IB
International Business Machines Corporation
ConvictionModerate
Diversified enterprise IT: hybrid-cloud software (Red Hat, watsonx, Confluent) + global consulting + mainframe/infrastructure, with quantum-as-a-service (IBM Quantum Network, pay-per-use cloud access) as an emerging R&D-funded moonshot bundled inside Software/Infrastructure
Revenue
$62.8B FY25$15.9B Q1 FY26 (+9% reported, +6% ccRev growth
+1% FY25 reported+9% Q1 FY26 reported (+6% ccGross margin
58.2% GAAP FY2556.2% GAAP / 57.7% operating Q1 FY26Op margin
13.4% operatingnon-GAAP) pre-tax margin Q1 FY26; 8.7% GAAP pre-taxCapex intensity
low/asset-light~2-3% of revenue; software/services-weightedMarket cap
~$255BJun 2026Price · 1-year trend
real · weekly$288+4% 1yUSD
52-week range
$215 – $329
52w lowas of 2026-07-10 · Yahoo Finance52w high
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-24. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’21
$57.4B
FY’22
$60.5B+6%
FY’23
$61.9B+2%
FY’24
$62.8B+1%
FY’25
$67.5B+8%
Margins & balance sheet — FY’25
Gross margin58.2%
Net margin15.7%
Net debt$52.0B
The read
Where our coverage leans
Coverage leans bullish
Sign in to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for International Business Machines Corporation
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence