Aslan Research · Cloud & platforms
INTERNATIONAL BUSINESS MACHINES CORP (IBM)
Data as of 2026-08-21 · 27 quarters · filed in USD
IBM’s backlog nearly matches one year of revenue: $68.0 billion versus $69.1 billion. Revenue fell -1% per year while expenses fell -3% per year, so the business is shrinking on both sides of the income statement.
Earned, collected early, and merely signed
Reports $62B of debt; has promised $65B
Total committed money is 1.1x reported debt. Leases add $3.3 billion to the $62.0 billion of reported debt, bringing total commitments to $65.3 billion.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry $1.04 trillion of scheduled commitments against $33.6 billion of future revenue promised for that period. The filings also show $974 million of commitments due after year five without a matching future-revenue figure.
The rates that matter
Expenses as filed vs after cited reconciliation
8 patterns worth a second look
The filings disclose seller financing to Francisco Partners alongside recorded sale proceeds and contingent consideration from the same buyer. They also report financing receivables sold and derecognized that remained uncollected from business partners, plus one-time gains from asset divestitures within reported revenue. Credit-agreement maturity dates were extended across successive filings while facility amounts remained unchanged.
circular financing · 1
IBM provided seller financing to Francisco Partners while recording sale proceeds and contingent consideration from the same buyer.
off balance sheet · 1
IBM disclosed financing receivables sold and derecognized that remained uncollected from business partners.
one time dressing · 1
The filings report significant one-time gains from asset divestitures within reported revenue.
redefinition · 1
Credit-agreement maturity dates were extended across successive filings while facility amounts remained unchanged.
related party exposure · 1
IBM disclosed substantial guaranteed debt issued by its related subsidiary IBM International Capital Pte. Ltd.
subsequent event · 1
The Confluent acquisition and settlement of acquired short-term debt occurred after the March 31, 2026 reporting date.
value revision · 2
The FY2022 filing presents revised 2019 and 2020 income-statement values versus the corresponding annual filings.
The FY2022 filing presents revised 2021 quarterly and year-to-date income-statement values versus the corresponding 2021 quarterly filings.