INTERNATIONAL BUSINESS MACHINES CORP Earnings Per Share Disclosure
| ($ in millions except per share amounts) | ||||||||||||||||||||
| For the year ended December 31: | 2025 (1) | 2024 (1) | 2023 | |||||||||||||||||
| Weighted-average number of shares on which earnings per share calculations are based | ||||||||||||||||||||
| Basic | 932,293,927 | 921,767,834 | 911,210,319 | |||||||||||||||||
| Add—incremental shares under stock-based compensation plans | 13,853,308 | 13,012,755 | 8,700,951 | |||||||||||||||||
| Add—incremental shares associated with contingently issuable shares | 2,527,994 | 2,380,636 | 2,162,558 | |||||||||||||||||
| Assuming dilution | 948,675,228 | 937,161,224 | 922,073,828 | |||||||||||||||||
| Income from continuing operations | $ | 10,571 | $ | 6,015 | $ | 7,514 | ||||||||||||||
| Income/(loss) from discontinued operations, net of tax | 22 | 8 | (12) | |||||||||||||||||
| Net income on which basic and dilutive earnings per share is calculated | $ | 10,593 | $ | 6,023 | $ | 7,502 | ||||||||||||||
| Earnings/(loss) per share of common stock | ||||||||||||||||||||
| Assuming dilution | ||||||||||||||||||||
| Continuing operations | $ | 11.14 | $ | 6.42 | $ | 8.15 | ||||||||||||||
| Discontinued operations | 0.02 | 0.01 | (0.01) | |||||||||||||||||
| Total | $ | 11.17 | $ | 6.43 | $ | 8.14 | ||||||||||||||
| Basic | ||||||||||||||||||||
| Continuing operations | $ | 11.34 | $ | 6.53 | $ | 8.25 | ||||||||||||||
| Discontinued operations | 0.02 | 0.01 | (0.01) | |||||||||||||||||
| Total | $ | 11.36 | $ | 6.53 | $ | 8.23 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 23, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.