Short answer
IBM (IBM) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $67.5B (+7.6% year over year) and net income of $10.6B.
- Top risk flagged: ~60% of revenues from outside US; exposed to tariffs, export controls, trade sanctions, and currency fluctuations across 175+ countries
FY2025 key financial metrics · XBRL
- Revenue
- $67.5B
- +7.6% YoY
- Net income
- $10.6B
- +75.9% YoY
- Gross margin
- 58.2%
- +1.5 pp YoY
- EPS (diluted)
- $11.17
- +73.7% YoY
- ROE
- 32.4%
- +10.4 pp YoY
- Operating cash flow
- $13.2B
- −1.9% YoY
Source: XBRL data from the IBM (IBM) FY2025 10-K on SEC EDGAR. USD.
IBM FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: hybrid cloud + AI platform vendor serving enterprises via software, consulting, and mission-critical infrastructure
- Strategic emphasis on quantum computing flagged as next major growth opportunity alongside ongoing hybrid cloud/AI push
- Broad partner ecosystem highlighted as key differentiator: Adobe, AWS, Microsoft, Oracle, Salesforce, SAP among named strategic allies who are simultaneously competitors
- New CLO Anne Robinson joined 2024 from Vanguard, only executive officer not with IBM for prior 5 years: notable leadership change
- Financing segment actively competes on credit/residual value risk management vs financial institutions, not just IT incumbency
Management Discussion & Analysis
- The MD&A section provided contains no actual financial data: it only references external pages (IBM's 2025 Annual Report, pp. 6–38) without reproducing the content. No figures can be reported without fabricating data, which I will not do. To get a proper summary, please paste the actual text from pages 6–38 of IBM's 2025 Annual Report.
Risk Factors
- ~60% of revenues from outside US; exposed to tariffs, export controls, trade sanctions, and currency fluctuations across 175+ countries
- Single or limited suppliers for server processor semiconductors; supply disruption could halt product delivery
- OECD global minimum tax model rules adoption by local countries risks increased tax burden and uncertainty on IBM's multinational structure
- AI regulatory environment evolving globally; non-compliance or AI failures risk debarment, litigation, and loss of government contracts
- Government clients subject to funding reductions or termination-without-cause clauses; suspension or debarment risk from federal/state contracts
Generated from the filing text; verify against the original. How to read a 10-K
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