International Business Machines Corp.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $2.17B | $1.22B | $5.60B | $1.74B | $2.19B | $1.06B | $2.91B | $-330.0M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $533.0M | $555.0M | $586.0M | $584.0M | $578.0M | $536.0M | $524.0M | $563.0M |
| Amortization | $816.0M | $719.0M | $710.0M | $699.0M | $687.0M | $641.0M | $589.0M | $705.0M |
| Stock-Based Compensation | $498.0M | $506.0M | $430.0M | $443.0M | $441.0M | $401.0M | $345.0M | $330.0M |
| Net Cash from Operating Activities | $2.60B | $5.17B | $4.04B | $3.08B | $1.70B | $4.37B | $4.33B | $2.88B |
| Investing Activities | ||||||||
| Capital Expenditures | $229.0M | $232.0M | $382.0M | $255.0M | $210.0M | $244.0M | $303.0M | $286.0M |
| Business Acquisitions | $15.0M | $10.47B | $391.0M | $58.0M | $747.0M | $7.10B | $541.0M | $2.51B |
| Net Cash from Investing Activities | $-481.0M | $-10.49B | $1.42B | $-438.0M | $1.70B | $-12.98B | $-1.38B | $-1.59B |
| Financing Activities | ||||||||
| Dividends Paid | $1.59B | $1.58B | $1.57B | $1.57B | $1.56B | $1.55B | $1.55B | $1.54B |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-5.73B | $2.72B | $-3.41B | $-3.01B | $-2.85B | $5.44B | $-1.68B | $-2.77B |
| Net Change in Cash | $-3.65B | $-2.78B | $2.04B | $-427.0M | $865.0M | $-3.00B | $946.0M | $-1.26B |
| Free Cash Flow | $2.37B | $4.94B | $3.66B | $2.83B | $1.49B | $4.13B | $4.03B | $2.60B |