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International Business Machines (IBM) perpetual futures
IBM perpetual futures on 23 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade IBMUSDT.
IBM provides technology solutions through Software, Consulting, Infrastructure, and Financing segments, including hybrid cloud, AI, and security offerings.
$247.16+0.4%NYSE open
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TradingView symbol NYSE:IBM
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Trading data
Perpetual market activity
23/23 live markets
Trading data
Perpetual market activity
Venues
23
Live markets
23/23
24h volume
$15.3MCoverage: 20/23 marketsExchange-reported volume: $17.2M
Open interest
$25.7MCoverage: 18/23 markets
Best liquidity
$2.9M
Ourbit
Tightest spread
+0.4 bps
LBank
Highest volume
$3.9M
Deepcoin
Settlement mix
USDT · 17/23
Perp/spot vol.
0.02x
Spot volume $666.9M
OI / float
+0.01%
Float $233.1B
Spot performance
1D-1.43%
5D+0.72%
1M+6.02%
6M+13.99%
YTD-17.40%
1Y-19.74%
Venue matrix
23 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Hyperliquid HIP-3 | Trade | xyz:IBM | Trading | $246.92 | +5.5% APR +0.00063% every 1h | +3.2 bps | - | $2.3M | $14.7M | USDC | 10x | |
 Binance | Trade | IBM/USDT | Trading | $247.17 | +5.0% APR +0.00454% every 8h | +2.0 bps | - | $2.2M | $3.7M | USDT | - | |
 Gate.io | Trade | IBM/USDT | Trading | $247.11 | 0.0% APR 0.000% every 8h | +9.3 bps | $384.2K | $680.4K | $922.2K | USDT | 50x | |
 Ondo Perps | Trade | IBM/USD | Trading | $246.79 | - | +0.8 bps | $51.4K | $408K | $106.1K | USDC | 10x | |
 Bybit | Trade | IBM/USDT | Trading | $247.05 | 0.0% APR 0.000% every 8h | +2.8 bps | $506.5K | $401.3K | $3.1M | USDT | 50x | |
 MEXC | Trade | IBM/USDT | Trading | $247.15 | +5.0% APR +0.00460% every 8h | +0.8 bps | $121.8K | $320.1K | $110.5K | USDT | 50x | |
 KuCoin | Trade | IBM/USDT | Trading | $247.03 | 0.0% APR 0.000% every 8h | +19.5 bps | $10.4K | $277.4K | $750K | USDT | 20x | |
 GRVT | Trade | IBM/USDT | Trading | $247.19 | +22.8% APR +0.021% every 8h | +4.5 bps | $45.5K | $272.6K | $205.2 | USDT | - | |
 OKX | Trade | IBM/USDT | Trading | $247.18 | 0.0% APR 0.000% every 8h | +0.4 bps | $37.7K | $231.8K | $967.7K | USDT | 20x | |
 Bitunix | Trade | IBM/USDT | Trading | $247.17 | +7.4% APR +0.00677% every 8h | +0.4 bps | $1.2M | $113.3K | $43.3K | USDT | 50x | |
 Bitget | Trade | IBM/USDT | Trading | $247.07 | 0.0% APR 0.000% every 8h | +2.0 bps | $2.2M | $97.3K | $359.3K | USDT | 20x | |
 HTX | Trade | IBM/USDT | Trading | $247.05 | 0.0% APR 0.000% every 8h | +53.5 bps | $220.6K | $62.9K | $10.6K | USDT | - | |
 BloFin | Trade | IBM/USDT | Trading | $247.19 | +4.1% APR +0.00370% every 8h | +2.4 bps | - | $44K | $94.5K | USDT | 20x | |
 Extended | Trade | IBM/USD | Trading | $246.94 | +5.3% APR +0.00060% every 1h | +4.9 bps | - | $4.3K | $4.5K | USD | 10x | |
 Helix (Injective) | Trade | IBM/USDC | Trading | $246.96 | +24.1% APR +0.00275% every 1h | +22.3 bps | $60 | $1.7K | - | USDC | 12x | |
 Aster | Trade | IBMUSDT | Trading | $247.14 | 0.0% APR 0.000% every 8h | +9.7 bps | $27.8K | $818.3 | $510.9K | USDT | - | |
 Crypto.com Exchange | Trade | IBM/USD | Trading | $246.60 | +80.8% APR +0.00922% every 1h | +8.9 bps | $10.6K | $367.5 | $7.2K | USD | 50x | |
 Vest | Trade | IBM/USDC | Trading | $246.83 | +5.0% APR +0.00057% every 1h | +13.4 bps | - | - | - | USDC | 25x | |
 Deepcoin | Trade | IBM/USDT | Trading | $247.23 | - | +1.2 bps | $59.4K | $3.9M | - | USDT | 25x | |
 BingX | Trade | IBM-USDT | Trading | $247.17 | -5.5% APR -0.00500% every 8h | +3.2 bps | $1.8M | $2M | - | USDT | - | |
 XT.com | Trade | IBM/USDT | Trading | $247.03 | +5.1% APR +0.00462% every 8h | +2.0 bps | $33.3K | $1.9M | - | USDT | 20x | |
 Ourbit | Trade | IBM/USDT | Trading | $247.16 | +5.0% APR +0.00460% every 8h | +2.0 bps | $2.9M | $1.3M⚠ | $157.9K | USDT | 50x | |
 LBank | Trade | IBM/USDT | Trading | $247.09 | +5.1% APR +0.00466% every 8h | +0.4 bps | $506.2K | $622.7K⚠ | $131.1K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| IBMonOndo GM | $252.13 | +2.01% | $1.6M | $2.6M | Ethereum · BNB Smart Chain (BEP20) · Solana |
| IBMBbStocks | $244.25 | -1.18% | $1.1M | $840k | BNB Smart Chain (BEP20) |
| rIBMTokenized | $244.28 | -1.16% | $13k | $48k | Arbitrum |
| IBMXxStocks | $245.43 | -0.70% | $11k | $1.1M | Solana · Arbitrum · BNB Smart Chain (BEP20) · TON |
| IBMTokenized | $246.51 | -0.26% | $6k | – | Robinhood Chain |
| IBMRobinhood | $247.04 | -0.52% | $5k | $386k | Robinhood Chain |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 uniswapDEX · robinhood | IBM/USDG ↗ | $247.04 | $5k | $26k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 15 of 23 venues absorb $10k · Typical cost: +8.5 bps – +23.0 bps
Too thin: Crypto.com Exchange, KuCoin
No fresh book data: Ondo Perps, Helix (Injective), Hyperliquid HIP-3, Binance, Extended, Vest
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
IBMTightest spread
IBMHighest volume
IBMFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-01-27
Revenue est. $20.4B · Updated 5m ago
Dividend
$1.69
2026-11-10
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
New York Stock Exchange
Extended-hours reference
Bid245.67
Ask246.65
Volume700,027
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 202612.41$70.6B+4%14
FY 202713.26$73.3B+4%14
FY 202814.51$77.6B+6%7
FY 202914.09$81.2B+5%2
FY 203012.85$83.3B+3%4
Q1 20272.16$16.5B+4%10
Source: FMP · Consensus
Company events
62027-01-27EarningsActual - / Estimate 4.63-
2026-11-10Dividend$1.69-
2026-10-21Earnings · After market closeActual 2.95 / Estimate 2.86Beat
2026-08-10Dividend$1.69-
2026-07-22EarningsActual 2.93 / Estimate 2.95Miss
2026-05-08Dividend$1.69-
Peer comparison
Similar listed perpsRevenue mix
Latest annualAmericasGeographic$33.3B
E M E AGeographic$22.2B
Asia PacificGeographic$12B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $272.33 |
| 12-month target range (low – high) | $175 – $350 |
| Ratings in the provider's consensus | 52 |
Price targets as of 2026-11-12
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 3 | 9 | 11 | 1 | 1 |
| Oct 2026 | 3 | 9 | 11 | 1 | 1 |
| Sep 2026 | 3 | 10 | 10 | 1 | 1 |
| Aug 2026 | 3 | 11 | 10 | 1 | 1 |
| Jul 2026 | 3 | 12 | 9 | 1 | 2 |
| Jun 2026 | 3 | 12 | 8 | 0 | 2 |
| May 2026 | 2 | 11 | 9 | 0 | 2 |
| Apr 2026 | 2 | 10 | 9 | 1 | 1 |
| Mar 2026 | 2 | 9 | 8 | 1 | 1 |
| Feb 2026 | 2 | 9 | 8 | 2 | 1 |
| Jan 2026 | 1 | 9 | 8 | 2 | 2 |
| Dec 2025 | 1 | 8 | 8 | 2 | 2 |
Ownership
Institutional · 2025-Q4Free float99.8%943.2M shares
Shares outstanding945.1M shares
Institutional64.3%3,833 investors
Investor count change+292
Reference market activity
IBM-PERPDay range (Nov 12)$244.37$248.77
52 week$199.19$332.46
Spot volume2.7M
Average volume-
Price performance
111D-1.4%
5D+0.7%
1M+6.0%
3M+3.2%
6M+14.0%
YTD-17.4%
1Y-19.7%
3Y+65.2%
5Y+105.8%
10Y+61.8%
MAX+3,256.2%
Insider activity
FY2026 Q3Acquisitions15 transactions20,405 shares
Dispositions5 transactions36,330 shares
Purchases0Ratio 3
Sales1
Insider transactions
25DateReporting persontransactionssharesPriceFilings
IBM insider Frank Baker filed a Form 3 on 2026-10-08, an initial statement of holdings disclosing 0 shares of common stock as of 2026-10-01. No open-market purchase or sale occurred.
IBM director Ramon Laguarta received an award of 415 Promised Fee Shares at $0.00 on 2026-09-30, holding 869 shares after. This is a grant, not an open-market purchase.
IBM director Gorsky Alex received an award of 489 Promised Fee Shares on 2026-09-30 at $0.00, an A-Award grant rather than a purchase, bringing his reported holdings to 35,343 shares.
IBM director Michelle J. Howard received a 291-share Promised Fee Share award on 2026-09-30, an A-Award grant at $0.00 (not a purchase); she held 17,050 shares after.
IBM director Andrew N. Liveris received a 444-share award of Promised Fee Shares at $0.00 on 2026-09-30 (Form 4, filed 2026-10-01), an A-Award of director compensation, not an open-market purchase. He held 45,262 shares afterward.
IBM director Frederick William McNabb III received an award of 415 Promised Fee Shares at $0.00 on 2026-09-30, bringing holdings to 17,053 shares. This is a grant, not an open-market purchase.
IBM director Miebach Michael received an award of 415 Promised Fee Shares (A-Award, not a purchase) at $0.00 on 2026-09-30, leaving 4,724 shares owned.
IBM director Martha E. Pollack received an A-Award of 268 Promised Fee Shares on 2026-09-30, at $0.00 per share, bringing her holdings to 17,899 shares.
IBM director Voser Peter R. received an award of 455 Promised Fee Shares at $0.00, an A-Award grant (not a purchase), bringing reported holdings to 33,290 shares.
IBM director Alfred W. Zollar received an award of 415 Promised Fee Shares on 2026-09-30, a grant of compensation rather than a purchase. He held 10,427 shares afterward.
IBM director David N. Farr received an award of 268 promised fee shares at $0.00 on 2026-09-30, leaving him with 23,782 shares owned. Awards are compensation, not open-market purchases.
IBM director Buberl Thomas received an award of 444 Promised Fee Shares on 2026-09-30, disclosed in a Form 4 filed 2026-10-01. He then owned 15,256 shares.
IBM director Brown Marianne Catherine received an award of 415 Promised Fee Shares on 2026-09-30 at $0.00, a grant not a purchase, bringing her holdings to 4,460 shares; the Form 4 was filed 2026-10-01.
IBM CEO Arvind Krishna acquired 8,376 shares of phantom stock through a discretionary transaction, now holding 28,447 shares.
On August 26, 2026, Senior Vice President Thomas Robert David sold 25,000 IBM common shares at $230.32 each, leaving 47,800 shares owned.
IBM director Michael Miebach received an award of 325 Promised Fee Shares at $0.00 on June 30, 2026, bringing his holdings to 4,278 shares.
Anne Robinson (SVP) converted 7,295 RSUs into 7,295 IBM common shares, then had 4,035 shares withheld for taxes at $286.725 each.
Ramon Laguarta, IBM director, was awarded 325 Promised Fee Shares on 2026-06-30 as compensation (not an open-market purchase), bringing his total holdings to 451 shares.
IBM director Alfred W. Zollar was awarded 325 Promised Fee Shares as compensation on 2026-06-30, bringing his total holdings to 9,940 shares.
IBM director Peter R. Voser was awarded 356 Promised Fee Shares as compensation on 2026-06-30, bringing his total holdings to 32,600 shares.
Filings
60 · Latest SEC filings2026-10-083Initial insider ownership statement (Form 3)
IBM insider Frank Baker filed a Form 3 on 2026-10-08, an initial statement of holdings disclosing 0 shares of common stock as of 2026-10-01. No open-market purchase or sale occurred.
2026-10-014Insider transaction report (Form 4)
IBM director Voser Peter R. received an award of 455 Promised Fee Shares at $0.00, an A-Award grant (not a purchase), bringing reported holdings to 33,290 shares.
2026-10-014Insider transaction report (Form 4)
IBM director Gorsky Alex received an award of 489 Promised Fee Shares on 2026-09-30 at $0.00, an A-Award grant rather than a purchase, bringing his reported holdings to 35,343 shares.
2026-10-014Insider transaction report (Form 4)
IBM director Ramon Laguarta received an award of 415 Promised Fee Shares at $0.00 on 2026-09-30, holding 869 shares after. This is a grant, not an open-market purchase.
2026-10-014Insider transaction report (Form 4)
IBM director Michelle J. Howard received a 291-share Promised Fee Share award on 2026-09-30, an A-Award grant at $0.00 (not a purchase); she held 17,050 shares after.
2026-10-014Insider transaction report (Form 4)
IBM director Andrew N. Liveris received a 444-share award of Promised Fee Shares at $0.00 on 2026-09-30 (Form 4, filed 2026-10-01), an A-Award of director compensation, not an open-market purchase. He held 45,262 shares afterward.
2026-10-014Insider transaction report (Form 4)
IBM director Alfred W. Zollar received an award of 415 Promised Fee Shares on 2026-09-30, a grant of compensation rather than a purchase. He held 10,427 shares afterward.
2026-10-014Insider transaction report (Form 4)
IBM director Frederick William McNabb III received an award of 415 Promised Fee Shares at $0.00 on 2026-09-30, bringing holdings to 17,053 shares. This is a grant, not an open-market purchase.
2026-10-014Insider transaction report (Form 4)
IBM director Martha E. Pollack received an A-Award of 268 Promised Fee Shares on 2026-09-30, at $0.00 per share, bringing her holdings to 17,899 shares.
2026-10-014Insider transaction report (Form 4)
IBM director David N. Farr received an award of 268 promised fee shares at $0.00 on 2026-09-30, leaving him with 23,782 shares owned. Awards are compensation, not open-market purchases.
2026-10-014Insider transaction report (Form 4)
IBM director Brown Marianne Catherine received an award of 415 Promised Fee Shares on 2026-09-30 at $0.00, a grant not a purchase, bringing her holdings to 4,460 shares; the Form 4 was filed 2026-10-01.
2026-10-014Insider transaction report (Form 4)
IBM director Miebach Michael received an award of 415 Promised Fee Shares (A-Award, not a purchase) at $0.00 on 2026-09-30, leaving 4,724 shares owned.
2026-10-014Insider transaction report (Form 4)
IBM director Buberl Thomas received an award of 444 Promised Fee Shares on 2026-09-30, disclosed in a Form 4 filed 2026-10-01. He then owned 15,256 shares.
2026-08-284Insider transaction report (Form 4)
On August 26, 2026, Senior Vice President Thomas Robert David sold 25,000 IBM common shares at $230.32 each, leaving 47,800 shares owned.
2026-08-284Insider transaction report (Form 4)
IBM CEO Arvind Krishna acquired 8,376 shares of phantom stock through a discretionary transaction, now holding 28,447 shares.
2026-07-024Insider transaction report (Form 4)
IBM director Michelle J. Howard was awarded 228 Promised Fee Shares as compensation on 2026-06-30, bringing her total holdings to 16,639 shares.
2026-07-024Insider transaction report (Form 4)
IBM director Alex Gorsky was granted 383 Promised Fee Shares on 2026-06-30 as compensation (no cash paid), bringing his total holdings to 34,605 shares.
2026-07-024Insider transaction report (Form 4)
IBM director Alfred W. Zollar was awarded 325 Promised Fee Shares as compensation on 2026-06-30, bringing his total holdings to 9,940 shares.
2026-07-024Insider transaction report (Form 4)
IBM director Thomas Buberl was awarded 341 Promised Fee Shares (compensation, not a purchase) on 2026-06-30, bringing his total holding to 14,706 shares.
2026-07-024Insider transaction report (Form 4)
IBM director Martha E. Pollack was awarded 209 Promised Fee Shares on 2026-06-30 as compensation, bringing her total ownership to 17,506 shares.
2026-07-024Insider transaction report (Form 4)
IBM director Marianne Catherine Brown received a grant of 325 Promised Fee Shares on 2026-06-30, bringing her total holdings to 4,016 shares. This was a compensation award, not a purchase.
2026-07-024Insider transaction report (Form 4)
IBM director Frederick William McNabb III received an award of 325 promised fee shares on 2026-06-30, bringing his total holdings to 16,518 shares. This was a compensation grant, not a market purchase.
2026-07-024Insider transaction report (Form 4)
IBM director Andrew N. Liveris was awarded 347 Promised Fee Shares (a compensation grant, not a purchase) on 2026-06-30, bringing his total ownership to 44,497 shares.
2026-07-024Insider transaction report (Form 4)
IBM director David N Farr was awarded 209 Promised Fee Shares (compensation, not a purchase), bringing his total holdings to 23,346 shares.
2026-07-024Insider transaction report (Form 4)
IBM director Peter R. Voser was awarded 356 Promised Fee Shares as compensation on 2026-06-30, bringing his total holdings to 32,600 shares.
2026-07-024Insider transaction report (Form 4)
Ramon Laguarta, IBM director, was awarded 325 Promised Fee Shares on 2026-06-30 as compensation (not an open-market purchase), bringing his total holdings to 451 shares.
2026-07-024Insider transaction report (Form 4)
Anne Robinson (SVP) converted 7,295 RSUs into 7,295 IBM common shares, then had 4,035 shares withheld for taxes at $286.725 each.
2026-07-024Insider transaction report (Form 4)
IBM director Michael Miebach received an award of 325 Promised Fee Shares at $0.00 on June 30, 2026, bringing his holdings to 4,278 shares.
2026-06-044Insider transaction report (Form 4)
Nicolas A. Fehring, VP & Controller of IBM, gifted 400 shares of IBM common stock, leaving 16,578 shares owned afterward.
2026-04-014Insider transaction report (Form 4)
IBM director Laguarta Ramon was awarded 126 Promised Fee Shares as compensation, bringing his total holding to 126 shares.
2026-04-014Insider transaction report (Form 4)
IBM director Marianne Catherine Brown was awarded 377 Promised Fee Shares as compensation on 2026-03-31, bringing her total holdings to 3,669 shares.
2026-04-014Insider transaction report (Form 4)
IBM director Thomas Buberl was awarded 377 Promised Fee Shares as compensation on 2026-03-31, bringing his total holdings to 14,278 shares.
Transcripts
Earnings callsFY2026 Q22026-07-22
Earnings calls
AI summary
mixedIBM delivered weaker-than-expected Q2 2026 results with 1% revenue growth, missing guidance as enterprise customers shifted spending toward supply-constrained AI infrastructure rather than software and mainframe purchases. The company recorded $4.8 billion in free cash flow for the first half, flat year-over-year. Software revenue grew only 5% with flat organic growth, as tens of large enterprise license agreement deals worth hundreds of millions slipped from June into Q3 and beyond. However, approximately one-third of these deals have already closed in early July, suggesting demand was deferred rather than destroyed. Management reset full-year revenue guidance to 4-5% from prior 5%-plus guidance and narrowed software growth expectations to 6-8%. Infrastructure declined 7% despite record Distributed Infrastructure growth of 37%, as mainframe revenue fell 42% in a typical post-launch quarter seasonality, though program-to-program comparisons remain at nearly 130%. Consulting signings grew 6% with generative AI representing 50% of signings and over 30% of backlog. Despite revenue headwinds, the company expects 100 basis points of operating pretax margin expansion and plans to maintai
Key takeaways
- Q2 revenue miss primarily driven by large enterprise CapEx deals deferring to later quarters due to client budget reallocation toward supply-constrained AI infrastructure purchases, not demand destruction
- Software recurring revenue (80% of segment) grew healthily at approximately 8-10% with strong subscription and consumption-based growth, while transaction processing software declined 9% due to ELA timing shifts
- Mainframe program-to-program performance at 130% represents nearly $1 billion more revenue than z16 at similar point, with 85% of installed MIPS capacity stable or growing, supporting confidence in continued strength
- Approximately one-third of tens of slipped large deals already closed in first three weeks of Q3, indicating demand deferral as clients became aware of infrastructure price escalation and reassessed technology debt priorities
- Distributed Infrastructure delivered record revenue growth of 37% driven by AI adoption and enterprise data growth in Power and Storage, exiting quarter with $500 million backlog
Financial highlights
- Q2 2026 revenue growth of 1% with operating pretax margin expansion of 30 basis points and 5% diluted operating earnings per share growth
- First half 2026 free cash flow generation of $4.8 billion, flat year-over-year, with inventory build of $600 million to support anticipated infrastructure demand in second half
- Software annual recurring revenue reached $24.6 billion, up 8% year-over-year, with subscription and consumption-based revenue representing 80% of segment
- Full-year revenue guidance reset to 4-5% range from prior 5%-plus; software growth narrowed to 6-8% for full year with expectations approaching double-digit growth in second half
Guidance
- Full-year 2026 revenue growth expected in range of 4% to 5%, with low end representing base case reflecting current environment and high end assuming more typical pipeline conversion
- Software revenue growth guidance of 6% to 8% for full year, with high end assuming second half approaches double-digit growth rates driven by 80% recurring revenue acceleration to approximately 10%
- Infrastructure expected to grow low single digits in 2026 driven by Distributed Infrastructure growth and continued strong mainframe program-to-program performance, maintaining over 120% through second half
- Consulting revenue expected to accelerate to low to mid-single digit growth for full year; company expects 100 basis points of operating pretax margin expansion despite revenue shortfall headwinds from productivity actions exceeding expectations
Q&A themes
- Validation that Q2 deal slippage represented demand deferral not destruction, with one-third of slipped CapEx deals already closing in early Q3 and strong pipeline signals supporting confidence in mid-year recovery
- Mainframe platform momentum and incumbency remain intact with 130% program-to-program performance, 85% of installed MIPS growing or stable, 70% of world transaction volume running on IBM Z, and AI driving incremental capacity workloads
- Free cash flow durability supported by productivity initiatives ahead of plan, adjusted EBITDA growth, with inventory headwinds from supply chain investments expected to reverse in second half as Distributed Infrastructure demand fulfills
- Long-term software double-digit growth commitment maintained despite Q2 hiccup, driven by 80% high-value recurring revenue base growing to 10%, inorganic investments in 15-20% growth acquisitions, and organic watsonx portfolio acceleration
Risks
- Q2 enterprise spending patterns show customer budget constraints and prioritization shifts toward AI infrastructure, creating near-term revenue volatility risk and requiring execution validation in Q3-Q4 to confirm demand recovery
- Mainframe transaction processing software down 9% with guidance assuming only modest recovery, indicating potential for extended monetization delays if client upgrade cycles and technology spending normalize more slowly than modeled
- Transactional software revenue concentration risk as 20% of segment represents large ELA deals subject to timing compression and budget allocation shifts, though 80% recurring revenue base provides stability
FY2026 Q12026-04-22
Earnings calls
AI summary
positiveIBM reported Q1 2026 revenue growth of 6% with 140 basis points of operating margin expansion and $2.2 billion free cash flow, marking the strongest first quarter in a decade. Software revenue grew 8% with data up 16% and Red Hat accelerating to 10%, while infrastructure delivered 12% growth highlighted by a record 48% increase in IBM Z revenue. The company maintained 2026 guidance for constant currency revenue growth of 5-plus percent and free cash flow growth of approximately $1 billion year-over-year.
Key takeaways
- Software revenue grew 8% with Data up 16% (including early Confluent closing) and Red Hat accelerating to 10%; software ARR reached $24.6 billion, up 10% year-over-year
- IBM Z infrastructure delivered record 48% growth in Q1 driven by AI inferencing demand and modernization of mission-critical workloads; Z17 shipped over 100% new MIPS growth for 4 consecutive quarters
- Consulting signings returned to growth at 6% with GenAI representing 30% of backlog; consulting ARR exceeded $4 billion with strong demand for enterprise transformation
- Company generated $4.5 billion in productivity savings since 2023 with additional $1 billion expected in 2026; operating pretax margin expanded 140 basis points and adjusted EBITDA margin expanded 170 basis points
- AI platform agents and orchestration contributed over $1.5 billion to software trailing 12 months with 25% penetration and contributing 2 points of growth; Project Bob AI development tool in use with 200 early adopters
Financial highlights
- Q1 2026 constant currency revenue growth of 6% with 140 basis points operating pretax margin expansion
- Free cash flow of $2.2 billion, up 13% year-over-year, representing highest first quarter free cash flow in a decade
- Software ARR of $24.6 billion, up 10% year-over-year; Data revenue grew 16%; Red Hat growth accelerated to 10%
- Infrastructure revenue grew 12% with IBM Z up 48%; Distributed Infrastructure grew double digits; Infrastructure segment profit margin expanded 720 basis points
Guidance
- Constant currency revenue growth of 5-plus percent for full year 2026
- Software revenue expected to grow 10-plus percent for 2026; Data expected to grow in low 20-plus percent range; Consulting expected to grow low to mid-single digits
- Infrastructure revenue expected to be down low single digits for full year 2026, representing approximately 0.5 point impact to IBM
- Operating pretax margin expansion of approximately 1 point expected for 2026; Free cash flow growth of approximately $1 billion year-over-year
Q&A themes
- Clarification that IBM's software portfolio is 96% infrastructure/enabling software and only 4% applications, with portfolio heavily weighted to consumption-based models benefiting from AI adoption driving higher data, automation, and mainframe consumption
- AI inferencing on mainframe represents new monetization opportunity; 450 billion daily inferences possible at 1 millisecond latency with 3x to 4x stack economic multiplier for every hardware dollar; mainframe now processing 73% of world's transaction value
- Q1 software growth of 8% versus Q4 growth of 11% reflects transactional revenue mix (10% in Q1 vs 30% in Q4), while underlying annuity base actually accelerated; 80% of software business is high-value recurring revenue
- IBM positioned as neutral platform across frontier model providers; developing own GenAI applications (Project Bob) and agents while supporting client choice in models and deployment locations; strategy to avoid dependence on single model provider
Risks
- Company maintaining prudent guidance posture despite strong first quarter results with only 3 months of 2026 completed; potential macro uncertainties including Middle East developments and potential energy impacts if Strait closures extend
- Confluent early closing creates incremental dilution in 2026 from stock-based compensation and interest expense, though company taking actions to accelerate cost synergies to stay on track for margin expansion
FY2025 Q42026-01-28
Earnings calls
AI summary
positiveIBM exceeded all FY2025 targets with 6% revenue growth, 100 basis points of operating pretax margin expansion, and record $14.7B free cash flow (up 16% YoY). The company is executing its strategy to become a software-led hybrid cloud and AI platform company, with software now representing 45% of revenue and growing at 9% annually, the highest rate in IBM's history. For FY2026, IBM guides 5%+ constant currency revenue growth and approximately $1B increase in free cash flow to $15.7B.
Key takeaways
- Software revenue accelerated to 11% in Q4 with cumulative Gen AI book of business exceeding $12.5B (software $2B+, consulting $10.5B+), largest quarterly increase to date
- Infrastructure grew 17% in Q4 driven by Z17 outperformance with 61% YoY growth; Z17 achieved highest annual revenue for IBM Z in ~20 years with real-time AI inferencing capabilities
- FY2025 free cash flow of $14.7B represents highest level in over a decade and highest free cash flow margin in company history; exited with $4.5B annual run-rate productivity savings, exceeding $2B goal
- FY2026 guidance includes 10% software growth (organic >7%), low-to-mid single-digit consulting growth acceleration, and infrastructure revenue decline in low single digits; expecting Confluent to close by midyear
Financial highlights
- FY2025 revenue growth: 6% (constant currency); operating pretax margin expansion: 100 basis points; adjusted EBITDA growth: 17%
- FY2025 free cash flow: $14.7B, up $2B YoY (16% growth); highest free cash flow margin in reported history at 114 basis points
- Q4 software revenue growth: 11%; Data grew 19%, Automation grew 14%, transaction processing inflected to growth of 4%; ARR reached $23.6B, up over $2B from 2024
- FY2026 guidance: 5%+ constant currency revenue growth; $15.7B free cash flow (high single-digit growth); ~1 point operating pretax margin expansion; software expected to grow 10%
Guidance
- FY2026 software growth expected at 10% driven by organic growth (>7%) and M&A synergies (~3 points), with data in high teens, automation in low double digits, Red Hat at double digits, and transaction processing in low-to-mid single digits
- Consulting revenue guidance: low to mid-single digit growth with $32B backlog (up 2%), Gen AI representing over 25% of backlog and over 15% of revenue on exit run rate; margins expected to improve ~1.5 points
- Infrastructure revenue expected down low single digits (~0.5 point impact to IBM) with Z growth in Q1 balanced by product cycle dynamics through remainder of year
- FY2026 free cash flow expected to reach $15.7B (up ~$1B); adjusted EBITDA growth to be primary driver; Confluent expected to be accretive to adjusted EBITDA within first full year and free cash flow in year two post-close; expect $600M dilution from Confluent in 2026
Q&A themes
- Software double-digit growth sustainability driven by diversified portfolio (data, automation, Red Hat, mainframe) with organic acceleration and M&A synergies; Red Hat expected at double digits within overall 10% software growth target
- Free cash flow conversion strength from 16% in FY2025 to guided high single-digit growth in FY2026 reflects operational leverage, portfolio mix shift, and productivity savings of $1B incremental in 2026 reaching $5.5B total
- Enterprise Gen AI adoption expected to follow 50/50 split between on-premise/private cloud and public cloud over 3-5 years, with mainframe positioned as important element alongside hybrid cloud offerings; sovereignty and data privacy driving on-premise investment
- Infrastructure decline guidance reflects conservative positioning while acknowledging Z17 strength, secular mainframe demand drivers (sovereignty, economics, Gen AI capabilities), and confidence in ability to meet or beat targets
Risks
- Infrastructure guidance for low single-digit decline in FY2026 despite strong Z17 cycle; product cycle dynamics and distributed infrastructure headwinds may offset Z momentum and AI inferencing monetization
- Confluent acquisition dilution of $600M in FY2026 from stock-based compensation and interest expense; execution risk on $500M operational synergies and revenue synergies targets by 2027
- Consulting business operating in aggressive pricing environment with dynamic market conditions; US federal government disruption impacted Q4 bookings; consulting signings down YoY despite backlog strength
FY2025 Q32025-10-22
Earnings calls
AI summary
positiveIBM exceeded expectations in Q3 2025 with 7% revenue growth driven by strong software (9%), infrastructure (15%), and consulting (2%) performance, alongside 290 basis points of adjusted EBITDA margin expansion. The company raised full-year guidance for revenue growth to more than 5%, adjusted EBITDA growth to mid-teens, and free cash flow to approximately $14 billion. AI adoption is accelerating with a $9.5 billion Gen AI book of business, with $7.5 billion in consulting and approximately $2 billion in software components.
Key takeaways
- Q3 revenue grew 7% with all segments accelerating sequentially; software grew 9% with automation up 22%, Red Hat bookings up 20%, and OpenShift ARR at $1.8 billion growing over 30%
- Infrastructure delivered 15% growth driven by IBM Z's strongest third-quarter revenue in nearly two decades, up 59% year-over-year, with z17 platform momentum
- Consulting returned to growth with 2% revenue increase, driven by Gen AI book of business accelerating to $1.5 billion in the quarter with over 200 consulting projects using digital workers at scale
- Gen AI book of business reached $9.5 billion inception-to-date; IBM expects $4.5 billion of annual run-rate productivity savings by year-end, ahead of original $2 billion goal
Financial highlights
- Q3 revenue growth accelerated to 7% at constant currency, with adjusted EBITDA margin expanding 290 basis points and operating earnings per share growing 15%
- Year-to-date free cash flow reached $7.2 billion, up $600 million year-over-year, representing the highest nine-month free cash flow margin in reported history
- Software ARR increased to $23.2 billion, up 9% year-over-year, with automation organic growth accelerating several points and data up 7%
- Full-year 2025 guidance raised to revenue growth of more than 5%, adjusted EBITDA growth of mid-teens, and free cash flow of approximately $14 billion
Guidance
- IBM expects revenue growth of more than 5% for full-year 2025, with infrastructure contributing over 1.5 points to IBM's overall revenue growth
- Software expected to approach double-digit growth for the full year; Red Hat mid-teens growth expected at the low end; automation expected to maintain double-digit growth
- Transaction processing expected to return to growth in Q4 2025 with a strong pipeline; consulting expected to show Q4 revenue performance similar to Q3 growth
- Full-year free cash flow guidance set at approximately $14 billion; operating pretax margin expansion raised to over 100 basis points for the full year
Q&A themes
- Government shutdown impact assessed as de minimis; IBM's mix of essential hardware, software subscriptions, and consulting projects serving critical systems limits exposure
- M&A strategy focused on hybrid cloud, automation, and data/AI portfolios within identified three-year financial flexibility window of mid-twenties; targets must meet growth synergy criteria and aim for free cash flow accretion by year-end two
- Red Hat acceleration expected in 2026 driven by subscription-based business growing high-teens on bookings with accelerating revenue under contract; consumption-based services expected to improve after 2024 comparisons normalize
- Enterprise AI deployment characterized as early-stage with expected growth in both SaaS and self-hosted private cloud models; IT budgets growing 2-3 percentage points ahead of GDP with shift from 70/30 to 60/40 run-vs-grow spending ratio
Risks
- Macro uncertainties persist despite current optimism; government shutdown impact remains uncertain with two months remaining in quarter
- Red Hat consumption-based services faced headwind of approximately one percentage point in Q3 from tough prior-year comparisons; normalization expected in Q4 with two-point headwind anticipated
- Transaction processing revenue declined 3% year-to-date as clients prioritize hardware spend on z17, though this is characterized as near-term cycle dynamic with future monetization opportunity
FY2025 Q22025-07-23
Earnings calls
AI summary
positiveIBM reported Q2 2025 revenue of $17 billion, growing over 5% at constant currency, driven by strength in Software (up 8%) and Infrastructure (up 11%), with GenAI book of business reaching $7.5 billion inception-to-date. The company raised full-year free cash flow guidance to above $13.5 billion and operating pretax margin expansion to approximately 1 point, reflecting productivity gains of $4.5 billion by year-end. Management expressed optimism about the macro environment and confidence in achieving 5%-plus revenue growth and approaching double-digit Software growth for 2025.
Key takeaways
- Software revenue grew 8% with Red Hat accelerating to 14% and OpenShift reaching $1.7B ARR; Automation grew 14% with HashiCorp contributing above-model performance
- Infrastructure revenue up 11% with IBM Z surging 67% driven by strong z17 mainframe launch; Infrastructure to contribute ~1.5 points to IBM revenue growth for the year
- GenAI book of business reached $7.5B inception-to-date with quarterly GenAI consulting revenue exceeding $1B; watsonx Orchestrate now has 150+ prebuilt domain-specific agents
- Free cash flow guidance raised to above $13.5B and operating pretax margin expansion raised to ~1 point; productivity initiatives now expected to reach $4.5B annual run rate by end of 2025
Financial highlights
- Q2 2025 revenue: $17.0 billion, up over 5% at constant currency
- Q2 adjusted EBITDA: $4.7 billion, up 16% year-over-year with 200 basis points margin expansion
- Q2 operating earnings per share: $2.80, up 15% year-over-year
- H1 2025 free cash flow: $4.8 billion, up ~$300M year-over-year at highest first-half margin in reported history
Guidance
- Full-year revenue growth: 5%-plus at constant currency
- Free cash flow guidance raised to above $13.5 billion for 2025
- Operating pretax margin expansion raised to approximately 1 point for full year
- Software revenue expected to approach double digits; Red Hat expected mid-teens growth; Automation expected mid-to-high teens; Transaction Processing expected low single-digit growth
Q&A themes
- Software organic growth deceleration addressed through Red Hat acceleration (14%), Automation outperformance (15% vs model), and Transaction Processing recovery expected in second half as z17 mainframe cycle matures
- Macro environment optimism: Japan reindustrializing, South Asia booming at 10%+ real growth, Middle East investing heavily, North America viewing technology as CapEx/labor efficiency enabler
- GenAI impact characterized as incremental at infrastructure/software layers with some cannibalization in consulting as clients redirect spend toward AI-focused engagements; margin expansion of 3 points on GenAI revenue
- Federal spending: Administration shifting from cost-cutting to modernization and technology leverage; IBM engaged in conversations with multiple agencies on AI and modernization initiatives
Risks
- Consulting remains under pressure with signings down 18% in Q2 driven by prior-year renewals; duration down 6 months year-over-year indicating faster revenue realization but uncertain future growth
- Transaction Processing declined 2% in Q2 as clients prioritized hardware spending on new z17 mainframe cycle; recovery dependent on successful capacity deployment and multiplier effects
- Global trade dynamics and geopolitical tensions noted as requiring prudent supply chain protection; some clients moving cautiously due to geopolitical concerns
FY2025 Q12025-04-23
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- IBM, AMD, Oak Ridge National Laboratory launch quantum error correction platform
- IBM falls as analysts question staying power of software rebound
- IBM Reports Higher Profit as Some Slipped Deals Come Through
- IBM raises annual software revenue outlook as deal delays ease
- IBM, NASA launch AI model to help map ice, craters on Moon
Company data
Company intelligence
Updated: Nov 13, 2026, 02:01 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Information Technology Services
- Chief executive
- Arvind Krishna
- Employees
- 264,300
- IPO date
- Sep 24, 1915
- Country
- US
- Exchange
- New York Stock Exchange
Altman Z-scorei3.26
Piotroski scorei5/9
Overall ratingiB+
Owner earningsi$3.66B$3.84 per share
ESG risk ratingiB+Industry rank: 5/100
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 4/5
- Debt to equityi
- 1/5
- Price to earningsi
- 3/5
- Price to booki
- 2/5
Company press releases
LTM Brings AI-Powered Quantum Error Mitigation to IBM Quantum Functions CatalogBusiness WireIBM Announces Winner of Sports Tech Startup Prize Challenge at Web Summit Lisbon 2026PRNewsWireIBM Digital Sovereignty Index: In the AI Era, Control Is No Longer Enough. Enterprises Must Prove it.PRNewsWireIBM Quantum Nighthawk Demonstrates New Levels of Speed and Quality, with Plans to Scale Beyond 1,000 Qubits in 2027PRNewsWireIBM and Microsoft Announce a New AI Agent Platform Designed for Industry-Specific TransformationPRNewsWireIBM Impact Accelerator Brings AI and Quantum to the Future of Learning and WorkPRNewsWire
Congressional disclosures
Senate
Alan ArmstrongPurchase · $1,001 - $15,000Disclosed: Jul 21, 2026Shelley Moore CapitoSale (Partial) · $15,001 - $50,000Disclosed: Nov 4, 2025Shelley Moore CapitoSale · $15,001 - $50,000Disclosed: Nov 4, 2025Thomas Hawley TubervilleSale (Full) · $1,001 - $15,000Disclosed: Feb 14, 2024Tommy TubervilleSale (Full) · $1,001 - $15,000Disclosed: Feb 14, 2024
House
Market cap history
$231.07B+3.2%Aug 2026 – Nov 2026
Latest: $231.07B · 2026-11-12High: $239.35B · 2026-10-26Low: $208.40B · 2026-09-28
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.28% | 29.9M |
| VECA.S | 0.51% | 28M |
| VOO | 0.31% | 24.7M |
| XUU.TO | 0.32% | 12.7M |
| IVV | 0.36% | 12.6M |
| 1657.T | 0.27% | 12.6M |
| XAW.TO | 0.21% | 12.6M |
| SPY | 0.36% | 11.6M |
| FXAIX | 0.31% | 10.8M |
| VTV | 0.79% | 9M |
| XLK | 1.48% | 7M |
| VGT | 0.77% | 6.3M |
Analyst track record
How the analysts covering IBM have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 154 | 385 |
| Analysts | 26 | 30 |
| Buy / hold / sell | 97 / 53 / 4 | 211 / 152 / 22 |
| Upgrades / downgrades / initiations | 6 / 3 / 6 | 8 / 6 / 12 |
| Price targets hit / missed | 27 / 123 (18%) | 147 / 226 (39%) |
| Avg. return after a rating (TipRanks) | -14.2% | -0.9% |
| Best / worst call | +28.8% / -35.6% | +103.9% / -35.6% |
After buy calls on this stock: median 21-day move +0.4% vs S&P 500 -1.1% (n = 205)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Amit DaryananiEvercore ISI100% hit rate on this stock · 29 targets measuredBuytarget $250Oct 20, 2026
- Wamsi MohanBank of America Securities100% hit rate on this stock · 25 targets measuredBuytarget $280Oct 22, 2026
- Matthew SwansonRBC Capital100% hit rate on this stock · 21 targets measuredBuytarget $270Oct 21, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Oct 26, 2026 | James FriedmanSusquehannaOct 26, 2026 | HoldMaintained | $256 | |
| Oct 25, 2026 | Mark NewmanBernsteinOct 25, 2026 | HoldMaintained | $250↗ | article ↗ |
| Oct 22, 2026 | Keith BachmanBMO CapitalOct 22, 2026 | HoldMaintained | $265↗ | article ↗ |
| Oct 22, 2026 | Arvind RamnaniTruist FinancialOct 22, 2026 | HoldMaintained | $260↗ | article ↗ |
| Oct 22, 2026 | David GrossmanStifel NicolausOct 22, 2026 | BuyMaintained | $260↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 154 ratings
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