OpenNashEarnings

Software · NYSE: IBM

IBM earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 27 Jan 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

IBM reported third-quarter 2026 revenue of $17.1 billion, up 5 percent (up 6 percent at constant currency), with Software revenue up 8 percent and free cash flow of $3.0 billion, and raised its full-year free cash flow outlook.

IBM's third-quarter revenue was $17.1 billion, up 5 percent from a year ago and up 6 percent at constant currency. Software led with revenue of $7.8 billion, up 8 percent, helped by Data (up 19 percent) and Red Hat (up 11 percent). Infrastructure rose 4 percent, while Consulting was flat. GAAP diluted earnings per share from continuing operations were $2.31, and operating (non-GAAP) EPS was $2.95. Free cash flow was $3.0 billion, up $0.7 billion.

Read the Q3 2026 summary →Official transcript (PDF) ↗

Quarters

KPI history

Revenue$17.1B+4.7% y/yQ3 2026
Q4 2024: $17.6B (worked out from the annual figure)Q4 ’24$17.6BQ1 2025: $14.5BQ1 ’25$14.5BQ2 2025: $17.0BQ2 ’25$17.0BQ3 2025: $16.3BQ3 ’25$16.3BQ4 2025: $19.7B (worked out from the annual figure)Q4 ’25$19.7BQ1 2026: $15.9BQ1 ’26$15.9BQ2 2026: $17.2BQ2 ’26$17.2BQ3 2026: $17.1BQ3 ’26$17.1B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$17.6B *
Q1 2025$14.5B
Q2 2025$17.0B
Q3 2025$16.3B
Q4 2025$19.7B *
Q1 2026$15.9B
Q2 2026$17.2B
Q3 2026$17.1B
Diluted EPS (GAAP)$2.30+25.0% y/yQ3 2026
Q1 2025: $1.12Q1 ’25$1.12Q2 2025: $2.31Q2 ’25$2.31Q3 2025: $1.84Q3 ’25$1.84Q1 2026: $1.28Q1 ’26$1.28Q2 2026: $2.27Q2 ’26$2.27Q3 2026: $2.30Q3 ’26$2.30
Data
Q1 2025$1.12
Q2 2025$2.31
Q3 2025$1.84
Q1 2026$1.28
Q2 2026$2.27
Q3 2026$2.30

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Free cash flow$3.7B+30.6% y/yQ3 2026
Q4 2024: $4.0BQ4 ’24$4.0BQ1 2025: $4.1BQ1 ’25$4.1BQ2 2025: $1.5BQ2 ’25$1.5BQ3 2025: $2.8BQ3 ’25$2.8BQ4 2025: $3.7BQ4 ’25$3.7BQ1 2026: $4.9BQ1 ’26$4.9BQ2 2026: $2.4BQ2 ’26$2.4BQ3 2026: $3.7BQ3 ’26$3.7B
Data
Q4 2024$4.0B
Q1 2025$4.1B
Q2 2025$1.5B
Q3 2025$2.8B
Q4 2025$3.7B
Q1 2026$4.9B
Q2 2026$2.4B
Q3 2026$3.7B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$17.6Bd$14.5B$17.0B$16.3B$19.7Bd$15.9B$17.2B$17.1B
Gross margin59.5%55.2%58.8%57.3%60.6%56.2%57.7%56.8%
Net income$2.9Bd$1.1B$2.2B$1.7B$5.6Bd$1.2B$2.2B$2.2B
Diluted EPS—$1.12$2.31$1.84—$1.28$2.27$2.30
Operating cash flow$4.3Bd$4.4B$1.7Bd$3.1Bd$4.0Bd$5.2B$2.6Bd$4.0Bd
Capital expenditure$303.0Md$244.0M$210.0Md$255.0Md$382.0Md$232.0M$229.0Md$332.0Md
Free cash flow$4.0B$4.1B$1.5B$2.8B$3.7B$4.9B$2.4B$3.7B
R&D expense$2.0Bd$1.9B$2.1B$2.1B$2.2Bd$2.2B$2.3B$2.4B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings