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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: October 25, 2023
(Date of earliest event reported)
INTERNATIONAL BUSINESS MACHINES CORPORATION
(Exact name of registrant as specified in its charter)
New York 1-236013-0871985
(State of Incorporation)(Commission File Number)(IRS employer Identification No.)
One New Orchard Road
Armonk, New York
10504
(Address of principal executive offices)(Zip Code)
914-499-1900
(Registrant’s telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)

Name of each exchange on which registered
Capital stock, par value $.20 per shareIBMNew York Stock Exchange
NYSE Chicago
1.125% Notes due 2024IBM 24ANew York Stock Exchange
2.875% Notes due 2025IBM 25ANew York Stock Exchange
0.950% Notes due 2025IBM 25BNew York Stock Exchange
0.875% Notes due 2025IBM 25CNew York Stock Exchange
0.300% Notes due 2026IBM 26BNew York Stock Exchange
1.250% Notes due 2027IBM 27BNew York Stock Exchange
3.375% Notes due 2027IBM 27FNew York Stock Exchange
0.300% Notes due 2028IBM 28BNew York Stock Exchange
1.750% Notes due 2028IBM 28ANew York Stock Exchange
1.500% Notes due 2029IBM 29New York Stock Exchange
0.875% Notes due 2030IBM 30ANew York Stock Exchange
1.750% Notes due 2031IBM 31New York Stock Exchange
3.625% Notes due 2031IBM 31BNew York Stock Exchange
0.650% Notes due 2032IBM 32ANew York Stock Exchange
1.250% Notes due 2034IBM 34New York Stock Exchange
3.750% Notes due 2035IBM 35New York Stock Exchange
4.875% Notes due 2038IBM 38New York Stock Exchange
1.200% Notes due 2040IBM 40New York Stock Exchange
4.000% Notes due 2043IBM 43New York Stock Exchange
7.00% Debentures due 2025IBM 25New York Stock Exchange
6.22% Debentures due 2027IBM 27New York Stock Exchange
6.50% Debentures due 2028IBM 28New York Stock Exchange
5.875% Debentures due 2032IBM 32DNew York Stock Exchange
7.00% Debentures due 2045IBM 45New York Stock Exchange
7.125% Debentures due 2096IBM 96New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 7.01. Regulation FD Disclosure.
Exhibit 99.1 of this Form 8-K contains the prepared remarks for IBM's Chairman and Chief Executive Officer Arvind Krishna and Chief Financial Officer Jim Kavanaugh's third-quarter 2023 earnings presentation to investors on October 25, 2023.
The slides for IBM's Chairman and Chief Executive Officer Arvind Krishna and Chief Financial Officer Jim Kavanaugh's third-quarter 2023 earnings presentation on October 25, 2023, are Exhibit 99.2 to this Form 8-K.
Reconciliations of non-GAAP financial measures discussed in the earnings presentation to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in Exhibit 99.2 to this Form 8-K.
The information in this Item 7.01, including the corresponding Exhibits 99.1 and 99.2, is being furnished with the Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
The following exhibits are being furnished as part of this report:

The following exhibit is being filed as part of this report:
Exhibit No.Description of Exhibit
104Cover Page Interactive Data File (embedded within the Inline XBRL Document)

IBM’s web site (www.ibm.com) contains a significant amount of information about IBM, including financial and other information for investors (www.ibm.com/investor/). IBM encourages investors to visit its various web sites from time to time, as information is updated and new information is posted.
2


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Date: October 26, 2023
By:/s/ Nicolás A. Fehring
Nicolás A. Fehring
Vice President and Controller
3
IBM 3Q23 Earnings Prepared Remarks Introduction Thank you. I’d like to welcome you to IBM’s third quarter 2023 earnings presentation. As the operator just mentioned, I’m Patricia Murphy, and I’m here today with Arvind Krishna, IBM’s Chairman and Chief Executive Officer, and Jim Kavanaugh, IBM’s Senior Vice President and Chief Financial Officer. We’ll post today’s prepared remarks on the IBM investor website within a couple of hours, and a replay will be available by this time tomorrow. To provide additional information to our investors, our presentation includes certain non-GAAP measures. For example, all of our references to revenue and signings growth are at constant currency. We’ve provided reconciliation charts for these and other non-GAAP financial measures at the end of the presentation, which is posted to our investor website. Finally, some comments made in this presentation may be considered forward looking under the Private Securities Litigation Reform Act of 1995. These statements involve factors that could cause our actual results to differ materially. Additional information about these factors is included in the company’s SEC filings. So with that, I’ll turn the call over to Arvind. Exhibit 99.1


 
IBM 3Q23 Earnings Prepared Remarks CEO Perspective Thank you for joining us. Before we start, let me address the outbreak of war in Israel. We condemn all acts of terrorism. We are also saddened over the loss of innocent lives and join the global community in the hope that peace and safety can be restored. Let me now turn to our business performance. In the third quarter, we had solid growth across revenue, profit and free cash flow while delivering innovations and positioning our business to capture future opportunities. On the broader trends we are seeing in the market, technology continues to serve as a fundamental source of competitive advantage. Businesses and governments around the world are looking for opportunities to address demographic shifts, make their supply chains more resilient and improve sustainability. More recently, geopolitical events and the reality of “higher for longer,” add to the growing uncertainty. Technology helps organizations better deal with the many challenges they face. We see both tailwinds and headwinds to overall spending. Nearly every business we talk to wants to leverage technology to offer better services, scale more quickly, and fuel growth without increasing their footprint. This has been driving demand for technologies that boost productivity and competitiveness, like hybrid cloud and artificial intelligence. Overall, we believe the tailwinds outweigh the headwinds, and technology spend will continue to outpace GDP. In this past quarter, we saw good revenue growth in Software and Consulting. In Infrastructure, more than a year into the product cycle, we continue to see good adoption of z16. Our overall growth reflects our ability to help clients to leverage data and AI for competitive advantage, automate IT environments, and seamlessly integrate hybrid cloud


 
IBM 3Q23 Earnings Prepared Remarks solutions. We also continued to position our business for the future: launching new products and offerings, forging and expanding key partnerships, investing in talent and skills, and focusing our portfolio. We have been taking concrete actions to deliver productivity in our own business. All of this results in an IBM that is aligned to our clients’ most pressing needs and has a stronger financial profile. Our third quarter results are another proof point.


 
IBM 3Q23 Earnings Prepared Remarks IBM’s generative AI tech stack and expertise Typically at this point I’d talk about hybrid cloud and the progress we have made. Hybrid cloud remains vitally important to our clients and to our business. Given the inflection in AI and more specifically generative AI, I want to spend more time today on AI and how we’re approaching this opportunity. We believe that generative AI will be multi-model, with clients using a combination of IBM’s models, other company’s models, their own proprietary models and open-source models. This hybrid approach to AI is similar to the hybrid approach to cloud. Let me give you an overview of the capabilities we have been building. Our generative AI software stack starts with Red Hat OpenShift, which serves as the foundation that allows clients to operate in a hybrid environment. Data services help make their data ready for AI. watsonx is the core platform that enables clients to train, tune, validate and deploy AI models. We are providing models that address specific domains such as code, language, and cybersecurity, among others. Our AI assistants include the watsonx Code Assistant to augment developers, watsonx Assistant to augment customer service agents and watsonx Orchestrate to augment employees. This quarter, we introduced new AI capabilities for our clients and partners. We unveiled Granite, a multi-billion parameter foundation model on watsonx.ai, which excels in both language and code. We also introduced the watsonx Code Assistant. This includes the watsonx Code Assistant for Z, to help clients accelerate the modernization of mainframe code and apps. It's fueled by a 20-billion parameter model and can, as an example, swiftly translate COBOL to Java. There are hundreds of billions


 
IBM 3Q23 Earnings Prepared Remarks of lines of code written in COBOL, so the opportunity is significant. Looking forward, we plan to launch watsonx.governance before the end of the year, that provides governance tools businesses need to mitigate risks and ensure compliance through the AI lifecycle. This is a key consideration for clients as they go beyond early proof of concepts into real deployments. To bring our AI capabilities to life, we have more than 20,000 data and AI consultants, including a center of excellence for generative AI. Our teams help clients navigate the AI landscape – from crafting a strategy, understanding how AI can be used and deploying AI responsibly. These consultants also provide valuable real-time feedback to our product teams. As in hybrid cloud, our ecosystem across GSIs, ISVs and hyperscalers plays a critical role in bringing generative AI to our clients. In the work we are doing, clear patterns are emerging in terms of the AI enterprise use cases. Based on extensive feedback and trials to date, three have risen to the top. Code modernization, customer service and digital labor all have broad relevance and deliver tangible business benefits. We have also seen this internally, as we apply our AI capabilities to areas such as client support, HR, IT optimization and source-to-pay, to automate a significant portion of tasks and improve the productivity of our people. Our book of business in the third quarter specifically related to generative AI was in the low hundreds of millions of dollars. The interest is larger, with thousands of hands-on interactions with our clients. These are across our largest clients and smaller clients, which lays the groundwork for future watsonx opportunities. Let me close the discussion on AI by talking about a couple of client examples. Dun & Bradstreet is leveraging our consulting and software


 
IBM 3Q23 Earnings Prepared Remarks capabilities, fueled by watsonx, to help their clients create proprietary generative AI solutions. IBM and EY also just announced a new solution powered by watsonx Orchestrate, to enhance EY’s People Advisory services. We continue to bring innovations to the market in areas other than AI. This includes new innovations to our industry-leading hybrid cloud platform, Red Hat OpenShift, which was recognized recently by both Gartner and Forrester as a leader in container management. We completed the acquisition of Apptio which complements our IT automation capabilities. In quantum, we are making good progress in building practical quantum computers that can solve hard problems in areas such as risk, finance and materials. In closing, we accomplished a lot this quarter. We launched our generative AI platform and have good momentum in helping our clients use this important technology. We continue to take portfolio actions to increase our focus on hybrid cloud and AI. And we are applying AI within our own business, improving execution speed and unlocking real value. All of this reinforces my confidence in our future. We're executing a strategy that closely resonates with our clients' needs, and this is propelling our business forward. Three quarters into the year, we are well positioned to deliver on 2023 expectations for both revenue growth and free cash flow. Now, to offer you a more detailed view of our results and the rest of 2023, I'll hand it over to Jim.


 
IBM 3Q23 Earnings Prepared Remarks Financial highlights Thanks Arvind. I’ll get right into the financial highlights of the quarter. We delivered $14.8 billion of revenue, $2.3 billion of operating pre-tax income and $2.20 of operating earnings per share. Through the first three quarters of the year, we generated $5.1 billion of free cash flow. Reported revenue growth was 4.6%. This includes just over a point of growth from currency translation, which is significantly less than the currency rates suggested in July. In fact, currency movements over the last 90 days impacted our third quarter revenue by about $250 million. At constant currency, our revenue was up three-and-a-half percent. As is typical, I’ll focus the discussion on constant currency. Arvind talked about clients’ priorities in today’s environment, which are driving solid growth in our Software and Consulting offerings. I’ll remind you, Software and Consulting are our two growth vectors, and together make up about three quarters of our revenue base. Software revenue was up 6%, as clients leverage their data for insights and automate their IT in a hybrid environment. We had good growth in both Hybrid Platform & Solutions and Transaction Processing revenue. Our Consulting business had another solid quarter with 5% revenue growth, strong signings performance, and a book-to-bill ratio greater than 1.15 over the last year. We are capitalizing on our continued momentum in the market, as we help clients get value from hybrid cloud and AI and leverage our strategic partnerships. Our Infrastructure revenue was down 3%, with growth in zSystems. More and more we are seeing clients embrace IBM Z in their hybrid cloud environments, especially in regulated industries. This growth was offset by declines in Distributed Infrastructure and Infrastructure Support.


 
IBM 3Q23 Earnings Prepared Remarks IBM’s revenue growth, together with a good portfolio mix and yield from our productivity initiatives generated strong margin, profit and free cash flow performance. Operating gross margin expanded 160 basis points and operating pre-tax margin expanded 170 basis points. Within that PTI margin, we absorbed a year-to-year currency impact of over 150 basis points. Despite that headwind, our margin expansion was broad based, with improvements in every business segment. Driving efficiency and productivity has always been part of our operating and financial models. These ongoing productivity initiatives enable reinvestment in the business, increase financial flexibility and contribute to margin expansion. Our activities range from simplifying our application environment to digitally transforming our business processes by applying AI at scale. We are ahead of pace to achieve our target of $2 billion in annual run-rate savings by the end of 2024. While there is still more to do, I am pleased with our progress. The combination of our revenue and margin performance yielded strong profit growth. Operating pre-tax profit was up 17% to $2.3 billion. We generated $1.7 billion of free cash flow in the quarter, and over $5 billion year to date, which is up $1 billion versus last year. Free cash flow growth through the first three quarters was driven primarily by cash sourced from our operating profit performance. We also had working capital efficiencies driven by solid collections. These growth drivers were partially offset by higher performance-based compensation payments earlier in the year. In terms of cash uses, year to date we spent about $5 billion on acquisitions and returned four-and-a-half billion dollars to shareholders through dividends.


 
IBM 3Q23 Earnings Prepared Remarks Our resulting cash balance at the end of September was $11 billion. That’s up over $2 billion from year end, but with the acquisition of Apptio in the third quarter, cash is down over $5 billion from June. Our debt balance is now $55 billion, also down from June. Putting this all together, our business fundamentals are solid, with sustainable revenue growth, margin expansion, solid cash generation and a strong balance sheet with financial flexibility to support our business into the future.


 
IBM 3Q23 Earnings Prepared Remarks Software Turning to the segments, Software revenue grew 6%, with contribution from Hybrid Platform & Solutions and Transaction Processing. This performance reflects growth in both our transactional revenue and our recurring revenue base, which is about 80% of our annual software revenue. In Hybrid Platform & Solutions, revenue was up 7% with growth across Red Hat, Automation and Data & AI, as we execute our platform-based approach to hybrid cloud and AI. Red Hat revenue was up 8%. We continue to deliver good growth in OpenShift and Ansible, both gaining share again this quarter. Clients are committing to our hybrid cloud approach with annual bookings up 14% in the quarter. This includes double-digit growth across RHEL, OpenShift and Ansible, partially offset by headwinds in consumption-based services. IT and business automation are top client priorities, and we’ve been investing to capture the opportunity. This quarter, our Automation revenue grew 13%, with pervasive growth across all business areas. We had strength in AIOps and Management driven by good performance in Instana, Turbonomic and now Apptio as clients look to optimize business outcomes and boost productivity. Data & AI revenue was up 6%. Growth areas include Data Fabric and Customer Care as enterprise clients are both preparing for and adopting generative AI solutions, leveraging watsonx. We also grew in Asset & Supply Chain Management as we help enterprises run sustainable operations. Security revenue declined 3%. We delivered growth in security software driven by Data Security and Identity & Access Management. This was more than offset by declines in managed security services. Looking across these businesses, our Hybrid Platform & Solutions ARR has grown to $14 billion, up 7% since last year.


 
IBM 3Q23 Earnings Prepared Remarks In Transaction Processing, revenue was up 5%. Throughout this year we’ve been talking about how the success of the last couple of zSystems cycles is driving demand for this mission-critical software. This, together with price increases, contributed to year-to-date growth in both recurring and transactional software revenue in Transaction Processing. Moving to profit for the Software segment, we expanded gross and pre-tax margins. Our pre-tax margin was up 120 basis points, even while absorbing over two points of impact from currency. We continued to deliver operating leverage driven by our revenue scale and mix this quarter.


 
IBM 3Q23 Earnings Prepared Remarks Consulting Our Consulting revenue was up 5% with growth across all three lines of business and geographies. With another quarter of strong signings, as I said, our trailing twelve-month book-to-bill ratio is now over 1.15. Clients continue to prioritize transformation projects that enable cost savings and productivity. These results are a proof point that we are well positioned to meet these needs in today’s complex environment. IBM’s focused hybrid cloud and AI strategy has become even more of a differentiator as clients’ interest in generative AI continues to ramp. We are helping clients understand how AI can be used to automate tasks, make better decisions with speed and improve customer experiences. We’ve made a series of AI announcements over the last few months demonstrating continued advancement of our strategic partnerships. We are providing clients with the opportunity to accelerate their transformation and deploy generative AI responsibly, whether that be leveraging AI capabilities of IBM, our partners, or a combination. Today, our strategic partnerships account for about 40% of Consulting revenue and have continued to grow double digits across revenue and signings. In aggregate, our hyperscaler partnership revenue was up over 40% and signings essentially doubled year to year. Additionally, our Red Hat practice, which helps clients optimize how they build, deploy and manage applications for a hybrid cloud environment has continued to grow at a double-digit rate, with over $1 billion of signings in the quarter. All of what I’ve just mentioned – from market demand, to how we’re positioned and partnering, to our investments to drive growth – is reflected in our overall Consulting revenue performance. You can see that play out across our three lines of business. In Business Transformation,


 
IBM 3Q23 Earnings Prepared Remarks revenue grew 5%, again led by data and technology transformations including AI and analytics-focused projects. Finance and supply chain transformations also contributed to the growth. In Technology Consulting, revenue was up 1%. Growth in cloud-based application development and modernization work was partially offset by declines in on-prem application-focused projects. In Application Operations, revenue grew 7%, driven by both cloud application management and platform engineering services. In platform engineering, we help clients design an application environment that runs securely and smoothly at scale. Moving to Consulting profit, we expanded gross margin 150 basis points. Pre-tax margin expanded 40 basis points to just over 10%. Our year-to- year margin performance reflects productivity actions we’ve taken, mitigated by increased labor costs and about a point of pre-tax margin impact from currency.


 
IBM 3Q23 Earnings Prepared Remarks Infrastructure Moving to the Infrastructure segment, revenue was down 3%. Hybrid Infrastructure revenue was flat, while Infrastructure Support declined 7%. Within Hybrid Infrastructure, zSystems grew 9% in a seasonally smaller revenue quarter. Z16 revenue remains well ahead of prior cycles after six quarters of availability. The program strength reflects both growing enterprise workload requirements and the economic value at scale of the platform in traditional processing and Linux consolidation. In fact, installed MIPs capacity for Linux on Z has grown more than 4-fold over the last decade. Clients continue to value the security, resiliency and hybrid cloud capabilities of the zSystems platform. Distributed Infrastructure revenue was down 6% as compared to a strong growth in last year of 21% as we introduced innovation across Storage and Power10. This quarter, we had growth in Power offset by declines in Storage. In the Infrastructure segment we had strong gross and pre-tax margin performance. Pre-tax margin expanded 350 basis points, reflecting benefits from portfolio mix with our zSystems performance and productivity, while absorbing over a point of impact from currency.


 
IBM 3Q23 Earnings Prepared Remarks Summary Now let me bring it back up to the IBM level to talk about our expectations before we go to Q&A. Just about two years ago, we introduced Today’s IBM, a more focused business with a platform-based approach to hybrid cloud and AI. Since then, we’ve continued to invest organically and inorganically, bring new products and innovation to market, expand our ecosystem and our talent base and drive productivity across our business. The result is a business that addresses today’s client needs, with a stronger financial profile. Our third quarter performance reinforces this progress with three-and-a-half percent revenue growth, gross and pre-tax margin expansion and strong free cash flow generation. Now, with three quarters of the year behind us, we are holding our full- year view of our two primary financial metrics, revenue growth and free cash flow. We continue to expect constant currency revenue growth of three to five percent, and free cash flow of about ten-and-a-half billion dollars – that’s up $1.2 billion over last year. We’ve had solid revenue performance all year in our growth vectors of Software and Consulting. We still expect Software revenue growth at the high end of its mid-single digit model, and Consulting revenue in the six to eight percent range. Infrastructure revenue of course, reflects product cycle dynamics. In total, with one quarter to go, it’s prudent to assume the low end of IBM’s three- to-five percent range. We are making great progress in our productivity initiatives. The work we are doing to digitally transform our business not only makes us more nimble by simplifying and streamlining our processes and operations, but it also frees up spend for reinvestment, provides financial flexibility and delivers operating leverage. This contributes to solid margin and free cash flow performance. We continue to expect about a half-a-point of operating


 
IBM 3Q23 Earnings Prepared Remarks pre-tax margin improvement, and we see a mid-teens tax rate for the year. Our free cash flow performance has been driven primarily from our profit performance. Through the first three quarters, we’re up a billion dollars year to year, and we’ve delivered nearly 50% of our full-year expectation, which is ahead of our historical attainment. While, as always, we are reliant on a seasonally strong fourth quarter, we’re on track to achieve about ten-and-a-half billion dollars for the year. As I look specifically at the fourth quarter, with the recent currency movements, we now see currency to be neutral to a one-point headwind to revenue growth. That’s nearly $600 million worse than 90 days ago. I’d expect constant currency revenue growth in the fourth quarter to be similar to the third. That’s despite a tough compare from last year’s strong ELA contribution in Software and the large z16 transactional performance in Infrastructure. This demonstrates continued momentum in our underlying business. Bring it all together, we’ve clearly got a higher-growth, higher-value business with strong cash generation – a business well-positioned for the future. Arvind and I are now happy to take your questions. Patricia, let’s get started.


 
IBM 3Q23 Earnings Prepared Remarks Closing Thank you, Jim. Before we begin the Q&A, I’d like to mention a couple of items. First, supplemental information is provided at the end of this presentation. And then second, I’ll try this one last time, but I’d ask you to refrain from multi-part questions to allow time for more people to participate. Operator, let’s please open it up for questions.


 
IBM 3Q 2023 Earnings October 25, 2023 ibm.com/investor Exhibit 99.2


 
Forward-looking statements and non-GAAP information Certain comments made in this presentation may be characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Forward- looking statements are based on the company’s current assumptions regarding future business and financial performance. Those statements by their nature address matters that are uncertain to different degrees. Those statements involve a number of factors that could cause actual results to differ materially. Additional information concerning these factors is contained in the Company’s filings with the SEC. Copies are available from the SEC, from the IBM website, or from IBM Investor Relations. Any forward-looking statement made during this presentation speaks only as of the date on which it is made. The company assumes no obligation to update or revise any forward-looking statements except as required by law; these charts and the associated remarks and comments are integrally related and are intended to be presented and understood together. In an effort to provide additional and useful information regarding the company’s financial results and other financial information as determined by generally accepted accounting principles (GAAP), the company also discusses, in its earnings press release and presentation materials, certain non-GAAP information including operating earnings and other “operating” financial measures, free cash flow, net cash from operating activities excluding IBM Financing receivables, and adjustments for currency. The rationale for management’s use of this non-GAAP information is included as Exhibit 99.2 to the company’s Form 8-K submitted to the SEC on October 25, 2023. The reconciliation of non-GAAP information to GAAP is included in the press release within Exhibit 99.1 to the company’s Form 8-K submitted to the SEC on October 25, 2023, as well as on the slides entitled “Non-GAAP supplemental materials” in this presentation. To provide better transparency, the company also discusses management performance metrics including annual recurring revenue, signings, and book-to- bill. The metrics are used to monitor the performance of the business and are viewed as useful decision-making information for management and stakeholders. The rationale for management’s use of these performance metrics and their calculation are included in the Management Discussion section of the company’s 2022 Annual Report, which is Exhibit 13 to the Form 10-K submitted with the SEC on February 28, 2023. For other related information please visit the Company’s investor relations website at: https://www.ibm.com/investor/events/earnings-3Q23 2


 
3 Arvind Krishna Chairman and Chief Executive Officer James Kavanaugh SVP, Finance & Operations, Chief Financial Officer


 
“Technology remains a critical source of competitive differentiation and progress for organizations around the world. Clients are increasingly adopting our watsonx AI and data platform along with our hybrid cloud solutions to unlock productivity and operational efficiency. This is helping drive solid growth in our software and consulting businesses. As a result, we remain confident in our revenue and free cash flow growth expectations for the full year.” Arvind Krishna IBM Chairman and CEO 4 3Q23 Performance Innovation, portfolio and productivity Generative AI CEO perspective


 
IBM’s generative AI tech stack and expertise 5 Hybrid cloud AI tools Data services AI and data platform SDKs and APIs AI assistants watsonx Code Assistant watsonx Assistant watsonx Orchestrate watsonx Orders Build on a consistent, scalable foundation based on open- source technology. Empower individuals to do work without expert knowledge across a variety of business processes and applications. Use programmatic interfaces to embed watsonx platform capabilities in assistants and applications. Leverage generative AI and machine learning — tuned with your data — with responsibility, transparency and explainability. Access data fabric services to define, organize, manage, and deliver trusted data to train and tune models. Red Hat OpenShift AI (e.g., Ray, Pytorch) watsonx watsonx.ai watsonx.governance watsonx.data Ecosystem integrations Data fabric services Foundation models Granite | IBM Open Source | Hugging Face Llama 2 | Meta AI Geospatial | IBM + NASA … C o n su ltin g G e n e ra tive A I stra te g y, e xp e rie n ce , te ch n o lo g y, o p e ra tio n s E c o sy ste m S yste m In te g ra to rs, S o ftw a re a n d S a a S p a rtn e rs, P u b lic C lo u d p ro vid e rs


 
+3.5% Revenue growth yr/yr +$1B Free cash flow ytd yr/yr 3Q23 Financial highlights Revenue growth rates @CC 6 “Our continued focus on the fundamentals of our business is driving solid revenue growth, profit margin expansion, and strong cash generation. That cash generation has enabled us to increase our investment in R&D and acquisitions, strengthening our future AI and hybrid cloud capabilities, while supporting continued shareholder returns through our dividend.” James Kavanaugh IBM SVP & CFO $14.8B Revenue ~75% Revenue mix in software and consulting ~50% Recurring revenue mix led by high-value software 170bps Pre-tax margin expansion (operating) $5.1B Free cash flow ytd $11.0B Cash and marketable securities


 
Revenue growth reflects hybrid cloud and AI value Solid and growing recurring revenue base; ARR* of $14 billon, +7% yr/yr Gross and pre-tax margin expansion Launched watsonx and acquired Apptio 7 $6.3B Revenue Revenue categories Transaction Processing +5% yr/yr +6% Revenue growth Hybrid Platform & Solutions +7% yr/yr Red Hat 8% Automation 13% Data & AI 6% Security (3%) Software 3Q23 results; revenue growth rates @CC *Annual recurring revenue for Hybrid Platform & Solutions, growth rate @CC


 
8 $5.0B Revenue Revenue categories Application Operations +7% yr/yr +5% Revenue growth Growth across all revenue categories and geographies Strength in Red Hat and strategic partner practices Book-to-bill ratio of >1.15 for the last year Continued gross and pre-tax margin expansion Technology Consulting +1% yr/yr Business Transformation +5% yr/yr Consulting 3Q23 results; revenue growth rates @CC


 
9 $3.3B Revenue Revenue categories Infrastructure Support (7%) yr/yr (3%) Revenue growth Hybrid Infrastructure Flat yr/yr zSystems +9% Distributed Infrastructure (6%) zSystems revenue growth reflects enduring platform Distributed Infrastructure performance reflects Power growth offset by storage declines Strong gross and pre-tax margin performance Infrastructure 3Q23 results; revenue growth rates @CC


 
10 Summary 3Q23 Summary Executing a focused hybrid cloud & AI strategy to address today’s client needs Continued strong performance in growth vectors of software and consulting Portfolio mix and productivity drive improving margin Higher-growth, higher-value business with strong cash generation 2023 Expectations Revenue growth of 3% to 5% @CC Free cash flow of ~$10½ billion, up >$1 billion yr/yr


 
ibm.com/investor


 
12 Supplemental material ● Revenue and P&L highlights ● Cash flow and balance sheet highlights ● Currency impact on revenue growth ● Software & Infrastructure segment details ● Consulting segment details ● Expense summary ● Balance sheet summary ● Cash flow summary ● Cash flow (ASC 230) ● Software segment revenue categories ● Consulting segment revenue categories ● Infrastructure segment revenue categories ● Non-GAAP supplemental materials Some columns and rows in these materials, including the supplemental exhibits, may not add due to rounding


 
13 Revenue and P&L highlights Revenue growth rates @CC, $ in billions Revenue highlights 3Q23 B/(W) Yr/Yr Revenue $14.8 3% Americas $7.7 4% Europe/ME/Africa $4.2 Flat Asia Pacific $2.8 7% Operating P&L highlights $ 3Q23 B/(W) Yr/Yr Gross profit $8.2 8% Expense $5.9 (5%) Pre-tax income $2.3 17% Net income $2.0 23% Earnings per share $2.20 22% Operating P&L highlights % 3Q23 B/(W) Yr/Yr Gross profit margin 55.5% 1.6 pts Expense E/R 39.9% Flat Pre-tax income margin 15.6% 1.7 pts Net income margin 13.8% 2.0 pts Tax rate 11.7% 4.2 pts


 
14 Cash flow and balance sheet highlights $ in billions *3Q22 YTD includes immaterial cash flows from discontinued operations **Non-GAAP financial measure; excludes Financing receivables ***Non-GAAP financial measure; adjusts for Financing receivables and net capital expenditures *Cash flow 3Q23 YTD Yr/Yr Net cash from operations** $6.3 $0.9 Free cash flow*** $5.1 $1.0 Selected uses of cash 3Q23 YTD Yr/Yr Net capital expenditures $1.2 ($0.1) Acquisitions $4.9 $3.9 Dividends $4.5 $0.1 * Balance sheet Sep 23 Dec 22 Sep 22 Cash & marketable securities $11.0 $8.8 $9.7 Total debt $55.2 $50.9 $50.9 Selected debt measures Sep 23 Dec 22 Sep 22 IBM Financing debt $9.9 $12.9 $11.2 Core (non-IBM Financing) debt $45.4 $38.1 $39.7


 
15 Currency impact on revenue growth Quarterly averages per US $ 3Q23 Yr/Yr Spot 4Q23 FY23 1Q24 2Q24 FY24 10/24/23 Euro 0.92 7% 0.94 4% 2% (1%) (3%) (2%) Pound 0.79 7% 0.82 4% 0% 0% (3%) (2%) Yen 145 (5%) 150 (6%) (7%) (13%) (9%) (6%) Revenue impact, future @ 10/24/23 Spot 1.1 pts (0-1 pts) ~(1 pts) (2-2.5 pts) (2-2.5 pts) (1-2 pts) Prior view @ 7/18/23 Spot 2-3 pts ~3 pts ~0 pts US $B Yr/Yr Revenue as reported $14.8 4.6% Currency impact $0.2 1.1 pts Revenue @CC 3.5%


 
16 Software & Infrastructure segment details Revenue growth rates @CC, $ in billions *Annual recurring revenue for Hybrid Platform & Solutions, growth rate @CC Software segment 3Q23 B/(W) Yr/Yr Revenue $6.3 6% Hybrid Platform & Solutions $4.5 7% Red Hat 8% Automation 13% Data & AI 6% Security (3%) Transaction Processing $1.8 5% Pre-tax income $1.5 14% Pre-tax income margin 23.7% 1.2 pts Annual recurring revenue* $14.0 7% Infrastructure segment 3Q23 B/(W) Yr/Yr Revenue $3.3 (3%) Hybrid Infrastructure $1.9 Flat zSystems 9% Distributed Infrastructure (6%) Infrastructure Support $1.3 (7%) Pre-tax income $0.4 38% Pre-tax income margin 11.8% 3.5 pts


 
17 Consulting segment details Consulting segment 3Q23 B/(W) Yr/Yr Revenue $5.0 5% Business Transformation $2.3 5% Technology Consulting $1.0 1% Application Operations $1.7 7% Gross profit margin 27.4% 1.5 pts Pre-tax income $0.5 10% Pre-tax income margin 10.2% 0.4 pts Signings $5.8 32% Book-to-bill ratio (TTM) >1.15 Revenue & signings growth rates @CC, $ in billions


 
18 Expense summary $ in billions *includes acquisitions in the last twelve months net of non-operating acquisition-related charges and includes impact of closed divested businesses **represents the percentage change after excluding the impact of currency translation & hedges, acquisitions and divestitures Expense 3Q23 B/(W) Acq/ Yr/Yr Currency Divest* Base** Operating expense & other income $5.9 (5%) (5 pts) (1 pts) 1 pts SG&A – operating $4.2 (1%) (1 pts) (1 pts) 0 pts RD&E $1.7 (5%) 0 pts (1 pts) (4 pts) IP and custom development income ($0.2) 56% Other (income)/expense - operating ($0.2) (31%) Interest expense $0.4 (39%)


 
19 Balance sheet summary $ in billions *includes eliminations of inter-company activity Sep 23 Dec 22 Sep 22 Cash & marketable securities $11.0 $8.8 $9.7 Core (non-IBM Financing) assets* $106.8 $103.4 $102.9 IBM Financing assets $11.5 $15.0 $13.2 Total assets $129.3 $127.2 $125.8 Other liabilities $50.9 $54.3 $54.8 Core (non-IBM Financing) debt* $45.4 $38.1 $39.7 IBM Financing debt $9.9 $12.9 $11.2 Total debt $55.2 $50.9 $50.9 Total liabilities $106.2 $105.2 $105.7 Equity $23.2 $22.0 $20.1


 
20 Cash flow summary $ in billions *3Q22 YTD includes immaterial cash flows from discontinued operations QTD B/(W) YTD B/(W) 3Q23 Yr/Yr 3Q23 Yr/Yr* Net cash from operations $3.1 $1.2 $9.5 $3.0 Less: IBM Financing receivables $1.1 $0.4 $3.1 $2.0 Net cash from operations (excluding IBM Financing receivables) $2.0 $0.8 $6.3 $0.9 Net capital expenditures ($0.3) $0.2 ($1.2) $0.1 Free cash flow (excluding IBM Financing receivables) $1.7 $0.9 $5.1 $1.0 Acquisitions ($4.6) ($4.5) ($4.9) ($3.9) Divestitures ($0.0) ($0.0) ($0.0) ($1.3) Dividends ($1.5) ($0.0) ($4.5) ($0.1) Non-IBM Financing debt ($0.9) ($3.9) $7.6 $2.9 Other (includes IBM Financing net A/R & IBM Financing debt) $0.0 $0.2 ($1.1) $1.3 Change in cash & marketable securities ($5.3) ($7.3) $2.2 ($0.0)


 
21 Cash flow (ASC230) $ in billions 3Q22 YTD includes immaterial cash flows from discontinued operations QTD QTD YTD YTD 3Q23 3Q22 3Q23 3Q22 Net income from operations $1.7 ($3.2) $4.2 ($1.1) Pension settlement charges - $5.9 - $5.9 Depreciation / amortization of intangibles $1.1 $1.2 $3.2 $3.7 Stock-based compensation $0.3 $0.3 $0.8 $0.7 Working capital / other ($1.1) ($2.9) ($2.0) ($3.8) IBM Financing A/R $1.1 $0.7 $3.1 $1.1 Net cash provided by operating activities $3.1 $1.9 $9.5 $6.5 Capital expenditures, net of payments & proceeds ($0.3) ($0.4) ($1.2) ($1.3) Divestitures, net of cash transferred ($0.0) $0.0 ($0.0) $1.3 Acquisitions, net of cash acquired ($4.6) ($0.1) ($4.9) ($1.0) Marketable securities / other investments, net $2.9 ($1.2) ($3.7) ($1.8) Net cash provided by/(used in) investing activities ($2.0) ($1.7) ($9.9) ($2.9) Debt, net of payments & proceeds ($1.5) $2.1 $4.6 $2.6 Dividends ($1.5) ($1.5) ($4.5) ($4.5) Financing - other ($0.1) $0.1 ($0.3) ($0.2) Net cash provided by/(used in) financing activities ($3.1) $0.7 ($0.2) ($2.1) Effect of exchange rate changes on cash ($0.1) ($0.2) ($0.1) ($0.5) Net change in cash, cash equivalents & restricted cash ($2.1) $0.7 ($0.7) $1.0


 
22 Software segment categories Revenue categories – FY 2022Revenue categories Red Hat Automation Data & AI Security Hybrid Platform & Solutions Transaction Processing Hybrid Platform & Solutions Software, infused with AI, to help clients operate, manage, and optimize their IT resources and business processes within hybrid, multi-cloud environments Red Hat: incl. RHEL, OpenShift, Ansible Automation: incl. business automation, AIOps and management, integration, and application servers Data & AI: incl. data fabric, customer care, data management, business analytics, dataops & governance, asset & supply chain management, information exchange and weather Security: incl. software and services for threat, data and identity Transaction Processing Software that supports clients’ mission-critical on-premise workloads in industries such as banking, airlines and retail incl. transaction processing software such as Customer Information Control System and storage software, and analytics and integration software running on IBM operating systems (e.g., DB2 and WebSphere running on z/OS)


 
23 Consulting segment categories Revenue categories Business Transformation Technology Consulting Application Operations Revenue categories – FY 2022 Business Transformation Strategy, process design, system implementation and operations services to improve and transform key business processes. Deploys AI and automation in business processes to exploit the value of data and includes an ecosystem of partners alongside IBM technology, which includes strategic partnerships with Adobe, Oracle, Salesforce and SAP, among others Technology Consulting Skills to architect and implement cloud platforms, including Amazon, Microsoft and IBM, and strategies to transform the enterprise experience and enable innovation, including application modernization for hybrid cloud with Red Hat OpenShift Application Operations Application and cloud platform services required to operationalize and run cloud platforms. Facilitates clients’ efforts to manage, optimize and orchestrate application and data workloads across platforms and environments through both custom applications and ISV packages


 
24 Infrastructure segment categories Revenue categories Revenue categories – FY 2022 Hybrid Infrastructure Innovative infrastructure platforms to help meet the new requirements of hybrid multi-cloud and enterprise AI workloads leveraging flexible and as-a-service consumption models zSystems: incl. hardware and operating system Distributed Infrastructure: incl. Power hardware and operating system, storage hardware, IBM Cloud IaaS, OEM asset recovery service Infrastructure Support Comprehensive, proactive and AI enabled services to maintain and improve the availability and value of clients’ IT infrastructure (hardware and software) both on-premises and in the cloud incl. maintenance for IBM products and other technology platforms zSystems Distributed Infrastructure Hybrid Infrastructure Infrastructure Support


 
25 Non-GAAP supplemental materials The above reconciles the non-GAAP financial information contained in the “Revenue and P&L highlights” and “Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 25, 2023, for additional information on the use of these Non-GAAP financial measures. Reconciliation of revenue performance - 3Q 2023 GAAP @CC Total revenue 5% 3% Americas 4% 4% Europe/ME/Africa 7% Flat Asia Pacific 4% 7% 3Q23 Yr/Yr


 
26 Non-GAAP supplemental materials The above reconciles the non-GAAP financial information contained in the “Software”, “Consulting”, “Infrastructure”, “Software & Infrastructure segment details”, “Consulting segment details” and “Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 25, 2023, for additional information on the use of these Non-GAAP financial measures. Reconciliation of segment revenue performance - 3Q 2023 GAAP @CC Software 8% 6% Hybrid Platform & Solutions 8% 7% Red Hat 9% 8% Automation 14% 13% Data & AI 6% 6% Security (2%) (3%) Transaction Processing 7% 5% 3Q23 Yr/Yr GAAP @CC Consulting 6% 5% Business Transformation 6% 5% Technology Consulting 2% 1% Application Operations 7% 7% Infrastructure (2%) (3%) Hybrid Infrastructure 1% Flat zSystems 9% 9% Distributed Infrastructure (4%) (6%) Infrastructure Support (6%) (7%) 3Q23 Yr/Yr


 
27 Non-GAAP supplemental materials *represents the percentage change after excluding the impact of currency translation & hedges, acquisitions and divestitures. The above reconciles the non-GAAP financial information contained in the “Expense summary” discussion in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 25, 2023, for additional information on the use of these Non-GAAP financial measures. Reconciliation of expense summary - 3Q 2023 GAAP Non-GAAP Operating adjustments (non-GAAP) SG&A Currency (1 pts) 0 pts (1 pts) Acquisitions/divestitures (1 pts) 0 pts (1 pts) Base* 0 pts 1 pts 0 pts RD&E Currency 0 pts 0 pts 0 pts Acquisitions/divestitures (1 pts) 0 pts (1 pts) Base* (4 pts) 0 pts (4 pts) Operating expense & other income Currency (1 pts) (3 pts) (5 pts) Acquisitions/divestitures 0 pts (1 pts) (1 pts) Base* 50 pts (49 pts) 1 pts 3Q23


 
28 Non-GAAP supplemental materials $ in millions (except EPS which is in whole dollars) The above reconciles the non-GAAP financial information contained in the “Revenue and P&L highlights”, “Expense summary” and “Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 25, 2023, for additional information on the use of these Non-GAAP financial measures. Reconciliation of continuing operations - 3Q 2023 GAAP Acquisition- related adjustments Retirement- related adjustments Tax reform impacts Operating (non-GAAP) Gross profit $8,023 $162 — — $8,185 Gross profit margin 54.4% 1.1 pts — — 55.5% SG&A 4,458 (277) — — 4,181 Other (income) & expense (215) 0 12 — (203) Total expense  6,150 (277) 12 — 5,885 Pre-tax income 1,873 438 (12) — 2,299 Pre-tax income margin 12.7% 3.0 pts (0.1 pts) — 15.6% Tax rate 8.5% 2.7 pts (0.5 pts) 1.0 pts 11.7% Net income 1,714 340 1 (24) 2,031 Net income margin 11.6% 2.3 pts 0.0 pts (0.2 pts) 13.8% Earnings per share $1.86 $0.37 $0.00 ($0.03) $2.20 3Q23


 
29 Non-GAAP supplemental materials *Yr/Yr reflects a one-time non-cash pension settlement charge of $5.9 billion in 2022. The above reconciles the non-GAAP financial information contained in the “Prepared remarks” discussion in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 25, 2023, for additional information on the use of these Non-GAAP financial measures. Reconciliation of Pre-tax income margin – FY 2023 expectations *~ ~ GAAP Operating (non-GAAP) B/(W) B/(W) Pre-tax income margin Yr/Yr 12 pts 0.5 pts


 
ibm.com/investor


 
v3.23.3
Cover
Oct. 25, 2023
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 25, 2023
Entity Registrant Name INTERNATIONAL BUSINESS MACHINES CORPORATION
Entity Incorporation, State or Country Code NY
Entity File Number 1-2360
Entity Tax Identification Number 13-0871985
Entity Address, Address Line One One New Orchard Road
Entity Address, City or Town Armonk
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10504
City Area Code 914
Local Phone Number 499-1900
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000051143
Amendment Flag false
NEW YORK STOCK EXCHANGE, INC. | Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Capital stock, par value $.20 per share
Trading Symbol IBM
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.125% Notes due 2024  
Document Information [Line Items]  
Title of 12(b) Security 1.125% Notes due 2024
Trading Symbol IBM 24A
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 2.875% Notes due 2025  
Document Information [Line Items]  
Title of 12(b) Security 2.875% Notes due 2025
Trading Symbol IBM 25A
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.950% Notes due 2025  
Document Information [Line Items]  
Title of 12(b) Security 0.950% Notes due 2025
Trading Symbol IBM 25B
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.875% Notes due 2025  
Document Information [Line Items]  
Title of 12(b) Security 0.875% Notes due 2025
Trading Symbol IBM 25C
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.300% Notes due 2026  
Document Information [Line Items]  
Title of 12(b) Security 0.300% Notes due 2026
Trading Symbol IBM 26B
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.250% Notes due 2027  
Document Information [Line Items]  
Title of 12(b) Security 1.250% Notes due 2027
Trading Symbol IBM 27B
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 3.375% Notes due 2027  
Document Information [Line Items]  
Title of 12(b) Security 3.375% Notes due 2027
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Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.300% Notes due 2028  
Document Information [Line Items]  
Title of 12(b) Security 0.300% Notes due 2028
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Security Exchange Name NYSE
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Document Information [Line Items]  
Title of 12(b) Security 1.750% Notes due 2028
Trading Symbol IBM 28A
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.500% Notes due 2029  
Document Information [Line Items]  
Title of 12(b) Security 1.500% Notes due 2029
Trading Symbol IBM 29
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.875% Notes due 2030  
Document Information [Line Items]  
Title of 12(b) Security 0.875% Notes due 2030
Trading Symbol IBM 30A
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.750% Notes due 2031  
Document Information [Line Items]  
Title of 12(b) Security 1.750% Notes due 2031
Trading Symbol IBM 31
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 3.625% Notes due 2031  
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Title of 12(b) Security 3.625% Notes due 2031
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Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.650% Notes due 2032  
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Title of 12(b) Security 0.650% Notes due 2032
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Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.250% Notes due 2034  
Document Information [Line Items]  
Title of 12(b) Security 1.250% Notes due 2034
Trading Symbol IBM 34
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 3.750% Notes due 2035  
Document Information [Line Items]  
Title of 12(b) Security 3.750% Notes due 2035
Trading Symbol IBM 35
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 4.875% Notes due 2038  
Document Information [Line Items]  
Title of 12(b) Security 4.875% Notes due 2038
Trading Symbol IBM 38
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.200% Notes due 2040  
Document Information [Line Items]  
Title of 12(b) Security 1.200% Notes due 2040
Trading Symbol IBM 40
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 4.000% Notes due 2043  
Document Information [Line Items]  
Title of 12(b) Security 4.000% Notes due 2043
Trading Symbol IBM 43
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 7.00% Debentures due 2025  
Document Information [Line Items]  
Title of 12(b) Security 7.00% Debentures due 2025
Trading Symbol IBM 25
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 6.22% Debentures due 2027  
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Trading Symbol IBM 27
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NEW YORK STOCK EXCHANGE, INC. | 5.875% Debentures due 2032  
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Trading Symbol IBM 32D
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NEW YORK STOCK EXCHANGE, INC. | 7.00% Debentures due 2045  
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Trading Symbol IBM 45
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NEW YORK STOCK EXCHANGE, INC. | 7.125% Debentures due 2096  
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NYSE CHICAGO, INC. | Common Stock  
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Trading Symbol IBM
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