IBM (IBM) risk factors: FY2025 10-K

Item 1A of the 10-K for the period ending 2025-12-31, filed 2026-02-24. 22 risk factor headings as filed. Read Item 1A in full · The whole 10-K · What changed since FY2024

0new since FY2024
2reworded
0removed
20unchanged

Headings mentioning a theme: Tariffs 0 · AI 1 · Cybersecurity 1 · China 0 · Interest rates 0. Compare across the S&P 500.

Risks Related to Our Business

3
  1. Downturn in Economic Environment and Client Spending Budgets Could Impact the Company’s Business
  2. Failure of Innovation Initiatives Could Impact the Long-Term Success of the Company
  3. Damage to IBM’s Reputation Could Impact the Company’s Business

Read these in Item 1A · See the changes

Risks from Investing in Growth Opportunities Could Impact the Company’s Business

1
  1. IBM’s Intellectual Property Portfolio May Not Prevent Competitive Offerings, and IBM May Not Be Able to Obtain Necessary Licenses

Read these in Item 1A · See the changes

Risks to the Company from Acquisitions, Alliances and Divestitures Include Integration Challenges, Failure to Achieve Objectives, the Assumption or Retention of Liabilities and Higher Debt Levels

12
  1. The Company’s Financial Results for Particular Periods Are Difficult to Predict
  2. Due to the Company’s Global Presence, Its Business and Operations Could Be Impacted by Local Legal, Economic, Political, Health and Other Conditions
  3. The Company May Not Meet Its Growth and Productivity Objectives
  4. Ineffective Internal Controls Could Impact the Company’s Business and Operating Results
  5. The Company’s Use of Accounting Estimates Involves Judgment and Could Impact the Company’s Financial Results
  6. The Company’s Goodwill or Amortizable Intangible Assets May Become Impaired
  7. The Company Depends on Skilled Employees and Could Be Impacted by a Shortage of Critical Skills
  8. The Company’s Business Could Be Impacted by Its Relationships with Critical Suppliers
  9. Product and Service Quality Issues Could Impact the Company’s Business and Operating Results
  10. The Development and Use of AI, including the Company’s Increased AI Solutions and Use of AI Technologies, Could Impact the Long-Term Success of the Company and its Reputation or Give Rise to Legal or Regulatory ActionrewordedAI
  11. The Company Could Be Impacted by Its Business with Government Clients
  12. The Company’s Reliance on Third-Party Distribution Channels and Ecosystems Could Impact Its Business

Read these in Item 1A · See the changes

Risks Related to Cybersecurity and Data Protection

1
  1. Cybersecurity and Data Protection Considerations Could Impact the Company’s BusinessrewordedCybersecurity

Read these in Item 1A · See the changes

Risks Related to Laws and Regulations

2
  1. The Company Could Incur Substantial Costs Related to Climate Change and Other Environmental Matters
  2. Tax Matters Could Impact the Company’s Results of Operations and Financial Condition

Read these in Item 1A · See the changes

Risks Related to Financing and Capital Markets Activities

3
  1. The Company’s Results of Operations and Financial Condition Could Be Negatively Impacted by Its U.S. and non-U.S. Pension Plans
  2. The Company Is Exposed to Currency and Financing Risks That Could Impact Its Revenue and Business
  3. The Company’s Financial Performance Could Be Impacted by Changes in Market Liquidity Conditions and by Customer Credit Risk on Receivables

Read these in Item 1A · See the changes

Headings are the lines of Item 1A set wholly in bold or italics, as the parser reads them, without the introductory paragraph that opens the section. A heading is new when no heading in the prior 10-K matches it after ignoring case and punctuation, and reworded when it shares at least 60 percent of its words with one that went away. Source: the filing on sec.gov.