IBM · 10-Q · 2026Q2 · Full report
Outstanding Indebtedness
INTERNATIONAL BUSINESS MACHINES CORP · 2026-07-23 · Importance 64 · Surprise 42 · No source text
IBM had $63.1 billion of total long-term debt, including $61.97 billion of pre-swap borrowings, at June 30, 2026, with $5.77 billion due in current maturities. On February 3, 2026, IBM issued $3.25 billion of U.S. dollar fixed-rate notes, $3.3 billion of euro fixed-rate notes and $0.9 billion of euro floating-rate notes, with coupons ranging from 3.0% to 5.8%. On June 22, 2026, IBM extended its $2.5 billion three-year and $7.5 billion five-year credit agreements to June 20, 2029 and June 22, 2031, respectively; neither facility had borrowings at quarter-end. IBM’s credit facilities require a consolidated net interest expense ratio of at least 2.20 to 1.0, and the company reported compliance with its debt covenants.
Key facts
- IBM issued $7.4 billion of debt in the first quarter of 2026 for general corporate purposes. source
- On June 22, 2026, the company amended its $2.5 billion Three-Year Credit Agreement and $7.5 billion Five-Year Credit Agreement to extend the maturity dates to June 20, 2029 and June 22, 2031, respectively. source
- Total debt increased $727 million ($1,173 million adjusted for currency) from December 31, 2025, primarily driven by proceeds from issuances of $7,437 million, partially offset by maturities of $7,141 million. source
- Euro debt totaled $23,714 million at June 30, 2026 and $20,258 million at December 31, 2025. source
- The company includes $4.9 billion from the 2024 issuance of U.S. dollar fixed-rate notes by IBM International Capital Pte. Ltd (IIC) in its long-term debt, and those notes are fully and unconditionally guaranteed by IBM. source
- Pre-swap annual contractual obligations of long-term debt remaining in 2026 were $6,713 million. source
- Long-term debt at June 30, 2026 was $56,212 million compared to $54,836 million at December 31, 2025, an increase of $1,377 million. source
- Non-Financing debt was $48,940 million at June 30, 2026, an increase of $2,773 million from December 31, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -4.9% | On February 3, 2026, the company issued $3.25 billion of U.S. dollar fixed-rate notes, $3.3 billion of Euro fixed-rate notes and $0.9… |
| liability | negative | realized | -3.8% | Change in total debt in the cash-flow view was 5,791 (six months ended June 30, 2026). |
| liability | negative | committed | -3.8% | Pre-swap annual contractual obligations of long-term debt remaining in 2026 were $6,713 million. |
| liability | negative | realized | -2.3% | Euro debt totaled $23,714 million at June 30, 2026 and $20,258 million at December 31, 2025. |
| liability | negative | realized | -1.8% | Non-Financing debt was $48,940 million at June 30, 2026, an increase of $2,773 million from December 31, 2025. |
| liability | positive | realized | +1.7% | U.S. dollar debt totaled $36,453 million at June 30, 2026 and $38,979 million at December 31, 2025. |
| liability | positive | realized | +1.4% | Financing segment debt was $13,047 million at June 30, 2026, a decrease of $2,046 million from December 31, 2025. |
| liability | positive | realized | +1.1% | Total liabilities at June 30, 2026: $117,558 million, decreased $1.6 billion from December 31, 2025 ($0.5 billion adjusted for currency) |
| liability | negative | realized | -0.9% | Long-term debt at June 30, 2026 was $56,212 million compared to $54,836 million at December 31, 2025, an increase of $1,377 million. |
| liability | negative | realized | -0.5% | Total debt increased $727 million ($1,173 million adjusted for currency) from December 31, 2025, primarily driven by proceeds from… |
| liability | negative | realized | -0.5% | Total debt at June 30, 2026: $62.0 billion, increased $0.7 billion from December 31, 2025 |
| liability | negative | realized | — | The company includes $4.9 billion from the 2024 issuance of U.S. dollar fixed-rate notes by IBM International Capital Pte. Ltd (IIC) in… |