing operations $9.07 $7.32 $6.15 $4.99 $4.48
Discontinued operations (0.00) 0.05 (0.02) (0.01)
Before cumulative effect of change in accounting principle 9.07 7.32 6.20 4.98 4.47
Cumulative effect of change in accounting principle* (0.02)
Total $9.07 $7.32 $6.20 $4.96 $4.47
Cash dividends paid on common stock $2,585 $2,147 $1,683 $1,250 $1,174
Per share of common stock 1.90 1.50 1.10 0.78 0.70
Investment in plant, rental machines and other property $4,171 $4,630 $4,362 $3,842 $4,368
Return on stockholders’ equity** 48.8% 42.7% 29.3% 25.6% 25.6%
At December 31: 2008 2007 2006 2005 2004

* Reflects implementation of FASB Interpretation No. 47, “Accounting for Conditional Asset Retirement Obligations.”

** Restated to conform with 2008 presentation using a five-quarter average for stockholders’ equity.

Total assets $109,524 $120,431 $103,234 $105,748 $111,003
Net investment in plant, rental machines and other property 14,305 15,081 14,440 13,756 15,175
Working capital 6,568 8,867 4,569 10,509 7,357
Total debt 33,926 35,274 22,682 22,641 22,927
Stockholders’ equity 13,465 28,470 28,506 33,098 31,688
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