International Business Machines (IBM) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 22, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

1.83

Last Year’s EPS

1.6

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 18 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Jan 28, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call highlights strong execution and momentum across IBM’s software-led transformation with multiple record metrics (notably revenue growth, software acceleration, margin expansion, and free cash flow). Significant progress in GenAI, IBM Z, ARR growth, productivity savings, and disciplined M&A amplify the positive outlook and underpin confident 2026 guidance. Notable near-term challenges include Red Hat deceleration, federal booking delays, product-cycle impacts in infrastructure, and expected short-term dilution from Confluent along with memory pricing/headwinds. Overall, the positive operating and financial momentum materially outweighs the manageable near-term headwinds.

Company Guidance

IBM guided to sustain 5%+ constant‑currency revenue growth in 2026 with free cash flow up about $1.0 billion to roughly $15.7 billion, driven primarily by high‑single‑digit adjusted EBITDA growth; they expect software to accelerate to ~10% growth (ARR about $23.6B, organic >7%), consulting to grow low‑ to mid‑single digits (backlog ~$32B, GenAI backlog penetration >25%, consulting GenAI book >$2B this quarter), and infrastructure to be down low‑single digits (≈‑0.5 point impact to IBM) despite continued Z momentum. Management expects operating pretax margin expansion of ~100 basis points for the year (Q1 ~100 bps), an operating tax rate in the mid‑teens, and noted ~ $600M of 2026 dilution from the announced Confluent deal (Confluent accretive to adjusted EBITDA in year one and to free cash flow in year two, with ~$500M run‑rate operational synergies by 2027). They also cited productivity targets—exiting 2025 at $4.5B annual run‑rate savings and targeting $5.5B by 2026 (including an incremental $1B this year)—and reaffirmed near‑term cadence: Q1 revenue growth similar to the full year and continued margin/profitability tailwinds.

Strong Full-Year Revenue and Cash Generation

Revenue grew 6% in 2025 (highest level in many years) and IBM generated $14.7 billion of free cash flow (highest in over a decade), representing 16% year-over-year free cash flow growth and the highest free cash flow margin in reported history.

Margin and Profitability Expansion

Operating pretax margin expanded ~100 basis points for the year, adjusted EBITDA grew 17% YoY, operating gross profit margin expanded 170 bps, adjusted EBITDA margin expanded 230 bps, and operating pretax margin expanded 100 bps — reflecting significant margin expansion across the business.

Software-Led Momentum

Software represented ~45% of revenue, grew 9% for the year (highest annual growth in company history) and accelerated to 11% in Q4; ARR was strong at $23.6 billion (up >$2 billion YoY) with organic growth accelerating to over 7% and three of four software sub-segments delivering double-digit growth.

Data and Automation Outperformance

In Q4, Data grew 19% and Automation grew 14%, driven by GenAI demand, platform traction, and strong bookings (including record bookings for HashiCorp).

Mainframe (IBM Z) Strength

IBM Z had an outstanding year with Z17 driving momentum: infrastructure revenue grew 17% in Q4, hybrid infrastructure up 24%, IBM Z revenue up 61% year-over-year in Q4 and Z achieved its highest annual revenue in ~20 years; Z17 processes ~50% more AI inferencing operations per day than Z16.

GenAI Adoption and Book of Business

Cumulative GenAI book of business exceeded $12.5 billion (software >$2B, consulting >$10.5B) with the largest quarterly increase to date; consulting GenAI bookings grew meaningfully and consulting GenAI backlog penetration is >25%.

Productivity Gains and Capital Allocation

IBM exited 2025 with $4.5 billion of annual run-rate productivity savings (well ahead of earlier $2B goal), expects incremental $1B savings in 2026 to reach $5.5B run-rate, and continues disciplined M&A (HashiCorp accretive to EBITDA earlier than expected) while returning capital (returned $6.3B to shareholders).

Guidance and Forward Outlook

Management guides to sustaining 5%+ revenue growth in 2026, expects software to grow ~10% in 2026, operating pretax margin to expand ~1 point, and free cash flow to increase by about $1 billion (to ~$15.7B).

Innovation & Strategic Tech Progress

Progress in quantum (deployed first 120-qubit Nighthawk system for clients), Project Bob reported ~45% developer productivity gains among 20,000+ IBM users, and new partnerships (AMD, Anthropic, AWS, Microsoft, OpenAI, Oracle, NVIDIA & Red Hat) support hybrid AI strategy.

International Business Machines (IBM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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IBM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 22, 2026	2026 (Q1)	1.83 / -	1.6	―	―	―
Jan 28, 2026	2025 (Q4)	4.31 / 4.52	3.92	15.31% (+0.60)
Oct 22, 2025	2025 (Q3)	2.45 / 2.65	2.3	15.22% (+0.35)
Jul 23, 2025	2025 (Q2)	2.65 / 2.80	2.43	15.23% (+0.37)
Apr 23, 2025	2025 (Q1)	1.42 / 1.60	1.68	-4.76% (-0.08)
Jan 29, 2025	2024 (Q4)	3.78 / 3.92	3.87	1.29% (+0.05)
Oct 23, 2024	2024 (Q3)	2.23 / 2.30	2.2	4.55% (+0.10)
Jul 24, 2024	2024 (Q2)	2.18 / 2.43	2.18	11.47% (+0.25)
Apr 24, 2024	2024 (Q1)	1.59 / 1.68	1.36	23.53% (+0.32)
Jan 24, 2024	2023 (Q4)	3.79 / 3.87	3.6	7.50% (+0.27)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

IBM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 28, 2026	$292.49	$307.49	+5.13%
Oct 22, 2025	$284.31	$281.83	-0.87%
Jul 23, 2025	$277.00	$255.88	-7.62%
Apr 23, 2025	$239.53	$223.77	-6.58%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.