IBM (NYSE: IBM) reported third-quarter 2026 revenue of $17.1 billion on October 21, up 5% year over year. GAAP net income reached $2.2 billion and diluted earnings were $2.31 per share.
Software leads growth
Software revenue rose 8% to $7.8 billion, while consulting revenue was flat. Quarterly free cash flow totaled $3 billion.
What investors should watch
IBM raised its full-year free-cash-flow growth outlook to more than $1 billion year over year. It retained constant-currency revenue-growth guidance of 4–5%.
MARKET NEWS view
Stronger cash generation offers a tangible measure of earnings quality. The next test is whether software growth continues alongside a recovery in consulting. Broader growth could make performance less dependent on a single business. Follow our technology earnings coverage as the investment cycle evolves.
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