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IBM vs Samsung: Revenue, Profit and Business Model

IBM reported $67.5B of revenue in FY2025 and $10.6B of net income. Samsung reported ~$236.9B of revenue in FY2025 and ~$31.4B of net income.

Latest financial snapshot

IBM

Latest revenue
$67.5B (FY2025)
Net income
$10.6B
Net margin
15.7%
Revenue growth
-1.9% a year, FY2016–FY2025

Samsung

Latest revenue
~$236.9B (FY2025)
Net income
~$31.4B
Net margin
13.3%
Revenue growth
+4.5% a year, FY2021–FY2025

Financial summary

IBM

IBM's reported revenue fell from about $80 billion in 2016-2018 to $57.4 billion in 2021, mostly because the Kyndryl spin-off and earlier divestitures removed low-margin services. Since then the slimmer company has grown each year: $60.5 billion in 2022, $61.9 billion in 2023, $62.8 billion in 2024, and $67.5 billion in 2025 (up 7.6%). FY2025 net income from continuing operations was $10.6 billion and free cash flow was $14.7 billion. In Q2 2026, revenue rose 1% to $17.16 billion: software grew 5% to $7.76 billion, consulting was flat at $5.33 billion, and infrastructure fell 7% to $3.84 billion as IBM Z sales lapped the z17 launch. Some large software deals slipped out of the quarter, so IBM cut its 2026 constant-currency revenue growth forecast to 4-5% while keeping its target of about $1 billion more free cash flow than in 2025.

Samsung

Samsung's earnings follow the memory cycle. Revenue fell from ~$215 billion (KRW 302.2 trillion) in 2022 to ~$184 billion (KRW 258.9 trillion) in 2023 during a chip downturn, then recovered to ~$214 billion (KRW 300.9 trillion) in 2024 and ~$237 billion (KRW 333.6 trillion) in 2025, when net income reached about $31.5 billion (KRW 44.3 trillion). In 2026, AI server demand created a memory shortage. Q1 operating profit of ~$40.6 billion (KRW 57.2 trillion) exceeded the full-year 2025 total, and Q2 reached ~$63.5 billion (KRW 89.5 trillion) on ~$122 billion (KRW 171.5 trillion) revenue. Higher memory costs also squeezed Samsung's own devices: the MX and Networks unit lost ~$497 million (KRW 0.7 trillion) in Q2 2026 on ~$23.6 billion (KRW 33.2 trillion) revenue.

Revenue and profit by year

IBM

IBM revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2025$67.5B$10.6B15.7%+7.6%Source
FY2024$62.8B$6B9.6%+1.4%Source
FY2023$61.9B$7.5B12.1%+2.2%Source
FY2022$60.5B$1.6B2.7%+5.5%Source
FY2021$57.4B$5.7B10.0%+3.9%Source
FY2020$55.2B$5.6B10.1%-4.4%Source
FY2019$57.7B$9.4B16.3%-27.5%Source
FY2018$79.6B$8.7B11.0%+0.6%Source
FY2017$79.1B$5.8B7.3%-1.0%Source
FY2016$79.9B$11.9B14.9%—Source
Full IBM financials

Samsung

Samsung revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2025~$236.9B~$31.4B13.3%+10.9%Source
FY2024~$213.6B~$23.9B11.2%+16.2%Source
FY2023~$183.8B~$10.3B5.6%-14.3%Source
FY2022~$214.6B~$38.9B18.1%+8.1%Source
FY2021~$198.5B~$27.9B14.0%—Source
Full Samsung financials

Where the revenue comes from

IBM

  • Software~44%

    Red Hat, automation, data and AI, transaction processing, security, and related software services.

  • Consulting~31%

    Technology consulting, business transformation, hybrid cloud implementation, and AI-enabled workflows.

  • Infrastructure~23%

    IBM Z, distributed infrastructure, storage, infrastructure software, maintenance, and related services.

  • Financing~1%

    Client financing and used equipment sales supporting enterprise technology deployments.

Samsung

  • Memory semiconductors
  • Foundry and system LSI
  • Galaxy smartphones and mobile devices
  • Display panels
  • TVs and appliances
  • Network equipment
  • Harman automotive and audio

Business model and strategy

IBM

How it makes money

IBM makes money from four segments. Software ($29.96 billion in FY2025, about 44% of revenue) includes Red Hat Enterprise Linux and OpenShift, HashiCorp Terraform and Vault, Confluent data streaming (from March 2026), watsonx AI, automation, security, and mainframe transaction-processing software, sold mostly as subscriptions and recurring licenses.

Growth strategy

IBM does not try to beat AWS, Microsoft Azure, or Google Cloud at selling public cloud capacity. It sells the software layer that runs across all of them and across on-premises data centers.

Competitive advantage

IBM's main advantage is how deeply it is built into the core systems of large regulated organizations. Banks, card networks, insurers, and governments run high-volume transaction processing on IBM Z, and moving those workloads is slow, risky, and expensive.

IBM business model in full

Samsung

How it makes money

Samsung earns money from two groups of businesses. Device Solutions (DS) makes and sells memory (DRAM, HBM, NAND), System LSI chips such as Exynos processors and ISOCELL image sensors, and contract foundry manufacturing.

Growth strategy

Samsung's growth plan centers on AI memory: ramping HBM4 for Nvidia and AMD accelerators, developing HBM4E, and adding DRAM capacity at Pyeongtaek. In foundry it is pursuing 2nm gate-all-around production and building its Taylor, Texas fab to win customers from TSMC. On the device side it relies on Galaxy AI features, foldables and premium TVs to defend share against Apple and Chinese brands.

Competitive advantage

Samsung's edge is manufacturing scale and breadth. It is the largest memory producer and one of only three major DRAM makers, alongside SK hynix and Micron. That lets it capture pricing upswings like the 2026 AI-driven shortage.

Samsung business model in full

Questions about IBM vs Samsung

Which company has higher revenue — International Business Machines Corporation or Samsung Electronics Co., Ltd.?

International Business Machines Corporation reported $67.5B (FY2025), while Samsung Electronics Co., Ltd. reported ~$236.9B (FY2025). By last reported revenue, Samsung Electronics Co., Ltd. is the larger business, with International Business Machines Corporation reporting a smaller revenue base.

What is the market cap of International Business Machines Corporation vs Samsung Electronics Co., Ltd.?

International Business Machines Corporation's market capitalisation stands at $216.3B, while Samsung Electronics Co., Ltd.'s is $1.33T. Samsung Electronics Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to International Business Machines Corporation.

Which is more financially efficient — International Business Machines Corporation or Samsung Electronics Co., Ltd.?

International Business Machines Corporation generates $256k / employee in revenue per employee, while Samsung Electronics Co., Ltd. generates $914k / employee. Samsung Electronics Co., Ltd. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.

How do International Business Machines Corporation and Samsung Electronics Co., Ltd. make money?

International Business Machines Corporation and Samsung Electronics Co., Ltd. generate revenue in fundamentally different ways. International Business Machines Corporation: IBM makes money from four segments. Samsung Electronics Co., Ltd.: Samsung earns money from two groups of businesses.

Which company is valued higher relative to revenue — International Business Machines Corporation or Samsung Electronics Co., Ltd.?

On a price-to-sales (P/S) basis, International Business Machines Corporation trades at 3.2x P/S and Samsung Electronics Co., Ltd. at 5.6x P/S. Samsung Electronics Co., Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to International Business Machines Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.

Is International Business Machines Corporation bigger than Samsung Electronics Co., Ltd.?

By last reported revenue, Samsung Electronics Co., Ltd. (~$236.9B (FY2025)) is the larger company compared to International Business Machines Corporation ($67.5B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.

Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the IBM vs Samsung overview

Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.