International Business Machines Corp

IBM: XNYS (USA)

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IBM Earnings: Software Underperformance Not a Result of AI; Long-Term Growth Prospects Stable

Luke Yang

Apr 23, 2026

IBM delivered mixed first-quarter results. Consulting and infrastructure revenue were in line, but software revenue missed expectations. Free cash flow growth of 13% to $2.2 billion was the quarter's highlight, underpinning management's guidance of a $1 billion free cash flow increase in 2026.

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International Business Machines Corp

IBM Earnings: Software Underperformance Not a Result of AI; Long-Term Growth Prospects Stable

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