What is IBM's EBITDA margin?

Latest reported EBITDA margin for IBM (IBM) is 23.69% as of the trailing twelve months (TTM) ending March 31, 2026.

How has IBM EBITDA margin changed year-over-year?

IBM (IBM) EBITDA margin changed +6.2 percentage points year-over-year on the latest annual filing.

When did IBM EBITDA margin hit its highest annual value?

IBM EBITDA margin reached its highest annual value of 28.22% in 1985.

What was IBM EBITDA margin in 2024?

IBM (IBM) EBITDA margin in 2024 was 19.40%.

What was IBM EBITDA margin in 2025?

IBM (IBM) EBITDA margin in 2025 was 25.59%.

IBM (IBM) EBITDA Margin — Annual & Quarterly %

TTM

23.7%

YoY change

+6.19pp

Trough year (1992)

-2.2%

Peak year (1985)

28.2%

EBITDA Margin history chart for IBM (IBM) from 1985 to 2025

Latest: 25.6%

EBITDA Margin change chart for IBM (IBM) from 1985 to 2025

Latest: +6.19pp

EBITDA Margin history table for IBM (IBM) from 1985 to 2025


2025	25.6%	+6.19pp	Dec 31, 2025	Feb 24, 2026
2024	19.4%	-4.35pp	Dec 31, 2024	Feb 25, 2025
2023	23.8%	+11.90pp	Dec 31, 2023	Feb 26, 2024
2022	11.9%	-9.78pp	Dec 31, 2022	Feb 28, 2023
2021	21.6%	+2.51pp	Dec 31, 2021	Feb 22, 2022
2020	19.1%	-6.18pp	Dec 31, 2020	Feb 23, 2021
2019	25.3%	+4.53pp	Dec 31, 2019	Feb 25, 2020
2018	20.8%	-0.13pp	Dec 31, 2018	Feb 26, 2019
2017	20.9%	-0.78pp	Dec 31, 2017	Feb 27, 2018
2016	21.7%	-3.10pp	Dec 31, 2016	Feb 28, 2017
2015	24.8%	-2.11pp	Dec 31, 2015	Feb 23, 2016
2014	26.9%	+1.16pp	Dec 31, 2014	Feb 24, 2015
2013	25.7%	-1.16pp	Dec 31, 2013	Feb 25, 2014
2012	26.9%	+2.37pp	Dec 31, 2012	Feb 26, 2013
2011	24.5%	-0.42pp	Dec 31, 2011	Feb 28, 2012
2010	25.0%	+0.38pp	Dec 31, 2010	Feb 22, 2011
2009	24.6%	+2.54pp	Dec 31, 2009	Feb 23, 2010
2008	22.0%	+1.49pp	Dec 31, 2008	Feb 24, 2009
2007	20.6%	+0.23pp	Dec 31, 2007	Feb 26, 2008
2006	20.3%	+0.97pp	Dec 31, 2006	Feb 27, 2007
2005	19.3%	+3.02pp	Dec 31, 2005	Feb 28, 2006
2004	16.3%	+0.08pp	Dec 31, 2004	Feb 24, 2005
2003	16.2%	+1.26pp	Dec 31, 2003	Mar 8, 2004
2002	15.0%	-2.31pp	Dec 31, 2002	Mar 10, 2003
2001	17.3%	-2.22pp	Dec 31, 2001	Mar 11, 2002
2000	19.5%	-2.27pp	Dec 31, 2000	Mar 13, 2001
1999	21.8%	+3.73pp	Dec 31, 1999	Mar 13, 2000
1998	18.1%	-0.74pp	Dec 31, 1998	Mar 29, 1999
1997	18.8%	-0.70pp	Dec 31, 1997	Mar 30, 1998
1996	19.5%	-0.16pp	Dec 31, 1996	Mar 27, 1997
1995	19.7%	-0.57pp	Dec 31, 1995	Mar 26, 1996
1994	20.2%	+21.60pp	Dec 31, 1994	Mar 28, 1995
1993	-1.4%	+0.80pp	Dec 31, 1993	Mar 28, 1994
1992	-2.2%	-11.58pp	Dec 31, 1992	Dec 31, 1992
1991	9.4%	-12.69pp	Dec 31, 1991	Dec 31, 1991
1990	22.1%	+4.34pp	Dec 31, 1990	Dec 31, 1990
1989	17.8%	-3.39pp	Dec 31, 1989	Dec 31, 1989
1988	21.1%	+0.36pp	Dec 31, 1988	Dec 31, 1988
1987	20.8%	-1.02pp	Dec 31, 1987	Dec 31, 1987
1986	21.8%	-6.41pp	Dec 31, 1986	Dec 31, 1986
1985	28.2%	—	Dec 31, 1985	Dec 31, 1985

202525.6%+6.19pp
202419.4%-4.35pp
202323.8%+11.90pp
202211.9%-9.78pp
202121.6%+2.51pp
202019.1%-6.18pp
201925.3%+4.53pp
201820.8%-0.13pp
201720.9%-0.78pp
201621.7%-3.10pp
201524.8%-2.11pp
201426.9%+1.16pp
201325.7%-1.16pp
201226.9%+2.37pp
201124.5%-0.42pp
201025.0%+0.38pp
200924.6%+2.54pp
200822.0%+1.49pp
200720.6%+0.23pp
200620.3%+0.97pp
200519.3%+3.02pp
200416.3%+0.08pp
200316.2%+1.26pp
200215.0%-2.31pp
200117.3%-2.22pp
200019.5%-2.27pp
199921.8%+3.73pp
199818.1%-0.74pp
199718.8%-0.70pp
199619.5%-0.16pp
199519.7%-0.57pp
199420.2%+21.60pp
1993-1.4%+0.80pp
1992-2.2%-11.58pp
19919.4%-12.69pp
199022.1%+4.34pp
198917.8%-3.39pp
198821.1%+0.36pp
198720.8%-1.02pp
198621.8%-6.41pp
198528.2%—

EBITDA Margin values are taken from IBM's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.

About EBITDA Margin at IBM (IBM)

According to IBM's latest reported financial statements, the company's latest reported EBITDA margin is 23.7%. EBITDA margin is EBITDA divided by revenue — earnings before interest, taxes, depreciation, and amortization as a percentage of sales. By stripping out non-cash charges and capital-structure effects, it approximates operating cash profitability and is widely used to compare companies with different asset bases and leverage.

Headline figure above is from the reporting period ending March 31, 2026 (reported April 23, 2026). Chart and table below cover the full reported history back to 1985.

IBM (IBM) most recent annual EBITDA margin stands at 25.59% (2025) – expanded 6.2 percentage points year-over-year.

1985 marks the peak EBITDA margin at 28.22%, with the historical low of -2.18% recorded in 1992.

IBM EBITDA Margin by Year

IBM EBITDA Margin 2025: 25.6%

2025's EBITDA margin for IBM came in at 25.59%, expanded 6.2 percentage points from 2024.

IBM EBITDA Margin 2024: 19.4%

IBM posted EBITDA margin of 19.40% in 2024, contracted 4.3 percentage points from 2023.

IBM EBITDA Margin 2023: 23.8%

In 2023, IBM reported EBITDA margin of 23.75%, expanded 11.9 percentage points from 2022.

IBM EBITDA Margin 2022: 11.9%

IBM EBITDA margin in 2022 was 11.85%, contracted 9.8 percentage points from 2021.

IBM EBITDA Margin 2021: 21.6%

IBM EBITDA margin in 2021 was 21.64%.

See more financial history for IBM (IBM).

Sector peers by EBITDA Margin

Technology peers of IBM (IBM), ranked by their latest EBITDA margin


NVIDIA (NVDA)	76.0%
TSMC (TSM)	76.0%
Micron Technology (MU)	63.9%
Microsoft (MSFT)	63.1%
Broadcom (AVGO)	55.3%
ASML (ASML)	38.6%
Apple (AAPL)	35.5%
AMD (AMD)	21.6%

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