IBM Earnings 2Q26

Дата публикации: 30-07-2026 04:00:00

IBM entered the second half of 2026 with a softer quarter than it expected, reporting revenue up 1% year over year (y/y) in constant currency to $17.2 billion, below its own guidance. All references in this document are in constant currency. Software grew 5%, and Consulting grew 1%, while Infrastructure declined 7%. As IBM noted in its pre-announcement on July 13, the shortfall came in the final weeks of June, when clients shifted spending toward servers, storage, and memory to secure supply-constrained infrastructure ahead of expected price increases, and tens of large software deals failed to close on the timelines IBM expected. IBM still expanded its operating pretax margin by 30 basis points, generated $2.5 billion of free cash flow in the quarter and $4.8 billion through the first half, and revised its full-year outlook to 4–5% constant currency revenue growth while maintaining its target of roughly $1 billion in free cash flow growth.

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