IBM · Full Picture

INTERNATIONAL BUSINESS MACHINES CORP — the full picture

Earnings window · 2026-07-02 to 2026-09-24 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Quantum Computing Funding Policy · UnclassifiedPriority 83
    +5.6% assets; 3 sources (news, press_release, sec_filing); 8 forward row(s); structured_verified
    IBM announced a letter of intent with the U.S. Department of Commerce to build Anderon, a pure-play quantum wafer foundry supported by $1 billion in CHIPS Act incentives and a $1 billion cash contribution by IBM.
  2. Geographic Revenue Performance · Revenue growth & mixPriority 81
    +5.8% revenue; 3 sources (news, press_release, sec_filing); 1 forward row(s); structured_verified
    Total revenue for the six months ended June 30, 2026: $33,079 million, up 5.0% year-to-year
  3. 2026 Guidance / Outlook · Guidance & outlookPriority 73
    +3.8% revenue; 3 sources (news, press_release, sec_filing); 5 forward row(s); quote_verified
    IBM updated its full-year guidance to project 4-5% constant-currency revenue growth and an approximately $1 billion increase in free cash flow for 2026.
  4. Liquidity and Capital Position · Liquidity & cash positionPriority 72
    -2.2% liability; 3 forward row(s); structured_verified
    IBM's global credit facilities were $10.0 billion at or for June 30, 2026 and the company amended its $2.5 billion Three-Year and $7.5 billion Five-Year Credit Agreements on June 22, 2026 to extend maturities.
  5. Confluent Acquisition · M&A and divestituresPriority 71
    +16.6% assets (realized); 2 sources (news, sec_filing); structured_verified
    IBM closed its $11.6 billion acquisition of Confluent, which significantly impacted its cash and equivalents and increased goodwill and identifiable intangibles in the Software segment.
  6. Consulting Demand And Backlog · Demand, orders & backlogPriority 69
    +24.9% revenue; 1 forward row(s); structured_verified
    Total Consulting signings for the three months ended June 30, 2026: $5,034 million, up 5.0% as reported and 5.9% adjusted for currency; backlog at June 30, 2026: $30.8 billion
  7. Operating Expense Trends · Operating expenses (SG&A)Priority 69
    -11.9% operating_income; 2 sources (press_release, sec_filing); 3 forward row(s); structured_verified
    Total unrecognized compensation cost related to non-vested awards at June 30, 2026 was $2.4 billion and is expected to be recognized over a weighted-average period of approximately 2.2 years.
  8. Hybrid Cloud and Data Growth · UnclassifiedPriority 65
    +23.2% revenue (realized); 1 forward row(s); quote_verified
    Hybrid Cloud (Red Hat) revenue for the three months ended June 30, 2026: $1,998 million, up 11.2% as reported (10.9% adjusted for currency)
  9. Outstanding Indebtedness · Debt, leverage & refinancingPriority 63
    -3.8% liability; 1 forward row(s); structured_verified
    IBM issued $7.4 billion of debt in the first quarter of 2026 for general corporate purposes.
  10. AI Infrastructure Demand · UnclassifiedPriority 62
    3 sources (news, press_release, sec_filing); quote_verified
    Distributed Infrastructure revenue increased 37.3% for the three months ended June 30, 2026 (37.5% adjusted for currency), with double-digit growth in both Storage and Power; Distributed Infrastructure was the company's strongest quarter on record
  11. Acquisition / Partnership / Divestiture · M&A and divestituresPriority 62
    +4.8% assets (realized); 2 sources (press_release, sec_filing); 2 forward row(s); structured_verified
    Acquisitions cash outflow for the six months ended June 30, 2026 was $(10,480) million.
  12. Open-Source Security Initiative · UnclassifiedPriority 60
    2 sources (news, press_release); 1 forward row(s); quote_verified
    IBM, Deloitte, and Red Hat formed an alliance called Project Lightwell to enhance open-source software supply chain security and leverage AI to automate patching and compliance for regulated enterprises.

Threads by pillar

Revenue & Demand Priority 92 · 9 threads

Costs & Margins Priority 84 · 7 threads

Capital & Balance Sheet Priority 88 · 6 threads

Strategy & Portfolio Priority 85 · 13 threads

Legal, Regulatory & Policy Priority 54 · 3 threads

Guidance & Outlook Priority 73 · 1 thread

Macro & Market Conditions Priority 30 · 2 threads

Management & Governance Priority 24 · 1 thread

Unclassified Priority 96 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
revenue+39.3%+39.3%+359.2%
operating_income-11.9%+11.9%+38.8%
liability-8.7%+8.7%-11.9%
assets+5.6%+5.6%+8.3%
margin——+0.1%
cash——-14.1%
net_income——+18.9%