International Business Machines Corporation

IBMNYSETechnology● Active

$284.84

$-16.93(-5.61%)

Market Cap$267.7B

P/E Ratio—

52W High$332.46

52W Low$212.34

Avg Volume7.7M

Open$300.00

Beta0.67

Free Cash Flow Financials Revenue

International Business Machines Corporation (IBM) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

IBM · free cash flow · updated Jun 8, 2026

Core FCF metrics

IBM · FCF · TTM · margin & CAGR

Free cash flow was $11.57B for FY2025 (fiscal year ending 2025-12-31), down 1.6% year-over-year The FCF margin was 17.1%. Five-year CAGR stands at -5.0%.

FY2025 Free Cash Flow$11.57B▼ -1.6% YoY

Trailing 12M (TTM)$13.09Btrailing 4 quarters sum

FCF Margin17.1%$11.57B ÷ revenue

3-Year CAGR+11.0%FY2022 → FY2025

5-Year CAGR-5.0%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

IBM · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$13.19B(1.62B)$11.57B▼ 1.6%17.1%

FY2024$13.45B(1.69B)$11.76B▼ 3.0%18.7%

FY2023$13.93B(1.81B)$12.12B▲ +43.2%19.6%

FY2022$10.44B(1.97B)$8.46B▼ 15.6%14.0%

FY2021$12.80B(2.77B)$10.03B▼ 33.0%17.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

IBM · P/FCF · FCF yield · FCF per share

International Business Machines Corporation (IBM) trades at a FCF yield of 4.89% and a price-to-free-cash-flow ratio of 20.3x. FCF per share stands at $14.04, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.89%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$14.04

TTM FCF ÷ Shares Outstanding

Price / FCF

x20.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x25.0

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

IBM · cash flow statement · operating / investing / financing

For FY2025, International Business Machines Corporation generated $13.19B in operating cash flow and spent 1.62B in capital expenditures, yielding $11.57B in free cash flow.

Operating Activities

+$13.19B

Cash from core business operations

2025-12-31

Investing Activities

−$10.30B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$3.83B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($13.19B) − |CapEx| (1.62B) = FCF ($11.57B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

IBM vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

International Business Machines CorporationYOU

IBM

$11.57B-1.6%17.1%

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

International Business Machines Corporation (IBM) reported free cash flow of $11.57B for FY2025 (fiscal year ending 2025-12-31), down 1.6% year-over-year. The FCF margin was 17.1%.

Based on available data, International Business Machines Corporation has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $15.18B in FY2011. The 5-year CAGR stands at -5.0%.

International Business Machines Corporation's FCF yield is 4.89% and price-to-FCF ratio is 20.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

IBM free cash flow · 8 questions

International Business Machines Corporation free cash flow was $11.57B for FY2025, down 1.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $13.09B.

IBM free cash flowIBM FCFIBM FCF 2025IBM free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · International Business Machines Corporation · International Business Machines Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026