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International Business Machines Corporation

IBM

Technology · 225.62 +2.6% today

Isolated · not yet confirmedMarket checked 1 Oct, 15:55 GMT-4

Market read

International Business Machines Corporation's current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 14 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 18 directly disclosed connections are confirming.

Company+2.6% todayVolume comparison unavailable
Market group0 of 14 activeTech-Heavy Services · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
  • Interest expense decreased $23M in the quarter and $5M for the six months, driven by lower average interest rates partially offset by higher average debt balances.
  • R&D expense increased 10.2% in Q2 and 10.8% for the first six months, driven by organic and inorganic investments in AI, hybrid cloud and quantum.

Invalidation: The isolated read changes if IBM's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Technology · Information Technology Services

No new filing conclusion is available. 0 of 14 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 18 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Interest expense decreased $23M in the quarter and $5M for the six months, driven by lower average interest rates partially offset by higher average debt balances.
  • R&D expense increased 10.2% in Q2 and 10.8% for the first six months, driven by organic and inorganic investments in AI, hybrid cloud and quantum.

Company research

Understand the business, not just the ticker

As of Oct 2, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations616
Usable filing statements200
Verified relationships17
Evidence supporting the case
  • Latest annual revenue changed +7.6% year over year.
  • Net margin changed +6.1 percentage points in the latest annual period.
  • Demand and volume has repeated favorable evidence across 3 filings.
  • Macroeconomic conditions has repeated favorable evidence across 3 filings.
Evidence challenging the case
  • Credit and interest rates has repeated adverse evidence across 3 filings.
Questions before a position
  • P/E is 46% above the available filing-peer median; determine whether growth and quality justify the difference.
  • EV/sales is 482% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Oct 1, 2026

225.62
6m-7.2%12m-20.0%24m+1.0%
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$57.4B+3.9%$6.35+0.9%
2022-12-31$60.5B+5.5%$1.80+0.8%
2023-12-31$61.9B+2.2%$8.14+1.1%
2024-12-31$62.8B+1.4%$6.43+1.6%
2025-12-31$67.5B+7.6%$11.17+1.2%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesmixed · 3 filings
“This was due to an increase in cash provided by total receivables primarily driven by financing receivables, and an increase in performance-related improvements within net income, partially offset by higher inventory levels to support anticipated customer dem…”
10-Q · Jul 23, 2026 ↗
Demand and volumepositive · 3 filings
“This was due to an increase in cash provided by total receivables primarily driven by financing receivables, and an increase in performance-related improvements within net income, partially offset by higher inventory levels to support anticipated customer dem…”
10-Q · Jul 23, 2026 ↗
Macroeconomic conditionspositive · 3 filings
“The year-to-year change was primarily driven by higher unallocated reserve requirements in the prior year as a result of the economic conditions.”
10-Q · Apr 23, 2026 ↗
Capital investment and capacitymixed · 2 filings
“The increase was primarily driven by performance-related improvements within net income, partially offset by higher interest payments on debt and increased investments in capital expenditures.”
10-Q · Apr 23, 2026 ↗

Valuation discipline

Descriptive valuation snapshot

Price/sales 3.2× · EV/sales 3.8×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

225.62+2.6% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 1 Oct, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for IBM. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for IBM. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind IBM

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

AMZNAmazon.com, Inc.partnerFeb 24, 2026 ▾

“Our strategic partners include: Adobe, Amazon Web Services (AWS), Microsoft, Oracle, Palo Alto Networks, Salesforce, Samsung Electronics and SAP, among others.”

CRMSalesforce, Inc.partnerFeb 24, 2026 ▾

“Our strategic partners include: Adobe, Amazon Web Services (AWS), Microsoft, Oracle, Palo Alto Networks, Salesforce, Samsung Electronics and SAP, among others.”

Depended on by

QMCOQuantum CorporationcompetitorJun 25, 2026 ▾

“Our primary storage solutions, including object storage systems, primarily face competition from the EMC business unit of Dell Inc.”

Filing peers

AMZNMMM

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 15 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

IBM is currently a Participant in the organic co-movement group Tech-Heavy Services. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for IBM; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.