![\"IBM](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/07\/IBM-LOGO.jpg\" "\\"IBM"){kind=logo}
<\/p>\n
“We are confident in IBM’s strategy and portfolio, and in our ability to capture growth opportunities ahead. We fundamentally believe that we are in the early innings of a structural shift for business, and that our portfolio – across software, infrastructure, and consulting – is well-positioned to help our clients tap the value, and manage the challenges, of an AI-driven future,” said Arvind Krishna, IBM chairman, president and chief executive officer. “In addition, we are taking action to accelerate our revenue growth and profitability, driving productivity across the company with AI and automation, and heavily investing in commercializing innovation at speed and scale. We now expect constant currency revenue growth in the range of four-to-five percent, and we continue to expect free cash flow to increase by about $1 billion year-over-year for the full year.”<\/p>\n
Full-Year 2026 Expectations<\/p>\n
\n\tRevenue: The company now expects full-year constant currency revenue growth in the range of four-to-five percent. At current foreign exchange rates, currency is expected to be neutral to growth for the year
\n\tFree cash flow: The company continues to expect full-year free cash flow to increase by about $1 billion year-over-year
<\/p>\n
Operational Focus Areas<\/p>\n
\n\tHigh-Growth Portfolio:\u00a0Areas of IBM’s software business that help clients manage, deploy and build AI-ready solutions, like Red Hat, the watsonx portfolio, HashiCorp, and Confluent continue to deliver strong performance. Within Distributed Infrastructure, Power and Storage grew at a record pace in the second quarter, now having built up an order backlog of nearly $500 million. Together, these offerings closely map to where client demand is strongest. To capture these growth opportunities, IBM is accelerating changes to its go-to-market model by expanding sales coverage across thousands of additional clients where there is significant opportunity. As AI adoption moves from experimentation to enterprise-scale deployment, the company is also investing in more specialized technical and client-facing talent, including Forward Deployed Engineers.
<\/p>\n
\n\tRapid Innovation at Scale:\u00a0IBM is acting decisively to capture new opportunities as they arise. Lightwell, a new capability to address open source security vulnerabilities, leverages IBM and Red Hat’s trust within the open source community, unique approach to AI, and global scale. In the first two weeks of availability, Lightwell has already made more than 7,500 open source patches available to help clients secure vulnerabilities. Additionally, quantum computing continues to be an investment priority for the company. In May, with the U.S. Department of Commerce, IBM announced a letter of intent to build Anderon, the world’s first pure-play quantum wafer foundry. IBM will invest more than $10 billion in quantum over the next five years, and remains on track to deliver the first large-scale fault-tolerant quantum computer by 2029.
<\/p>\n
\n\tProductivity Enables Investment and Value:\u00a0IBM is accelerating productivity by scaling software development leveraging AI, increasing the effectiveness of its sales and marketing organization, and optimizing its supply chain. These efforts help enhance margin and free cash flow, and strengthen the company’s ability to capture significant growth opportunities. The company now expects improved pre-tax income margin expansion for the full year.
<\/p>\n
“Although we faced revenue headwinds late in the second quarter, we continued to focus on the fundamentals of our business, including driving productivity, strengthening our portfolio, and generating free cash flow,” said James Kavanaugh, IBM senior vice president and chief financial officer. “In a quarter like this, it is critical that our financial and operational discipline remains strong and that we continue to invest for growth while returning value to shareholders through our dividend.”<\/p>\n
\n\t
\n\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
SECOND-QUARTER 2026 INCOME STATEMENT SUMMARY<\/p>\n
\n\t\t\t
\n\t\t
\n\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
Revenue<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
Gross<\/p>\n
\n
<\/p>\n
Profit<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
Gross<\/p>\n
\n
<\/p>\n
Profit<\/p>\n
\n
<\/p>\n
Margin<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
Pre-tax<\/p>\n
\n
<\/p>\n
Income<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
Pre-tax<\/p>\n
\n
<\/p>\n
Income<\/p>\n
\n
<\/p>\n
Margin<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
Net<\/p>\n
\n
<\/p>\n
Income<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
Diluted<\/p>\n
\n
<\/p>\n
Earnings<\/p>\n
\n
<\/p>\n
Per Share<\/p>\n
\n\t\t\t
\n\t\t
\n\t\t
\n\t\t\t
<\/p>\n
GAAP from<\/p>\n
\n
<\/p>\n
Continuing<\/p>\n
\n
<\/p>\n
Operations<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
$ 17.2 B<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
$\u00a0\u00a09.9\u00a0\u00a0B<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
57.7<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
$\u00a0\u00a02.5\u00a0\u00a0B<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
14.4<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
$\u00a0\u00a02.2\u00a0\u00a0B<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
$\u00a0\u00a0\u00a02.27<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t
\n\t\t
\n\t\t\t
<\/p>\n
Year\/Year<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
1<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
(1)<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
(1.0)<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
Pts<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
(5)<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
(0.9)<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
Pts<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
(1)<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
(2)<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t
\n\t\t
\n\t\t\t
<\/p>\n
Operating<\/p>\n
\n
<\/p>\n
(Non-GAAP)<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
$ 10.2 B<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
59.4<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
$\u00a0\u00a03.3\u00a0\u00a0B<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
19.2<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
$\u00a0\u00a02.8\u00a0\u00a0B<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
$\u00a0\u00a0\u00a02.93<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t
\n\t\t
\n\t\t\t
<\/p>\n
Year\/Year<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
0<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
(0.7)<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
Pts<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
3<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
0.3<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
Pts<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
5<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t\t\u00a0
\n\t\t\t
<\/p>\n
5<\/p>\n
\n\t\t\t
\n\t\t\t
<\/p>\n
%<\/p>\n
\n\t\t\t
\n\t\t
\n\t
<\/p>\n
\nSegment Results for Second Quarter<\/p>\n
\n\tSoftware \u2014 revenues of $7.8 billion, up 5 percent:
\n\t–\u00a0Hybrid Cloud (Red Hat) up 11 percent
\n\t–\u00a0Automation up 4 percent, up 3 percent at constant currency
\n\t– Data up 19 percent, up 18 percent at constant currency
\n\t– Transaction Processing down 8 percent, down 9 percent at constant currency
\n\t\u00a0
\n\tConsulting \u2014\u00a0revenues of $5.3 billion, flat, up 1 percent at constant currency:
\n\t– Strategy and Technology flat, up 1 percent at constant currency
\n\t– Intelligent Operations flat, up 1 percent at constant currency
\n\t\u00a0
\n\tInfrastructure \u2014\u00a0revenues of $3.8 billion, down 7 percent:
\n\t– Hybrid Infrastructure down 10 percent
\n\t\u00a0 \u00a0 \u00a0 —\u00a0IBM Z down 42 percent
\n\t\u00a0 \u00a0 \u00a0 —\u00a0Distributed Infrastructure up 37 percent
\n\t– Infrastructure Support down 1 percent
\n\t\u00a0
\n\tFinancing \u2014\u00a0revenues of $0.2 billion, up 12 percent, up 11 percent at constant currency
<\/p>\n
Cash Flow and Balance Sheet<\/p>\n
In the second quarter, the company generated net cash from operating activities of $2.6 billion, up $0.9 billion year to year. IBM’s free cash flow was $2.5 billion, down $0.3 billion year to year. The company returned $1.6 billion to shareholders in dividends in the second quarter.<\/p>\n
For the first six months of the year, the company generated net cash from operating activities of $7.8 billion, up $1.7 billion year to year. IBM’s free cash flow was $4.8 billion, flat year to year.<\/p>\n
IBM ended the second quarter with $8.2 billion of cash, restricted cash and marketable securities, down $6.3 billion from year-end 2025. The company invested $10.5 billion in acquisitions this year. Debt, including IBM Financing debt of $13.0 billion, totaled $62.0 billion, up $0.7 billion year to date.<\/p>\n
Dividend Declaration<\/p>\n
The IBM board of directors approved a regular quarterly cash dividend of $1.69 per common share, to stockholders of record on August 10, 2026. With payment of the September 10, 2026 dividend, IBM will have paid consecutive quarterly dividends every year since 1916.<\/p>\n
Forward-Looking and Cautionary Statements<\/p>\n
Except for the historical information and discussions contained herein, statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the company’s current assumptions regarding future business and financial performance. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including, but not limited to, the following: a downturn in economic environment and client spending budgets; a failure of the company’s innovation initiatives; damage to the company’s reputation; risks from investing in growth opportunities; failure of the company’s intellectual property portfolio to prevent competitive offerings and the failure of the company to obtain necessary licenses; the company’s ability to successfully manage acquisitions, alliances and divestitures, including integration challenges, failure to achieve objectives, the assumption or retention of liabilities and higher debt levels; fluctuations in financial results; impact of local legal, economic, political, health and other conditions; the company’s failure to meet growth and productivity objectives; ineffective internal controls; the company’s use of accounting estimates; impairment of the company’s goodwill or amortizable intangible assets; the company’s ability to attract and retain key employees and its reliance on critical skills; impacts of relationships with critical suppliers; product and service quality issues; the development and use of AI, including the company’s increased AI solutions and use of AI technologies; impacts of business with government clients; reliance on third party distribution channels and ecosystems; cybersecurity and data protection considerations; adverse effects related to climate change and other environmental matters; tax matters; legal proceedings and investigatory risks; the company’s pension plans; currency fluctuations and customer financing risks; impact of changes in market liquidity conditions and customer credit risk on receivables; risk factors related to IBM securities; and other risks, uncertainties and factors discussed in the company’s Form 10-Qs, Form 10-K and in the company’s other filings with the U.S. Securities and Exchange Commission or in materials incorporated therein by reference.<\/p>\n
Any forward-looking statement in this release speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements.<\/p>\n
Presentation of Information in this Press Release<\/p>\n
In an effort to provide investors with additional information regarding the company’s results as determined by generally accepted accounting principles (GAAP), the company has also disclosed in this press release the following non-GAAP information, which management believes provides useful information to investors:<\/p>\n
\n\tadjusting for currency (i.e., at constant currency);
\n\tpresenting operating (non-GAAP) earnings per share amounts and related income statement items;
\n\tfree cash flow;
\n\tnet cash from operating activities excluding IBM Financing receivables;
\n\tadjusted EBITDA;
\n\tadjusted EBITDA margin.
<\/p>\n
The rationale for management’s use of these non-GAAP measures is included in Exhibit 99.2 in the Form 8-K that includes this press release and is being submitted today to the SEC.<\/p>\n
Conference Call and Webcast<\/p>\n
IBM’s regular quarterly earnings conference call is scheduled to begin at 5:00 p.m. ET, today. The Webcast may be accessed via a link at https:\/\/www.ibm.com\/investor\/events\/earnings-2q26<\/a>.\u00a0Presentation charts will be available shortly before the Webcast.<\/p>\n Financial Results Below\u00a0(certain amounts may not add due to use of rounded numbers; percentages presented are calculated from the underlying whole-dollar amounts).<\/p>\n Contact:\u00a0 \u00a0 \u00a0 \u00a0IBM \u00a0<\/p>\n
INTERNATIONAL BUSINESS MACHINES CORPORATION<\/p>\n
COMPARATIVE FINANCIAL RESULTS<\/p>\n
(Unaudited; $ in millions except per share amounts)<\/p>\n
Three Months Ended
Six Months Ended
2026<\/p>\n
2025<\/p>\n
2026<\/p>\n
2025<\/p>\n
REVENUE BY SEGMENT<\/p>\n
Software<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,761<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,387<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a014,813<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,722<\/p>\n
Consulting<\/p>\n
5,327<\/p>\n
5,314<\/p>\n
10,599<\/p>\n
10,382<\/p>\n
Infrastructure<\/p>\n
3,835<\/p>\n
4,142<\/p>\n
7,161<\/p>\n
7,027<\/p>\n
Financing<\/p>\n
186<\/p>\n
166<\/p>\n
406<\/p>\n
357<\/p>\n
Other<\/p>\n
52<\/p>\n
(31)<\/p>\n
100<\/p>\n
30<\/p>\n
TOTAL REVENUE<\/p>\n
17,162<\/p>\n
16,977<\/p>\n
33,079<\/p>\n
31,519<\/p>\n
GROSS PROFIT<\/p>\n
9,907<\/p>\n
9,977<\/p>\n
18,857<\/p>\n
18,008<\/p>\n
GROSS PROFIT MARGIN<\/p>\n
Software<\/p>\n
82.6<\/p>\n
%<\/p>\n
83.9<\/p>\n
%<\/p>\n
82.7<\/p>\n
%<\/p>\n
83.7<\/p>\n
%<\/p>\n
Consulting<\/p>\n
28.9<\/p>\n
%<\/p>\n
27.5<\/p>\n
%<\/p>\n
28.2<\/p>\n
%<\/p>\n
27.4<\/p>\n
%<\/p>\n
Infrastructure<\/p>\n
58.4<\/p>\n
%<\/p>\n
61.5<\/p>\n
%<\/p>\n
57.7<\/p>\n
%<\/p>\n
57.9<\/p>\n
%<\/p>\n
Financing<\/p>\n
42.5<\/p>\n
%<\/p>\n
45.7<\/p>\n
%<\/p>\n
43.0<\/p>\n
%<\/p>\n
45.8<\/p>\n
%<\/p>\n
TOTAL GROSS PROFIT MARGIN<\/p>\n
57.7<\/p>\n
%<\/p>\n
58.8<\/p>\n
%<\/p>\n
57.0<\/p>\n
%<\/p>\n
57.1<\/p>\n
%<\/p>\n
EXPENSE AND OTHER INCOME<\/p>\n
SG&A<\/p>\n
4,981<\/p>\n
5,027<\/p>\n
10,071<\/p>\n
9,913<\/p>\n
R&D<\/p>\n
2,311<\/p>\n
2,097<\/p>\n
4,485<\/p>\n
4,047<\/p>\n
Intellectual property and custom development income<\/p>\n
(166)<\/p>\n
(215)<\/p>\n
(338)<\/p>\n
(468)<\/p>\n
Other (income) and expense<\/p>\n
(185)<\/p>\n
(39)<\/p>\n
(186)<\/p>\n
(204)<\/p>\n
Interest expense<\/p>\n
486<\/p>\n
510<\/p>\n
959<\/p>\n
965<\/p>\n
TOTAL EXPENSE AND OTHER INCOME<\/p>\n
7,428<\/p>\n
7,380<\/p>\n
14,991<\/p>\n
14,253<\/p>\n
INCOME FROM CONTINUING OPERATIONS<\/p>\n
BEFORE INCOME TAXES<\/p>\n
2,479<\/p>\n
2,597<\/p>\n
3,866<\/p>\n
3,755<\/p>\n
Pre-tax income margin<\/p>\n
14.4<\/p>\n
%<\/p>\n
15.3<\/p>\n
%<\/p>\n
11.7<\/p>\n
%<\/p>\n
11.9<\/p>\n
%<\/p>\n
Provision for\/(benefit from) income taxes<\/p>\n
313<\/p>\n
404<\/p>\n
484<\/p>\n
507<\/p>\n
Effective tax rate<\/p>\n
12.6<\/p>\n
%<\/p>\n
15.5<\/p>\n
%<\/p>\n
12.5<\/p>\n
%<\/p>\n
13.5<\/p>\n
%<\/p>\n
INCOME FROM CONTINUING OPERATIONS<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 2,166<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,193<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a03,382<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a03,248<\/p>\n
DISCONTINUED OPERATIONS<\/p>\n
Income\/(loss)\u00a0 from discontinued operations, net of<\/p>\n
taxes<\/p>\n
(1)<\/p>\n
1<\/p>\n
(1)<\/p>\n
1<\/p>\n
NET INCOME<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 2,165<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,194<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a03,381<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a03,249<\/p>\n
EARNINGS PER SHARE OF COMMON STOCK<\/p>\n
Assuming dilution<\/p>\n
Continuing operations<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2.27<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2.31<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03.55<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03.43<\/p>\n
Discontinued operations<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.00<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.00<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.00<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.00<\/p>\n
TOTAL<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2.27<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2.31<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03.55<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03.43<\/p>\n
Basic<\/p>\n
Continuing operations<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2.30<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2.36<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03.60<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03.49<\/p>\n
Discontinued operations<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.00<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.00<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.00<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.00<\/p>\n
TOTAL<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2.30<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2.36<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03.60<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03.50<\/p>\n
WEIGHTED-AVERAGE NUMBER OF COMMON<\/p>\n
SHARES OUTSTANDING (M’s)<\/p>\n
Assuming dilution<\/p>\n
953.3<\/p>\n
948.0<\/p>\n
952.7<\/p>\n
946.7<\/p>\n
Basic<\/p>\n
941.2<\/p>\n
930.8<\/p>\n
939.9<\/p>\n
929.4<\/p>\n
\u00a0<\/p>\n
INTERNATIONAL BUSINESS MACHINES CORPORATION<\/p>\n
CONDENSED CONSOLIDATED BALANCE SHEET<\/p>\n
(Unaudited)<\/p>\n
($ in millions)<\/p>\n
At June 30,
At December 31,
ASSETS:<\/p>\n
Current assets:<\/p>\n
Cash and cash equivalents<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,172<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 13,587<\/p>\n
Restricted cash<\/p>\n
45<\/p>\n
54<\/p>\n
Marketable securities<\/p>\n
960<\/p>\n
830<\/p>\n
Notes and accounts receivable – trade, net<\/p>\n
6,044<\/p>\n
8,112<\/p>\n
Short-term financing receivables<\/p>\n
\u00a0 Held for investment, net<\/p>\n
5,782<\/p>\n
7,344<\/p>\n
\u00a0 Held for sale<\/p>\n
874<\/p>\n
1,131<\/p>\n
Other accounts receivable, net<\/p>\n
1,348<\/p>\n
1,052<\/p>\n
Inventories<\/p>\n
1,746<\/p>\n
1,220<\/p>\n
Deferred costs<\/p>\n
1,238<\/p>\n
1,084<\/p>\n
Prepaid expenses and other current assets<\/p>\n
3,188<\/p>\n
2,530<\/p>\n
Total current assets<\/p>\n
28,398<\/p>\n
36,944<\/p>\n
Property, plant and equipment, net<\/p>\n
5,736<\/p>\n
5,899<\/p>\n
Operating right-of-use assets, net<\/p>\n
3,068<\/p>\n
3,129<\/p>\n
Long-term financing receivables, net<\/p>\n
7,126<\/p>\n
7,708<\/p>\n
Prepaid pension assets<\/p>\n
7,645<\/p>\n
7,544<\/p>\n
Deferred costs<\/p>\n
835<\/p>\n
825<\/p>\n
Deferred taxes<\/p>\n
8,709<\/p>\n
8,610<\/p>\n
Goodwill<\/p>\n
74,599<\/p>\n
67,717<\/p>\n
Intangibles, net<\/p>\n
13,955<\/p>\n
11,391<\/p>\n
Investments and sundry assets<\/p>\n
2,028<\/p>\n
2,112<\/p>\n
Total assets<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0152,099<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 151,880<\/p>\n
LIABILITIES:<\/p>\n
Current Liabilities:<\/p>\n
Taxes<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2,023<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2,347<\/p>\n
Short-term debt<\/p>\n
5,775<\/p>\n
6,424<\/p>\n
Accounts payable<\/p>\n
4,395<\/p>\n
4,756<\/p>\n
Compensation and benefits<\/p>\n
3,364<\/p>\n
4,114<\/p>\n
Deferred income<\/p>\n
16,160<\/p>\n
16,101<\/p>\n
Operating lease liabilities<\/p>\n
770<\/p>\n
800<\/p>\n
Other liabilities<\/p>\n
3,425<\/p>\n
4,116<\/p>\n
Total current liabilities<\/p>\n
35,912<\/p>\n
38,658<\/p>\n
Long-term debt<\/p>\n
56,212<\/p>\n
54,836<\/p>\n
Retirement-related obligations<\/p>\n
8,603<\/p>\n
9,018<\/p>\n
Deferred income<\/p>\n
4,272<\/p>\n
4,271<\/p>\n
Operating lease liabilities<\/p>\n
2,515<\/p>\n
2,547<\/p>\n
Other liabilities<\/p>\n
10,044<\/p>\n
9,810<\/p>\n
Total liabilities<\/p>\n
117,558<\/p>\n
119,139<\/p>\n
EQUITY:<\/p>\n
IBM stockholders’ equity:<\/p>\n
Common stock<\/p>\n
64,600<\/p>\n
63,318<\/p>\n
Retained earnings<\/p>\n
155,937<\/p>\n
155,648<\/p>\n
Treasury stock – at cost<\/p>\n
(170,934)<\/p>\n
(170,605)<\/p>\n
Accumulated other comprehensive income\/(loss)<\/p>\n
(15,151)<\/p>\n
(15,713)<\/p>\n
Total IBM stockholders’ equity<\/p>\n
34,452<\/p>\n
32,648<\/p>\n
Noncontrolling interests<\/p>\n
89<\/p>\n
93<\/p>\n
Total equity<\/p>\n
34,541<\/p>\n
32,740<\/p>\n
Total liabilities and equity<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 152,099<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 151,880<\/p>\n
\u00a0<\/p>\n
INTERNATIONAL BUSINESS MACHINES CORPORATION<\/p>\n
STATEMENT OF CASH FLOWS<\/p>\n
(Unaudited)<\/p>\n
Three Months Ended
Six Months Ended
($ in millions)<\/p>\n
2026<\/p>\n
2025 (1)<\/p>\n
2026<\/p>\n
2025 (1)<\/p>\n
Cash flows from operating activities:<\/p>\n
Net income<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a02,165<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a02,194<\/p>\n
$\u00a0 \u00a0 \u00a03,381<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a03,249<\/p>\n
Adjustments to reconcile net income to cash provided by operating<\/p>\n
activities:<\/p>\n
Depreciation (2)<\/p>\n
533<\/p>\n
578<\/p>\n
1,088<\/p>\n
1,114<\/p>\n
Amortization of capitalized software and acquired intangible assets<\/p>\n
817<\/p>\n
687<\/p>\n
1,535<\/p>\n
1,328<\/p>\n
Stock-based compensation<\/p>\n
498<\/p>\n
441<\/p>\n
1,004<\/p>\n
842<\/p>\n
Net (gain)\/loss on divestitures, asset sales and other<\/p>\n
(67)<\/p>\n
(18)<\/p>\n
(78)<\/p>\n
(40)<\/p>\n
Changes in operating assets and liabilities, net of<\/p>\n
acquisitions\/divestitures<\/p>\n
(1,349)<\/p>\n
(2,180)<\/p>\n
836<\/p>\n
(421)<\/p>\n
Net cash provided by operating activities<\/p>\n
2,597<\/p>\n
1,701<\/p>\n
7,766<\/p>\n
6,071<\/p>\n
Cash flows from investing activities:<\/p>\n
Payments for property, plant and equipment<\/p>\n
(229)<\/p>\n
(209)<\/p>\n
(461)<\/p>\n
(454)<\/p>\n
Proceeds from disposition of property, plant and equipment\/other<\/p>\n
23<\/p>\n
37<\/p>\n
31<\/p>\n
111<\/p>\n
Investment in software<\/p>\n
(154)<\/p>\n
(164)<\/p>\n
(313)<\/p>\n
(314)<\/p>\n
Purchases of marketable securities and other investments<\/p>\n
(1,259)<\/p>\n
(1,255)<\/p>\n
(2,871)<\/p>\n
(7,740)<\/p>\n
Proceeds from disposition of marketable securities and other<\/p>\n
investments<\/p>\n
1,152<\/p>\n
4,036<\/p>\n
3,123<\/p>\n
4,962<\/p>\n
Acquisition of businesses, net of cash acquired<\/p>\n
(15)<\/p>\n
(747)<\/p>\n
(10,480)<\/p>\n
(7,845)<\/p>\n
Divestiture of businesses, net of cash transferred<\/p>\n
–<\/p>\n
–<\/p>\n
1<\/p>\n
(1)<\/p>\n
Net cash provided by\/(used in) investing activities<\/p>\n
(481)<\/p>\n
1,698<\/p>\n
(10,970)<\/p>\n
(11,281)<\/p>\n
Cash flows from financing activities:<\/p>\n
Proceeds from new debt<\/p>\n
0<\/p>\n
7<\/p>\n
7,437<\/p>\n
8,385<\/p>\n
Payments to settle debt<\/p>\n
(4,213)<\/p>\n
(1,308)<\/p>\n
(7,141)<\/p>\n
(2,565)<\/p>\n
Short-term borrowings\/(repayments) less than 90 days – net<\/p>\n
1<\/p>\n
0<\/p>\n
0<\/p>\n
(29)<\/p>\n
Common stock repurchases for tax withholdings<\/p>\n
(116)<\/p>\n
(153)<\/p>\n
(465)<\/p>\n
(437)<\/p>\n
Proceeds from issuance of shares<\/p>\n
240<\/p>\n
186<\/p>\n
418<\/p>\n
401<\/p>\n
Financing – other<\/p>\n
(49)<\/p>\n
(22)<\/p>\n
(91)<\/p>\n
(54)<\/p>\n
Cash dividends paid<\/p>\n
(1,590)<\/p>\n
(1,563)<\/p>\n
(3,166)<\/p>\n
(3,112)<\/p>\n
Net cash provided by\/(used in) financing activities<\/p>\n
(5,728)<\/p>\n
(2,855)<\/p>\n
(3,008)<\/p>\n
2,589<\/p>\n
Effect of exchange rate changes on cash, cash equivalents and restricted<\/p>\n
cash<\/p>\n
(35)<\/p>\n
320<\/p>\n
(211)<\/p>\n
487<\/p>\n
Net change in cash, cash equivalents and restricted cash<\/p>\n
(3,646)<\/p>\n
865<\/p>\n
(6,423)<\/p>\n
(2,134)<\/p>\n
Cash, cash equivalents and restricted cash at the beginning of the period<\/p>\n
10,864<\/p>\n
11,161<\/p>\n
13,640<\/p>\n
14,160<\/p>\n
Cash, cash equivalents and restricted cash at the end of the period<\/p>\n
$\u00a0 \u00a0 \u00a07,217<\/p>\n
$\u00a0\u00a0\u00a012,026<\/p>\n
$\u00a0 \u00a0 \u00a07,217<\/p>\n
$\u00a0\u00a0\u00a012,026<\/p>\n
_____________________<\/p>\n
(1) Reclassified to align with the Consolidated Statement of Cash Flows presentation.<\/p>\n
(2) Includes operating lease right-of-use assets amortization.<\/p>\n
\u00a0<\/p>\n
INTERNATIONAL BUSINESS MACHINES CORPORATION<\/p>\n
GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION<\/p>\n
(Unaudited)<\/p>\n
Three Months Ended<\/p>\n
June 30,<\/p>\n
Six Months Ended<\/p>\n
June 30,<\/p>\n
($ in billions)<\/p>\n
2026<\/p>\n
2025<\/p>\n
Yr\/Yr<\/p>\n
2026<\/p>\n
2025<\/p>\n
Yr\/Yr<\/p>\n
Net income as reported (GAAP)<\/p>\n
$\u00a0\u00a0\u00a02.2<\/p>\n
$\u00a0\u00a0\u00a02.2<\/p>\n
$\u00a0\u00a00.0<\/p>\n
$\u00a0\u00a0\u00a03.4<\/p>\n
$\u00a0\u00a0\u00a03.2<\/p>\n
$\u00a0\u00a00.1<\/p>\n
Less: income from discontinued operations, net of tax<\/p>\n
0.0<\/p>\n
0.0<\/p>\n
0.0<\/p>\n
0.0<\/p>\n
0.0<\/p>\n
0.0<\/p>\n
Income from continuing operations<\/p>\n
2.2<\/p>\n
2.2<\/p>\n
0.0<\/p>\n
3.4<\/p>\n
3.2<\/p>\n
0.1<\/p>\n
Provision for\/(benefit from) income taxes from continuing ops.<\/p>\n
0.3<\/p>\n
0.4<\/p>\n
(0.1)<\/p>\n
0.5<\/p>\n
0.5<\/p>\n
0.0<\/p>\n
Pre-tax income from continuing operations (GAAP)<\/p>\n
2.5<\/p>\n
2.6<\/p>\n
(0.1)<\/p>\n
3.9<\/p>\n
3.8<\/p>\n
0.1<\/p>\n
Non-operating adjustments (before tax)<\/p>\n
Acquisition-related charges (1)<\/p>\n
0.7<\/p>\n
0.6<\/p>\n
0.1<\/p>\n
1.4<\/p>\n
1.1<\/p>\n
0.2<\/p>\n
Non-operating retirement-related costs\/(income)<\/p>\n
0.1<\/p>\n
0.0<\/p>\n
0.1<\/p>\n
0.2<\/p>\n
0.0<\/p>\n
0.1<\/p>\n
Operating (non-GAAP) pre-tax income from continuing ops.<\/p>\n
3.3<\/p>\n
3.2<\/p>\n
0.1<\/p>\n
5.4<\/p>\n
4.9<\/p>\n
0.5<\/p>\n
Net interest expense<\/p>\n
0.4<\/p>\n
0.3<\/p>\n
0.1<\/p>\n
0.7<\/p>\n
0.6<\/p>\n
0.1<\/p>\n
Depreciation\/amortization of non-acquired intangible assets<\/p>\n
0.7<\/p>\n
0.7<\/p>\n
0.0<\/p>\n
1.4<\/p>\n
1.4<\/p>\n
0.0<\/p>\n
Stock-based compensation<\/p>\n
0.5<\/p>\n
0.4<\/p>\n
0.1<\/p>\n
1.0<\/p>\n
0.8<\/p>\n
0.2<\/p>\n
Workforce rebalancing charges<\/p>\n
0.0<\/p>\n
0.0<\/p>\n
0.0<\/p>\n
0.4<\/p>\n
0.3<\/p>\n
0.0<\/p>\n
Corporate (gains) and charges (2)<\/p>\n
(0.1)<\/p>\n
0.0<\/p>\n
(0.1)<\/p>\n
(0.1)<\/p>\n
0.0<\/p>\n
(0.1)<\/p>\n
Adjusted EBITDA<\/p>\n
$\u00a0\u00a0\u00a04.8<\/p>\n
$\u00a0\u00a0\u00a04.7<\/p>\n
$\u00a0\u00a00.1<\/p>\n
$\u00a0\u00a0\u00a08.8<\/p>\n
$\u00a0\u00a0\u00a08.1<\/p>\n
$\u00a0\u00a00.7<\/p>\n
Revenue<\/p>\n
$ 17.2<\/p>\n
$ 17.0<\/p>\n
1 %<\/p>\n
$ 33.1<\/p>\n
$ 31.5<\/p>\n
5 %<\/p>\n
GAAP net income margin<\/p>\n
12.6 %<\/p>\n
12.9 %<\/p>\n
(0.3)pts<\/p>\n
10.2 %<\/p>\n
10.3 %<\/p>\n
(0.1)pts<\/p>\n
Adjusted EBITDA margin<\/p>\n
27.8 %<\/p>\n
27.6 %<\/p>\n
0.2pts<\/p>\n
26.5 %<\/p>\n
25.7 %<\/p>\n
0.8pts<\/p>\n
___________________<\/p>\n
(1) Primarily consists of amortization of acquired intangible assets.<\/p>\n
(2) Primarily consists of unique corporate actions such as gains on divestitures and asset sales.<\/p>\n
\u00a0<\/p>\n
INTERNATIONAL BUSINESS MACHINES CORPORATION<\/p>\n
SEGMENT DATA<\/p>\n
(Unaudited)<\/p>\n
Three Months Ended June 30, 2026<\/p>\n
($ in millions)<\/p>\n
Software<\/p>\n
Consulting<\/p>\n
Infrastructure<\/p>\n
Financing<\/p>\n
Revenue<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 7,761<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5,327<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03,835<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0186<\/p>\n
Segment profit<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2,502<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0647<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 835<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0108<\/p>\n
Segment profit margin<\/p>\n
32.2<\/p>\n
%<\/p>\n
12.1<\/p>\n
%<\/p>\n
21.8<\/p>\n
%<\/p>\n
58.0<\/p>\n
%<\/p>\n
Change YTY revenue<\/p>\n
5.1<\/p>\n
%<\/p>\n
0.2<\/p>\n
%<\/p>\n
(7.4)<\/p>\n
%<\/p>\n
12.2<\/p>\n
%<\/p>\n
Change YTY revenue – constant currency<\/p>\n
4.6<\/p>\n
%<\/p>\n
1.1<\/p>\n
%<\/p>\n
(7.4)<\/p>\n
%<\/p>\n
11.3<\/p>\n
%<\/p>\n
Three Months Ended June 30, 2025<\/p>\n
($ in millions)<\/p>\n
\u00a0Software<\/p>\n
Consulting<\/p>\n
Infrastructure<\/p>\n
Financing<\/p>\n
Revenue<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 7,387<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 5,314<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a04,142<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0166<\/p>\n
Segment profit<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2,296<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0562<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 965<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0179<\/p>\n
Segment profit margin<\/p>\n
31.1<\/p>\n
%<\/p>\n
10.6<\/p>\n
%<\/p>\n
23.3<\/p>\n
%<\/p>\n
107.9<\/p>\n
%<\/p>\n
Six Months Ended June 30, 2026<\/p>\n
(Dollars in Millions)<\/p>\n
Software<\/p>\n
Consulting<\/p>\n
Infrastructure<\/p>\n
Financing<\/p>\n
Revenue<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 14,813<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 10,599<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a07,161<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0406<\/p>\n
Segment Profit<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4,601<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1,205<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,360<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0226<\/p>\n
Segment Profit Margin<\/p>\n
31.1<\/p>\n
%<\/p>\n
11.4<\/p>\n
%<\/p>\n
19.0<\/p>\n
%<\/p>\n
55.8<\/p>\n
%<\/p>\n
Change YTY Revenue<\/p>\n
7.9<\/p>\n
%<\/p>\n
2.1<\/p>\n
%<\/p>\n
1.9<\/p>\n
%<\/p>\n
13.6<\/p>\n
%<\/p>\n
Change YTY Revenue – Constant Currency<\/p>\n
6.1<\/p>\n
%<\/p>\n
1.0<\/p>\n
%<\/p>\n
0.5<\/p>\n
%<\/p>\n
10.7<\/p>\n
%<\/p>\n
Six Months Ended June 30, 2025<\/p>\n
(Dollars in Millions)<\/p>\n
\u00a0Software<\/p>\n
Consulting<\/p>\n
Infrastructure<\/p>\n
Financing<\/p>\n
Revenue<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 13,722<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 10,382<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a07,027<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0357<\/p>\n
Segment Profit<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4,143<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1,121<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,213<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0248<\/p>\n
Segment Profit Margin<\/p>\n
30.2<\/p>\n
%<\/p>\n
10.8<\/p>\n
%<\/p>\n
17.3<\/p>\n
%<\/p>\n
69.3<\/p>\n
%<\/p>\n
\u00a0<\/p>\n
INTERNATIONAL BUSINESS MACHINES CORPORATION<\/p>\n
U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION<\/p>\n
(Unaudited; $ in millions except per share amounts)<\/p>\n
Three Months Ended June 30, 2026<\/p>\n
Continuing Operations<\/p>\n
GAAP<\/p>\n
Acquisition-<\/p>\n
Related<\/p>\n
Adjustments (1)<\/p>\n
Retirement-<\/p>\n
Related<\/p>\n
Adjustments (2)<\/p>\n
Tax<\/p>\n
Reform<\/p>\n
Impacts<\/p>\n
Operating<\/p>\n
(Non-<\/p>\n
GAAP)<\/p>\n
Gross profit<\/p>\n
$\u00a0 9,907<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 287<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a010,194<\/p>\n
Gross profit margin<\/p>\n
57.7<\/p>\n
%<\/p>\n
1.7<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
59.4<\/p>\n
%<\/p>\n
SG&A<\/p>\n
$\u00a0\u00a04,981<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(421)<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2014<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a04,560<\/p>\n
Other (income) & expense<\/p>\n
(185)<\/p>\n
1<\/p>\n
(96)<\/p>\n
\u2014<\/p>\n
(280)<\/p>\n
Total expense & other (income)<\/p>\n
7,428<\/p>\n
(429)<\/p>\n
(96)<\/p>\n
\u2014<\/p>\n
6,903<\/p>\n
Pre-tax income from continuing operations<\/p>\n
2,479<\/p>\n
716<\/p>\n
96<\/p>\n
\u2014<\/p>\n
3,290<\/p>\n
Pre-tax income margin from continuing<\/p>\n
operations<\/p>\n
14.4<\/p>\n
%<\/p>\n
4.2<\/p>\n
pts<\/p>\n
0.6<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
19.2<\/p>\n
%<\/p>\n
Provision for\/(benefit from) income taxes (3)<\/p>\n
$\u00a0 \u00a0 \u00a0313<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 167<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a020<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (2)<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 498<\/p>\n
Effective tax rate<\/p>\n
12.6<\/p>\n
%<\/p>\n
2.3<\/p>\n
pts<\/p>\n
0.2<\/p>\n
pts<\/p>\n
(0.1)<\/p>\n
pts<\/p>\n
15.1<\/p>\n
%<\/p>\n
Income from continuing operations<\/p>\n
$\u00a0\u00a02,166<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 548<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a076<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a02,792<\/p>\n
Income margin from continuing operations<\/p>\n
12.6<\/p>\n
%<\/p>\n
3.2<\/p>\n
pts<\/p>\n
0.4<\/p>\n
pts<\/p>\n
0.0<\/p>\n
pts<\/p>\n
16.3<\/p>\n
%<\/p>\n
Diluted earnings per share: continuing<\/p>\n
operations<\/p>\n
$\u00a0 \u00a0 2.27<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.58<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.08<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.00<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02.93<\/p>\n
Three Months Ended June 30, 2025<\/p>\n
Continuing Operations<\/p>\n
GAAP<\/p>\n
Acquisition-<\/p>\n
Related<\/p>\n
Adjustments (1)<\/p>\n
Retirement-<\/p>\n
Related<\/p>\n
Adjustments (2)<\/p>\n
Tax<\/p>\n
Reform<\/p>\n
Impacts<\/p>\n
Operating<\/p>\n
(Non-<\/p>\n
GAAP)<\/p>\n
Gross profit<\/p>\n
$\u00a0 9,977<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 225<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a010,202<\/p>\n
Gross profit margin<\/p>\n
58.8<\/p>\n
%<\/p>\n
1.3<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
60.1<\/p>\n
%<\/p>\n
SG&A<\/p>\n
$\u00a0\u00a05,027<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(348)<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a04,679<\/p>\n
Other (income) & expense<\/p>\n
(39)<\/p>\n
(1)<\/p>\n
(25)<\/p>\n
\u2014<\/p>\n
(65)<\/p>\n
Total expense & other (income)<\/p>\n
7,380<\/p>\n
(350)<\/p>\n
(25)<\/p>\n
\u2014<\/p>\n
7,005<\/p>\n
Pre-tax income from continuing operations<\/p>\n
2,597<\/p>\n
575<\/p>\n
25<\/p>\n
\u2014<\/p>\n
3,197<\/p>\n
Pre-tax income margin from continuing<\/p>\n
operations<\/p>\n
15.3<\/p>\n
%<\/p>\n
3.4<\/p>\n
pts<\/p>\n
0.1<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
18.8<\/p>\n
%<\/p>\n
Provision for\/(benefit from) income taxes (3)<\/p>\n
$\u00a0 \u00a0 \u00a0404<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 132<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a09<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 545<\/p>\n
Effective tax rate<\/p>\n
15.5<\/p>\n
%<\/p>\n
1.3<\/p>\n
pts<\/p>\n
0.2<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
17.0<\/p>\n
%<\/p>\n
Income from continuing operations<\/p>\n
$\u00a0\u00a02,193<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 443<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a017<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a02,652<\/p>\n
Income margin from continuing operations<\/p>\n
12.9<\/p>\n
%<\/p>\n
2.6<\/p>\n
pts<\/p>\n
0.1<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
15.6<\/p>\n
%<\/p>\n
Diluted earnings per share: continuing<\/p>\n
operations<\/p>\n
$\u00a0 \u00a0 2.31<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.47<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.02<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02.80<\/p>\n
____________________<\/p>\n
(1) Includes amortization of acquired intangible assets and acquisition-related charges such as in-process research and development, transaction<\/p>\n
\u00a0 \u00a0 \u00a0 costs, applicable retention, restructuring and related expenses, tax charges related to acquisition integration, and pre-closing charges, such as<\/p>\n
\u00a0 \u00a0 \u00a0 financing costs.<\/p>\n
(2) Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains\/losses, the impacts of any plan<\/p>\n
\u00a0 \u00a0 \u00a0 curtailments\/settlements and pension insolvency costs and other costs.<\/p>\n
(3) The tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to<\/p>\n
\u00a0 \u00a0 \u00a0 the GAAP pre-tax income.<\/p>\n
\u00a0<\/p>\n
INTERNATIONAL BUSINESS MACHINES CORPORATION<\/p>\n
U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION<\/p>\n
(Unaudited; $ in millions except per share amounts)<\/p>\n
Six Months Ended June 30, 2026<\/p>\n
Continuing Operations<\/p>\n
GAAP<\/p>\n
Acquisition-<\/p>\n
Related<\/p>\n
Adjustments (1)<\/p>\n
Retirement-<\/p>\n
Related<\/p>\n
Adjustments (2)<\/p>\n
Tax<\/p>\n
Reform<\/p>\n
Impacts<\/p>\n
Operating<\/p>\n
(Non-<\/p>\n
GAAP)<\/p>\n
Gross Profit<\/p>\n
$ 18,857<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 524<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2014<\/p>\n
$\u00a0 \u00a019,380<\/p>\n
Gross Profit Margin<\/p>\n
57.0<\/p>\n
%<\/p>\n
1.6<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
58.6<\/p>\n
%<\/p>\n
SG&A<\/p>\n
$ 10,071<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (829)<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2014<\/p>\n
$\u00a0 \u00a0 \u00a09,242<\/p>\n
Other (Income) & Expense<\/p>\n
(186)<\/p>\n
1<\/p>\n
(192)<\/p>\n
\u2014<\/p>\n
(378)<\/p>\n
Total Expense & Other (Income)<\/p>\n
14,991<\/p>\n
(838)<\/p>\n
(192)<\/p>\n
\u2014<\/p>\n
13,961<\/p>\n
Pre-tax Income from Continuing Operations<\/p>\n
3,866<\/p>\n
1,361<\/p>\n
192<\/p>\n
\u2014<\/p>\n
5,419<\/p>\n
Pre-tax Income Margin from Continuing<\/p>\n
Operations<\/p>\n
11.7<\/p>\n
%<\/p>\n
4.1<\/p>\n
pts<\/p>\n
0.6<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
16.4<\/p>\n
%<\/p>\n
Provision for\/(Benefit from) Income Taxes (3)<\/p>\n
$\u00a0 \u00a0 \u00a0 484<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0305<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a023<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0(6)<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 806<\/p>\n
Effective Tax Rate<\/p>\n
12.5<\/p>\n
%<\/p>\n
2.5<\/p>\n
pts<\/p>\n
0.0<\/p>\n
pts<\/p>\n
(0.1)<\/p>\n
pts<\/p>\n
14.9<\/p>\n
%<\/p>\n
Income from Continuing Operations<\/p>\n
$\u00a0 \u00a03,382<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1,056<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0169<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a06<\/p>\n
$\u00a0 \u00a0 \u00a04,613<\/p>\n
Income Margin from Continuing Operations<\/p>\n
10.2<\/p>\n
%<\/p>\n
3.2<\/p>\n
pts<\/p>\n
0.5<\/p>\n
pts<\/p>\n
0.0<\/p>\n
pts<\/p>\n
13.9<\/p>\n
%<\/p>\n
Diluted Earnings Per Share: Continuing<\/p>\n
Operations<\/p>\n
$\u00a0 \u00a0 \u00a03.55<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1.11<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.18<\/p>\n
$\u00a0 \u00a0 \u00a00.01<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a04.84<\/p>\n
Six Months Ended June 30, 2025<\/p>\n
Continuing Operations<\/p>\n
GAAP<\/p>\n
Acquisition-<\/p>\n
Related<\/p>\n
Adjustments (1)<\/p>\n
Retirement-<\/p>\n
Related<\/p>\n
Adjustments (2)<\/p>\n
Tax<\/p>\n
Reform<\/p>\n
Impacts<\/p>\n
Operating<\/p>\n
(Non-<\/p>\n
GAAP)<\/p>\n
Gross Profit<\/p>\n
$ 18,008<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 426<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2014<\/p>\n
$\u00a0 \u00a018,434<\/p>\n
Gross Profit Margin<\/p>\n
57.1<\/p>\n
%<\/p>\n
1.4<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
58.5<\/p>\n
%<\/p>\n
SG&A<\/p>\n
$\u00a0 \u00a09,913<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (701)<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2014<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2014<\/p>\n
$\u00a0 \u00a0 \u00a09,212<\/p>\n
Other (Income) & Expense<\/p>\n
(204)<\/p>\n
(1)<\/p>\n
(48)<\/p>\n
\u2014<\/p>\n
(253)<\/p>\n
Total Expense & Other (Income)<\/p>\n
14,253<\/p>\n
(706)<\/p>\n
(48)<\/p>\n
\u2014<\/p>\n
13,499<\/p>\n
Pre-tax Income from Continuing Operations<\/p>\n
3,755<\/p>\n
1,132<\/p>\n
48<\/p>\n
\u2014<\/p>\n
4,935<\/p>\n
Pre-tax Income Margin from Continuing<\/p>\n
Operations<\/p>\n
11.9<\/p>\n
%<\/p>\n
3.6<\/p>\n
pts<\/p>\n
0.2<\/p>\n
pts<\/p>\n
\u2014<\/p>\n
pts<\/p>\n
15.7<\/p>\n
%<\/p>\n
Provision for\/(Benefit from) Income Taxes (3)<\/p>\n
$\u00a0 \u00a0 \u00a0 507<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0260<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (3)<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 766<\/p>\n
Effective Tax Rate<\/p>\n
13.5<\/p>\n
%<\/p>\n
2.2<\/p>\n
pts<\/p>\n
(0.2)<\/p>\n
pts<\/p>\n
0.0<\/p>\n
pts<\/p>\n
15.5<\/p>\n
%<\/p>\n
Income from Continuing Operations<\/p>\n
$\u00a0 \u00a03,248<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0872<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a051<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0(2)<\/p>\n
$\u00a0 \u00a0 \u00a04,169<\/p>\n
Income Margin from Continuing Operations<\/p>\n
10.3<\/p>\n
%<\/p>\n
2.8<\/p>\n
pts<\/p>\n
0.2<\/p>\n
pts<\/p>\n
0.0<\/p>\n
pts<\/p>\n
13.2<\/p>\n
%<\/p>\n
Diluted Earnings Per Share: Continuing<\/p>\n
Operations<\/p>\n
$\u00a0 \u00a0 \u00a03.43<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.92<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.05<\/p>\n
$\u00a0 \u00a0 \u00a00.00<\/p>\n
$\u00a0 \u00a0 \u00a0 \u00a04.40<\/p>\n
____________________<\/p>\n
(1) Includes amortization of acquired intangible assets, and acquisition-related charges such as in-process research and development, transaction<\/p>\n
\u00a0 \u00a0 \u00a0 costs, applicable retention, restructuring and related expenses, tax charges related to acquisition integration, and pre-closing charges, such as<\/p>\n
\u00a0 \u00a0 \u00a0 financing costs.<\/p>\n
(2) Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains\/losses, the impacts of any plan<\/p>\n
\u00a0 \u00a0 \u00a0 curtailments\/settlements and pension insolvency costs and other costs.<\/p>\n
(3) The tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to<\/p>\n
\u00a0 \u00a0 \u00a0 the GAAP pre-tax income.<\/p>\n
\u00a0<\/p>\n
INTERNATIONAL BUSINESS MACHINES CORPORATION<\/p>\n
GAAP OPERATING CASH FLOW TO FREE CASH FLOW RECONCILIATION<\/p>\n
(Unaudited)<\/p>\n
Three Months Ended
Six Months Ended
($ in millions)<\/p>\n
2026<\/p>\n
2025<\/p>\n
2026<\/p>\n
2025<\/p>\n
Net cash provided by operating activities per GAAP<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a02,597<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a01,701<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a07,766<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a06,071<\/p>\n
Less: change in IBM Financing receivables<\/p>\n
(302)<\/p>\n
(1,480)<\/p>\n
2,264<\/p>\n
606<\/p>\n
Net cash from operating activities excl. IBM Financing receivables<\/p>\n
2,899<\/p>\n
3,182<\/p>\n
5,503<\/p>\n
5,465<\/p>\n
Capital expenditures, net<\/p>\n
(359)<\/p>\n
(336)<\/p>\n
(743)<\/p>\n
(657)<\/p>\n
Free cash flow<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a02,540<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a02,845<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a04,760<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a04,808<\/p>\n
\u00a0<\/p>\n
INTERNATIONAL BUSINESS MACHINES CORPORATION<\/p>\n
GAAP OPERATING CASH FLOW TO ADJUSTED EBITDA RECONCILIATION<\/p>\n
(Unaudited)<\/p>\n
Three Months Ended
Six Months Ended
($ in billions)<\/p>\n
2026<\/p>\n
2025<\/p>\n
2026<\/p>\n
2025<\/p>\n
Net cash provided by operating activities<\/p>\n
$\u00a0 \u00a02.6<\/p>\n
$\u00a0 \u00a01.7<\/p>\n
$\u00a0 \u00a07.8<\/p>\n
$\u00a0 \u00a06.1<\/p>\n
Add:<\/p>\n
Net interest expense<\/p>\n
0.4<\/p>\n
0.3<\/p>\n
0.7<\/p>\n
0.6<\/p>\n
Provision for\/(benefit from) income taxes from continuing operations<\/p>\n
0.3<\/p>\n
0.4<\/p>\n
0.5<\/p>\n
0.5<\/p>\n
Less change in:<\/p>\n
Financing receivables<\/p>\n
(0.3)<\/p>\n
(1.5)<\/p>\n
2.3<\/p>\n
0.6<\/p>\n
Net (gain)\/loss on divestitures, assets sales and other (1)<\/p>\n
(0.1)<\/p>\n
0.0<\/p>\n
(0.1)<\/p>\n
0.0<\/p>\n
Other assets and liabilities\/other, net (1,2)<\/p>\n
(1.1)<\/p>\n
(0.7)<\/p>\n
(2.0)<\/p>\n
(1.5)<\/p>\n
Adjusted EBITDA<\/p>\n
$\u00a0 \u00a04.8<\/p>\n
$\u00a0 \u00a04.7<\/p>\n
$\u00a0 \u00a08.8<\/p>\n
$\u00a0 \u00a08.1<\/p>\n
Revenue<\/p>\n
$ 17.2<\/p>\n
$ 17.0<\/p>\n
$ 33.1<\/p>\n
$ 31.5<\/p>\n
Net cash provided by operating activities margin<\/p>\n
15.1 %<\/p>\n
10.0 %<\/p>\n
23.5 %<\/p>\n
19.3 %<\/p>\n
Adjusted EBITDA margin<\/p>\n
27.8 %<\/p>\n
27.6 %<\/p>\n
26.5 %<\/p>\n
25.7 %<\/p>\n
____________________<\/p>\n
(1) Reclassified to align with the presentation of similar line items in the Statement of Cash Flows.<\/p>\n
(2) Mainly consists of Changes in operating assets and liabilities, net of acquisitions\/divestitures in the Statement of Cash Flows chart,<\/p>\n
\u00a0 \u00a0 \u00a0 workforce rebalancing charges, non-operating impacts, and corporate (gains) and charges, less the change in Financing receivables.<\/p>\n
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Tim Davidson, 914-844-7847
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 tfdavids@us.ibm.com<\/a>\u00a0
\n\u00a0 \u00a0\u00a0
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Erin\u00a0McElwee, 347-920-6825
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 erin.mcelwee@ibm.com<\/a>\u00a0<\/p>\n
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\n\t\t\tJune 30,<\/p>\n
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\n\t\t\tJune 30,<\/p>\n
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\n\t\t\tJune 30,<\/p>\n
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\n\t\t\tJune 30,<\/p>\n
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\n\t\t\tJune 30,<\/p>\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"Company provides updated full-year expectations Jul 22, 2026 ARMONK, N.Y., July 22, 2026 \/PRNewswire\/ — IBM (NYSE: IBM)…\n","protected":false},"author":2,"featured_media":819800,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48],"class_list":["post-819799","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ca","tag-canada"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/819799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=819799"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/819799\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/819800"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=819799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=819799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=819799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}