# International Business Machines Margins

NYSE: IBM · Reporting currency: USD

[Interactive page](https://beanvest.com/stock/ibm/margins) · [JSON with these options](https://beanvest.com/stock/ibm/margins.json?range=5Y&deductSbc=false&limit=200&offset=0&frequency=quarterly&wacc=7.7) · [Raw filing inputs](https://beanvest.com/api/v2/financials/ibm)

Frequency: quarterly. Newest first. Retrieved: 2026-10-22T15:38:07.491Z.
Coverage: 2009-06-30 to 2026-09-30. Rows 1–70 of 70.
Snapshot checked: 2026-10-19T21:59:30.430Z. Last validated: 2026-10-24T10:05:10.325Z.

## Definitions

- **Gross margin** (`gross_margin`, percent): Gross profit / revenue × 100. Uses revenue − reported cost of revenue when gross profit is absent.
- **Operating margin** (`operating_margin`, percent): Operating income / revenue × 100. Uses reported operating income, or reported pretax income less the complete nonoperating income/expense total when both are available.
- **Net margin** (`net_margin`, percent): Reported net income / revenue × 100.
- **EBITDA margin** (`ebitda_margin`, percent): (Operating income + reported depreciation and amortization) / revenue × 100. An EBITDA proxy, not adjusted EBITDA.
- **Operating cash flow margin** (`ocf_margin`, percent): Operating cash flow / revenue × 100.
- **Free cash flow margin** (`fcf_margin`, percent): Free cash flow / revenue × 100. Reflects the selected reported capex scope and the SBC option.
- **Capex / revenue** (`capex_intensity`, percent): Reported cash capital investment / revenue × 100. Uses PPE purchases or, when those are not separately tagged, the broader productive-assets total.
- **SBC / revenue** (`sbc_revenue`, percent): Reported share-based compensation / revenue × 100.

## Values

| Period | End date | Gross margin (percent) | Operating margin (percent) | Net margin (percent) | EBITDA margin (percent) | Operating cash flow margin (percent) | Free cash flow margin (percent) | Capex / revenue (percent) | SBC / revenue (percent) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026-Q3 | 2026-09-30 | 56.797053148570434 | Unavailable | 12.804771092790737 | Unavailable | 23.53388294451266 | 21.592703034555342 | 1.9411799099573173 | 3.1281061802023036 |
| 2026-Q2 | 2026-06-30 | 57.72637221769025 | Unavailable | 12.61507982752593 | Unavailable | 15.132268966320941 | 13.797925649691178 | 1.3343433166297634 | 2.9017597016664722 |
| 2026-Q1 | 2026-03-31 | 56.229188917509575 | Unavailable | 7.639630583652698 | Unavailable | 32.47471257146447 | 31.017151473267575 | 1.4575610981968963 | 3.1789910158949555 |
| 2025-Q4 | 2025-12-31 | 60.591283145382505 | Unavailable | 28.446611805343895 | Unavailable | 20.522198516712383 | 18.581733211419284 | 1.9404653052931018 | 2.1842934064817636 |
| 2025-Q3 | 2025-09-30 | 57.314310207580675 | Unavailable | 10.67907660277999 | Unavailable | 18.872083767068766 | 17.3106362133366 | 1.561447553732166 | 2.71263241687588 |
| 2025-Q2 | 2025-06-30 | 58.76774459562938 | Unavailable | 12.923366908169879 | Unavailable | 10.019438063262061 | 8.782470401130942 | 1.2369676621311185 | 2.597632090475349 |
| 2025-Q1 | 2025-03-31 | 55.230039199504844 | Unavailable | 7.255346950003439 | Unavailable | 30.05295371707585 | 28.374939825321505 | 1.6780138917543497 | 2.7577195516126816 |
| 2024-Q4 | 2024-12-31 | 59.4679275378831 | Unavailable | 16.600205081462917 | Unavailable | 24.666742622764044 | 22.94064030990088 | 1.7261023128631652 | 1.9653640195966733 |
| 2024-Q3 | 2024-09-30 | 56.25334045964725 | Unavailable | -2.2047033671833245 | Unavailable | 19.247728487439872 | 17.336985569214324 | 1.9107429182255478 | 2.2047033671833245 |
| 2024-Q2 | 2024-06-30 | 56.75332910589728 | Unavailable | 11.629676601141407 | Unavailable | 13.100824350031706 | 11.70577045022194 | 1.3950538998097652 | 2.0038046924540267 |
| 2024-Q1 | 2024-03-31 | 53.533397870280744 | Unavailable | 11.098050062232057 | Unavailable | 28.820356797123498 | 27.167749965426637 | 1.652606831696861 | 2.212695339510441 |
| 2023-Q4 | 2023-12-31 | 59.07024912260515 | Unavailable | 18.917208446004256 | Unavailable | 25.67746389735919 | 23.95144122892814 | 1.7260226684310456 | 1.668488579483344 |
| 2023-Q3 | 2023-09-30 | 54.38584598698482 | Unavailable | 11.550976138828634 | Unavailable | 20.715835140997832 | 18.811008676789587 | 1.904826464208243 | 1.9454989154013016 |
| 2023-Q2 | 2023-06-30 | 54.933764135702745 | Unavailable | 10.229402261712439 | Unavailable | 17.04684975767367 | 14.694668820678514 | 2.3521809369951536 | 1.8610662358642973 |
| 2023-Q1 | 2023-03-31 | 52.68734212742071 | Unavailable | 6.504350266629245 | Unavailable | 26.480493965759194 | 24.375526241930956 | 2.104967723828235 | 1.8804378332865561 |
| 2022-Q4 | 2022-12-31 | 57.71120431396045 | Unavailable | 16.23726782504494 | Unavailable | 23.756740563211505 | 21.306171360095867 | 2.4505692031156383 | 1.4859197124026364 |
| 2022-Q3 | 2022-09-30 | 52.66888778620543 | Unavailable | -22.655419295385272 | Unavailable | 13.475579499539236 | 11.22846813638619 | 2.247111363153045 | 1.7792585241369532 |
| 2022-Q2 | 2022-06-30 | 53.363373028645 | Unavailable | 8.960411972964275 | Unavailable | 8.503379465722562 | 6.321210170582556 | 2.1821692951400062 | 1.6350177019633088 |
| 2022-Q1 | 2022-03-31 | 51.66584489680919 | Unavailable | 5.16306261886314 | Unavailable | 22.878072832288513 | 20.89878143269705 | 1.9792913995914632 | 1.648235542720293 |
| 2021-Q4 | 2021-12-31 | 187.50383788762664 | Unavailable | 71.63033466380104 | Unavailable | 78.10868897758674 | 64.29229352164569 | 13.81639545594105 | 8.074915566472214 |
| 2021-Q3 | 2021-09-30 | 46.378703598592345 | Unavailable | 6.413894880236122 | Unavailable | 15.399023725735045 | 12.231808377795437 | 3.1672153479396075 | 1.4871154501078443 |
| 2021-Q2 | 2021-06-30 | 48.03414243798346 | Unavailable | 7.0685516137636695 | Unavailable | 14.00373432915444 | 11.016271005601494 | 2.9874633235529475 | 1.3016804481194986 |
| 2021-Q1 | 2021-03-31 | 46.271855611957136 | Unavailable | 5.386350817822899 | Unavailable | 27.715736040609134 | 24.929498025944728 | 2.7862380146644106 | 1.2013536379018612 |
| 2020-Q4 | 2020-12-31 | 51.66691216183041 | Unavailable | 6.657828840771837 | Unavailable | 28.77203319094614 | 25.44311877056022 | 3.3289144203859187 | 1.36986301369863 |
| 2020-Q3 | 2020-09-30 | 48.006833712984054 | Unavailable | 9.669703872437358 | Unavailable | 24.402050113895214 | 20.273348519362187 | 4.128701594533029 | 1.2642369020501139 |
| 2020-Q2 | 2020-06-30 | 48.005297136235725 | Unavailable | 7.509794184185842 | Unavailable | 19.731832478066547 | 16.50389008442311 | 3.227942393643436 | 1.362909010649451 |
| 2020-Q1 | 2020-03-31 | 45.08565249558932 | Unavailable | 6.687154971259461 | Unavailable | 25.473792043708382 | 21.888338739969267 | 3.5854533037391154 | 1.0756359911217346 |
| 2019-Q4 | 2019-12-31 | 51.31761442441054 | Unavailable | 16.967175219602403 | Unavailable | 15.954692556634303 | 13.291724456772998 | 2.662968099861304 | 0.9754969949144706 |
| 2019-Q3 | 2019-09-30 | 46.23918349234524 | Unavailable | 9.274461948080763 | Unavailable | 20.074328821832705 | 16.812735744397603 | 3.261593077435101 | 1.2203239405369426 |
| 2019-Q2 | 2019-06-30 | 47.02259798549136 | Unavailable | 13.036897865455874 | Unavailable | 15.348885757528313 | 12.30624706434946 | 3.0426386931788527 | 0.7045561296383279 |
| 2019-Q1 | 2019-03-31 | 44.236057639423606 | Unavailable | 8.750412495875041 | Unavailable | 26.17423825761742 | 23.209767902320976 | 2.964470355296447 | 0.6214937850621494 |
| 2018-Q4 | 2018-12-31 | 49.11079454069206 | Unavailable | 8.965580625890354 | Unavailable | 18.928358071779787 | 15.334773218142548 | 3.5935848536372412 | 0.6387574100454942 |
| 2018-Q3 | 2018-09-30 | 46.93431435274046 | Unavailable | 14.36340371081254 | Unavailable | 22.56344636383024 | 18.234165067178505 | 4.329281296651738 | 0.6877799104286628 |
| 2018-Q2 | 2018-06-30 | 45.98810178473229 | Unavailable | 12.01819727040944 | Unavailable | 11.468279758036294 | 6.813977903314503 | 4.654301854721791 | 0.629905514172874 |
| 2018-Q1 | 2018-03-31 | 43.24140100671141 | Unavailable | 8.803481543624162 | Unavailable | 24.12961409395973 | 19.56795302013423 | 4.561661073825504 | 0.6082214765100671 |
| 2017-Q4 | 2017-12-31 | 48.18560908526307 | Unavailable | -4.675716440422323 | Unavailable | 25.432525951557096 | 21.19155354449472 | 4.240972407062372 | 0.6476798864342117 |
| 2017-Q3 | 2017-09-30 | 45.94580483475173 | Unavailable | 14.232757270401503 | Unavailable | 18.639377643189057 | 14.211872813658436 | 4.427504829530622 | 0.6421970448493708 |
| 2017-Q2 | 2017-06-30 | 45.5907512053502 | Unavailable | 12.084607807558712 | Unavailable | 17.968790502358857 | 14.41754367774379 | 3.5512468246150655 | 0.7050650629892685 |
| 2017-Q1 | 2017-03-31 | 42.809143486642796 | Unavailable | 9.639217846323326 | Unavailable | 21.784632332690716 | 17.708620214816857 | 4.076012117873864 | 0.7105480583861196 |
| 2016-Q4 | 2016-12-31 | 50.036747818098306 | Unavailable | 20.675241157556272 | Unavailable | 16.79834634818558 | 12.328892971979789 | 4.469453376205788 | 0.6476802939825448 |
| 2016-Q3 | 2016-09-30 | 46.87922604805992 | Unavailable | 14.839280141475086 | Unavailable | 21.91303443253927 | 17.918443774055966 | 3.994590658483304 | 0.7385831686258193 |
| 2016-Q2 | 2016-06-30 | 47.93951971538689 | Unavailable | 12.37276410712521 | Unavailable | 17.580788615475836 | 13.281944856211089 | 4.2988437592647495 | 0.6324735645814804 |
| 2016-Q1 | 2016-03-31 | 46.48897452365661 | Unavailable | 10.779276386212802 | Unavailable | 30.213016484692783 | 25.096339113680155 | 5.116677371012631 | 0.7118390066366945 |
| 2015-Q4 | 2015-12-31 | 51.70678634570923 | Unavailable | 20.23210480982819 | Unavailable | 23.931275216464932 | 19.810508182601204 | 4.1207670338637294 | 0.44879640962872297 |
| 2015-Q3 | 2015-09-30 | 48.941908713692946 | Unavailable | 15.300829875518673 | Unavailable | 21.96576763485477 | 17.04875518672199 | 4.91701244813278 | 0.5809128630705395 |
| 2015-Q2 | 2015-06-30 | 49.920722625282274 | Unavailable | 16.57137366069284 | Unavailable | 18.661413539614664 | 14.505357228655166 | 4.156056310959497 | 0.6246096189881324 |
| 2015-Q1 | 2015-03-31 | 48.249106687085245 | Unavailable | 11.883614088820826 | Unavailable | 18.427769270035732 | 14.05308831036243 | 4.374680959673303 | 0.6482899438489025 |
| 2014-Q4 | 2014-12-31 | 53.34052171028076 | Unavailable | 22.738771616970098 | Unavailable | 25.12752457180774 | 21.20018247418405 | 3.9273420976236886 | 0.3981254924729399 |
| 2014-Q3 | 2014-09-30 | 48.55114524266643 | Unavailable | 0.08036790641603786 | Unavailable | 17.430905924900657 | 12.8052864222887 | 4.625619502611957 | 0.6697325534669822 |
| 2014-Q2 | 2014-06-30 | 49.150385815137085 | Unavailable | 16.979970448202266 | Unavailable | 14.689706123789199 | 10.962896076177968 | 3.7268100476112296 | 0.5828271219832539 |
| 2014-Q1 | 2014-03-31 | 46.89112257605409 | Unavailable | 10.603095534602385 | Unavailable | 14.792741505070273 | 11.016723003024373 | 3.776018502045899 | 0.5515032912293186 |
| 2013-Q4 | 2013-12-31 | 51.68417632405502 | Unavailable | 22.32571572980974 | Unavailable | 23.56763782085996 | 19.72634391133254 | 3.84129390952742 | 0.5740279432470486 |
| 2013-Q3 | 2013-09-30 | 47.97639123102867 | Unavailable | 17.0362563237774 | Unavailable | 15.851602023608768 | 11.698988195615515 | 4.152613827993255 | 0.6323777403035413 |
| 2013-Q2 | 2013-06-30 | 48.675974963890226 | Unavailable | 12.943347777242817 | Unavailable | 12.73471352912855 | 9.284224041084899 | 3.450489488043653 | 0.6459637297384048 |
| 2013-Q1 | 2013-03-31 | 45.616883116883116 | Unavailable | 12.952836637047163 | Unavailable | 17.186431989063568 | 14.136192754613807 | 3.050239234449761 | 0.6151742993848257 |
| 2012-Q4 | 2012-12-31 | 51.75743925743925 | Unavailable | 19.905132405132406 | Unavailable | 21.655746655746654 | 18.243243243243242 | 3.412503412503413 | 0.6074256074256075 |
| 2012-Q3 | 2012-09-30 | 47.407766597971474 | Unavailable | 15.452378066028205 | Unavailable | 18.240594819574092 | 14.413868347678507 | 3.8267264718955833 | 0.7354426799207985 |
| 2012-Q2 | 2012-06-30 | 47.63216072605981 | Unavailable | 15.052554008455182 | Unavailable | 17.20125664197339 | 12.554784160105495 | 4.646472481867898 | 0.6205639374781833 |
| 2012-Q1 | 2012-03-31 | 45.06140315324444 | Unavailable | 12.426539131844526 | Unavailable | 17.391480565800673 | 13.593806995501156 | 3.7976735702995175 | 0.6809062537997 |
| 2011-Q4 | 2011-12-31 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2011-Q3 | 2011-09-30 | 46.538211568604964 | Unavailable | 14.67675956722866 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2011-Q2 | 2011-06-30 | 46.44491112277807 | Unavailable | 13.740343508587715 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2011-Q1 | 2011-03-31 | 44.12565530133702 | Unavailable | 11.634900638029828 | Unavailable | 15.410249116105174 | 11.691795017677896 | 3.718454098427277 | 0.690860324297964 |
| 2010-Q4 | 2010-12-31 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2010-Q3 | 2010-09-30 | 45.32569733426723 | Unavailable | 14.787194594371883 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2010-Q2 | 2010-06-30 | 45.56145675265554 | Unavailable | 14.272466700387792 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2010-Q1 | 2010-03-31 | 43.64527278295489 | Unavailable | 11.37944612153826 | Unavailable | 19.411996324977032 | 16.09572559828499 | 3.3162707266920415 | 0.739379621122632 |
| 2009-Q4 | 2009-12-31 | 48.273962541314724 | Unavailable | 17.675358060962175 | Unavailable | 23.67976496511201 | Unavailable | Unavailable | 0.5214836577304444 |
| 2009-Q3 | 2009-09-30 | 45.09462785368751 | Unavailable | 13.638292455232115 | Unavailable | 22.057201052363578 | Unavailable | Unavailable | 0.6237800220656878 |
| 2009-Q2 | 2009-06-30 | 45.50967741935484 | Unavailable | 13.346236559139784 | Unavailable | 20.391397849462365 | Unavailable | Unavailable | 0.567741935483871 |

## Unavailable values

- operating_margin: Operating income is unavailable in the extracted statements for this period.
- ebitda_margin: Operating income is unavailable in the extracted statements for this period.
- gross_margin: The reported inputs required for this metric are unavailable in the extracted statements for this period.
- net_margin: The reported inputs required for this metric are unavailable in the extracted statements for this period.
- ocf_margin: The reported inputs required for this metric are unavailable in the extracted statements for this period.
- fcf_margin: The reported inputs required for this metric are unavailable in the extracted statements for this period.
- capex_intensity: The reported inputs required for this metric are unavailable in the extracted statements for this period.
- sbc_revenue: The reported inputs required for this metric are unavailable in the extracted statements for this period.

## Sources

- [sec-0000051143-10fa1fafa254](https://data.sec.gov/api/xbrl/companyfacts/CIK0000051143.json) · Retrieved 2026-10-22T15:38:07.491Z · SHA-256 10fa1fafa25440b2159e2054dfe47628ba4ed353a258f526704cf9beda432bb8
- [inline-0000051143-8b80933430ad](https://www.sec.gov/Archives/edgar/data/51143/000005114326000010/ibm-20251231.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 8b80933430add581b51abdcca185a0c6b05c4ef48452f0a4d7fd4f000d89fa16
- [inline-0000051143-2304263a5713](https://www.sec.gov/Archives/edgar/data/51143/000005114326000010/ibm-20251231_d2.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 2304263a5713033c6d149ee87b4724057b6fdd1d65f92e2123d25073ddf253ee
- [inline-0000051143-9e2fa36d6592](https://www.sec.gov/Archives/edgar/data/51143/000005114324000012/ibm-20231231.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 9e2fa36d659287e4d1e966a8f1a9b136dac0ca67da13c713473cce60bc9dd770
- [inline-0000051143-fc4ff8b37ad6](https://www.sec.gov/Archives/edgar/data/51143/000005114324000012/ibm-20231231_d2.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 fc4ff8b37ad6b96412cccce3aaa1690828591ede0665b12f7bda3de5e581ff27
- [inline-0000051143-b2a10e387f84](https://www.sec.gov/Archives/edgar/data/51143/000005114326000095/ibm-20260930.htm) · Retrieved 2026-10-22T15:38:07.491Z · SHA-256 b2a10e387f8420c1cc3f26c515097c226434d004f1774fc7b615d6fe97aac651
- [sec-0000051143-1660477fa571](https://data.sec.gov/api/xbrl/companyfacts/CIK0000051143.json) · Retrieved 2026-09-28T07:37:41.538Z · SHA-256 1660477fa5713e5749c3038cf22b3c776414acfc6e1e721d1772c91101dc5e5c

## Data conventions

- Null means an unavailable input or undefined calculation, never zero. Values are unrounded; money and shares are in millions unless a column states otherwise.
- Fiscal periods use actual reporting start/end dates. Annual reported values are not constructed by adding quarterly EPS or weighted share counts. Partial years are labelled.
- FCF uses operating cash flow minus reported cash capital investment, preferring PPE purchases. The productive-assets fallback can also include software and intangibles. Acquisitions and noncash leases are excluded. Deduct SBC is an optional economic-cost scenario; missing SBC remains unavailable.
- SBC / FCF and SBC / OCF compare amounts from the same fiscal period. SBC / FCF always uses FCF before SBC deduction; nonpositive denominators are undefined and values above 100% remain valid.
- Capital allocation percentages describe available tracked cash uses, not all company spending or a fraction of OCF. Missing categories remain null, negative payments are excluded and SBC is noncash. Annual shares use reported annual amounts.
- Valuation uses completed, split-adjusted closes without dividend adjustment and a complete trailing year. Financial bases become eligible after publication; selected facts can contain later restatements. This is not a vintage-filings backtest.
- Mean and median use all valid observations in the selected date range before pagination. Historical pricing labels compare the latest positive value with its own median and do not estimate intrinsic fair value.
- Reporting currencies are retained without conversion. USD market capitalization, where available, is a separate dated Nasdaq snapshot.
- WACC is an editable US industry scenario across history, not a historical company cost of capital. Industry exclusions, missing inputs and pending filings remain explicit.