Latest revenue
$15.92B
as of 2026-03-31
Latest net income
$1.22B
as of 2026-03-31
Net margin
7.6%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $238.58B
- Enterprise value
- $294.12B
- P/E (trailing)
- 22.5×
- Forward P/E
- —
- P/B
- 7.24×
- Dividend yield
- 2.7%
- 52-wk high
- $324.90
- 52-wk low
- $212.34
- Beta
- —
- Shares out
- 939.9M
5-year trend
What this company does
IBM sells enterprise technology, including hybrid-cloud software (Red Hat, automation, data, AI platforms), consulting services, and mainframe-led infrastructure to large organizations worldwide. Software and hardware sales generate roughly half of revenue at $8.0 billion this quarter, with services contributing $7.7 billion and financing a small remainder. Goodwill jumped roughly $7 billion and intangibles by $3 billion after $10.5 billion in acquisition spending, signaling an aggressive M&A push to deepen IBM's software and AI portfolio.
Generated from IBM's filing dated 2026-02-24
Key risks
- Leverage rising: long-term debt grew to $57.7B and short-term debt to $8.7B (total ~$66B) versus only $33B equity.
- Acquisition-driven goodwill: goodwill jumped to $74.7B and intangibles to $14.6B after $10.5B Q1 M&A spend, raising impairment risk.
- Cash burn: cash fell $2.8B to $10.8B as $1.6B dividends and $10.5B acquisitions outpaced $5.2B operating cash flow.
Generated from IBM's filing dated 2026-02-24
Profitability
Gross margin
58.2%
2.7%Net margin
15.7%
63.4%Return on equity
32.4%
47.1%Return on assets
7.0%
58.8%Leverage
Debt / equity
3.65×
9.2%Long-term debt / equity
1.68×
8.1%Debt / assets
78.5%
2.0%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $15.92B | +9.5% | $1.22B | +15.3% | 7.6% |
Q4 2025 2025-12-31 | $19.69B | +12.2% | $5.60B | +92.2% | 28.4% |
Q3 2025 2025-09-30 | $16.33B | +9.1% | $1.74B | +628.5% | 10.7% |
Q2 2025 2025-06-30 | $16.98B | +7.7% | $2.19B | +19.6% | 12.9% |
Q1 2025 2025-03-31 | $14.54B | +0.5% | $1.05B | -34.3% | 7.3% |
Q4 2024 2024-12-31 | $17.55B | — | $2.91B | — | 16.6% |
Q3 2024 2024-09-30 | $14.97B | +1.5% | $-330.0M | -119.4% | -2.2% |
Q2 2024 2024-06-30 | $15.77B | +1.9% | $1.83B | +15.9% | 11.6% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Computer & office Equipment · SIC 3570
Your notes
Keep private notes on IBM — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$417.2K
Insider selling
$0
Net activity
+$417.2K
Distinct insiders
3
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value | |
|---|---|---|---|---|---|---|
| 2026-02-25 | Michelle J Howard Director | Purchase | 50 | $237.83 | $11.9K | |
| 2026-02-25 | Michael Miebach Director | Purchase | 434 | $233.33 | $101.3K |
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns IBM
Institutional value
$42.39B
Total shares held
179.7M
Distinct holders
758
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 60.8M | $14.75B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 27.7M | $6.70B | — | New |
| 3 | Bank of New York Mellon Corp | 7.2M | $1.74B | — | New |
| 4 | Legal & General Group Plc | 6.9M | $1.68B | — | New |
| 5 | VANGUARD FIDUCIARY TRUST CO | 5.3M | $1.28B | — | New |
| 6 | DIMENSIONAL FUND ADVISORS LP | 5.1M | $1.25B | — | New |
| 7 | WELLS FARGO & COMPANY/MN | 4.5M | $1.10B | — | New |
| 8 | Invesco Ltd. | 4.2M | $1.02B | — | New |
| 9 | DEUTSCHE BANK AG\ | 3.6M | $863.7M | — | New |
| 10 | Swiss National Bank | 2.7M | $664.9M | — | New |
| 11 | STIFEL FINANCIAL CORP | 2.7M | $649.0M | — | New |
| 12 | California Public Employees Retirement System | 2.5M | $600.7M | — | New |
| 13 | National Pension Service | 2.3M | $553.9M | — | New |
| 14 | Mitsubishi UFJ Asset Management Co., Ltd. | 2.3M | $545.6M | — | New |
| 15 | Vanguard Global Advisers, LLC | 2.0M | $494.4M | — | New |
| 16 | LPL Financial LLC | 2.0M | $483.8M | — | New |
| 17 | CITIGROUP INC | 1.9M | $452.2M | — | New |
| 18 | VANGUARD ASSET MANAGEMENT, Ltd | 1.8M | $425.2M | — | New |
| 19 | RHUMBLINE ADVISERS | 1.6M | $379.3M | — | New |
| 20 | BNP PARIBAS FINANCIAL MARKETS | 1.3M | $319.0M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Goodwill jumped $7B and intangibles $3.2B from a $10.5B acquisition this quarter—what's the revenue contribution and organic growth ex-M&A?
- 2
Long-term debt rose to $57.7B and short-term debt to $8.7B funding deals; at what leverage ceiling do you pause buybacks or M&A?
- 3
SG&A grew 4% and R&D 11% while sales gross margin compressed—why is hardware/software operating leverage not flowing through to net income?
Refreshed when IBM files a new report · last from 2026-02-24