International Business Machines (IBM) 10-K Summary — Year Ended Dec 31, 2025

IBM reported annual revenue growth for the most recent fiscal year, with net income and operating cash flow also disclosed. The filing outlines the company's business, risk factors, and management discussion.

Key takeaway

Year ended Dec 31, 2025 · FY2025 10-K

Financial snapshot

Selected annual figures reported with the filing, shown separately from the narrative summary.

Annual revenue

$67.5B

Revenue reported for the fiscal year.

Operating income

n/a

Income from operations reported for the year.

Net income

$10.6B

Net income reported for the year.

Operating cash flow

$13.2B

Cash generated by operating activities.

Annual revenue trend

Reported annual revenue and its change from the preceding fiscal year.

Period ended	Revenue	Year-over-year change
Dec 31, 2022	$60.5B	+5.5%
Dec 31, 2023	$61.9B	+2.2%
Dec 31, 2024	$62.8B	+1.4%
Dec 31, 2025	$67.5B	+7.6%

Business overview

The company describes its business in Item 1 of the filing, covering its operations and strategy. No further details are provided in the supplied context.

Financial performance

Revenue increased each year over the reported multi-year period, with the strongest growth in the latest period. Net income and operating cash flow were reported for the period.

Material risks

The filing includes a section on risk factors in Item 1A, which discusses potential challenges to the business. Specific risks are not detailed in the supplied context.

Liquidity and capital

Operating cash flow was reported, indicating the company's ability to generate cash from operations. No other capital allocation themes are explicitly discussed in the supplied context.

What to watch

Monitor the revenue growth trajectory in the next filing to see if the recent acceleration continues.