IBM earnings date and guidance
IBM’s next results are expected on October 21, 2026. Watch whether software growth, z17 orders and cash improve.
What has IBM guided for the full year?
IBM expects stronger sales in the second half while still promising more free cash flow. On July 22, management reduced its full-year revenue-growth forecast to 4.0%–5.0% at constant currency but kept its goal of increasing free cash flow by $1 billion.
IBM therefore needs more than customer interest. Its 6.0%–8.0% software-growth range depends on turning that pipeline into contracts, while its promise of 100 basis points of operating pre-tax margin expansion depends partly on productivity. The table gathers the revenue, currency, cash-flow, software-growth and margin guidance.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Full-year constant currency revenue growth (%) | Year to Dec 2026 | 4.0% | 5.0% | Jul 22, 2026 |
| Full-year free cash flow year-over-year increase | Year to Dec 2026 | 1 | 1 | Jul 22, 2026 |
| Software revenue growth (%) | Year to Dec 2026 | 6.0% | 8.0% | Jul 22, 2026 |
| Operating pre-tax margin expansion (basis points) | Year to Dec 2026 | 100 | 100 | Jul 22, 2026 |
| Third-quarter currency impact on revenue growth (percentage points) | Quarter to Sep 2026 | -1.5 | -1.5 | Jul 22, 2026 |
Did IBM keep its past promises?
IBM also delivered against an important recent promise, finishing 2025 with 6% revenue growth and US$14.7 billion of free cash flow. By July 2026, however, management had reduced its revenue-growth expectation while retaining its cash-growth expectation. The record therefore contains both delivery and a newer setback.
What is IBM’s revenue and profit trend?
Revenue is the money IBM earns from software, consulting and infrastructure before costs. It accelerated sharply in 2025 after weak growth in 2024, while the longer trend remained moderate. That makes the composition of growth more important than the headline total.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17,162 | 15,917 | 19,686 | 16,331 | 16,977 | 14,541 | 17,553 | 14,968 |
| Gross margin | 57.7% | 56.2% | 60.6% | 57.3% | 58.8% | 55.2% | 59.5% | 56.3% |
| Operating income | 2,479 | 1,387 | 4,144 | 2,430 | 2,597 | 1,158 | 3,306 | -802 |
| Net income | 2,166 | 1,216 | 5,579 | 1,744 | 2,193 | 1,054 | 2,927 | -317 |
| EPS, diluted | 2.27 | 1.28 | 5.86 | 1.84 | 2.31 | 1.12 | 3.11 | -0.34 |
What should investors watch in IBM’s next results?
IBM’s October 21 results are the next test of whether its recovery has reached actual business. The company will report third-quarter results and hold its earnings call at 5 p.m. Eastern Time, when investors will look for software growth, z17 orders and improved cash.