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Side-by-side financial comparison of IBM (IBM) and Coca-Cola Company (The) (KO). Click either name above to swap in a different company.
IBM is the larger business by last-quarter revenue ($15.9B vs $11.8B, roughly 1.3× Coca-Cola Company (The)). Coca-Cola Company (The) runs the higher net margin — 19.2% vs 7.6%, a 11.6% gap on every dollar of revenue. On growth, IBM posted the faster year-over-year revenue change (9.7% vs 2.4%). Coca-Cola Company (The) produced more free cash flow last quarter ($2.9B vs $2.2B). Over the past eight quarters, Coca-Cola Company (The)'s revenue compounded faster (2.3% CAGR vs 0.4%).
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.
The Coca-Cola Company is an American multinational corporation founded in 1892 headquartered in Atlanta, Georgia. It manufactures, sells and markets soft drinks including Coca-Cola, other non-alcoholic beverage concentrates and syrups, and alcoholic beverages. Its stock is listed on the New York Stock Exchange and is a component of the DJIA and the S&P 500 and S&P 100 indices.
IBM vs KO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.9B | $11.8B |
| Net Profit | $1.2B | $2.3B |
| Gross Margin | 56.3% | 60.0% |
| Operating Margin | — | 15.6% |
| Net Margin | 7.6% | 19.2% |
| Revenue YoY | 9.7% | 2.4% |
| Net Profit YoY | 15.3% | 3.5% |
| EPS (diluted) | $1.28 | $0.53 |
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.
| Q1 26 | $15.9B | — | ||
| Q4 25 | $19.7B | $11.8B | ||
| Q3 25 | $16.3B | $12.5B | ||
| Q2 25 | $17.0B | $12.5B | ||
| Q1 25 | $14.5B | $11.1B | ||
| Q4 24 | $17.6B | $11.5B | ||
| Q3 24 | $15.0B | $11.9B | ||
| Q2 24 | $15.8B | $12.4B |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $5.6B | $2.3B | ||
| Q3 25 | $1.7B | $3.7B | ||
| Q2 25 | $2.2B | $3.8B | ||
| Q1 25 | $1.1B | $3.3B | ||
| Q4 24 | $2.9B | $2.2B | ||
| Q3 24 | $-330.0M | $2.8B | ||
| Q2 24 | $1.8B | $2.4B |
| Q1 26 | 56.3% | — | ||
| Q4 25 | 60.6% | 60.0% | ||
| Q3 25 | 57.3% | 61.5% | ||
| Q2 25 | 58.8% | 62.4% | ||
| Q1 25 | 55.2% | 62.6% | ||
| Q4 24 | 59.5% | 60.0% | ||
| Q3 24 | 56.3% | 60.7% | ||
| Q2 24 | 56.8% | 61.1% |
| Q1 26 | — | — | ||
| Q4 25 | 21.0% | 15.6% | ||
| Q3 25 | 14.9% | 32.0% | ||
| Q2 25 | 15.3% | 34.1% | ||
| Q1 25 | 8.0% | 32.9% | ||
| Q4 24 | 18.8% | 23.5% | ||
| Q3 24 | -5.4% | 21.2% | ||
| Q2 24 | 14.1% | 21.3% |
| Q1 26 | 7.6% | — | ||
| Q4 25 | 28.4% | 19.2% | ||
| Q3 25 | 10.7% | 29.7% | ||
| Q2 25 | 12.9% | 30.4% | ||
| Q1 25 | 7.3% | 29.9% | ||
| Q4 24 | 16.6% | 19.0% | ||
| Q3 24 | -2.2% | 24.0% | ||
| Q2 24 | 11.6% | 19.5% |
| Q1 26 | $1.28 | — | ||
| Q4 25 | $5.90 | $0.53 | ||
| Q3 25 | $1.84 | $0.86 | ||
| Q2 25 | $2.31 | $0.88 | ||
| Q1 25 | $1.12 | $0.77 | ||
| Q4 24 | $3.11 | $0.50 | ||
| Q3 24 | $-0.36 | $0.66 | ||
| Q2 24 | $1.96 | $0.56 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.8B | $10.3B |
| Total DebtLower is stronger | $66.4B | $42.1B |
| Stockholders' EquityBook value | $33.1B | $32.2B |
| Total Assets | $156.2B | $104.8B |
| Debt / EquityLower = less leverage | 2.01× | 1.31× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $10.8B | — | ||
| Q4 25 | $13.6B | $10.3B | ||
| Q3 25 | $11.6B | $12.7B | ||
| Q2 25 | $11.9B | $9.6B | ||
| Q1 25 | $11.0B | $8.4B | ||
| Q4 24 | $13.9B | $10.8B | ||
| Q3 24 | $13.2B | $13.9B | ||
| Q2 24 | $12.2B | $13.7B |
| Q1 26 | $66.4B | — | ||
| Q4 25 | $54.8B | $42.1B | ||
| Q3 25 | $55.2B | $43.2B | ||
| Q2 25 | $55.2B | $45.0B | ||
| Q1 25 | $56.4B | $43.5B | ||
| Q4 24 | $49.9B | $42.4B | ||
| Q3 24 | $53.0B | $43.0B | ||
| Q2 24 | $52.9B | $38.1B |
| Q1 26 | $33.1B | — | ||
| Q4 25 | $32.6B | $32.2B | ||
| Q3 25 | $27.9B | $31.2B | ||
| Q2 25 | $27.5B | $28.6B | ||
| Q1 25 | $26.9B | $26.2B | ||
| Q4 24 | $27.3B | $24.9B | ||
| Q3 24 | $24.4B | $26.5B | ||
| Q2 24 | $24.0B | $25.9B |
| Q1 26 | $156.2B | — | ||
| Q4 25 | $151.9B | $104.8B | ||
| Q3 25 | $146.3B | $106.0B | ||
| Q2 25 | $148.6B | $104.3B | ||
| Q1 25 | $145.7B | $101.7B | ||
| Q4 24 | $137.2B | $100.5B | ||
| Q3 24 | $134.3B | $106.3B | ||
| Q2 24 | $133.8B | $101.2B |
| Q1 26 | 2.01× | — | ||
| Q4 25 | 1.68× | 1.31× | ||
| Q3 25 | 1.98× | 1.38× | ||
| Q2 25 | 2.01× | 1.57× | ||
| Q1 25 | 2.10× | 1.66× | ||
| Q4 24 | 1.83× | 1.70× | ||
| Q3 24 | 2.17× | 1.62× | ||
| Q2 24 | 2.20× | 1.47× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.2B | $3.8B |
| Free Cash FlowOCF − Capex | $2.2B | $2.9B |
| FCF MarginFCF / Revenue | 14.0% | 24.3% |
| Capex IntensityCapex / Revenue | 2.4% | 7.5% |
| Cash ConversionOCF / Net Profit | 4.25× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $10.2B | $5.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.0B | $3.8B | ||
| Q3 25 | $3.1B | $5.0B | ||
| Q2 25 | $1.7B | $3.8B | ||
| Q1 25 | $4.4B | $-5.2B | ||
| Q4 24 | $4.3B | $4.0B | ||
| Q3 24 | $2.9B | $-1.3B | ||
| Q2 24 | $2.1B | $3.6B |
| Q1 26 | $2.2B | — | ||
| Q4 25 | $3.7B | $2.9B | ||
| Q3 25 | $2.8B | $4.6B | ||
| Q2 25 | $1.5B | $3.4B | ||
| Q1 25 | $4.1B | $-5.5B | ||
| Q4 24 | $4.0B | $3.1B | ||
| Q3 24 | $2.6B | $-1.7B | ||
| Q2 24 | $1.8B | $3.2B |
| Q1 26 | 14.0% | — | ||
| Q4 25 | 18.6% | 24.3% | ||
| Q3 25 | 17.3% | 36.6% | ||
| Q2 25 | 8.8% | 26.9% | ||
| Q1 25 | 28.4% | -49.5% | ||
| Q4 24 | 22.9% | 27.3% | ||
| Q3 24 | 17.3% | -14.6% | ||
| Q2 24 | 11.7% | 25.6% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | 1.9% | 7.5% | ||
| Q3 25 | 1.6% | 3.8% | ||
| Q2 25 | 1.2% | 3.5% | ||
| Q1 25 | 1.7% | 2.8% | ||
| Q4 24 | 1.7% | 7.0% | ||
| Q3 24 | 1.9% | 4.0% | ||
| Q2 24 | 1.4% | 3.4% |
| Q1 26 | 4.25× | — | ||
| Q4 25 | 0.72× | 1.65× | ||
| Q3 25 | 1.77× | 1.36× | ||
| Q2 25 | 0.78× | 1.00× | ||
| Q1 25 | 4.14× | -1.56× | ||
| Q4 24 | 1.49× | 1.80× | ||
| Q3 24 | — | -0.44× | ||
| Q2 24 | 1.13× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IBM
| Software | $7.1B | 45% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $200.0M | 1% |
KO
| Other | $7.0B | 59% |
| Finished Product Operations | $2.4B | 21% |
| Concentrate Operations | $2.4B | 20% |
