INTERNATIONAL BUSINESS MACHINES CORP (IBM) Free cash flow
- Free cash flow · 12 months (USD): Value $13.79B; Formula and calculation Operating cash flow minus capital spending; distinct from the saved levered FCF quote figure. Period ending 2026-06-30..
- Price / free cash flow · 12 months: Value (m); Formula and calculation Market cap / trailing-year free cash flow; inverse of FCF yield before percent scaling. Period ending 2026-06-30..
- Free cash flow yield · 12 months: Value (m); Formula and calculation (Operating cash flow − capital spending) / current market cap. Period ending 2026-06-30..
- Free cash flow margin · 12 months: Value 19.96%; Formula and calculation (Operating cash flow − capital spending) / revenue. Period ending 2026-06-30..
Free cash flow
Overview →Financial period ending 2026-06-30; current quote (m). Amounts retain their stated periods and units.
| Metric | Value | Formula and calculation |
|---|---|---|
| Free cash flow · 12 months (USD) | $13.79B | Operating cash flow minus capital spending; distinct from the saved levered FCF quote figure. Period ending 2026-06-30. $14.89B − $1.10B ≈ $13.79B |
| Price / free cash flow · 12 months | (m) | Market cap / trailing-year free cash flow; inverse of FCF yield before percent scaling. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m). |
| Free cash flow yield · 12 months | (m) | (Operating cash flow − capital spending) / current market cap. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m). |
| Free cash flow margin · 12 months | 19.96% | (Operating cash flow − capital spending) / revenue. Period ending 2026-06-30. $13.79B ÷ $69.09B × 100 ≈ 19.96% |
| Free cash flow per share · 12 months | (m) | (Trailing-year operating cash flow − capital spending) / reported quarter-end common shares. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m). |
| Operating cash flow · 12 months | $14.89B | Cash generated by operating activities. Period ending 2026-06-30. |
| Operating cash flow / net income · 12 months | 1.39× | Operating cash flow / net income. Period ending 2026-06-30. $14.89B ÷ $10.72B ≈ 1.39× |
Calculation inputs
| Input | Amount with unit | Raw financial data |
|---|---|---|
| Operating cash flow | 14.89B USD | Net Cash Provided by (Used in) Operating Activities · Net Cash Provided by (Used in) Operating Activities, Continuing Operations |
| Capital spending | 1.10B USD | Payments to Acquire Property, Plant, and Equipment |
| Market cap | (m) | |
| Free cash flow | 13.79B USD | Net Cash Provided by (Used in) Operating Activities · Net Cash Provided by (Used in) Operating Activities, Continuing Operations · Payments to Acquire Property, Plant, and Equipment |
| Revenue | 69.09B USD | |
| Quarter-end shares | (m) | Common Stock, Shares, Outstanding |
| Net income | 10.72B USD | Net Income (Loss) Attributable to Parent |
Calculated history
Changes compare with the next older row (previous quarter), unless explicitly labeled otherwise. Rolling 12-month growth compares two successive quarter-end rolling totals; it is not year-over-year growth.
| Period ending | Free cash flow | FCF per share | Operating cash flow | Capital spending (USD) | Market cap (USD) | Revenue (USD) | Quarter-end shares (shares) | Net income (USD) | Price / FCF | FCF yield | FCF margin | Cash conversion |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | $13.79B | (m) | $14.89B | $1.10B | (m) | $69.09B | (m) | $10.72B | (m) | (m) | 19.96% | 1.39× |
| 2026-03-31 | $12.91B | (m) | $13.99B | $1.08B | (m) | $68.91B | (m) | $10.75B | (m) | (m) | 18.74% | 1.30× |
| 2025-12-31 | $12.10B | (m) | $13.19B | $1.09B | (m) | $67.53B | (m) | $10.59B | (m) | (m) | 17.92% | 1.25× |
| 2025-09-30 | $12.47B | (m) | $13.48B | $1.01B | (m) | $65.40B | (m) | $7.91B | (m) | (m) | 19.07% | 1.71× |
| 2025-06-30 | $12.24B | (m) | $13.28B | $1.04B | (m) | $64.04B | (m) | $5.83B | (m) | (m) | 19.11% | 2.28× |
| 2025-03-31 | $12.59B | (m) | $13.65B | $1.05B | (m) | $62.83B | (m) | $5.47B | (m) | (m) | 20.04% | 2.49× |
| 2024-12-31 | $12.40B | (m) | $13.45B | $1.05B | (m) | $62.75B | (m) | $6.02B | (m) | (m) | 19.76% | 2.23× |
| 2024-09-30 | $12.53B | (m) | $13.58B | $1.04B | (m) | $62.58B | (m) | $6.40B | (m) | (m) | 20.03% | 2.12× |
| 2024-06-30 | $12.71B | (m) | $13.75B | $1.04B | (m) | $62.36B | (m) | $8.43B | (m) | (m) | 20.39% | 1.63× |
| 2024-03-31 | $13.14B | (m) | $14.32B | $1.18B | (m) | $62.07B | (m) | $8.18B | (m) | (m) | 21.17% | 1.75× |
| 2023-12-31 | $12.69B | (m) | $13.93B | $1.25B | (m) | $61.86B | (m) | $7.50B | (m) | (m) | 20.51% | 1.86× |
| 2023-09-30 | $12.08B | (m) | $13.43B | $1.35B | (m) | $61.17B | (m) | $6.92B | (m) | (m) | 19.75% | 1.94× |
| 2023-06-30 | $10.89B | (m) | $12.28B | $1.39B | (m) | $60.52B | (m) | $2.02B | (m) | (m) | 17.99% | 6.06× |
| 2023-03-31 | $9.60B | (m) | $10.96B | $1.36B | (m) | $60.59B | (m) | $1.83B | (m) | (m) | 15.84% | 5.98× |
| 2022-12-31 | $9.09B | (m) | $10.44B | $1.35B | (m) | $60.53B | (m) | $1.64B | (m) | (m) | 15.02% | 6.37× |
| 2022-09-30 | $7.63B | (m) | $9.01B | $1.39B | (m) | $60.53B | (m) | $1.26B | (m) | (m) | 12.60% | 7.14× |
| 2022-06-30 | $8.20B | (m) | $9.83B | $1.63B | (m) | $59.68B | (m) | $5.59B | (m) | (m) | 13.74% | 1.76× |
| 2022-03-31 | $9.28B | (m) | $11.13B | $1.85B | (m) | $58.36B | (m) | $5.52B | (m) | (m) | 15.90% | 2.02× |
| 2021-12-31 | $10.73B | (m) | $12.80B | $2.06B | (m) | $57.35B | (m) | $5.74B | (m) | (m) | 18.72% | 2.23× |
| 2021-09-30 | $13.82B | (m) | $16.11B | $2.29B | (m) | $74.46B | (m) | $4.77B | (m) | (m) | 18.56% | 3.38× |
| 2021-06-30 | $15.23B | (m) | $17.68B | $2.46B | (m) | $74.40B | (m) | $5.33B | (m) | (m) | 20.47% | 3.32× |
| 2021-03-31 | $16.15B | (m) | $18.64B | $2.48B | (m) | $73.78B | (m) | $5.37B | (m) | (m) | 21.89% | 3.47× |
| 2020-12-31 | $15.58B | (m) | $18.20B | $2.62B | (m) | $73.62B | (m) | $5.59B | (m) | (m) | 21.16% | 3.26× |
| 2020-09-30 | $13.27B | (m) | $15.79B | $2.52B | (m) | $74.88B | (m) | $7.90B | (m) | (m) | 17.72% | 2.00× |
| 2020-06-30 | $12.74B | (m) | $15.12B | $2.38B | (m) | $75.35B | (m) | $7.88B | (m) | (m) | 16.91% | 1.92× |
| 2020-03-31 | $12.11B | (m) | $14.49B | $2.38B | (m) | $76.39B | (m) | $9.02B | (m) | (m) | 15.85% | 1.61× |
| 2019-12-31 | $12.48B | (m) | $14.77B | $2.29B | (m) | $77.15B | (m) | $9.43B | (m) | (m) | 16.18% | 1.57× |
| 2019-09-30 | $12.95B | (m) | $15.44B | $2.49B | (m) | $77.13B | (m) | $7.71B | (m) | (m) | 16.78% | 2.00× |
| 2019-06-30 | $13.34B | (m) | $16.05B | $2.72B | (m) | $77.86B | (m) | $8.73B | (m) | (m) | 17.13% | 1.84× |
| 2019-03-31 | $12.34B | (m) | $15.40B | $3.06B | (m) | $78.70B | (m) | $8.64B | (m) | (m) | 15.68% | 1.78× |
| 2018-12-31 | $11.85B | (m) | $15.25B | $3.40B | (m) | $79.59B | (m) | $8.73B | (m) | (m) | 14.89% | 1.75× |
| 2018-09-30 | $13.29B | (m) | $16.86B | $3.57B | (m) | $80.37B | (m) | $5.72B | (m) | (m) | 16.54% | 2.95× |
| 2018-06-30 | $12.59B | (m) | $16.20B | $3.60B | (m) | $80.77B | (m) | $5.75B | (m) | (m) | 15.59% | 2.82× |
| 2018-03-31 | $14.01B | (m) | $17.37B | $3.36B | (m) | $80.06B | (m) | $5.68B | (m) | (m) | 17.50% | 3.06× |
| 2017-12-31 | $13.49B | (m) | $16.72B | $3.23B | (m) | $79.14B | (m) | $5.75B | (m) | (m) | 17.05% | 2.91× |
| 2017-09-30 | $11.60B | (m) | $14.84B | $3.25B | (m) | $78.37B | (m) | (m) | (m) | (m) | 14.80% | (m) |
| 2017-06-30 | $12.22B | (m) | $15.39B | $3.17B | (m) | $78.44B | (m) | (m) | (m) | (m) | 15.59% | (m) |
| 2017-03-31 | $12.03B | (m) | $15.38B | $3.35B | (m) | $79.39B | (m) | (m) | (m) | (m) | 15.16% | (m) |
| 2016-12-31 | $13.39B | (m) | $16.96B | $3.57B | (m) | $79.92B | (m) | (m) | (m) | (m) | 16.76% | (m) |
| 2016-09-30 | $15.08B | (m) | $18.58B | $3.50B | (m) | $80.21B | (m) | (m) | (m) | (m) | 18.80% | (m) |
| 2016-06-30 | $14.92B | (m) | $18.60B | $3.68B | (m) | $80.26B | (m) | (m) | (m) | (m) | 18.59% | (m) |
| 2016-03-31 | $15.37B | (m) | $19.04B | $3.68B | (m) | $80.83B | (m) | (m) | (m) | (m) | 19.01% | (m) |
| 2015-12-31 | $13.43B | (m) | $17.01B | $3.58B | (m) | $81.74B | (m) | (m) | (m) | (m) | 16.43% | (m) |
| 2015-09-30 | $14.17B | (m) | $17.79B | $3.62B | (m) | $83.80B | (m) | (m) | (m) | (m) | 16.91% | (m) |
| 2015-06-30 | $13.75B | (m) | $17.46B | $3.71B | (m) | $86.91B | (m) | (m) | (m) | (m) | 15.82% | (m) |
| 2015-03-31 | $13.40B | (m) | $17.15B | $3.75B | (m) | $90.15B | (m) | (m) | (m) | (m) | 14.87% | (m) |
| 2014-12-31 | $13.13B | (m) | $16.87B | $3.74B | (m) | $92.79B | (m) | (m) | (m) | (m) | 14.15% | (m) |
| 2014-09-30 | $13.48B | (m) | $17.34B | $3.86B | (m) | $97.45B | (m) | (m) | (m) | (m) | 13.83% | (m) |
| 2014-06-30 | $13.39B | (m) | $17.19B | $3.81B | (m) | $98.27B | (m) | (m) | (m) | (m) | 13.62% | (m) |
| 2014-03-31 | $13.03B | (m) | $16.79B | $3.76B | (m) | $98.83B | (m) | (m) | (m) | (m) | 13.18% | (m) |
| 2013-12-31 | $13.86B | (m) | $17.48B | $3.62B | (m) | $99.75B | (m) | (m) | (m) | (m) | 13.90% | (m) |
| 2013-09-30 | $13.74B | (m) | $17.30B | $3.56B | (m) | $101.36B | (m) | (m) | (m) | (m) | 13.56% | (m) |
| 2013-06-30 | $14.54B | (m) | $18.06B | $3.52B | (m) | $102.38B | (m) | (m) | (m) | (m) | 14.20% | (m) |
| 2013-03-31 | $15.46B | (m) | $19.32B | $3.86B | (m) | $103.24B | (m) | (m) | (m) | (m) | 14.97% | (m) |
| 2012-12-31 | $15.50B | (m) | $19.59B | $4.08B | (m) | $104.51B | (m) | (m) | (m) | (m) | 14.84% | (m) |
| 2012-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2012-06-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2012-03-31 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2011-12-31 | $15.74B | (m) | $19.85B | $4.11B | (m) | $106.92B | (m) | (m) | (m) | (m) | 14.72% | (m) |
| 2011-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2011-06-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2011-03-31 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2010-12-31 | $15.36B | (m) | $19.55B | $4.18B | (m) | $99.87B | (m) | (m) | (m) | (m) | 15.38% | (m) |
| 2010-09-30 | (m) | (m) | $19.20B | (m) | (m) | $98.08B | (m) | (m) | (m) | (m) | (m) | (m) |
| 2010-06-30 | (m) | (m) | $19.85B | (m) | (m) | $97.38B | (m) | (m) | (m) | (m) | (m) | (m) |
| 2010-03-31 | (m) | (m) | $20.82B | (m) | (m) | $96.90B | (m) | (m) | (m) | (m) | (m) | (m) |
| 2009-12-31 | $17.33B | (m) | $20.77B | $3.45B | (m) | $95.76B | (m) | (m) | (m) | (m) | 18.09% | (m) |
| 2009-09-30 | (m) | (m) | $20.95B | (m) | (m) | $95.53B | (m) | (m) | (m) | (m) | (m) | (m) |
| 2009-06-30 | (m) | (m) | $19.49B | (m) | (m) | $97.27B | (m) | (m) | (m) | (m) | (m) | (m) |
| 2009-03-31 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2008-12-31 | $14.64B | (m) | $18.81B | $4.17B | (m) | $103.63B | (m) | (m) | (m) | (m) | 14.13% | (m) |
| 2007-12-31 | $11.46B | (m) | $16.09B | $4.63B | (m) | $98.79B | (m) | (m) | (m) | (m) | 11.60% | (m) |
(m) means missing inputs. Historical market-based ratios use the saved close on or immediately before period ending and that period’s reported shares; current quotes are not substituted. Five-year projections repeat historical CAGR, not analyst forecasts.
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