IBM Q2 2026 confirms revenue of $17.2B and cuts 2026 growth outlook to 4% to 5%
IBM's full second-quarter 2026 report matched the July 14 preliminary figures: revenue of $17.2B, up 1%, with GAAP EPS of $2.27 and operating EPS of $2.93. IBM lowered its 2026 constant-currency revenue growth outlook to 4% to 5% from above 5%, while reaffirming about $1B more free cash flow. IBM Z revenue fell 42%, while Red Hat and distributed infrastructure grew.
- Revenue $17.2B (+1%); GAAP gross margin 57.7%
- Software $7.8B (+5%); Consulting $5.3B (flat); Infrastructure $3.8B (-7%)
- IBM Z revenue -42%; Distributed Infrastructure +37%
- 2026 constant-currency growth outlook cut to 4% to 5% (was above 5%)
- Free cash flow outlook reaffirmed: up about $1B; first-half free cash flow $4.8B, flat
IBM around the story · hourly24 h reaction ▼ 1.35%
Source
SEC EDGAR (IBM Form 8-K, Exhibit 99.1)Jul 22, 2026
SEC filing 8-K · accession 0000051143-26-000077 · sec.gov ↗