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Financial highlights

International Business Machines Corporation and Subsidiary Companies
($ in millions except per share amounts)
For the year ended December 31: 2009 2008
Revenue $95,758 $103,630
Net income $13,425 $12,334

Earnings per share of common stock:
   
Assuming dilution $10.01 $8.89∗
Basic $10.12 $9.02∗
Net cash provided by operating activities $20,773 $18,812
Capital expenditures 3,747 4,536
Share repurchase 7,429 10,578
Cash dividends paid on common stock 2,860 2,585
Per share of common stock 2.15 1.90
At December 31: 2009 2008
Cash, cash equivalents and marketable securities $13,973 $12,907
Total assets 109,022 109,524
Working capital 12,933 6,568
Total debt 26,099 33,926
Total equity 22,755 13,584∗∗
Common shares outstanding (in millions) 1,305 1,339
Market capitalization $170,869 $112,698
Stock price per common share $130.90 $84.16

Number of employees in IBM/wholly owned subsidiaries
399,409 398,455

∗Reflects the adoption of the Financial Accounting Standards Board (FASB) guidance in determining whether instruments granted in share-based payment transactions are participating securities. See note B, "Accounting Changes," on pages 79 to 82 for additional information.

∗∗Reflects the adoption of the FASB guidance on noncontrolling interests in consolidated financial statements. See note B, "Accounting Changes," on pages 79 to 82 for additional information.

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Introduction