International Business Machines Corp.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $10.59B | $6.02B | $7.50B | $1.64B | $5.74B | $5.59B | $9.43B | $8.73B |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $2.28B | $2.17B | $2.11B | $2.41B | $3.89B | $4.23B | $4.21B | $3.13B |
| Amortization | $2.74B | $2.50B | $2.29B | $2.40B | $2.53B | $2.47B | $1.85B | $1.35B |
| Stock-Based Compensation | $1.72B | $1.31B | $1.13B | $987.0M | $982.0M | $937.0M | $679.0M | $510.0M |
| Net Cash from Operating Activities | $13.19B | $13.45B | $13.93B | $10.44B | $12.80B | $18.20B | $14.77B | $15.25B |
| Investing Activities | ||||||||
| Capital Expenditures | $1.09B | $1.05B | $1.25B | $1.35B | $2.06B | $2.62B | $2.29B | $3.40B |
| Business Acquisitions | $8.29B | $3.29B | $5.08B | $2.35B | $3.29B | $336.0M | $32.63B | $139.0M |
| Net Cash from Investing Activities | $-10.30B | $-4.94B | $-7.07B | $-4.20B | $-5.98B | $-3.03B | $-26.94B | $-4.91B |
| Financing Activities | ||||||||
| Dividends Paid | $6.26B | $6.15B | $6.04B | $5.95B | $5.87B | $5.80B | $5.71B | $5.67B |
| Stock Repurchases | — | — | — | — | — | — | $1.36B | $4.44B |
| Net Cash from Financing Activities | $-3.83B | $-7.08B | $-1.77B | $-4.96B | $-13.35B | $-9.72B | $9.04B | $-10.47B |
| Net Change in Cash | $-520.0M | $1.07B | $5.10B | $1.03B | $-6.72B | $5.36B | $-3.29B | $-630.0M |
| Free Cash Flow | $12.10B | $12.40B | $12.69B | $9.09B | $10.73B | $15.58B | $12.48B | $11.85B |