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Where the tokens are
Trade IBM perpsStandardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $17.16B | $15.92B | $19.69B | $16.33B | $16.98B | $14.54B | $17.55B | $14.97B |
| Cost of revenue | $7.26B | $6.97B | $7.76B | $6.97B | $7.00B | $6.51B | $7.11B | $6.55B |
| Gross profit | $9.91B | $8.95B | $11.93B | $9.36B | $9.98B | $8.03B | $10.44B | $8.42B |
| Gross margin | 57.7% | 56.2% | 60.6% | 57.3% | 58.8% | 55.2% | 59.5% | 56.3% |
| Research and development | $2.31B | $2.17B | $2.87B | $1.86B | $2.10B | $1.95B | $2.66B | $1.64B |
| Selling, general and administrative | $4.98B | $5.09B | $5.46B | $4.75B | $5.03B | $4.89B | $4.87B | $4.91B |
| Operating expenses | $6.94B | $7.09B | $7.31B | $6.44B | $6.87B | $6.42B | $6.71B | $8.79B |
| Operating income | $2.97B | $1.86B | $4.62B | $2.92B | $3.11B | $1.61B | $3.73B | −$373.00M |
| Operating margin | 17.3% | 11.7% | 23.5% | 17.9% | 18.3% | 11.1% | 21.3% | -2.5% |
| EBITDA | $4.32B | $3.13B | $5.92B | $4.21B | $4.37B | $2.79B | $4.84B | $895.00M |
| Interest expense | −$486.00M | −$473.00M | −$478.00M | −$492.00M | −$510.00M | −$455.00M | −$424.00M | −$429.00M |
| Income before taxes | $2.48B | $1.39B | $4.14B | $2.43B | $2.60B | $1.16B | $3.31B | −$802.00M |
| Income taxes | $313.00M | $172.00M | −$1.44B | $686.00M | $404.00M | $103.00M | $379.00M | −$485.00M |
| Net income | $2.17B | $1.22B | $5.60B | $1.74B | $2.19B | $1.06B | $2.91B | −$330.00M |
| Net margin | 12.6% | 7.6% | 28.4% | 10.7% | 12.9% | 7.3% | 16.6% | -2.2% |
| EPS, basic | $2.30 | $1.28 | $6.19 | $1.84 | $2.36 | $1.12 | $3.15 | −$0.36 |
| EPS, diluted | $2.27 | $1.30 | $5.69 | $1.87 | $2.31 | $1.14 | $3.04 | −$0.36 |
| Diluted shares | 953.26M | 938.53M | 984.87M | 933.86M | 947.96M | 928.01M | 957.24M | 923.58M |
Figures describe International Business Machines shares, not any token. As of Jul 23, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.