International Business Machines (IBM)财务
NYSE · Technology · Information Technology Services · 员工264,300人 · CEO Arvind Krishna
- 股价
- $257.81 -0.18%
- 市值
- $2440亿
- 企业价值
- $3020亿
- 最近财报
- Q3 '26 2026-10-22提交
- 下次财报
- 2027-01-27 EPS预期 $4.63
营收(TTM)$699亿+6.8% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)18.0%+0.5 百分点 对比去年同期营业利润 $126亿
净利润(TTM)$112亿+41.3% 对比去年同期税后,含营业外收益
自由现金流(TTM)$143亿+17.8% 对比去年同期资本支出 $14.9亿
稀释EPS(TTM)$11.76+40.7% 对比去年同期最近4个季度之和
净现金-$561亿-8.4% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $2440亿 EV $3020亿
- 营收
- $699亿 过去12个月
- 营收增速
- +5% FY2026年一致预期
- 净利润率
- 16.0% 净利润 / 营收,TTM
- P/E
- 21.7× 预期 20.8×(FY2026)
- P/S
- 3.5× 股价 / 营收,TTM
- EV / EBITDA
- 17.0× TTM
- 自由现金流
- $143亿 过去12个月
- 净利润
- $112亿 过去12个月
- 营收预期
- $706亿 FY2026年一致预期
- 盈利
- 2027-01-27 营收预期 $204亿
- 股息
- $6.74 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-21):营收超预期1.7%,EPS 超预期3.5%营收$171亿,预期$168亿(+1.7%);EPS $2.95,预期$2.85(+3.5%)。
- 营收增长放缓:同比4.7%Q3 '26营收$171亿,此前四个季度的平均值为8.0%。
- 营业利润率18.0%(TTM),较去年同期+0.5 百分点营收增长6.8%,营业利润增长10.1%。
- 税前利润的19.6%被营业外亏损吞噬税前利润$105亿,营业利润$126亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的2.1%(去年为2.0%)最近4个季度投入$14.9亿(同比+14.1%)。自由现金流$143亿,相当于净利润的128.4%。
- 股东回报$71.5亿 = 自由现金流的49.9%回购$8.17亿(去年为$0),股息$63.4亿,股权激励$14.7亿(TTM)。
- 稀释股数一年内增加0.5%Q3 '26稀释股数9.54亿,一年前为9.49亿。
- 净债务 $561亿现金 + 短期投资 $111亿,含租赁债务 $671亿;一年前净债务 $517亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $171亿 | $163亿 | +4.7% |
| 毛利率 | 56.8% | 58.7% | -1.9 百分点 |
| 营业利润 | $28.8亿 | $26.6亿 | +8.3% |
| 营业利润率 | 16.8% | 16.3% | +0.6 百分点 |
| 净利润 | $21.9亿 | $17.4亿 | +25.5% |
| 稀释EPS | $2.30 | $1.84 | +25.0% |
| 经营现金流 | $40.3亿 | $30.8亿 | +30.6% |
| 资本支出 | $4.86亿 | $2.55亿 | +90.6% |
| 自由现金流 | $35.4亿 | $28.3亿 | +25.2% |
| R&D | $23.8亿 | $20.8亿 | +14.2% |
| 股权激励费用 | $5.35亿 | $4.43亿 | +20.8% |
实际 vs 一致预期
2026-10-21| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $171亿 | $168亿 | +1.7% |
| EPS(一致预期口径) | $2.95 | $2.85 | +3.5% |
来自2026-10-21发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Software | $78亿 | +8.3% | 45.6% | $316亿 | +9.7% | |
| Consulting | $53.4亿 | +0.2% | 31.2% | $213亿 | +1.9% | |
| Infrastructure Services | $37.1亿 | +4.2% | 21.7% | $160亿 | +7.8% | |
| Financing | $1.92亿 | -4.0% | 1.1% | $7.78亿 | +7.0% | |
| Segment Reconciling Items | $6600万 | +73.7% | 0.4% | $9600万 | -1.0% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Americas | $85.8亿 | +5.3% | 50.1% | $344亿 | +6.3% | |
| E M E A | $54.3亿 | +3.3% | 31.7% | $233亿 | +10.7% | |
| Asia Pacific | $31亿 | +5.6% | 18.1% | $122亿 | +1.5% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $158亿
- 资本支出
- -$14.9亿
- 股票回购
- -$8.17亿
- 股息
- -$63.4亿
- 收购
- -$117亿
- 债务净发行
- $3.47亿
- 股权激励费用
- $14.7亿
- 自由现金流
- $143亿
- 股东回报 / FCF
- 49.9%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 21.7× | 35.6× | 19.9× – 77.4× |
| EV / EBITDA | 17.0× | 18.1× | 13.3× – 24.2× |
| EV / 营收 | 4.3× | 3.6× | 2.9× – 4.9× |
| 股价 / FCF | 17.0× | 15.9× | 11.9× – 22.8× |
| 股价 / 净资产 | 6.9× | 6.9× | 5.8× – 8.5× |
| FCF收益率 | 5.9% | 6.7% | 4.4% – 8.4% |
| 投入资本回报率 | 9.9% | 8.3% | 6.3% – 10.4% |
| 净资产收益率 | 32.9% | 25.1% | 7.5% – 33.3% |
分析师
一致目标价 $271.07 (+5.1%)
区间 $175.00 – $350.00 · 评级 Buy
强烈买入1
买入23
持有23
卖出5
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $706亿 | +4.5% | $12.41 | +11.1% | 20.8× | 13 |
| FY2027 | $733亿 | +3.8% | $13.27 | +6.9% | 19.4× | 14 |
| FY2028 | $774亿 | +5.6% | $14.53 | +9.4% | 17.7× | 7 |
| FY2029 | $812亿 | +4.9% | $14.09 | -3.0% | 18.3× | 2 |
| FY2030 | $833亿 | +2.7% | $12.85 | -8.8% | 20.1× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
International Business Machines Corporation在近期10-Q / 10-K文件中标记的全部359项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| $12.3亿 | – | – | – | – | – | |
| $26.7亿 | – | – | – | – | – | |
| Accounts and Financing Receivables, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | $7.74亿 | $7.45亿 | +3.9% | $11.3亿 | $9亿 | +25.7% |
| Accounts Payable, Current | $44.9亿 | $38.7亿 | +16.1% | $47.6亿 | $40.3亿 | +18.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $57.9亿 | $55.3亿 | +4.7% | $81.1亿 | $68亿 | +19.2% |
| Accounts Receivable, Allowance for Credit Loss | $1.15亿 | $1.16亿 | -0.9% | $9900万 | $1.14亿 | -13.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1.15亿 | $1.16亿 | -0.9% | $9900万 | $1.14亿 | -13.2% |
| Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $900万 | $1000万 | -10.0% | $500万 | -$200万 | +350.0% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $500万 | $500万 | 0.0% | $3100万 | $7800万 | -60.3% |
| Accrual for Environmental Loss Contingencies | $2.5亿2025-12-31 | $2.47亿 | +1.2% | $2.5亿 | $2.47亿 | +1.2% |
| Accrued Environmental Loss Contingencies, Noncurrent | $2.07亿2025-12-31 | $2.04亿 | +1.5% | $2.07亿 | $2.04亿 | +1.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$150亿 | -$160亿 | +6.2% | -$157亿 | -$153亿 | -2.9% |
| Allowance for Doubtful Other Receivables, Current | $2900万 | $3800万 | -23.7% | $3700万 | $3100万 | +19.4% |
| Amortization of Intangible Assets | $8.28亿 | $6.99亿 | +18.5% | $27.4亿 | $25亿 | +9.5% |
| Assets | $1550亿 | $1460亿 | +5.9% | $1520亿 | $1370亿 | +10.7% |
| Assets for Plan Benefits, Defined Benefit Plan | $77.2亿 | $80.4亿 | -4.1% | $75.4亿 | $74.9亿 | +0.7% |
| Assets, Current | $312亿 | $327亿 | -4.7% | $369亿 | $345亿 | +7.1% |
| Assets, Fair Value Disclosure | $66.7亿 | – | – | $89.2亿 | $83.9亿 | +6.3% |
| Capitalized Contract Cost, Amortization | – | – | – | $16.6亿 | $13.6亿 | +21.9% |
| Capitalized Contract Cost, Net | $19.1亿2025-12-31 | $17.5亿 | +9.2% | $19.1亿 | $17.5亿 | +9.2% |
| Capitalized Contract Cost, Net, Current | $11.8亿 | $11.1亿 | +5.8% | $10.8亿 | $9.59亿 | +13.0% |
| Capitalized Contract Cost, Net, Noncurrent | $8.08亿 | $7.68亿 | +5.2% | $8.25亿 | $7.88亿 | +4.7% |
| Cash and Cash Equivalents, at Carrying Value | $92.3亿 | $116亿 | -20.2% | $136亿 | $139亿 | -2.6% |
| Cash and Cash Equivalents, Fair Value Disclosure | $41.3亿 | – | – | $74.9亿 | $69.5亿 | +7.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $92.8亿 | $116亿 | -20.0% | $136亿 | $142亿 | -3.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $20.6亿 | -$4.27亿 | +583.4% | -$5.2亿 | $10.7亿 | -148.6% |
| Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $1.14亿 | -$2700万 | +522.2% | -$1.4亿 | $1.16亿 | -220.7% |
| Common Stock, Dividends, Per Share, Cash Paid | $1.69 | $1.68 | +0.6% | $6.71 | $6.67 | +0.6% |
| Common Stock, Par or Stated Value Per Share | $0.20 | $0.20 | 0.0% | $0.20 | $0.20 | 0.0% |
| Common Stock, Shares Authorized | 46.9亿 | 46.9亿 | 0.0% | 46.9亿 | 46.9亿 | 0.0% |
| Common Stock, Shares, Issued | 23亿 | 22.9亿 | +0.5% | 22.9亿 | 22.8亿 | +0.5% |
| Common Stock, Shares, Outstanding | 9.37亿2025-12-31 | 9.26亿 | +1.2% | 9.37亿 | 9.26亿 | +1.2% |
| Common Stocks, Including Additional Paid in Capital | $651亿 | $628亿 | +3.7% | $633亿 | $614亿 | +3.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $23.6亿 | $18亿 | +30.7% | $101亿 | $95.2亿 | +6.6% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $6.67亿 | $5.33亿 | +25.1% | $4.82亿 | $4.33亿 | +11.3% |
| Contract with Customer, Liability, Revenue Recognized | $27亿 | $25亿 | +8.0% | $122亿 | $110亿 | +10.9% |
| Cost of Goods Sold, Sales-type Lease | $3100万 | $6600万 | -53.0% | $5.28亿 | $1.76亿 | +200.0% |
| Cost of Revenue | $73.9亿 | $69.7亿 | +6.0% | $282亿 | $272亿 | +3.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$17.2亿 | -$3.35亿 | -414.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $23亿 | $23亿 | +0.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.35亿 | $1.52亿 | -11.2% |
| Debt and Equity Securities, Realized Gain (Loss) | -$1800万 | $300万 | -700.0% | -$700万 | $2000万 | -135.0% |
| Debt Instrument, Unamortized Discount | $7.91亿 | $8.15亿 | -2.9% | $8.06亿 | $8.24亿 | -2.2% |
| Debt Issuance Costs, Net | $1.99亿 | $1.91亿 | +4.2% | $1.85亿 | $1.68亿 | +10.1% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | $0 | $0 | – | $0 | $0 | – |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent | $18.3亿 | $32.9亿 | -44.5% | $8.3亿 | $6.44亿 | +28.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.19亿 | -$22亿 | +94.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$7.08亿 | $2.03亿 | -448.8% |
| Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | $2.09亿 | $3000万 | +596.7% | $3600万 | $1.76亿 | -79.5% |
| Deferred Income Tax Assets, Net | $88.3亿 | $85.1亿 | +3.8% | $86.1亿 | $69.8亿 | +23.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$9.57亿 | -$23.3亿 | +58.9% |
| Deferred Income Tax Liabilities, Net | $7.81亿2025-12-31 | $8.15亿 | -4.2% | $7.81亿 | $8.15亿 | -4.2% |
| Deferred Revenue, Current | $152亿 | $139亿 | +9.3% | $161亿 | $139亿 | +15.8% |
| Deferred Revenue, Noncurrent | $43.2亿 | $38.6亿 | +11.8% | $42.7亿 | $36.2亿 | +17.9% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$1.3亿 | -$3.35亿 | +61.2% |
| Deferred Tax Assets, Deferred Income | $7.97亿2025-12-31 | $7.9亿 | +0.9% | $7.97亿 | $7.9亿 | +0.9% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $33.4亿2025-12-31 | $24.8亿 | +34.6% | $33.4亿 | $24.8亿 | +34.6% |
| Deferred Tax Assets, Gross | $184亿2025-12-31 | $165亿 | +11.4% | $184亿 | $165亿 | +11.4% |
| Deferred Tax Assets, Hedging Transactions | $2.7亿2025-12-31 | $0 | – | $2.7亿 | $0 | – |
| Deferred Tax Assets, in Process Research and Development | $44.3亿2025-12-31 | $41.9亿 | +5.8% | $44.3亿 | $41.9亿 | +5.8% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01