International Business Machines (IBM) — Free Cash Flow Generation Index
International Business Machines (IBM) has a Free Cash Flow Generation Index of 0.92x as of March 2026. Free cash flow of $4.78 Billion represents 1% of operating cash flow ($5.17 Billion). See working capital to net assets of International Business Machines to evaluate short-term liquidity relative to the company's equity base.
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. Explore IBM operating cash flow to total debt to assess how comfortably operating cash covers total debt obligations.
Annual Free Cash Flow Generation for International Business Machines (1989–2025)
Year-by-year Free Cash Flow Generation Index for International Business Machines. For the full company profile including market capitalisation, see International Business Machines stock valuation.
| 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 | — |