International Business Machines (IBM) — Capital Reinvestment Ratio
International Business Machines (IBM) has a Capital Reinvestment Ratio of 0.09x as of June 2026, meaning it reinvests 0% of its operating cash flow ($2.60 Billion) in capital expenditures ($229.00 Million). Check IBM intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
International Business Machines Capital Reinvestment Ratio (1989–2025)
This chart tracks International Business Machines's Capital Reinvestment Ratio across 37 annual periods. For the full cash flow conversion analysis, see International Business Machines operating cash flow efficiency.
Annual Capital Reinvestment Ratio for International Business Machines (1989–2025)
Year-by-year Capital Reinvestment Ratio for International Business Machines from 1989 to 2025. See free cash flow generation of International Business Machines to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (USD) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 0.12x | $13.19 Billion | $1.62 Billion | ▼ -2.2% |
| 2024 | 0.13x | $13.45 Billion | $1.69 Billion | ▼ -12.2% |
| 2023 | 0.14x | $13.43 Billion | $1.92 Billion | ▼ -19.9% |
| 2022 | 0.18x | $10.44 Billion | $1.86 Billion | ▼ -4.2% |
| 2021 | 0.19x | $12.80 Billion | $2.38 Billion | ▲ +11.3% |
| 2020 | 0.17x | $18.20 Billion | $3.04 Billion | ▼ -15.1% |
| 2019 | 0.20x | $14.77 Billion | $2.91 Billion | ▼ -24.3% |
| 2018 | 0.26x | $15.25 Billion | $3.96 Billion | ▲ +15.2% |
| 2017 | 0.23x | $16.72 Billion | $3.77 Billion | ▼ -7.1% |
| 2016 | 0.24x | $17.08 Billion | $4.15 Billion | ▲ +1.0% |
| 2015 | 0.24x | $17.25 Billion | $4.15 Billion | ▼ -3.0% |
| 2014 | 0.25x | $16.87 Billion | $4.18 Billion | ▲ +4.7% |
| 2013 | 0.24x | $17.48 Billion | $4.14 Billion | ▼ -1.7% |
| 2012 | 0.24x | $19.59 Billion | $4.72 Billion | ▲ +2.4% |
| 2011 | 0.24x | $19.85 Billion | $4.67 Billion | ▼ -3.3% |
| 2010 | 0.24x | $19.55 Billion | $4.75 Billion | ▲ +23.9% |
| 2009 | 0.20x | $20.77 Billion | $4.08 Billion | ▼ -24.5% |
| 2008 | 0.26x | $18.81 Billion | $4.89 Billion | ▼ -24.1% |
| 2007 | 0.34x | $16.09 Billion | $5.50 Billion | ▼ -0.5% |
| 2006 | 0.34x | $15.02 Billion | $5.17 Billion | ▲ +10.7% |
| 2005 | 0.31x | $14.91 Billion | $4.63 Billion | ▼ -5.3% |
| 2004 | 0.33x | $15.41 Billion | $5.06 Billion | ▲ +7.6% |
| 2003 | 0.30x | $14.41 Billion | $4.39 Billion | ▼ -21.4% |
| 2002 | 0.39x | $13.79 Billion | $5.35 Billion | ▲ +0.7% |
| 2001 | 0.39x | $14.02 Billion | $5.40 Billion | ▼ -42.2% |
| 2000 | 0.67x | $9.27 Billion | $6.18 Billion | ▲ +4.9% |
| 1999 | 0.64x | $10.11 Billion | $6.42 Billion | ▼ -13.0% |
| 1998 | 0.73x | $9.27 Billion | $6.77 Billion | ▼ -8.9% |
| 1997 | 0.80x | $8.87 Billion | $7.11 Billion | ▲ +33.3% |
| 1996 | 0.60x | $10.28 Billion | $6.18 Billion | ▲ +15.7% |
| 1995 | 0.52x | $10.71 Billion | $5.57 Billion | ▲ +38.1% |
| 1994 | 0.38x | $11.79 Billion | $4.44 Billion | ▼ -0.6% |
| 1993 | 0.38x | $8.33 Billion | $3.15 Billion | ▼ -63.5% |
| 1992 | 1.04x | $6.27 Billion | $6.50 Billion | ▲ +7.3% |
| 1991 | 0.97x | $6.72 Billion | $6.50 Billion | ▲ +10.9% |
| 1990 | 0.87x | $7.47 Billion | $6.51 Billion | ▲ +0.1% |
| 1989 | 0.87x | $7.37 Billion | $6.41 Billion | — |