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Side-by-side financial comparison of Deere & Company (DE) and IBM (IBM). Click either name above to swap in a different company.

IBM is the larger business by last-quarter revenue ($15.9B vs $12.4B, roughly 1.3× Deere & Company). Deere & Company runs the higher net margin — 8.6% vs 7.6%, a 1.0% gap on every dollar of revenue. On growth, Deere & Company posted the faster year-over-year revenue change (11.2% vs 9.5%). Deere & Company produced more free cash flow last quarter ($3.5B vs $2.2B). Over the past eight quarters, Deere & Company's revenue compounded faster (0.9% CAGR vs 0.5%).

Deere & Company

Deere & CompanyDEEarnings & Financial Report

NYSE · Industrials · Agricultural & Farm Machinery

Deere & Company, doing business as John Deere, is an American corporation that manufactures agricultural machinery, heavy equipment, forestry machinery, diesel engines, drivetrains used in heavy equipment and lawn care equipment. It also provides financial services and other related activities.

IBM

IBMIBMEarnings & Financial Report

NYSE · Information Technology · IT Consulting & Other Services

International Business Machines Corporation, doing business as IBM, is an American multinational technology company headquartered in Armonk, New York, and present in over 175 countries. It is a publicly traded company and one of the 30 companies in the Dow Jones Industrial Average. IBM is the largest industrial research organization in the world, with 19 research facilities across a dozen countries; for 29 consecutive years, from 1993 to 2021, it held the record for most annual U.S.

DE vs IBM — Head-to-Head

Bigger by revenue
IBM
IBM
1.3× larger
IBM
$15.9B
$12.4B
DE
Growing faster (revenue YoY)
DE
DE
+1.8% gap
DE
11.2%
9.5%
IBM
Higher net margin
DE
DE
1.0% more per $
DE
8.6%
7.6%
IBM
More free cash flow
DE
DE
$1.3B more FCF
DE
$3.5B
$2.2B
IBM
Faster 2-yr revenue CAGR
DE
DE
Annualised
DE
0.9%
0.5%
IBM

Income Statement — Q4 FY2025 vs Q1 FY2026

Metric
DE
DE
IBM
IBM
Revenue
$12.4B
$15.9B
Net Profit
$1.1B
$1.2B
Gross Margin
—
56.2%
Operating Margin
11.5%
—
Net Margin
8.6%
7.6%
Revenue YoY
11.2%
9.5%
Net Profit YoY
-14.5%
15.3%
EPS (diluted)
$3.92
$1.28

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
DE
DE
IBM
IBM
Q1 26
—
$15.9B
Q4 25
$12.4B
$19.7B
Q3 25
$12.0B
$16.3B
Q2 25
$12.8B
$17.0B
Q1 25
$8.5B
$14.5B
Q4 24
$11.1B
$17.6B
Q3 24
$13.2B
$15.0B
Q2 24
$15.2B
$15.8B
Net Profit
DE
DE
IBM
IBM
Q1 26
—
$1.2B
Q4 25
$1.1B
$5.6B
Q3 25
$1.3B
$1.7B
Q2 25
$1.8B
$2.2B
Q1 25
$869.0M
$1.1B
Q4 24
$1.2B
$2.9B
Q3 24
$1.7B
$-330.0M
Q2 24
$2.4B
$1.8B
Gross Margin
DE
DE
IBM
IBM
Q1 26
—
56.2%
Q4 25
—
60.6%
Q3 25
—
57.3%
Q2 25
—
58.8%
Q1 25
—
55.2%
Q4 24
—
59.5%
Q3 24
—
56.3%
Q2 24
—
56.8%
Operating Margin
DE
DE
IBM
IBM
Q1 26
—
—
Q4 25
11.5%
21.0%
Q3 25
13.3%
14.9%
Q2 25
18.3%
15.3%
Q1 25
10.5%
8.0%
Q4 24
13.6%
18.8%
Q3 24
17.9%
-5.4%
Q2 24
20.5%
14.1%
Net Margin
DE
DE
IBM
IBM
Q1 26
—
7.6%
Q4 25
8.6%
28.4%
Q3 25
10.7%
10.7%
Q2 25
14.1%
12.9%
Q1 25
10.2%
7.3%
Q4 24
11.2%
16.6%
Q3 24
13.2%
-2.2%
Q2 24
15.6%
11.6%
EPS (diluted)
DE
DE
IBM
IBM
Q1 26
—
$1.28
Q4 25
$3.92
$5.90
Q3 25
$4.75
$1.84
Q2 25
$6.64
$2.31
Q1 25
$3.19
$1.12
Q4 24
$4.57
$3.11
Q3 24
$6.29
$-0.36
Q2 24
$8.53
$1.96

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
DE
DE
IBM
IBM
Cash + ST InvestmentsLiquidity on hand
$8.3B
$10.8B
Total DebtLower is stronger
—
$66.4B
Stockholders' EquityBook value
$25.9B
$33.1B
Total Assets
$106.0B
$156.2B
Debt / EquityLower = less leverage
—
2.01×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
DE
DE
IBM
IBM
Q1 26
—
$10.8B
Q4 25
$8.3B
$13.6B
Q3 25
$8.6B
$11.6B
Q2 25
$8.0B
$11.9B
Q1 25
$6.6B
$11.0B
Q4 24
$7.3B
$13.9B
Q3 24
$7.0B
$13.2B
Q2 24
$5.6B
$12.2B
Total Debt
DE
DE
IBM
IBM
Q1 26
—
$66.4B
Q4 25
—
$54.8B
Q3 25
—
$55.2B
Q2 25
—
$55.2B
Q1 25
—
$56.4B
Q4 24
—
$49.9B
Q3 24
—
$53.0B
Q2 24
—
$52.9B
Stockholders' Equity
DE
DE
IBM
IBM
Q1 26
—
$33.1B
Q4 25
$25.9B
$32.6B
Q3 25
$25.2B
$27.9B
Q2 25
$24.3B
$27.5B
Q1 25
$22.5B
$26.9B
Q4 24
$22.8B
$27.3B
Q3 24
$23.1B
$24.4B
Q2 24
$22.7B
$24.0B
Total Assets
DE
DE
IBM
IBM
Q1 26
—
$156.2B
Q4 25
$106.0B
$151.9B
Q3 25
$107.8B
$146.3B
Q2 25
$106.3B
$148.6B
Q1 25
$103.1B
$145.7B
Q4 24
$107.3B
$137.2B
Q3 24
$107.8B
$134.3B
Q2 24
$105.6B
$133.8B
Debt / Equity
DE
DE
IBM
IBM
Q1 26
—
2.01×
Q4 25
—
1.68×
Q3 25
—
1.98×
Q2 25
—
2.01×
Q1 25
—
2.10×
Q4 24
—
1.83×
Q3 24
—
2.17×
Q2 24
—
2.20×

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
DE
DE
IBM
IBM
Operating Cash FlowLast quarter
$4.0B
$5.2B
Free Cash FlowOCF − Capex
$3.5B
$2.2B
FCF MarginFCF / Revenue
28.1%
13.9%
Capex IntensityCapex / Revenue
4.1%
2.4%
Cash ConversionOCF / Net Profit
3.75×
4.25×
TTM Free Cash FlowTrailing 4 quarters
$6.1B
$10.2B

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
DE
DE
IBM
IBM
Q1 26
—
$5.2B
Q4 25
$4.0B
$4.0B
Q3 25
$2.9B
$3.1B
Q2 25
$1.7B
$1.7B
Q1 25
$-1.1B
$4.4B
Q4 24
$5.1B
$4.3B
Q3 24
$3.2B
$2.9B
Q2 24
$1.9B
$2.1B
Free Cash Flow
DE
DE
IBM
IBM
Q1 26
—
$2.2B
Q4 25
$3.5B
$3.7B
Q3 25
$2.6B
$2.8B
Q2 25
$1.5B
$1.5B
Q1 25
$-1.5B
$4.1B
Q4 24
$4.5B
$4.0B
Q3 24
$2.9B
$2.6B
Q2 24
$1.5B
$1.8B
FCF Margin
DE
DE
IBM
IBM
Q1 26
—
13.9%
Q4 25
28.1%
18.6%
Q3 25
21.6%
17.3%
Q2 25
11.7%
8.8%
Q1 25
-17.4%
28.4%
Q4 24
40.3%
22.9%
Q3 24
21.8%
17.3%
Q2 24
9.8%
11.7%
Capex Intensity
DE
DE
IBM
IBM
Q1 26
—
2.4%
Q4 25
4.1%
1.9%
Q3 25
2.5%
1.6%
Q2 25
1.6%
1.2%
Q1 25
4.1%
1.7%
Q4 24
5.4%
1.7%
Q3 24
2.5%
1.9%
Q2 24
2.3%
1.4%
Cash Conversion
DE
DE
IBM
IBM
Q1 26
—
4.25×
Q4 25
3.75×
0.72×
Q3 25
2.25×
1.77×
Q2 25
0.94×
0.78×
Q1 25
-1.30×
4.14×
Q4 24
4.09×
1.49×
Q3 24
1.84×
—
Q2 24
0.78×
1.13×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

Revenue Breakdown by Segment

DE
DE

Production And Precision Agriculture Segment$2.0B16%
Construction And Forestry Segment$2.0B16%
Small Agriculture$1.8B15%
Financial Service$1.5B12%
Construction Equipment$1.4B11%
Small Agriculture And Turf Segment$1.2B9%
Roadbuilding$994.0M8%
Compact Construction Equipment$564.0M5%
Forestry$352.0M3%
Other$300.0M2%
Other Products And Services$146.0M1%
Financial Products$80.0M1%

IBM
IBM

Software$7.1B44%
Consulting$5.3B33%
Infrastructure$3.3B21%
Financing$220.0M1%

Related Comparisons

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