INTERNATIONAL BUSINESS MACHINES CORP — Cash Flow Charts
12 quarters of history · ending 2026-03-31 · SEC EDGAR
Source:10-K · 10-Q
Capital Allocation
How management deploys cash: investing in the business (Capex + M&A) vs returning to shareholders (Buybacks + Dividends).
Capital Allocation Waterfall
Buybacks vs Stock-Based Comp
Cash Flow
Cash Flow by Activity
Operating Cash Flow↑+18.3% +$799M
$5.17B
Free Cash Flow↑+19.7% +$811M
$4.94B
Investing Cash Flow↑+19.2% +$2.49B
$-10.49B
Financing Cash Flow↓-50.0% -$2.72B
$2.72B
Capex↓-4.9% -$12M
$232M
Acquisitions↑+47.4% +$3.37B
$10.46B
Stock Buybacks
—
Dividends Paid↑+1.7% +$27M
$1.58B
Stock-Based Comp↑+26.2% +$105M
$506M
Debt Repaid
—
D&A↑+3.5% +$19M
$555M
Δ Working Capital↓-24.2% -$426M
$-2.19B
SBC Allocated Expense↑+26.2% +$105M
$506M
SBC Unrecognized Cost↑+16.0% +$400M
$2.90B
SBC Granted (Grant-Date FV)NEW↑+10.5% +$171M
$1.80B
SBC Vested (Vest-Date FV)NEW↑+14.3% +$160M
$1.27B