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). Read debt load of International Business Machines for a breakdown of total debt and financial obligations.
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 International Business Machines (IBM) reinvestment ratio to see what proportion of operating cash flow is directed to capital expenditures.
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 market value of International Business Machines.
| 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 | — |