---
ticker: IBM
company: International Business Machines Corporation
filing_type: 10-K
year_current: 2025
year_prior: 2024
risks_added: 0
risks_removed: 1
risks_modified: 0
risks_unchanged: 5
source: SEC EDGAR
url: https://riskdiff.com/ibm/2025-vs-2024/
markdown_url: https://riskdiff.com/ibm/2025-vs-2024/index.md
generated: 2026-05-10
---

# International Business Machines Corporation: 10-K Risk Factor Changes 2025 vs 2024

> Source: U.S. Securities and Exchange Commission (EDGAR)  
> Generated: 2026-05-10  
> All data extracted directly from official filings. No hallucinated content.

> **[AI-Generated Summary]** The paragraph below was produced by a language
> model and may contain errors. All other content on this page is deterministically
> extracted from the original SEC filing.

> IBM removed one risk factor related to the Kyndryl Holdings, Inc. spin-off between the 2024 and 2025 filings, reflecting the completion of that transaction. No new risks were added and no existing risk disclosures were substantively modified, with five risk factors remaining unchanged from the prior year.

---

## Summary

| Status | Count |
|--------|-------|
| New risks added | 0 |
| Risks removed | 1 |
| Risks modified | 0 |
| Unchanged | 5 |

---

## No Match in Current: Risks Related to the Spin-Off of Kyndryl Holdings, Inc.

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

If the Kyndryl Holdings, Inc. Spin-off Fails to Qualify for Tax-free Treatment, It Could Result in Substantial Tax Liability for the Company and Its Stockholders: In connection with the spin-off of Kyndryl Holdings, Inc., the company obtained a private letter ruling from the IRS and an opinion from its tax advisor, in each case to the effect that, for U.S. federal income tax purposes, the spin-off will qualify as a tax-free reorganization under sections 368(a)(1)(D) and 355 of the Internal Revenue Code of 1986, as amended. The IRS private letter ruling and the opinion rely on certain facts, assumptions, representations and undertakings from Kyndryl Holdings, Inc. and the company regarding the past and future conduct of the companies' respective businesses and other matters. If any of these facts, assumptions, representations, or undertakings are incorrect or not satisfied, the conclusions reached in the IRS private letter ruling and/or the opinion could be jeopardized. If the spin-off is determined to be taxable for U.S. federal income tax purposes, the company's stockholders that are subject to U.S. federal income tax and the company could incur significant U.S. federal income tax liabilities.

---

*Data sourced from SEC EDGAR. Last updated 2026-05-10.*