IBM · NYSE
Information Technology Services · United States
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2027-01-27 (provider estimate; issuer confirmation unavailable here).
International Business Machines Corporation, together with its subsidiaries, provides integrated solutions and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Software, Consulting, Infrastructure, and Financing segments. The Software segment offers hybrid cloud and AI platforms that allow clients to realize their digital and AI transformations across the applications, data, and environments in which they operate. The Consulting segment delivers strategy and technology services and intelligent operations, providing business transformation, technology implementation, managed services, application modernization, and AI-powered solutions. The Infrastructure segment provides on-premises and cloud-based server, and storage solutions, as well as life-cycle services for hybrid cloud infrastructure deployment. The Financing segment offers client and commercial financing, and facilitates IBM clients' acquisition of hardware, software, and services. It operates a data streaming platform. The company has partnerships with various companies, including hyperscalers, service providers, global system integrators, and software and hardware vendors that include Adobe, Amazon Web Services, Microsoft, Oracle, Salesforce, Samsung Electronics and SAP, and others. It also has a collaboration with Arm Holdings plc to develop new dual-architecture hardware for AI and data intensive workloads; partnership with three.ws to advance ai-powered 3d agent technology; and collaboration with Lightwell to help strengthen open source software supply chain. Additionally, it offers operational resilience, logistics, and future-ready technology to the UK Ministry of Defence through Team ORION. The company was formerly known as Computing-Tabulating-Recording Co. and changed its name to International Business Machines Corporation in 1924. International Business Machines Corporation was incorporated in 1911 and is headquartered in Armonk, New York.
Company websiteQ3 2026
Published 2026-10-28
Q3 2026 REPORT HIGHLIGHTS
IBM’s software growth meets tax comparisons, financing receivables and acquisition capital. We trace reported cash into per-share value.
Pretax income rose 2.76%; the tax rate fell from 28.2% to 11.9%.
YTD operating cash rose 28.82%, while issuer FCF rose 8.44% after the financing-receivable adjustment.
Confluent is included; no invented organic growth rate replaces the reported 8.2%.
Acquisition spending, dividends, compensation and financing debt affect what reaches owners.
Our three methods support $218.50–$250.80 and a rounded $240 anchor.
Comparable businesses
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.
| Metric | IBMInternational Business Machines CorporationSnapshot 2026-11-11Financial period: 2026-09-30 |
|---|---|
| Market capMarket value, converted to USD | US$234.60B |
| Forward P/EProvider forward earnings estimate | 18.75x |
| EV / EBITDAEnterprise value / trailing EBITDA | 17.31x |
| Revenue growthLatest quarter vs prior-year quarter | 4.7% |
| Operating marginLatest reported quarter | 18.4% |
| Free cash flow yieldTrailing cash flow / market cap | 5.3% |
| Net debt / EBITDANet debt / trailing EBITDA | 3.37x |
| Debt / equityTotal debt / positive book equity | 1.85x |
| Trailing P/ETrailing twelve-month earnings | 21.18x |
| Price / bookPrice / positive book equity per share | 6.60x |
| EV / salesEnterprise value / trailing revenue | 4.12x |
| Earnings growthLatest quarter vs prior-year quarter | 25.0% |
| Gross marginTrailing twelve months | 58.0% |
| Net marginTrailing twelve months | 16.0% |
| Return on equityProvider trailing return; positive equity only | 34.8% |
| Free cash flow marginTrailing free cash flow / revenue | 17.7% |
| Dividend yieldIndicated annual dividend / price | 2.7% |
| Earnings payoutProvider trailing dividend payout | 57.5% |
| Current ratioCurrent assets / current liabilities | 0.85x |
| BetaProvider historical market sensitivity | 0.76 |
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Price history loads separately.
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
FREE RESEARCH PACKET · Q3 2026
IBM’s software growth meets tax comparisons, financing receivables and acquisition capital. We trace reported cash into per-share value.
Research published October 28, 2026 · Download original report
Read Research PacketPresentation · 2026-10-28 · YouTube
Presentation · 2026-07-23 · YouTube
Short takes Q2 2026
IBM CRASHED 25% — Its Worst Day Ever 🚨 Buy or Trap?
Watch Short on YouTube
Presentation · 2026-04-10 · YouTube
Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.
