International Business Machines Corporation (IBM)

IBM's adjusted EPS of $2.93 matched the $2.93 estimate while revenue of roughly $17.2 billion fell short of the $17.5 billion consensus by about 2% in the second fiscal quarter of 2026, reported on July 22. Revenue rose about 1% to roughly $17.2 billion from about $17.0 billion a year earlier, with the largest revenue line, Major Products/Service Offerings, bringing in about $2.9 billion, up about 0%, while gross margin held near 58%, operating margin near 15%, and operating income reached about $2.6 billion. Net income slipped about 1% to roughly $2.2 billion, and adjusted EPS was up about 5% from $2.80 a year ago. Operating cash flow came in at about $2.6 billion, IBM repurchased about $115 million of stock and paid roughly $1.6 billion in dividends. Consensus for the next period calls for EPS of $2.87 on revenue of $16.87 billion.