IBM · Full Picture

INTERNATIONAL BUSINESS MACHINES CORP — the full picture

Earnings window · 2026-07-23 to 2026-11-09 · 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. Consulting Demand And Backlog · Demand, orders & backlogPriority 84
    +25.7% revenue; 3 sources (news, sec_filing, transcript); 3 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
  2. Geographic Revenue Performance · Revenue growth & mixPriority 83
    +5.8% revenue; 4 sources (news, press_release, sec_filing, transcript); 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. Quantum Computing Funding Policy · UnclassifiedPriority 83
    +5.6% assets; 3 sources (news, sec_filing, transcript); 11 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.
  4. Confluent Acquisition · M&A and divestituresPriority 77
    +20.3% 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.
  5. Acquisitions and Partnerships · M&A and divestituresPriority 76
    -9.3% net_income (realized); 3 sources (news, press_release, sec_filing); 2 forward row(s); structured_verified
    Acquisition-related charges (non-operating adjustments, net of tax) for the nine months ended September 30, 2026 were $1,598 million, a 20.5% increase versus the prior-year period.
  6. Operating Expense Trends · Operating expenses (SG&A)Priority 76
    -11.9% operating_income; 3 sources (news, press_release, sec_filing); 3 forward row(s); structured_verified
    At September 30, 2026, total gross carrying amount of intangible assets: $26,357 million; accumulated amortization: $(12,754) million; net carrying amount: $13,603 million.
  7. Hybrid Cloud and Data Growth · UnclassifiedPriority 74
    +23.2% revenue (realized); 1 forward row(s); structured_verified
    Across Software, annual recurring revenue (ARR) was $24.9 billion, an increase of approximately $2 billion year to year.
  8. Liquidity and Capital Position · Liquidity & cash positionPriority 71
    -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.
  9. 2026 Guidance / Outlook · Guidance & outlookPriority 70
    +3.8% revenue; 4 sources (news, press_release, sec_filing, transcript); 6 forward row(s); quote_verified
    IBM raised its year-over-year free cash flow growth expectation for 2026 to more than $1 billion.
  10. Liquidity and Debt Position · Debt, leverage & refinancingPriority 70
    -3.7% liability; 1 forward row(s); structured_verified
    On February 3, 2026, the company issued $3.25 billion of U.S. dollar fixed-rate notes, $3.3 billion of Euro fixed-rate notes and $0.9 billion of Euro floating-rate notes.
  11. AI Infrastructure Demand · UnclassifiedPriority 69
    3 sources (news, sec_filing, transcript); 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
  12. Acquisitions and Divestitures · M&A and divestituresPriority 68
    +4.8% assets (realized); 3 sources (news, 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.

Threads by pillar

Revenue & Demand Priority 96 · 11 threads

Costs & Margins Priority 89 · 6 threads

Capital & Balance Sheet Priority 92 · 9 threads

Strategy & Portfolio Priority 92 · 17 threads

Legal, Regulatory & Policy Priority 52 · 4 threads

Guidance & Outlook Priority 70 · 1 thread

Macro & Market Conditions Priority 76 · 6 threads

Management & Governance Priority 44 · 6 threads

Unclassified Priority 98 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
revenue+44.1%+45.3%+372.0%
liability-12.4%+12.4%-22.2%
operating_income-11.9%+11.9%+46.6%
assets+5.6%+5.6%+19.5%
margin+0.8%+0.8%+3.7%
cash+0.6%+0.6%-25.5%
net_income——+13.0%