𝐈𝐁𝐌: 𝐐𝟑 𝐄𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐚𝐧𝐝 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐁𝐞𝐚𝐭 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬, 𝐑𝐚𝐢𝐬𝐞𝐬 𝐅𝐫𝐞𝐞 𝐂𝐚𝐬𝐡 𝐅𝐥𝐨𝐰 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝐚𝐬

$IBM (+0,95 %)

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📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Adj. EPS: $2.95 (Est. $2.87) ✅, +11% YoY.

• Revenue: $17.1B (Est. $16.84B) ✅, +5% YoY (+6% CC).

• GAAP EPS: $2.31, +26% YoY.

• GAAP Net Income: $2.2B, +26% YoY.

• Software Revenue: $7.8B, +8% YoY.

• Consulting Revenue: $5.3B, flat YoY.

• Infrastructure Revenue: $3.7B, +4% YoY.

• Adj. Pretax Margin: 19.3%, +70 bps YoY.

• Operating Cash Flow: $4.0B.

• Free Cash Flow: $3.0B.

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• FY2026 Revenue Growth: +4%–5% at constant currency, maintained.

• FY2026 Free Cash Flow: Expected to increase by more than $1B YoY, raised.

• FY2026 FX Impact: Expected to be neutral to reported revenue growth.

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Q3 Adj. EPS beat consensus by ~2.8%, while revenue exceeded estimates by ~1.5%.

• Software revenue grew 8% YoY, led by Data (+19%), Red Hat (+11%) and Transaction Processing (+9%), while Automation declined 3%.

• Infrastructure revenue increased 4%, with Distributed Infrastructure surging 31% despite a 20% decline in IBM Z.

• Consulting revenue was flat YoY, reflecting continued softness despite 2% growth at constant currency.

• Adjusted pretax margin expanded 70 bps to 19.3%, while GAAP gross margin declined 50 bps to 56.8%.

• Free cash flow rose $0.7B YoY to $3.0B, prompting IBM to raise its full-year cash flow growth outlook.

• IBM ended Q3 with $11.1B in cash and marketable securities and $63.8B in debt, following $11.4B in acquisitions year-to-date.

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“Disciplined execution throughout the quarter drove accelerated revenue growth and strong free cash flow.”