IBM · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
INTERNATIONAL BUSINESS MACHINES CORP · 2026-10-22 · Importance 61 · Surprise 32 · Contradicted
At September 30, 2026, IBM held $11.106 billion of cash, restricted cash and marketable securities, down $3.364 billion from year-end 2025, while total debt rose $2.557 billion to $63.817 billion. The company issued $9.415 billion of debt and had $10.0 billion of global credit facilities available as backup liquidity. IBM said it had sufficient flexibility to operate at a single-A credit rating and that its debt covenants remained within required levels. The company reported no current plans to draw on the credit facilities and said cash flows were sufficient to fund operations, acquisitions, dividends and debt service.
Key facts
- 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 billion of Euro floating-rate notes. source
- IBM has $10.0 billion in global credit facilities at September 30, 2026. source
- The company includes $4.9 billion from the 2024 issuance of U.S. dollar fixed-rate notes by IBM International Capital Pte. Ltd, fully and unconditionally guaranteed by IBM. source
- The company has a $2.5 billion Three-Year Credit Agreement maturing June 20, 2029 and a $7.5 billion Five-Year Credit Agreement maturing June 22, 2031. source
- At September 30, 2026, cash and cash equivalents, restricted cash and marketable securities were $11.1 billion, down $3.4 billion from December 31, 2025; debt was $63.8 billion at September 30, 2026, up $2.6 billion from December 31, 2025. source
- Pre-swap annual contractual obligations of long-term debt remainder of 2026: $6,732 million. source
- Total assets at September 30, 2026 were $155,011 million, up 2.1% from $151,880 million at December 31, 2025; total liabilities were $118,805 million at September 30, 2026 (down 0.3% from $119,139 million); total equity was $36,206 million at September 30, 2026, up 10.6% from $32,740 million. source
- Total assets increased $3.1 billion ($4.3 billion adjusted for currency) from December 31, 2025 to September 30, 2026; total liabilities decreased $0.3 billion ($0.9 billion adjusted for currency); total equity increased $3.5 billion from December 31, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -6.1% | Total debt changes were primarily driven by proceeds from issuances of $9,415 million, partially offset by maturities of $7,261 million. |
| liability | negative | realized | -4.8% | 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 | positive | realized | +4.7% | Total debt changes were primarily driven by proceeds from issuances of $9,415 million, partially offset by maturities of $7,261 million. |
| liability | negative | committed | -3.7% | Pre-swap annual contractual obligations of long-term debt remainder of 2026: $6,732 million. |
| liability | negative | realized | -3.2% | Non-Financing debt at September 30, 2026 was $51,166 million, an increase of $4,999 million from December 31, 2025. |
| cash | negative | realized | -2.2% | At September 30, 2026, cash and cash equivalents, restricted cash and marketable securities were $11.1 billion, down $3.4 billion from… |
| assets | positive | realized | +2.0% | Total assets at September 30, 2026 were $155,011 million, up 2.1% from $151,880 million at December 31, 2025; total liabilities were… |
| liability | negative | realized | -1.7% | At September 30, 2026, cash and cash equivalents, restricted cash and marketable securities were $11.1 billion, down $3.4 billion from… |
| liability | negative | realized | -1.6% | Total debt of $63,817 million at September 30, 2026 increased $2,557 million compared to December 31, 2025. |
| liability | positive | realized | +0.2% | Total assets at September 30, 2026 were $155,011 million, up 2.1% from $151,880 million at December 31, 2025; total liabilities were… |
| assets | unclear | realized | — | Total current assets at September 30, 2026: $31,192 million. |
| assets | unclear | realized | — | Total assets at September 30, 2026: $155,011 million. |