⚡What does IBM do, in 30 seconds?
IBM sells business software, consulting services and computer hardware such as mainframes, and lends to clients buying mainly IBM products 1 1 1. It took in $67.5bn ✓ in FY2025, and Software made up 44% ✓ of that. Its clients include many of the world's largest companies and governments 15.
📱What does IBM sell?
IBM reports four business segments: Software, Consulting, Infrastructure and Financing 1. Software is the biggest. Here is what each one is and who buys it.
Software
Red Hat's open-source software, such as Red Hat Enterprise Linux, OpenShift and Ansible, which helps companies run apps across several clouds 1. It also includes automation tools such as Terraform 1, watsonx AI and data software 12, and transaction software such as CICS that runs on IBM Z mainframes 1. Software brought in $30.0bn ✓ in FY2025. It kept 83.5% of its 2025 revenue as gross profit 4.
👥 Across the whole company, IBM's clients include many of the largest companies in the world and government bodies, among them the US federal government 15. Banks, airlines and retailers use its transaction software on IBM Z 1.
Consulting
Advice on business processes and apps, building them, and running apps, data, AI and cloud work for clients 1. IBM Consulting deploys hybrid cloud and AI using platforms from IBM and partners such as Adobe, AWS, Microsoft, Oracle, Salesforce and SAP 1. Consulting brought in $21.1bn ✓ in FY2025. It kept 28.1% of its 2025 revenue as gross profit 4.
👥 Across the whole company, IBM's clients include many of the largest companies in the world and government bodies 15.
Infrastructure
IBM Z and LinuxONE mainframes, Power servers, storage, IBM Cloud computing power for rent, and maintenance and support 1. Infrastructure brought in $15.7bn ✓ in FY2025. IBM Z revenue rose 51.7% in 2025, after the z17 mainframe launched in June 2025 6. In the third quarter of 2026 it fell 19.6%, which IBM put down to product cycle dynamics 7.
👥 Clients in industries such as banking, airlines and retail, which run mission-critical transactions on IBM Z 8.
Financing
Leases, installment plans and loans of up to seven years for clients buying mainly IBM hardware, software and services 1. It also gives IBM's business partners short-term working capital 1. Financing brought in $0.7bn ✓ in FY2025.
👥 IBM's own clients and business partners 1.
Other
In FY2025, revenue that the filing does not tag to one of the four segments, less than 1% of the total, came to $0.1bn ✓.
👥 The filing does not say which customers this revenue comes from.
How the mix has shifted
Where the customers are
The Americas bring in the biggest share of IBM's revenue, at 49% ✓ in FY2025. Europe, the Middle East and Africa added 33% ✓, and Asia Pacific 18% ✓. IBM gets about sixty percent of its revenue from outside the United States 5.
💸How does IBM make money?
Follow the money from left to rightfrom top to bottom: what customers pay for, what it costs to make, and what is left as profit.
IBM took in $67.5bn ✓ of revenue in FY2025. Delivering its software, services and hardware cost $28.2bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $39.3bn ✓.
Next come the costs of running the company. Research and development took $8.3bn ✓, and sales, marketing and admin took $20.1bn ✓. Other operating items came to -$1.2bn ✓, a net gain shown as other operating income that adds to profit. What remains is operating profit, the profit from the main business, which was $12.0bn ✓. Non-operating items came to -$1.7bn ✓, a net cost. Tax came to -$0.2bn ✓, a small tax credit. That left net income of $10.6bn ✓. Put simply, out of every hundred dollars of revenue, IBM kept about $16 ✓ as profit. That includes about $2 ✓ added on top from other income, gains and a tax credit.
Out of every $100 customers paid in FY2025…
Other income, gains and a tax credit added +$2 for every $100 of sales, so the slices above add up to a little more than $100.
⏱️ IBM by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: INTERNATIONAL BUSINESS MACHINES CORP 10-K [9].
📈How is IBM doing?
IBM is a smaller company than ten years ago, but it has grown again lately. From FY2015 to FY2025, revenue changed by -1.9% ✓ a year on average, so it shrank. It rose in 6 ✓ of those 10 ✓ years. In FY2025 revenue grew 7.6% ✓ to $67.5bn ✓. Gross margin rose from 49.8% ✓ in FY2015 to 58.2% ✓. Operating margin was 17.8% ✓, a little below the 20.1% ✓ of FY2015.
The latest four quarters, to 30 September 2026, brought in $69.9bn ✓, up 6.8% ✓ on the four quarters before. Operating margin was 17.4% ✓, and free cash flow was $14.7bn ✓. The year has been bumpy. In an early estimate on 14 July 2026, IBM said second-quarter revenue rose 1%, with Infrastructure down 7% 28. IBM blamed a shortfall in IBM Z and Transaction Processing 28. On 22 July 2026, IBM lowered its 2026 outlook to four to five percent growth at constant currency, from more than five percent in April 3934. In the third quarter of 2026, revenue was $17.1 billion, up 5%, with Software up 8% 33.
IBM owes far more than it holds. On 30 September 2026 it had $9.2bn ✓ of cash and investments and $63.8bn ✓ of borrowings. IBM says that on that date $12.7 billion of its debt was IBM Financing debt 33.
📝 The report card
IBM earns top marks for steadiness and a good mark for cash, but weaker marks for growth and profit, and a failing mark for its balance sheet. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where IBM (orange) and its 3 peers land; further right is better.
Growth
IBM's revenue grew 3.7% ✓ a year over its last three fiscal years, which earns a D ✓ on the fixed scale. Microsoft grew 16.1% ✓ a year over its own latest three fiscal years, good for an A ✓. Oracle grew 10.5% ✓, a B ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, IBM kept 14.9% ✓ of revenue as operating profit, which earns a C ✓. Oracle kept 30.2% ✓, an A ✓, and Microsoft 45.8% ✓, also an A ✓. Hewlett Packard Enterprise kept 4.1% ✓, an F ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, IBM turned 19.4% ✓ of revenue into free cash flow, just under the 20% line for an A, so it earns a B ✓. Among its peers, only Microsoft did better, at 24.8% ✓. Oracle's figure was -6.9% ✓, an F ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2025, IBM's cash and investments minus its borrowings (leases and stakes in other companies not counted) equalled -70.6% ✓ of a year's revenue, an F ✓. That net cash figure was -$47.7bn ✓ at the end of FY2025. Oracle's figure was -145.8% ✓, also an F ✓, while Microsoft's was 11.0% ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
IBM's yearly growth rates move less than its peers', with a standard deviation of 3.9% ✓, which earns an A ✓. Microsoft is close at 4.2% ✓, also an A ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how IBM compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
Over the 11 fiscal years from FY2015 to FY2025, IBM handed back close to three fifths of its free cash flow. It spent $81.3bn ✓ on buybacks and dividends, from $137.6bn ✓ of free cash flow. IBM suspended its share buyback program when it bought Red Hat in 2019 30. In FY2025 it paid $6.3bn ✓ of dividends. In April 2026 it raised its quarterly dividend to $1.69 a share, its 31st yearly increase in a row 34.
🧮Ratios 101: what are IBM's key financial ratios?
Ratios shrink IBM's big numbers into easy comparisons, and a few show how much it relies on borrowed money. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with IBM's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 At 58.2% ✓, up from 49.8% ✓ in FY2015, IBM trails the 65.8% ✓ peer median. Its Consulting work keeps much less of each dollar than its Software 4.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 IBM's 17.8% ✓ is well below the 30.6% ✓ peer median and its own 20.1% ✓ of FY2015.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 IBM keeps 15.7% ✓ of revenue as final profit, close to its 16.1% ✓ of FY2015 but below the 25.4% ✓ peer median.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 32.4% ✓ sits near the 30.2% ✓ peer median, on shareholders' equity of $32.6bn ✓. It was 92.5% ✓ in FY2015.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 7.0% ✓ is a little above the 6.5% ✓ peer median, but down from 11.9% ✓ in FY2015.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 IBM's revenue is 0.4x ✓ the value of everything it owns, level with the 0.4x ✓ peer median and down from 0.7x ✓ in FY2015.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 IBM holds 16 ✓ days of stock, up from 14 ✓ days in FY2015 and far below the peer median of 51 ✓ days.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 IBM's 1.0x ✓ means its short-term assets about match its short-term bills: $36.9bn ✓ against $38.7bn ✓.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 IBM's 1.9x ✓ is down from 2.8x ✓ in FY2015 but above the 0.9x ✓ peer median.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 IBM's operating profit of $12.0bn ✓ covered its $1.9bn ✓ of interest 6.2x ✓, above the 4.5x ✓ peer median but far below 35.1x ✓ in FY2015.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 IBM turns profit into cash at 1.1x ✓, above the 0.5x ✓ peer median and close to 1.0x ✓ in FY2015.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 IBM spends 12.3% ✓ of revenue on R&D, up from 6.4% ✓ in FY2015 and above the 10.7% ✓ peer median.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 2.5% ✓ of revenue, below the 3.7% ✓ peer median but up from 0.6% ✓ in FY2015.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 IBM paid out 59.0% ✓ of FY2025 profit, all of it as $6.3bn ✓ of dividends, against a peer median of 36.4% ✓.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are IBM's competitors?
IBM competes with software makers, consultants and hardware sellers. Its 10-K names Oracle and Microsoft among its Software rivals, and Hewlett Packard Enterprise among its Infrastructure rivals 15 1518. Oracle also names IBM as a competitor 1314.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| IBM (IBM, FY2025) | Business software, consulting, mainframes, servers and storage | $67.5bn | 3.7% | 17.8% | 17.9% |
| Oracle (ORCL, FY2026) | Enterprise software and IT consulting; each names the other as a competitor, and IBM also lists Oracle as a partner 1314 | $67.4bn | 10.5% | 30.6% | -35.2% |
| Microsoft (MSFT, FY2026) | Hybrid cloud and AI software for businesses; IBM names Microsoft as both a Software rival and a partner 151617 | $331.8bn | 16.1% | 46.8% | 20.2% |
| Hewlett Packard Enterprise (HPE, FY2025) | Servers, storage and IT financing for businesses; each names the other as a competitor 1518 | $34.3bn | 6.4% | -1.3% | 1.8% |
IBM says it recognizes hundreds of competitors worldwide, including Alphabet, Amazon, Broadcom, Salesforce and SAP in software and Accenture and Capgemini in consulting 15. In hardware it names Dell Technologies, Intel, NetApp and Pure Storage, and says cloud providers also compete with server and storage sellers 15.
🧭IBM SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- IBM Z mainframes run mission-critical transactions for clients in industries such as banking, airlines and retail 8.
- In the third quarter of 2026, about 80% of IBM's Software revenue was recurring, and Software annual recurring revenue was $24.9 billion 21.
- IBM's Software segment kept 83.5% of its 2025 revenue as gross profit 4.
- IBM's yearly growth swings less than its peers', with a standard deviation of 3.9% ✓, an A ✓ on our report card.
🩹 Weaknesses
- IBM's revenue shrank over ten years, from $81.7bn ✓ in FY2015 to $67.5bn ✓ in FY2025.
- IBM owed far more than it held: its net cash was -$47.7bn ✓ at the end of FY2025, an F ✓ for its balance sheet.
- IBM Consulting revenue was flat in the third quarter of 2026 (up 1.8% at constant currency), and Intelligent Operations revenue fell 2.0% 25.
- IBM's intellectual property income, from licensing, royalties and sales, was $265 million in 2025, down 19.3% from 2024 23.
🚀 Opportunities
- In January 2026, IBM said its generative AI book of business was more than $12.5 billion, by its own definition 26.
- In May 2026, IBM said it plans to invest more than $10 billion in quantum computing over five years 27. It aims to deliver the first large-scale fault-tolerant quantum computer by 2029 27.
- IBM bought Confluent, a data streaming software company, for about $11.3 billion in March 2026 24. IBM's Data software revenue rose 19.1% in the third quarter of 2026, driven by Confluent 12.
- Distributed Infrastructure revenue, from storage and Power servers, rose 31.3% in the third quarter of 2026 7.
⚠️ Threats
- IBM Z revenue fell 19.6% in the third quarter of 2026, which IBM put down to product cycle dynamics 7.
- IBM said that in late June 2026 numerous large deals failed to close on time 28.
- IBM warns that some government contracts depend on periodic funding approval, so cuts or delays could reduce demand 5.
- IBM warns its patents may not stop rivals from making similar products, and some offerings rely on open-source software it does not control 19.
🏰Does IBM have a moat?
Why 3?
IBM's 10-K calls its brand one of the strongest in the world, and lists brand, client relationships and trust among the ways it competes, alongside price 1519. But it recognizes hundreds of competitors, including Microsoft, Oracle and Accenture 15. Its Consulting segment kept only 28.1% of its 2025 revenue as gross profit 4.
Why 4?
IBM Z mainframes run mission-critical transactions for clients in banking, airlines and retail 8. IBM Z revenue rose 51.7% in 2025, after the z17 mainframe launched in June 2025 6. Software annual recurring revenue was $23.6 billion at the end of 2025 20. In the third quarter of 2026, about 80% of Software revenue was recurring 21. IBM Consulting had a $31.9 billion backlog at the end of 2025, though its 2025 signings fell 13.3% 22.
Why 2?
Red Hat sells open-source software such as Red Hat Enterprise Linux and OpenShift 20. OpenShift alone had annual recurring revenue of $1.9 billion at the end of 2025 20. IBM sells through resellers and software vendors that build on its technology, but warns it could fail to attract a successful developer ecosystem 198.
Why 3?
IBM works in more than 175 countries and had about 264,300 employees in IBM and its wholly owned subsidiaries on 31 December 2025 4. It spent $8.3 billion on research and development in 2025 23. It paid about $11.3 billion for Confluent in March 2026 24. Yet its Consulting segment kept only 28.1% of its 2025 revenue as gross profit 4.
Why 3?
IBM spent $8.3 billion on research and development in 2025, up 11.2%, mainly on AI, hybrid cloud and quantum computing and acquired businesses 23. Its intellectual property income, from licensing, royalties and sales, was $265 million in 2025, down 19.3% 23. IBM warns its patents may not stop rivals from making similar products 19.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is IBM; grey dots are peers).
🔭What should you watch next?
Acquisitions
In the first nine months of 2026, IBM completed four acquisitions for a total of $12.6 billion, the largest being Confluent 41.
📚Learn the words
❓Frequently asked questions about IBM
How does IBM make money?
IBM makes most of its money from software and consulting. In FY2025, Software brought in $30.0bn ✓, Consulting $21.1bn ✓ and Infrastructure $15.7bn ✓. Financing added $0.7bn ✓.
What does IBM stand for?
IBM stands for International Business Machines Corporation, a name the company took in 1924 29. It was incorporated in 1911 as the Computing-Tabulating-Recording Co. 29.
Does IBM still make computers?
IBM still builds hardware: IBM Z mainframes, Power servers and storage systems 1. These sit in its Infrastructure segment, which brought in $15.7bn ✓ in FY2025.
Does IBM own Red Hat?
IBM owns Red Hat, and it closed the purchase in 2019 30. Red Hat revenue rose 10.6% in the third quarter of 2026 2.
Is IBM's revenue growing?
IBM's revenue has grown in recent years, but it is still below the $81.7bn ✓ of FY2015. It rose 7.6% ✓ in FY2025 and 6.8% ✓ in the four quarters to September 2026. From FY2015 to FY2025, though, it changed by -1.9% ✓ a year on average.
Who is IBM's CEO?
Arvind Krishna is IBM's chairman, president and chief executive officer, and has been an IBM officer since 2020 32. James Kavanaugh is its chief financial officer 32.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [9] [11] [10] [12].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. In what year was IBM incorporated?
2. Which IBM segment brought in the most revenue in FY2025?
3. What do the letters IBM stand for?
4. By IBM's own research, what share of the world's transaction work do mainframes handle?
5. Which grade did IBM get for steadiness?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- IBM 2025 Annual Report to Stockholders (Exhibit 13 to Form 10-K) — Description of business: segments, business areas, offerings, partners, clients, research and quantum goals (accessed 2026-10-31)
- IBM Form 10-Q for the quarter ended September 30, 2026 — MD&A Software: line-of-business revenue growth and OpenShift recurring revenue, Q3 2026 (accessed 2026-10-31)
- IBM (IBM) Form 10-K for fiscal year 2025, filed 2026-02-24 — revenue and cost of sales by product, segment and geography (accessed 2026-10-28)
- IBM 2025 Annual Report to Stockholders (Exhibit 13 to Form 10-K) — Segment revenue and gross margin table 2025; countries of operation; workforce (accessed 2026-10-29)
- IBM Form 10-K for fiscal year 2025 — Item 1A risk factors: global presence and share of revenue outside the US; government clients (accessed 2026-10-31)
- IBM 2025 Annual Report to Stockholders (Exhibit 13 to Form 10-K) — Infrastructure segment: IBM Z revenue growth with the z17 launch (accessed 2026-10-29)
- IBM Form 10-Q for the quarter ended September 30, 2026 — MD&A Infrastructure: IBM Z and Distributed Infrastructure revenue, Q3 2026 (accessed 2026-10-31)
- IBM 2025 Annual Report to Stockholders (Exhibit 13 to Form 10-K) — IBM strategy and Transaction Processing: IBM Z mission-critical workloads, client industries, partner ecosystem (accessed 2026-10-29)
- SEC EDGAR companyfacts: IBM (IBM) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: MICROSOFT CORP (MSFT) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: ORACLE CORP (ORCL) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Hewlett Packard Enterprise Co (HPE) — annual 10-K facts (accessed 2026-10-28)
- Oracle Form 10-K for fiscal year 2026 (ended May 31, 2026) — Item 1 competition (accessed 2026-10-29)
- IBM Form 10-K for fiscal year 2025 — Item 1 strategic partners and principal software competitors (accessed 2026-10-29)
- IBM Form 10-K for fiscal year 2025 — Item 1 competition: principal methods of competition and named competitors by segment (accessed 2026-10-29)
- IBM Form 10-K for fiscal year 2025 — Item 1: strategic partners (accessed 2026-10-31)
- Microsoft Form 10-K for fiscal year 2026 — Item 1 competition: Azure and AI offerings (accessed 2026-10-31)
- Hewlett Packard Enterprise Form 10-K for fiscal year 2025 — Item 1 competition: Hybrid Cloud and Financial Services competitors (accessed 2026-10-31)
- IBM Form 10-K for fiscal year 2025 — Item 1A risk factors: reputation and brand, intellectual property, open source, developer ecosystem (accessed 2026-10-29)
- IBM 2025 Annual Report to Stockholders (Exhibit 13 to Form 10-K) — Software segment: annual recurring revenue, OpenShift recurring revenue, Red Hat description (accessed 2026-10-29)
- IBM Form 10-Q for the quarter ended September 30, 2026 — Software: recurring share of revenue and annual recurring revenue at Q3 2026 (accessed 2026-10-29)
- IBM 2025 Annual Report to Stockholders (Exhibit 13 to Form 10-K) — Consulting signings, book-to-bill and backlog at year end 2025 (accessed 2026-10-29)
- IBM 2025 Annual Report to Stockholders (Exhibit 13 to Form 10-K) — Research and development expense; intellectual property and custom development income 2025 (accessed 2026-10-29)
- IBM Form 10-Q for the quarter ended September 30, 2026 — Note 5 acquisitions: Confluent completed March 17, 2026 (accessed 2026-10-29)
- IBM Form 10-Q for the quarter ended September 30, 2026 — MD&A Consulting: revenue, signings, book-to-bill and backlog, Q3 2026 (accessed 2026-10-31)
- IBM fourth-quarter 2025 earnings release (Form 8-K, Exhibit 99.1, January 28, 2026) — Generative AI book of business and its definition (accessed 2026-10-31)
- IBM Form 8-K dated May 28, 2026 (Item 7.01) — Quantum investment plan, systems deployed and ecosystem (accessed 2026-10-31)
- Letter to IBM investors, July 14, 2026 (Form 8-K, Exhibit 99.1) — Preliminary second-quarter 2026 results and reasons for the shortfall (accessed 2026-10-31)
- IBM Form 10-K for fiscal year 2025 — Item 1 Business: incorporation in 1911 and 1924 name change (accessed 2026-10-31)
- IBM Form 10-Q for the quarter ended September 30, 2026 — Part II Item 2: repurchase program suspended at the Red Hat closing in 2019 (accessed 2026-10-31)
- SEC EDGAR companyfacts: IBM (IBM) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
- IBM Form 10-K for fiscal year 2025 — Item 1 executive officers at February 24, 2026 (accessed 2026-10-31)
- IBM third-quarter 2026 earnings release (Form 8-K, Exhibit 99.1, October 21, 2026) — Third-quarter 2026 highlights, cash and debt, full-year expectations, dividend (accessed 2026-10-31)
- IBM first-quarter 2026 earnings release (Form 8-K, Exhibit 99.1, April 22, 2026) — Full-year 2026 expectations; dividend increase (accessed 2026-10-31)
- IBM 2025 Annual Report to Stockholders (Exhibit 13 to Form 10-K) — Human capital: workforce table and employee engagement survey (accessed 2026-10-31)
- IBM Form 10-K for fiscal year 2025 — Item 2 Properties: headquarters and facilities floor space (accessed 2026-10-31)
- IBM Form 10-K for fiscal year 2025 — Cover page: report for the year ended December 31, 2025 (accessed 2026-10-31)
- SEC EDGAR companyfacts: IBM (IBM) — balance sheet at 2026-09-30 (accessed 2026-10-28)
- IBM second-quarter 2026 earnings release (Form 8-K, Exhibit 99.1, July 22, 2026) — Updated full-year 2026 expectations (accessed 2026-10-31)
- Letter to IBM investors, July 14, 2026 (Form 8-K, Exhibit 99.1) — z17 program, Distributed Infrastructure, Lightwell launch (accessed 2026-10-31)
- IBM Form 10-Q for the quarter ended September 30, 2026 — Note 5: 2026 acquisitions, Anderon CHIPS award, joint venture divestiture (accessed 2026-10-31)