IBM Q3 revenue $17.1B up 5%; operating EPS $2.95 up 11%; raises FY free cash flow outlook

INTERNATIONAL BUSINESS MACHINES CORP

Revenue $17.1B, up 5% (6% constant currency); Software $7.8B +8%, Infrastructure $3.7B +4%, Consulting $5.3B flat, Financing $0.2B -4%.
GAAP diluted EPS $2.31, up 26%; operating (non-GAAP) EPS $2.95, up 11%; operating pre-tax margin 19.3%, up 70 bps; GAAP margin 14.6%, down 30 bps.
Data revenue up 19% and Hybrid Cloud (Red Hat) up 11%; Distributed Infrastructure +31%, but IBM Z down 20% and Automation down 3%.
FY2026 outlook: constant-currency revenue growth of 4-5% reiterated; free cash flow now expected to increase more than $1B year over year.
Dividend held at $1.69/share, record Nov 10, 2026, payable Dec 10, 2026; YTD free cash flow $7.8B, up $0.6B; $11.4B spent on acquisitions this year.

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