Financial snapshot

Quarterly snapshot

This page features a recent snapshot of IBM's financial performance. More detailed information about the company's financial performance can be found in IBM's periodic financial reports, which are available on the company's website and on the SEC's website.

Overview - IBM Corporation Financial Profile

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1H'15 Highlights*:

* All revenue growth @cc and adjusted for divested businesses; backlog growth @cc


($ in Billions, except per share amounts)
P&L Highlights
(From Continuing Operations)
Revenue $92.8 (1%)* $40.4 (0%)*
Pre-Tax Income - Operating $21.1 (4%) $8.2 (10%)
Net Income - Operating $16.7 (9%) $6.7 (8%)
EPS (Diluted) - Operating $16.53 (1%) $6.75 (5%)
Free Cash Flow** $12.4 (18%) $4.5 23%
* @ constant currency & excluding divestited businesses
** Net Cash from Ops excl GF Receivables, less Capital Expenditures


($ in Billions)
Balance Sheet Dec
Cash & Marketable Securities $8.5 $8.8
Global Financing Assets $37.3 $33.3
Non-Global Financing Assets* $71.7 $70.7
  $117.5 $112.7
Global Financing Debt $29.1 $26.1
Non-Global Financing Debt* $11.7 $12.6
Other Liabilities $64.7 $60.2
  $105.5 $98.9
Equity $12.0 $13.8
* Includes eliminations of inter-company activity


Key P&L Metrics - Operating
(From Continuing Operations)
Gross Profit Margin 50.5% 1.0 pts 50.1% 0.5 pts
Expense / Revenue % * 28.1% (1.7 pts) 29.9% 0.1 pts
Pre-Tax Income Margin 22.5% (0.7 pts) 20.3% 0.6 pts
Tax Rate 17.0% 7.4 pts 18.4% 2.0 pts
Net Income Margin 18.7% 1.1 pts 16.5% 0.9 pts
* Total Operating Expense & Other Income / Revenue


Key Metrics Dec
Non GF Debt/Cap 59.4% 55.4%
Global Financing Leverage 7.2 7.0
Dividend Yield 2.9% 3.2%
Credit Rating (Moody's, S&P)* Aa3, AA- Aa3, AA-
* Credit ratings are not recommendations to purchase, hold, or sell any IBM securities or to make any investment decisions


2014 Revenue by Geography (excludes OEM) 2014* Revenue by Business Segment 2014* Pre-Tax (Operating) Profit by Business Segment

* From Continuing Operations

Strategic Imperative IBM/ Market Revenue Growth*

* Served market growth source: IBM Market Insights;
Historical Strategic Imperative Revenue measured on consistent basis;
Growth rates reflect constant/modeled currency excluding System x

Strategic Imperative Revenue Mix Strategic Imperative 2014 Portfolio Summary

* Consistent with basis presented at May 2014 Investor Briefing, 2014 performance modeled on “Gross View” (inclusive of overlap with Strategic Imperatives), Recurring Core Franchises revenue growth modeled net of Strategic Imperatives

In an effort to provide additional and useful information regarding the company’s results as determined by generally accepted accounting principles (GAAP), these materials contain certain non-GAAP financial measures on a continuing operations basis. For reconciliation to GAAP and other information about FY 2014 and 1H 2015 revenue excluding divestitures and currency, operating gross profit margin, operating pre-tax income and margin, operating expense and other income, operating tax rate, operating net income and margin, operating earnings per share, free cash flow and the December 2014 and June 2015 non GF debt-to-capital ratio, see Non-GAAP Supplemental Materials and related information in the Forms 8-K submitted to the SEC on January 20, 2015, April 20, 2015 and July 20, 2015. For reconciliation to GAAP and other information about 2010-2014 strategic imperatives revenue growth at constant currency, see Non-GAAP Supplemental Materials and related information in the Form 8-K submitted to the SEC on February 26, 2015.

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