Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

International Business Machines Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Services	30,378)	30,206)	29,225)	45,004)	47,493)
Sales	30,745)	29,673)	27,346)	27,484)	28,252)
Financing	737)	651)	779)	1,132)	1,402)
Revenue	61,860)	60,530)	57,350)	73,620)	77,147)
Services	(21,051)	(21,062)	(19,147)	(30,404)	(32,491)
Sales	(6,127)	(6,374)	(6,184)	(6,934)	(7,263)
Financing	(382)	(407)	(533)	(707)	(905)
Cost	(27,560)	(27,843)	(25,864)	(38,045)	(40,659)
Gross profit	34,300)	32,687)	31,486)	35,575)	36,488)
Selling, general and administrative	(19,003)	(18,609)	(18,745)	(23,082)	(20,604)
Research, development and engineering	(6,775)	(6,567)	(6,488)	(6,333)	(5,989)
Intellectual property and custom development income	860)	663)	612)	626)	648)
Operating income	9,382)	8,174)	6,865)	6,786)	10,543)
Foreign currency transaction gains (losses)	(116)	643)	204)	(114)	279)
Gains (losses) on derivative instruments	17)	(225)	(205)	101)	(15)
Interest income	670)	162)	52)	105)	349)
Net gains (losses) from securities and investment assets	39)	(278)	133)	22)	32)
Retirement-related income (costs)	39)	(6,548)	(1,282)	(1,123)	(615)
Other	282)	464)	244)	170)	962)
Other income and (expense)	931)	(5,782)	(854)	(839)	992)
Interest expense	(1,607)	(1,216)	(1,155)	(1,288)	(1,344)
Income from continuing operations before income taxes	8,706)	1,176)	4,856)	4,659)	10,191)
(Provision for) benefit from income taxes	(1,176)	626)	(125)	864)	(731)
Income from continuing operations	7,530)	1,802)	4,731)	5,523)	9,460)
Income (loss) from discontinued operations, net of tax	(12)	(143)	1,031)	89)	(4)
Net income	7,518)	1,659)	5,762)	5,612)	9,456)
Net income attributable to noncontrolling interest	(16)	(20)	(19)	(22)	(25)
Net income attributable to IBM	7,502)	1,639)	5,743)	5,590)	9,431)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Revenue	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	International Business Machines Corp. revenue increased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	International Business Machines Corp. operating income increased from 2021 to 2022 and from 2022 to 2023.
Income from continuing operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	International Business Machines Corp. income from continuing operations before income taxes decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net income attributable to IBM	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	International Business Machines Corp. net income attributable to IBM decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

International Business Machines Corp. (NYSE:IBM)

Income Statement