Normalized Pre-Tax Income (Annual)

Normalized Pre-Tax Income: A company's income before income tax expense smoothed out by removing non-recurring items.

International Business Machines Corporation (IBM) had Normalized Pre-Tax Income of $10.33B for the most recently reported fiscal year, ending 2025-12-31.

Quarterly Annual

Figures for fiscal year ending 2025-12-31

Income Statement Financials
Revenue	$67.53B
Net Income	$10.59B
Cost of Goods Sold	$28.24B
Gross Profit	$39.30B
Operating Expenses	$56.68B
Operating Income	$10.86B
Non-Operating Income/Expense	$-529.00M
Pre-Tax Income	$10.33B
Normalized Pre-Tax Income	$10.33B
Income after Taxes	$10.57B
Income from Continuous Operations	$10.57B
Consolidated Net Income/Loss	$10.59B
Normalized Income after Taxes	$10.57B
EBIT	$10.86B
EBITDA	$15.88B
Weighted-Average Shares Outstanding (Basic)	932.29M
Weighted-Average Shares Outstanding (Diluted)	948.68M
Earnings per Share (EPS) (Basic)	$11.36
Earnings per Share (EPS) (Diluted)	$11.17
Balance Sheet Financials
Current Assets	$36.94B
Property, Plant, and Equipment	$5.90B
Long-Term Assets	$114.94B
Total Assets	$151.88B
Current Liabilities	$38.66B
Long-Term Debt	$54.84B
Long-Term Liabilities	$80.48B
Total Liabilities	$119.14B
Common Equity	$32.74B
Tangible Shareholders Equity	$-46.37B
Shareholders Equity	$32.74B
Common Shares Outstanding	936.95M
Cash Flow Statement Financials
Cash Flow from Operating Activities	$13.19B
Cash Flow from Investing Activities	$-10.30B
Cash Flow from Financial Activities	$-3.83B
Beginning Cash	$14.16B
End Cash	$13.64B
Increase/Decrease in Cash	$-520.00M
Stock-Based Compensation	$1.72B
Common Stock Dividends Paid	$-6.25B
Preferred Stock Dividends Paid	--
Fundamental Metrics & Ratios
Current Ratio	0.96
Non-Performing Assets / Total Loans	--
Loan Loss Reserves / Non-Performing Loans	--
Debt to Capital Ratio	0.63
Debt to Equity Ratio	1.87
Gross Margin	58.19%
Operating Margin	16.08%
EBIT Margin	16.08%
EBITDA Margin	23.51%
Pre-Tax Profit Margin	15.29%
Profit Margin	15.69%
Free Cash Flow	$12.22B
Loss Ratio	--
Expense Ratio	--
Combined Ratio	--
Asset Turnover	0.44
Inventory Turnover	23.15
Receiveable Turnover	7.37
Days Sales in Receivables	49.53
Return on Equity	32.29%
Return on Tangible Equity	-22.80%
Return on Assets	6.96%
Return on Investments	12.07%
Book Value Per Share	$34.94
Free Cash Flow per Share	$12.88
Operating Cash Flow per Share	$13.91

Data from Zacks Investment Research, Inc.