
• Reported GAAP EPS of $1.30 up 14.04% YoY • Reported revenue of $15.92B up 9.46% YoY • IBM continues to expect full-year constant currency revenue growth of more than 5 percent and anticipates full-year free cash flow to increase by about $1 billion year-over-year in 2026.
Bullish
IBM achieved 9 percent revenue growth to $15.9 billion, driven by double-digit software and infrastructure expansion, alongside strong operating margin expansion and significant free cash flow generation.
Bearish
IBM's total debt increased $5.1 billion year to date, reaching $66.4 billion, while cash decreased $2.6 billion, and the company faces risks from economic downturns and client spending budget changes.