International Business Machines (IBM) — Free Cash Flow Generation Index
International Business Machines (IBM) has a Free Cash Flow Generation Index of 0.91x as of June 2026. Free cash flow of $2.37 Billion represents 1% of operating cash flow ($2.60 Billion). Explore IBM capex reinvestment rate to see what proportion of operating cash flow is directed to capital expenditures.
FCF Generation Index
Free Cash Flow
Operating Cash Flow
Capital Expenditures
International Business Machines Free Cash Flow Generation Index (1989–2025)
Historical FCF Generation Index trend for International Business Machines across 37 annual periods. For the full cash flow conversion analysis, see International Business Machines cash conversion from operations.
Annual Free Cash Flow Generation for International Business Machines (1989–2025)
Year-by-year Free Cash Flow Generation Index for International Business Machines. Check IBM total capital reinvestment ratio to assess the company's total reinvestment commitment from operating cash flow.
| Year | FCG Index | Free Cash Flow (USD) | Operating CF | Capital Expenditures | YoY Change |
|---|---|---|---|---|---|
| 2025 | 0.88x | $11.57 Billion | $13.19 Billion | $1.62 Billion | ▲ +0.3% |
| 2024 | 0.87x | $11.76 Billion | $13.45 Billion | $1.69 Billion | ▼ -12.5% |
| 2023 | 1.00x | $13.43 Billion | $13.43 Billion | $1.92 Billion | ▲ +21.7% |
| 2022 | 0.82x | $8.57 Billion | $10.44 Billion | $1.86 Billion | ▲ +1.0% |
| 2021 | 0.81x | $10.41 Billion | $12.80 Billion | $2.38 Billion | ▼ -2.3% |
| 2020 | 0.83x | $15.15 Billion | $18.20 Billion | $3.04 Billion | ▲ +3.7% |
| 2019 | 0.80x | $11.86 Billion | $14.77 Billion | $2.91 Billion | ▲ +8.5% |
| 2018 | 0.74x | $11.28 Billion | $15.25 Billion | $3.96 Billion | ▼ -4.4% |
| 2017 | 0.77x | $12.95 Billion | $16.72 Billion | $3.77 Billion | ▲ +2.3% |
| 2016 | 0.76x | $12.93 Billion | $17.08 Billion | $4.15 Billion | ▼ -0.3% |
| 2015 | 0.76x | $13.10 Billion | $17.25 Billion | $4.15 Billion | ▲ +1.0% |
| 2014 | 0.75x | $12.69 Billion | $16.87 Billion | $4.18 Billion | ▼ -1.5% |
| 2013 | 0.76x | $13.35 Billion | $17.48 Billion | $4.14 Billion | ▲ +0.5% |
| 2012 | 0.76x | $14.87 Billion | $19.59 Billion | $4.72 Billion | ▼ -0.7% |
| 2011 | 0.76x | $15.18 Billion | $19.85 Billion | $4.67 Billion | ▲ +1.1% |
| 2010 | 0.76x | $14.79 Billion | $19.55 Billion | $4.75 Billion | ▼ -5.8% |
| 2009 | 0.80x | $16.70 Billion | $20.77 Billion | $4.08 Billion | ▲ +8.6% |
| 2008 | 0.74x | $13.93 Billion | $18.81 Billion | $4.89 Billion | ▲ +12.5% |
| 2007 | 0.66x | $10.58 Billion | $16.09 Billion | $5.50 Billion | ▲ +0.3% |
| 2006 | 0.66x | $9.85 Billion | $15.02 Billion | $5.17 Billion | ▼ -4.8% |
| 2005 | 0.69x | $10.28 Billion | $14.91 Billion | $4.63 Billion | ▲ +2.6% |
| 2004 | 0.67x | $10.35 Billion | $15.41 Billion | $5.06 Billion | ▼ -3.3% |
| 2003 | 0.70x | $10.01 Billion | $14.41 Billion | $4.39 Billion | ▲ +13.6% |
| 2002 | 0.61x | $8.44 Billion | $13.79 Billion | $5.35 Billion | ▼ -0.5% |
| 2001 | 0.61x | $8.62 Billion | $14.02 Billion | $5.40 Billion | ▲ +84.4% |
| 2000 | 0.33x | $3.09 Billion | $9.27 Billion | $6.18 Billion | ▼ -8.6% |
| 1999 | 0.36x | $3.69 Billion | $10.11 Billion | $6.42 Billion | ▲ +35.1% |
| 1998 | 0.27x | $2.50 Billion | $9.27 Billion | $6.77 Billion | ▲ +36.1% |
| 1997 | 0.20x | $1.76 Billion | $8.87 Billion | $7.11 Billion | ▼ -50.3% |
| 1996 | 0.40x | $4.10 Billion | $10.28 Billion | $6.18 Billion | ▼ -16.9% |
| 1995 | 0.48x | $5.14 Billion | $10.71 Billion | $5.57 Billion | ▼ -23.0% |
| 1994 | 0.62x | $7.35 Billion | $11.79 Billion | $4.44 Billion | ▲ +0.4% |
| 1993 | 0.62x | $5.17 Billion | $8.33 Billion | $3.15 Billion | ▲ +1802.0% |
| 1992 | -0.04x | $-229.00 Million | $6.27 Billion | $6.50 Billion | ▼ -207.7% |
| 1991 | 0.03x | $228.00 Million | $6.72 Billion | $6.50 Billion | ▼ -73.7% |
| 1990 | 0.13x | $963.00 Million | $7.47 Billion | $6.51 Billion | ▼ -0.8% |
| 1989 | 0.13x | $958.00 Million | $7.37 Billion | $6.41 Billion | — |