Skip to content
AnalystLens

INTERNATIONAL BUSINESS MACHINES CORPIBM

Sector
Technology
Industry
Computer & office Equipment
Exchange
NYSE

Stock Price $IBM

Latest filings

You are here#19 of 67 in Technology by market cap

Filing record · 2016–202610-K1110-Q338-K210

IBM filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 210 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Oct ’17Oct ’17
  2. Leadership change8-K · Nov ’19Nov ’19
  3. Deal closed8-K · Nov ’21Nov ’21
  4. Material agreement8-K · Jun ’25Jun ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $67.53B
YoY changeLargest recent move−27.5%in FY19Latest +7.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All IBM Financial Metrics59 metrics

Income Statement14

Balance Sheet26

Cash Flow14

Per Share5

02—Overview

INTERNATIONAL BUSINESS MACHINES CORP Financial Overview 2021–2025

Updated Jul 10, 2026

An aggressive pledge of over $10 billiona toward quantum computing development proves IBM is no longer simply defending legacy infrastructure. The core investment thesis is clear: despite bearing the burden of a massive, legacy-heavy organization, the company is successfully engineering a high-margin turnaround driven by enterprise artificial intelligence and strategic software buyouts.

Because IBM paused its buyback program to fund this transformation, its outstanding share count drifted upward from 0.90 billion in FY2021 to 0.93 billion in FY2024, remaining unreduced with zero repurchases executed through the close of FY2025. Without the artificial lift of financial engineering, IBM has relied strictly on operational execution. The strategic pivot is demonstrably working. Software revenue surged 11.3% to $7.05 billionb in Q1 2026, accelerated by the $7.43 billion HashiCorp acquisition. The company aggressively shed legacy liabilities along the way, absorbing a $5.9 billion pension settlement charge in Q3 2022 and another $2.7 billion hit in Q3 2024. Despite these non-cash items, fundamental liquidity remained pristine, evidenced by $5.2 billion in operating cash flow during Q1 2026.

The market heavily rewarded this multi-year discipline. Although earnings per share fluctuated from $6.35 in FY2021 to $6.43c in FY2024, the underlying shift toward higher-margin hybrid cloud and artificial intelligence offerings commanded a significant premium. By the close of FY2025, investors had fully priced in this structural turnaround, valuing the stock at $296.21.

Recent Developments (Q4 2025 and Q1 2026)

Topline momentum accelerated in Q1 2026, with total revenue jumping 9.5% year-over-year to $15.9 billiond. The Infrastructure segment expanded 15.3% to $3.33 billion driven by IBM Z mainframe demand. This operational efficiency generated a 20.1% spike in non-GAAP earnings to $1.8 billion. To capitalize on data-centric growth, the company acquired Confluent, Inc. in March 2026 and elected PepsiCo CEO Ramon Laguarta to its board. IBM also bolstered its balance sheet in February 2026, issuing €3.5 billion and $3.25 billion in multi-currency notes.

Bulls contend that accelerating infrastructure sales and robust free cash flow—reaching $2.2 billione in Q1 2026—validate the broader hybrid cloud strategy. Bears warn that trading at 35.9x earnings as of April 23, 2026, the stock requires flawless execution to justify its premium multiple against macroeconomic IT spending headwinds.

What to watch: integration progress for the newly acquired Confluent business; sustainability of double-digit Infrastructure segment growth.

03—Filings

Recent SEC Filings

  1. 8-KINTERNATIONAL BUSINESS MACHINES CORP 8-K Report, Financial Results (Oct 21, 2026)IBM Corporation filed an 8-K on October 21, 2026, announcing its third-quarter 2026 financial results. The company reported a 5% increase in revenue year-over-year (6% at constant currency), reaching $17.1 billion, exceeding analyst expectations. This growth was primarily driven by strong performance in its Software segment, which saw an 8% increase (9% at constant currency), notably with Red Hat's Hybrid Cloud up 11% and Data up 19%. Infrastructure also contributed with a 4% revenue increase (5% at constant currency). IBM raised its full-year outlook, now expecting free cash flow to increase by more than $1 billion year-over-year. The company reported GAAP diluted earnings per share of $2.31 for the quarter. Management highlighted disciplined execution and client adoption of "Super Intelligence" as key drivers. The report also includes detailed segment performance, financial condition insights from the balance sheet, and cash flow statements, along with comprehensive reconciliations of non-GAAP financial measures.
  2. 8-KINTERNATIONAL BUSINESS MACHINES CORP 8-K Report, Executive Changes (Oct 1, 2026)International Business Machines Corp. (IBM) has filed an 8-K report announcing a significant change to its Board of Directors and corporate governance structure. Effective October 1, 2026, Frank Baker, a notable figure in the private equity sector as Co-founder and Managing Partner of Siris Capital Group, LLC, has been elected to the IBM Board. This appointment also includes Mr. Baker's addition to the Directors and Corporate Governance Committee, indicating a focus on strengthening oversight and strategic direction. In conjunction with Mr. Baker's election, IBM has amended its By-laws to increase the size of its Board of Directors from thirteen to fourteen members. This expansion suggests a strategic decision to broaden the expertise and perspective available to the company's leadership. Investors should note that details regarding director compensation remain consistent with the information provided in the March 10, 2026, Proxy Statement.
  3. 8-KINTERNATIONAL BUSINESS MACHINES CORP 8-K Report, Exhibit Filing (Aug 14, 2026)This 8-K filing by INTERNATIONAL BUSINESS MACHINES CORP (IBM) primarily serves to incorporate by reference previously filed documents into its existing SEC Registration Statement No. 333-276739 on Form S-3. The core of this filing relates to the issuance of C$2,750,000,000 aggregate principal amount of debt securities, specifically referred to as "Notes". The incorporated exhibits detail the underwriting agreement for these Notes and the specific terms of two tranches of these debt securities: a 4.100% Note due 2030 and a 4.750% Note due 2034. Investors should note that this filing does not present new financial statements but rather formalizes the inclusion of these debt offering details into an ongoing registration.
  4. 8-KINTERNATIONAL BUSINESS MACHINES CORP 8-K Report, Financial Results (Jul 22, 2026)IBM reported second-quarter 2026 results (quarter ended June 30, 2026) with total revenue of $17.2 billion, up 1% year over year (flat at constant currency terms is not stated; the release notes revenue growth of 1%), and GAAP diluted EPS from continuing operations of $2.27, down 2% from $2.31. Non-GAAP operating diluted EPS was $2.93, up 5%. Results were pressured by revenue headwinds late in the quarter, GAAP pre-tax margin contraction to 14.4% (down 0.9 points), and a 42% decline in IBM Z. Growth was concentrated in Software (up 5%, with Data up 19% and Red Hat up 11%) and Distributed Infrastructure (up 37%), while Infrastructure overall fell 7% and Consulting was flat. Management lowered its full-year 2026 revenue outlook to constant-currency growth of 4% to 5%, and now expects currency to be neutral to growth at current exchange rates. It reiterated that free cash flow should rise by about $1 billion year over year and said it expects improved pre-tax income margin expansion for the full year, driven by productivity initiatives including AI-enabled software development, sales effectiveness, and supply chain optimization. The company also announced a go-to-market change to expand sales coverage and add forward-deployed engineers, and reaffirmed a quarterly dividend of $1.69 per share. Cash generation improved in the first half, with operating cash flow of $7.8 billion (up $1.7 billion) and free cash flow of $4.8 billion (flat). However, second-quarter free cash flow fell $0.3 billion to $2.5 billion, cash fell to $8.2 billion from $14.5 billion at year-end 2025 following $10.5 billion of acquisitions in 2026, and goodwill rose by about $6.9 billion. Total debt rose to $62.0 billion. Investors should weigh the cut to the revenue outlook and the rise in acquisition-related spending and leverage against the reaffirmed cash flow target and dividend.
  5. 8-KINTERNATIONAL BUSINESS MACHINES CORP 8-K Report, Financial Results (Jul 14, 2026)IBM's July 14, 2026 8-K furnishes a letter from CEO Arvind Krishna with preliminary, unaudited selected results for the second quarter of 2026. Management cautions that the company is still closing its books and final results could differ slightly. Revenue was $17.2 billion, up 1%, with Software up 5% and Consulting flat (up 1% at constant currency). Infrastructure fell 7%. GAAP gross profit margin was 57.7%, down 100 basis points, and GAAP pre-tax income margin was 14.4%, down 90 basis points. Operating (non-GAAP) gross margin was 59.4%, down 70 basis points, and operating pre-tax margin was 19.2%, up 30 basis points. GAAP diluted EPS was $2.27, down 2%, and operating EPS was $2.93, up about 5%. Year-to-date net cash from operating activities was $7.8 billion and free cash flow was $4.8 billion. The headline issue is the Infrastructure and Software shortfall. Management attributes it mainly to weaker z17 mainframe transaction-processing performance and a late-June shift in client capex toward servers, storage, and memory ahead of expected price increases. Numerous large deals also failed to close on expected timelines, which management says drove most of the miss. Management acknowledges it 'did not adapt and move quickly enough.' Offsetting strengths included Red Hat growth accelerating to 11%, Distributed Infrastructure up 37% (its best reported performance) with about $500 million of backlog, z17 program-to-program tracking near 130%, and continued Consulting signings led by GenAI. The letter also highlights strategic investments: Lightwell, a $5 billion open-source vulnerability initiative that reached general availability on July 8, and a plan to invest more than $10 billion in quantum computing over five years, including the proposed Anderon quantum wafer foundry. Management reaffirmed a 2029 target for a large-scale fault-tolerant quantum computer. The company will discuss full-year expectations on its July 22, 2026 earnings call at 5:00 p.m. ET. The filing does not include updated full-year guidance.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.