International Business Machines (IBM)

Cash conversion cycle

		Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Days of inventory on hand (DOH)	days	16.01	18.63	16.80	19.35	17.30	18.34	16.45	16.07	15.38	18.57	19.96	21.10	20.35	23.40	22.39	24.40	23.27	24.21	20.94	19.31
Days of sales outstanding (DSO)	days	95.33	70.36	72.65	69.03	81.49	67.51	67.90	68.67	82.35	66.85	36.91	37.46	42.24	36.47	81.93	40.53	45.98	91.12	91.45	87.45
Number of days of payables	days	62.40	51.58	53.38	48.48	54.10	43.93	48.40	47.56	54.72	44.35	49.62	49.08	53.11	49.65	49.30	47.44	55.81	54.38	48.83	43.73
Cash conversion cycle	days	48.94	37.41	36.08	39.90	44.69	41.92	35.95	37.18	43.00	41.07	7.24	9.48	9.48	10.22	55.02	17.49	13.44	60.95	63.56	63.03