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Side-by-side financial comparison of IBM (IBM) and Procter & Gamble (PG). Click either name above to swap in a different company.
Procter & Gamble is the larger business by last-quarter revenue ($21.2B vs $15.9B, roughly 1.3× IBM). Procter & Gamble runs the higher net margin — 18.6% vs 7.6%, a 11.0% gap on every dollar of revenue. On growth, IBM posted the faster year-over-year revenue change (9.7% vs 7.0%). Over the past eight quarters, Procter & Gamble's revenue compounded faster (1.7% 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 Procter & Gamble Company (P&G) is an American multinational consumer goods corporation incorporated and headquartered in Cincinnati, Ohio.
IBM vs PG — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $15.9B | $21.2B |
| Net Profit | $1.2B | $4.0B |
| Gross Margin | 56.3% | 49.5% |
| Operating Margin | — | 21.5% |
| Net Margin | 7.6% | 18.6% |
| Revenue YoY | 9.7% | 7.0% |
| Net Profit YoY | 15.3% | 4.0% |
| EPS (diluted) | $1.28 | $1.63 |
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 | $21.2B | ||
| Q4 25 | $19.7B | $22.2B | ||
| Q3 25 | $16.3B | $22.4B | ||
| Q2 25 | $17.0B | $20.9B | ||
| Q1 25 | $14.5B | $19.8B | ||
| Q4 24 | $17.6B | $21.9B | ||
| Q3 24 | $15.0B | $21.7B | ||
| Q2 24 | $15.8B | $20.5B |
| Q1 26 | $1.2B | $4.0B | ||
| Q4 25 | $5.6B | $4.3B | ||
| Q3 25 | $1.7B | $4.8B | ||
| Q2 25 | $2.2B | $3.6B | ||
| Q1 25 | $1.1B | $3.8B | ||
| Q4 24 | $2.9B | $4.6B | ||
| Q3 24 | $-330.0M | $4.0B | ||
| Q2 24 | $1.8B | $3.1B |
| Q1 26 | 56.3% | 49.5% | ||
| Q4 25 | 60.6% | 51.2% | ||
| Q3 25 | 57.3% | 51.4% | ||
| Q2 25 | 58.8% | 49.1% | ||
| Q1 25 | 55.2% | 51.0% | ||
| Q4 24 | 59.5% | 52.4% | ||
| Q3 24 | 56.3% | 52.1% | ||
| Q2 24 | 56.8% | 49.6% |
| Q1 26 | — | 21.5% | ||
| Q4 25 | 21.0% | 24.2% | ||
| Q3 25 | 14.9% | 26.2% | ||
| Q2 25 | 15.3% | 20.8% | ||
| Q1 25 | 8.0% | 23.0% | ||
| Q4 24 | 18.8% | 26.2% | ||
| Q3 24 | -5.4% | 26.7% | ||
| Q2 24 | 14.1% | 18.9% |
| Q1 26 | 7.6% | 18.6% | ||
| Q4 25 | 28.4% | 19.4% | ||
| Q3 25 | 10.7% | 21.2% | ||
| Q2 25 | 12.9% | 17.3% | ||
| Q1 25 | 7.3% | 19.1% | ||
| Q4 24 | 16.6% | 21.2% | ||
| Q3 24 | -2.2% | 18.2% | ||
| Q2 24 | 11.6% | 15.3% |
| Q1 26 | $1.28 | $1.63 | ||
| Q4 25 | $5.90 | $1.78 | ||
| Q3 25 | $1.84 | $1.95 | ||
| Q2 25 | $2.31 | $1.48 | ||
| Q1 25 | $1.12 | $1.54 | ||
| Q4 24 | $3.11 | $1.88 | ||
| Q3 24 | $-0.36 | $1.61 | ||
| Q2 24 | $1.96 | $1.27 |
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 | $12.3B |
| Total DebtLower is stronger | $66.4B | $23.9B |
| Stockholders' EquityBook value | $33.1B | $54.7B |
| Total Assets | $156.2B | $128.4B |
| Debt / EquityLower = less leverage | 2.01× | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $10.8B | $12.3B | ||
| Q4 25 | $13.6B | — | ||
| Q3 25 | $11.6B | — | ||
| Q2 25 | $11.9B | — | ||
| Q1 25 | $11.0B | — | ||
| Q4 24 | $13.9B | — | ||
| Q3 24 | $13.2B | — | ||
| Q2 24 | $12.2B | — |
| Q1 26 | $66.4B | $23.9B | ||
| 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 | — |
| Q1 26 | $33.1B | $54.7B | ||
| Q4 25 | $32.6B | $53.3B | ||
| Q3 25 | $27.9B | $53.6B | ||
| Q2 25 | $27.5B | $52.3B | ||
| Q1 25 | $26.9B | $52.5B | ||
| Q4 24 | $27.3B | $51.4B | ||
| Q3 24 | $24.4B | $52.1B | ||
| Q2 24 | $24.0B | $50.6B |
| Q1 26 | $156.2B | $128.4B | ||
| Q4 25 | $151.9B | $127.3B | ||
| Q3 25 | $146.3B | $127.6B | ||
| Q2 25 | $148.6B | $125.2B | ||
| Q1 25 | $145.7B | $123.0B | ||
| Q4 24 | $137.2B | $122.6B | ||
| Q3 24 | $134.3B | $126.5B | ||
| Q2 24 | $133.8B | $122.4B |
| Q1 26 | 2.01× | 0.44× | ||
| 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 | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.2B | — |
| Free Cash FlowOCF − Capex | $2.2B | — |
| FCF MarginFCF / Revenue | 14.0% | — |
| Capex IntensityCapex / Revenue | 2.4% | 15.9% |
| Cash ConversionOCF / Net Profit | 4.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $10.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.0B | $5.0B | ||
| Q3 25 | $3.1B | $5.4B | ||
| Q2 25 | $1.7B | $5.0B | ||
| Q1 25 | $4.4B | $3.7B | ||
| Q4 24 | $4.3B | $4.8B | ||
| Q3 24 | $2.9B | $4.3B | ||
| Q2 24 | $2.1B | $5.8B |
| Q1 26 | $2.2B | — | ||
| Q4 25 | $3.7B | $3.8B | ||
| Q3 25 | $2.8B | $4.2B | ||
| Q2 25 | $1.5B | $4.0B | ||
| Q1 25 | $4.1B | $2.8B | ||
| Q4 24 | $4.0B | $3.9B | ||
| Q3 24 | $2.6B | $3.3B | ||
| Q2 24 | $1.8B | $5.0B |
| Q1 26 | 14.0% | — | ||
| Q4 25 | 18.6% | 17.1% | ||
| Q3 25 | 17.3% | 18.8% | ||
| Q2 25 | 8.8% | 19.1% | ||
| Q1 25 | 28.4% | 14.4% | ||
| Q4 24 | 22.9% | 17.8% | ||
| Q3 24 | 17.3% | 15.2% | ||
| Q2 24 | 11.7% | 24.2% |
| Q1 26 | 2.4% | 15.9% | ||
| Q4 25 | 1.9% | 5.3% | ||
| Q3 25 | 1.6% | 5.4% | ||
| Q2 25 | 1.2% | 4.8% | ||
| Q1 25 | 1.7% | 4.3% | ||
| Q4 24 | 1.7% | 4.2% | ||
| Q3 24 | 1.9% | 4.6% | ||
| Q2 24 | 1.4% | 3.8% |
| Q1 26 | 4.25× | — | ||
| Q4 25 | 0.72× | 1.15× | ||
| Q3 25 | 1.77× | 1.14× | ||
| Q2 25 | 0.78× | 1.38× | ||
| Q1 25 | 4.14× | 0.98× | ||
| Q4 24 | 1.49× | 1.04× | ||
| Q3 24 | — | 1.09× | ||
| Q2 24 | 1.13× | 1.83× |
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% |
PG
| Fabric & Home Care | $7.4B | 35% |
| Baby, Feminine & Family Care | $5.1B | 24% |
| Beauty | $3.9B | 18% |
| Health Care | $3.1B | 14% |
| Grooming | $1.6B | 8% |
| Corporate | $225.0M | 1% |
