10/22/2026
IBM beat earnings... crazy pump n dump
bought the dips
Revenue
- Revenue of $17.1 billion, up 5 percent, up 6 percent at constant currency
- Software revenue up 8 percent, up 9 percent at constant currency
- Consulting revenue flat, up 2 percent at constant currency
- Infrastructure revenue up 4 percent, up 5 percent at constant currency
Profit
- Gross Profit Margin: GAAP: 56.8 percent, down 50 basis points; Operating (Non-GAAP): 58.5 percent, down 20 basis points
- Pre-Tax Income Margin: GAAP: 14.6 percent, down 30 basis points; Operating (Non-GAAP): 19.3 percent, up 70 basis points
Cash Flow
- Year to date, net cash from operating activities of $11.8 billion; free cash flow of $7.8 billion
Software — revenues of $7.8 billion, up 8 percent, up 9 percent at constant currency
- Hybrid Cloud (Red Hat) up 11 percent
- Automation down 3 percent
- Data up 19 percent, up 20 percent at constant currency
- Transaction Processing up 9 percent, up 10 percent at constant currency
Consulting — revenues of $5.3 billion, flat, up 2 percent at constant currency
- Strategy and Technology up 2 percent, up 4 percent at constant currency
- Intelligent Operations down 2 percent, flat at constant currency
Infrastructure — revenues of $3.7 billion, up 4 percent, up 5 percent at constant currency
- Hybrid Infrastructure up 8 percent, up 9 percent at constant currency
-- IBM Z down 20 percent, down 19 percent at constant currency
-- Distributed Infrastructure up 31 percent, up 32 percent at constant currency
- Infrastructure Support down 3 percent, down 2 percent at constant currency
Financing — revenues of $0.2 billion, down 4 percent, down 3 percent at constant currency
