INTERNATIONAL BUSINESS MACHINES CORP (IBM) closed fiscal year 2025 with a gross margin of 58.2 % and a net margin of 15.7 %.
INTERNATIONAL BUSINESS MACHINES CORP (IBM) closed fiscal year 2025 with a gross margin of 58.2 % and a net margin of 15.7 %. The same year shows an EBITDA margin of 25.6 % and an EBIT margin of 18.2 %. The free cash flow margin was 17.9 %. Against the previous year the gross margin moved +1.5 pp and the net margin +6.1 pp. Across the period the gross margin ranges between 42.2 % in 2007 and 58.2 % in 2025. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 42.24 % | 44.06 % | 45.72 % | 46.07 % | 46.89 % | 48.95 % | 49.49 % | 50.01 % | 49.77 % | 48.19 % | 46.68 % | 46.41 % | 54.64 % | 55.94 % | 54.90 % | 54.00 % | 55.45 % | 56.65 % | 58.19 % |
| EBITDA margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 11.85 % | 23.75 % | 19.40 % | 25.59 % |
| EBIT margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 3.92 % | 16.65 % | 11.97 % | 18.16 % |
| Net margin (%) | 10.55 % | 11.89 % | 14.01 % | 14.84 % | 14.82 % | 16.13 % | 16.75 % | 12.95 % | 16.14 % | 14.86 % | 7.27 % | 10.97 % | 16.34 % | 10.13 % | 10.01 % | 2.71 % | 12.13 % | 9.60 % | 15.69 % |
| FCF margin (%) | 11.60 % | 14.13 % | 18.09 % | 15.38 % | 14.72 % | 15.07 % | 14.09 % | 14.15 % | 16.73 % | 16.91 % | 17.05 % | 14.89 % | 21.63 % | 28.23 % | 18.72 % | 15.02 % | 20.51 % | 19.76 % | 17.92 % |
