INTERNATIONAL BUSINESS MACHINES (IBM) Company Report

IBM X-Force observed a 44% increase in attacks exploiting public-facing applications in 2025, driven by missing authentication controls and AI-enabled vulnerability discovery.
Vulnerability exploitation became the leading cause of incidents, accounting for 40% of attacks observed by X-Force in 2025.
Active ransomware and extortion groups surged 49% year-over-year, while publicly disclosed victim counts rose roughly 12%.
Large supply-chain and third-party compromises nearly quadrupled since 2020, as attackers exploit software build pipelines and SaaS integrations.
Manufacturing topped the target list at 27.7% of incidents, and North America emerged as the most attacked region at 29% of total cases.

3 days ago

Press Release

Abcuro reports Phase 2/3 MUSCLE study results for Ulviprubart

IBM

The global Phase 2/3 MUSCLE trial of ulviprubart in 272 patients did not meet its primary endpoint (IBMFRS total score at Week 76) or key secondary endpoints.
A pre-specified subgroup with mild to moderate disease showed trends toward improvement in IBMFRS and muscle strength measures.
Ulviprubart demonstrated a favorable safety and tolerability profile, with no new safety signals at the doses studied.
Study results will be presented at the 6th Global Conference on Myositis; most completers have enrolled in an open-label extension, and Abcuro plans to discuss next steps with the FDA.

4 days ago

Press Release

IBM shares plunge after Anthropic touts COBOL tool

IBM

Demand Weakening

IBM shares plunged about 13% in a single day, marking the company’s largest one-day percentage loss since October 2000 and setting up for its biggest one-month decline since 1968.
The drop followed Anthropic’s launch of Claude Code, an AI tool that automates COBOL modernization—a service underpinning 95% of U.S. ATM transactions—raising concerns over IBM’s core mainframe revenue.
Despite the sell-off, analysts maintain a Moderate Buy consensus (12 Buys, 5 Holds, 1 Sell) with an average price target of $337.53, implying roughly 45.7% upside.

4 days ago

Bloomberg

IBM plans to triple U.S. entry-level hiring by 2026

IBM

Hiring

IBM will triple U.S. entry-level hiring in 2026, redesigning junior roles so AI handles routine work and people focus on problem-solving, customer engagement, creativity and judgment.
IBM’s internal AI tools, “AskHR” and “AskIT,” resolve 94% of HR inquiries and 81–82% of IT support issues, delivering $4.5 billion in HR productivity gains in 2025.
The company has implemented governance programs to oversee expanded AI-driven workflows and the reshaping of roles.
IBM shares fell nearly 5% as investors weighed higher near-term hiring and retraining costs amid broader AI-driven market volatility.

Feb 12, 2026, 11:04 PM

Bloomberg

IBM to support Missile Defense Agency SHIELD contract

IBM

New Projects/Investments

IBM was selected to support the Missile Defense Agency’s SHIELD program under an indefinite-delivery/indefinite-quantity (IDIQ) contract with a $151 billion ceiling.
The contract encompasses rapid delivery of AI-enabled sensing and other innovative defense capabilities with built-in governance, interoperability, and mission-grade security.
IBM leverages nearly a century of U.S. federal support experience and its hybrid cloud and AI expertise to enhance mission efficiency, productivity, and decision-making.
Susan Wedge, Managing Partner for IBM’s U.S. Federal Market, stated IBM will help ensure warfighters respond with greater speed, agility, and confidence.

Feb 5, 2026, 2:00 PM

Press Release

IBM issues $3.25 billion in new debt securities

IBM

Debt Issuance

IBM priced a $3.25 billion offering of USD notes: $500 M 4.00% due 2029; $500 M 4.30% due 2031; $500 M 4.60% due 2033; $1 billion 4.95% due 2036; and $750 M 5.80% due 2056.
The notes were underwritten by Citigroup, BNP Paribas, Deutsche Bank, Goldman Sachs, HSBC, Merrill Lynch, Mizuho, CIBC, Société Générale, TD Securities, Academy Securities and Cabrera Capital Markets, with settlement on February 3, 2026.
Issue purchase prices ranged from 99.322% to 99.844% of principal (offering prices from 99.566% to 100%), plus accrued interest.
No sinking fund provisions; each series is redeemable at IBM’s option as detailed in the prospectus supplement.

Feb 2, 2026, 10:25 PM

8-K

IBM reports Q4 2025 results

IBM

Earnings

Guidance Update

Q4 total revenue grew 9%, driven by software up 11%, data 19%, automation 14%, consulting 1%, and infrastructure 17% growth.
Full-year 2025 results exceeded targets: revenue + 6%, operating pre-tax margin + 100 bps, Adjusted EBITDA + 17%, free cash flow $14.7 billion (+ 16% YoY), and operating EPS + 12%.
Software annual recurring revenue reached $23.6 billion, up over $2 billion YoY, with organic software growth above 7% and three of four subsegments in double digits.
Cumulative GenAI book of business surpassed $12.5 billion, including over $2 billion in software and $10.5 billion in consulting.
Mainframe momentum continued: IBM Z (z17) revenue was up 61% in Q4—the highest fourth-quarter performance in over two decades—and hybrid infrastructure grew 24%.

Jan 28, 2026, 10:00 PM

Transcript

IBM announces Q4 2025 earnings results

IBM

Earnings

Guidance Update

$19.7 billion Q4 revenue, up 9% at constant currency (12% reported)
Software segment Q4 revenue of $9.0 billion, up 11% CC, with ARR at $23.6 billion
Generative AI book of business reached over $12.5 billion in 2025, driving AI offerings momentum
FY 2025 free cash flow of $14.7 billion (+16%) and adjusted EBITDA growth of 17%
2026 guidance: >5% CC revenue growth, Software growth accelerating to 10%, and ~$1 billion incremental free cash flow

Jan 28, 2026, 10:00 PM

Presentation

IBM delivers strong Q4 2025 results

IBM

Earnings

Guidance Update

M&A

Q4 revenue rose 9% Y/Y, led by software growth of 11%, with data up 19% and automation up 14%; consulting grew 1% and infrastructure increased 17%, driven by IBM Z’s 61% Q4 surge—the highest fourth-quarter Z revenue in over two decades.
Full-year 2025 performance included 6% revenue growth, 100 bps operating pre-tax margin expansion, 17% adjusted EBITDA growth, $14.7 billion free cash flow (+16%), and 12% operating diluted EPS growth.
For 2026, IBM targets constant-currency revenue growth of 5%+, software growth of 10%, operating pre-tax margin expansion of 1 point, and free cash flow up about $1 billion (high single digits).
IBM expects to close the Confluent acquisition by mid-2026 with roughly $600 million of dilution in 2026, aiming for Adjusted EBITDA accretion in the first full year, free cash flow accretion in year two, $500 million of operational synergies by end-2027, and $1 billion of productivity savings in 2026 (driving a $5.5 billion run rate).

Jan 28, 2026, 10:00 PM

Transcript

IBM reports Q4 2025 results

IBM

Earnings

Guidance Update

M&A

IBM delivered 9% total revenue growth in Q4 2025, led by 11% software, 17% infrastructure, and 1% consulting growth.
For full-year 2025, 6% revenue growth was driven by 9% software and 10% infrastructure, with $14.7 billion in free cash flow, the highest in over a decade.
Operating margins improved significantly in 2025: operating gross profit margin up 170 bps, adjusted EBITDA margin up 230 bps, and operating pre-tax margin up 100 bps.
2026 guidance targets 5%+ revenue growth, ~$1 billion free cash flow increase, 10% software growth, with the Confluent acquisition expected mid-2026.