The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
International Business Machines Corp., consolidated balance sheet: assets (quarterly data)
US$ in millions
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Sep 30, 2022
Jun 30, 2022
Mar 31, 2022
Dec 31, 2021
Sep 30, 2021
Jun 30, 2021
Mar 31, 2021
Cash and cash equivalents
13,587)
11,569)
11,943)
11,035)
13,947)
13,197)
12,210)
14,603)
13,068)
7,257)
9,394)
9,337)
7,886)
7,816)
7,034)
9,934)
6,650)
7,455)
7,350)
10,531)
Restricted cash
54)
30)
83)
126)
214)
17)
2,268)
162)
21)
19)
31)
198)
103)
159)
220)
286)
307)
352)
215)
142)
Marketable securities
830)
3,286)
3,504)
6,430)
644)
505)
1,481)
4,512)
373)
3,721)
6,904)
8,057)
852)
1,753)
524)
550)
600)
600)
600)
600)
Notes and accounts receivable, trade, net of allowances
8,112)
5,532)
5,974)
5,857)
6,804)
5,390)
5,769)
6,041)
7,214)
5,330)
5,673)
5,757)
6,541)
5,526)
5,867)
5,963)
6,754)
6,609)
6,827)
6,458)
Short-term financing receivables, held for investment, net of allowances
7,344)
5,156)
5,586)
5,128)
6,259)
5,256)
5,075)
4,877)
6,102)
5,032)
5,564)
6,057)
6,851)
6,280)
6,619)
6,759)
7,221)
7,161)
8,194)
8,822)
Short-term financing receivables, held for sale
1,131)
745)
746)
588)
900)
509)
723)
644)
692)
593)
865)
605)
939)
395)
614)
410)
793)
—)
—)
—)
Other accounts receivable, net of allowances
1,052)
1,174)
1,187)
897)
947)
928)
757)
760)
640)
842)
838)
812)
817)
902)
909)
1,003)
1,002)
899)
802)
787)
Finished goods
230)
314)
188)
203)
134)
169)
141)
131)
78)
160)
174)
199)
158)
209)
184)
269)
208)
287)
213)
234)
Work in process and raw materials
990)
1,083)
1,063)
1,228)
1,155)
1,198)
1,093)
1,081)
1,083)
1,239)
1,327)
1,404)
1,394)
1,585)
1,500)
1,507)
1,441)
1,604)
1,594)
1,594)
Inventory, at lower of average cost or net realizable value
1,220)
1,397)
1,251)
1,431)
1,289)
1,367)
1,234)
1,212)
1,161)
1,399)
1,501)
1,603)
1,552)
1,794)
1,684)
1,776)
1,649)
1,891)
1,807)
1,828)
Deferred costs
1,084)
1,113)
1,182)
1,074)
959)
966)
997)
1,047)
998)
931)
957)
1,055)
967)
921)
1,010)
1,103)
1,097)
2,046)
2,211)
2,223)
Prepaid expenses and other current assets
2,530)
2,738)
2,797)
2,770)
2,519)
2,408)
2,785)
2,805)
2,639)
2,581)
2,731)
2,501)
2,610)
3,453)
3,415)
3,546)
3,466)
2,954)
2,768)
2,647)
Current assets
36,944)
32,740)
34,253)
35,336)
34,482)
30,543)
33,299)
36,663)
32,908)
27,705)
34,458)
35,982)
29,118)
28,999)
27,896)
31,330)
29,539)
29,967)
30,774)
34,038)
Property, plant and equipment
17,874)
18,058)
18,160)
17,827)
17,690)
17,994)
17,911)
18,071)
18,122)
18,217)
18,588)
18,761)
18,695)
18,675)
19,079)
20,007)
20,084)
32,349)
32,575)
32,269)
Accumulated depreciation
(11,975)
(12,207)
(12,217)
(12,085)
(11,959)
(12,380)
(12,311)
(12,477)
(12,621)
(12,848)
(13,145)
(13,417)
(13,361)
(13,525)
(13,804)
(14,448)
(14,390)
(23,211)
(23,152)
(22,817)
Property, plant and equipment, net
5,899)
5,851)
5,943)
5,742)
5,731)
5,614)
5,600)
5,594)
5,501)
5,369)
5,443)
5,344)
5,334)
5,150)
5,275)
5,559)
5,694)
9,138)
9,423)
9,452)
Operating right-of-use assets, net
3,129)
3,223)
3,315)
3,323)
3,197)
3,355)
3,130)
3,204)
3,220)
3,112)
2,653)
2,789)
2,878)
2,740)
2,848)
3,108)
3,222)
4,253)
4,387)
4,483)
Long-term financing receivables, net of allowances
Overall, the company’s total assets experienced fluctuations over the analyzed period, spanning from March 31, 2021, to December 31, 2025. A general trend of asset reduction was observed between the first and fourth quarters of 2021, followed by a period of relative stability and then a notable increase towards the end of the period. Several asset categories contributed to these changes, exhibiting distinct patterns.
Cash and Cash Equivalents
Cash and cash equivalents demonstrated considerable volatility. A decrease was evident from March 2021 to December 2021. This was followed by an increase in early 2022, then a decline, and a significant surge in December 2023, reaching 13,068 million. Fluctuations continued into 2025, ending at 13,587 million. This suggests active cash management or significant operational events impacting cash flow.
Marketable Securities
Marketable securities remained relatively stable at 600 million for the majority of the period until a substantial increase to 8,057 million in March 2023. This was followed by a decrease, but remained elevated compared to earlier periods, ending at 830 million in December 2025. This indicates a shift in investment strategy or liquidity management.
Accounts Receivable
Notes and accounts receivable, trade, net of allowances, showed a generally decreasing trend from 6,458 million in March 2021 to a low of 5,330 million in September 2023, before increasing to 8,112 million in December 2023 and then decreasing again to 5,899 million in December 2025. Short-term financing receivables, held for investment, exhibited a similar pattern, decreasing from 8,822 million to 5,156 million in September 2025, with some fluctuations. These trends suggest changes in credit policies or collection efficiency.
Inventory
Inventory levels remained relatively stable throughout the period, fluctuating between 1,501 million and 1,891 million. A slight decrease was observed towards the end of the period, closing at 1,220 million in December 2025. This suggests consistent inventory management practices.
Long-Term Assets
Goodwill constituted a significant portion of noncurrent assets, remaining relatively stable between approximately 55,000 million and 68,000 million. Intangible assets, net, followed a similar pattern. Property, plant, and equipment, net, decreased from 9,452 million to 5,899 million over the period, potentially indicating asset disposals or depreciation exceeding new investments. Prepaid pension assets showed a slight decrease over the period.
Deferred Costs and Taxes
Deferred costs and deferred taxes both experienced a decrease over the period. Deferred costs decreased from 2,223 million to 1,084 million, while deferred taxes decreased from 8,953 million to 8,610 million. These changes could be related to changes in accounting practices or tax regulations.
In summary, the asset composition shifted over the analyzed period. While current assets experienced significant fluctuations, particularly in cash and marketable securities, long-term assets demonstrated more stability, with a notable decrease in property, plant, and equipment. These changes suggest strategic adjustments in asset allocation and financial management.
