INTERNATIONAL BUSINESS MACHINES CORPORATION FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$67.5B
Gross margin	58.2%
Operating income	— not reported
Net income	$10.6B
Diluted EPS	$11.17
Cash & equivalents	$13.6B
Total assets	$151.9B
Long-term debt	$54.8B

Key takeaway

IBM reported $67.5 billion in revenue and $10.6 billion in net income for fiscal year 2025.

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Beneath the surface

Total debt of $62.3 billion (DebtInstrumentCarryingAmount) far exceeds the $13.6 billion cash balance, implying a net debt position of roughly $48.7 billion, more than the headlined $54.8 billion long-term debt figure alone suggests.

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