# INTERNATIONAL BUSINESS MACHINES CORP (IBM) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from INTERNATIONAL BUSINESS MACHINES CORP's 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/IBM/mda/fy2025/): filed 2026-02-24; accession 0000051143-26-000010 (https://www.sec.gov/Archives/edgar/data/51143/000005114326000010/ibm-20251231.htm); latest 10-K
- [FY 2024 MD&A](/company/IBM/mda/fy2024/): filed 2025-02-25; accession 0000051143-25-000015 (https://www.sec.gov/Archives/edgar/data/51143/000005114325000015/ibm-20241231.htm)
- [FY 2023 MD&A](/company/IBM/mda/fy2023/): filed 2024-02-26; accession 0000051143-24-000012 (https://www.sec.gov/Archives/edgar/data/51143/000005114324000012/ibm-20231231.htm)
- [FY 2022 MD&A](/company/IBM/mda/fy2022/): filed 2023-02-28; accession 0001558370-23-002376 (https://www.sec.gov/Archives/edgar/data/51143/000155837023002376/ibm-20221231x10k.htm)
- [FY 2021 MD&A](/company/IBM/mda/fy2021/): filed 2022-02-22; accession 0001558370-22-001584 (https://www.sec.gov/Archives/edgar/data/51143/000155837022001584/ibm-20211231x10k.htm)

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