Aslan Research · Cloud & platforms
INTERNATIONAL BUSINESS MACHINES CORP (IBM)
Data as of 2026-09-03 · 27 quarters · filed in USD
IBM’s backlog is $68.0 billion, nearly matching one year of revenue at a 1.0x backlog-to-revenue ratio. Revenue fell -1% per year while expenses fell -5% per year, so the cost base declined faster than sales.
Earned, collected early, and merely signed
Reports $62B of debt; has promised $68B
Total committed money is 1.1x reported debt. The difference includes $3.3 billion of lease commitments alongside $62.0 billion of debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry $27.0 billion of commitments against backlog covering 1.0x one year of revenue. Another $974 million of commitments comes due after year five.
The rates that matter
Expenses as filed vs after cited reconciliation
8 patterns worth a second look
The filings separately identify a one-time, non-cash income-tax charge of approximately $300 million. They also disclose financing receivables pledged for nonrecourse borrowings, a secured borrowing settled through a swap and equity exchange, and client-financing commitments alongside financing receivables and sales to third-party investors.
circular financing · 1
IBM reports client financing commitments alongside financing receivables and sales of commercial financing receivables to third-party investors.
off balance sheet · 1
IBM discloses financing receivables pledged for nonrecourse borrowings and a secured borrowing settled through a swap and equity exchange.
one time dressing · 1
The 2025 third-quarter filing separately identifies a one-time, non-cash income-tax charge of approximately $300 million.
redefinition · 1
The disclosed maturity of the revolving credit agreements changes across filings while the facility amounts remain $2.5 billion and $7.5 billion.
regulator challenge · 1
A reply to SEC staff was filed on 2022-10-07, answering a staff comment letter dated 2022-09-02; it quotes 3 staff comments.
related party exposure · 1
IBM reports material commitments and transactions involving Kyndryl and wholly owned finance subsidiaries.
subsequent event · 1
The 2021 third-quarter filing reports Kyndryl debt raised before separation and states it was no longer an IBM obligation after separation.
value revision · 1
The FY2022 filing reports substantially revised 2019 and 2020 income-statement and balance-sheet values versus the earlier filings.