International Business Machines annual debt-to-equity ratio
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International Business Machines Debt-to-Equity Ratio Growth & History (IBM)
International Business Machines's debt-to-equity ratio was 2.20 for fiscal 2025.
View full International Business Machines company overviewInternational Business Machines annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 2.20 | −0.15 | −6.40% |
| 2024 | 2024-12-31 | 2.35 | −0.61 | −20.55% |
| 2023 | 2023-12-31 | 2.96 | 0.28 | +10.30% |
| 2022 | 2022-12-31 | 2.69 | −0.59 | −18.09% |
| 2021 | 2021-12-31 | 3.28 | −0.28 | −7.89% |
| 2020 | 2020-12-31 | 3.56 | −0.07 | −1.99% |
| 2019 | 2019-12-31 | 3.63 | 0.90 | +33.02% |
| 2018 | 2018-12-31 | 2.73 | 0.07 | +2.58% |
| 2017 | 2017-12-31 | 2.66 | 0.35 | +15.16% |
| 2016 | 2016-12-31 | 2.31 | −0.49 | −17.37% |
| 2015 | 2015-12-31 | 2.80 | −0.63 | −18.49% |
| 2014 | 2014-12-31 | 3.43 | 1.69 | +96.90% |
| 2013 | 2013-12-31 | 1.74 | −0.02 | −1.21% |
| 2012 | 2012-12-31 | 1.76 | 0.21 | +13.42% |
| 2011 | 2011-12-31 | 1.56 | 0.31 | +25.22% |
| 2010 | 2010-12-31 | 1.24 | 0.27 | +28.20% |
| 2009 | 2009-12-31 | 0.97 | −0.72 | −42.50% |
| 2008 | 2008-12-31 | 1.69 | — | — |
International Business Machines quarterly debt-to-equity ratio
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| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 2.06 | −0.72 | −26.01% |
| Q1 2026 | 2026-03-31 | 2.35 | −0.40 | −14.49% |
| Q4 2025 | 2025-12-31 | 2.20 | −0.15 | −6.40% |
| Q3 2025 | 2025-09-30 | 2.67 | 0.06 | +2.45% |
| Q2 2025 | 2025-06-30 | 2.79 | 0.15 | +5.54% |
| Q1 2025 | 2025-03-31 | 2.74 | −0.19 | −6.62% |
| Q4 2024 | 2024-12-31 | 2.35 | −0.61 | −20.55% |
| Q3 2024 | 2024-09-30 | 2.61 | −0.21 | −7.35% |
| Q2 2024 | 2024-06-30 | 2.64 | −0.38 | −12.62% |
| Q1 2024 | 2024-03-31 | 2.94 | −0.14 | −4.64% |
| Q4 2023 | 2023-12-31 | 2.96 | 0.28 | +10.30% |
| Q3 2023 | 2023-09-30 | 2.81 | −0.15 | −5.20% |
| Q2 2023 | 2023-06-30 | 3.02 | −0.02 | −0.81% |
| Q1 2023 | 2023-03-31 | 3.08 | −0.34 | −10.02% |
| Q4 2022 | 2022-12-31 | 2.69 | −0.59 | −18.09% |
| Q3 2022 | 2022-09-30 | 2.97 | 0.02 | +0.52% |
| Q2 2022 | 2022-06-30 | 3.05 | 0.03 | +0.98% |
| Q1 2022 | 2022-03-31 | 3.42 | 0.32 | +10.48% |
| Q4 2021 | 2021-12-31 | 3.28 | −0.28 | −7.89% |
| Q3 2021 | 2021-09-30 | 2.95 | −0.82 | −21.81% |
| Q2 2021 | 2021-06-30 | 3.02 | −0.79 | −20.73% |
| Q1 2021 | 2021-03-31 | 3.10 | −0.78 | −20.18% |
| Q4 2020 | 2020-12-31 | 3.56 | −0.07 | −1.99% |
| Q3 2020 | 2020-09-30 | 3.78 | −0.50 | −11.73% |
| Q2 2020 | 2020-06-30 | 3.81 | −1.01 | −20.91% |
| Q1 2020 | 2020-03-31 | 3.88 | 0.54 | +16.26% |
| Q4 2019 | 2019-12-31 | 3.63 | 0.90 | +33.02% |
| Q3 2019 | 2019-09-30 | 4.28 | 1.91 | +80.33% |
| Q2 2019 | 2019-06-30 | 4.81 | 2.36 | +95.87% |
| Q1 2019 | 2019-03-31 | 3.34 | 0.79 | +30.78% |
| Q4 2018 | 2018-12-31 | 2.73 | 0.07 | +2.58% |
| Q3 2018 | 2018-09-30 | 2.37 | 0.05 | +2.02% |
| Q2 2018 | 2018-06-30 | 2.46 | −0.02 | −0.93% |
| Q1 2018 | 2018-03-31 | 2.55 | 0.22 | +9.39% |
| Q4 2017 | 2017-12-31 | 2.66 | 0.35 | +15.16% |
| Q3 2017 | 2017-09-30 | 2.32 | −0.17 | −6.92% |
| Q2 2017 | 2017-06-30 | 2.48 | −0.35 | −12.38% |
| Q1 2017 | 2017-03-31 | 2.33 | −0.72 | −23.53% |
| Q4 2016 | 2016-12-31 | 2.31 | −0.49 | −17.37% |
| Q3 2016 | 2016-09-30 | 2.50 | −0.49 | −16.28% |
| Q2 2016 | 2016-06-30 | 2.83 | 0.00 | +0.15% |
| Q1 2016 | 2016-03-31 | 3.05 | −0.15 | −4.55% |
| Q4 2015 | 2015-12-31 | 2.80 | −0.63 | −18.49% |
| Q3 2015 | 2015-09-30 | 2.98 | −0.22 | −6.94% |
| Q2 2015 | 2015-06-30 | 2.83 | 0.15 | +5.67% |
| Q1 2015 | 2015-03-31 | 3.20 | 0.55 | +20.76% |
| Q4 2014 | 2014-12-31 | 3.43 | 1.69 | +96.90% |
| Q3 2014 | 2014-09-30 | 3.21 | 1.39 | +76.12% |
| Q2 2014 | 2014-06-30 | 2.67 | 0.75 | +39.16% |
| Q1 2014 | 2014-03-31 | 2.65 | 0.90 | +51.39% |
| Q4 2013 | 2013-12-31 | 1.74 | −0.02 | −1.21% |
| Q3 2013 | 2013-09-30 | 1.82 | 0.26 | +16.46% |
| Q2 2013 | 2013-06-30 | 1.92 | 0.34 | +21.29% |
| Q1 2013 | 2013-03-31 | 1.75 | 0.20 | +12.97% |
| Q4 2012 | 2012-12-31 | 1.76 | 0.21 | +13.42% |
| Q3 2012 | 2012-09-30 | 1.56 | 0.48 | +44.63% |
| Q2 2012 | 2012-06-30 | 1.58 | 0.64 | +67.20% |
| Q1 2012 | 2012-03-31 | 1.55 | 0.59 | +61.40% |
| Q4 2011 | 2011-12-31 | 1.56 | 0.31 | +25.22% |
| Q3 2011 | 2011-09-30 | 1.08 | 0.10 | +9.74% |
| Q2 2011 | 2011-06-30 | 0.95 | −0.05 | −5.05% |
| Q1 2011 | 2011-03-31 | 0.96 | −0.01 | −0.79% |
| Q4 2010 | 2010-12-31 | 1.24 | 0.27 | +28.20% |
| Q3 2010 | 2010-09-30 | 0.98 | −0.13 | −11.99% |
| Q2 2010 | 2010-06-30 | 1.00 | −0.36 | −26.45% |
| Q1 2010 | 2010-03-31 | 0.97 | — | — |
| Q4 2009 | 2009-12-31 | 0.97 | −0.72 | −42.50% |
| Q3 2009 | 2009-09-30 | 1.12 | — | — |
| Q2 2009 | 2009-06-30 | 1.36 | — | — |
| Q4 2008 | 2008-12-31 | 1.69 | — | — |
International Business Machines debt-to-equity ratio trends
Over the last five fiscal years, International Business Machines's debt-to-equity ratio decreased from 3.56 to 2.20, a change of −1.36. The latest reported quarter, Q2 2026, shows 2.06.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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