IBM: the AI consulting giant has to prove the software pivot compounds

IBM reported FY2025 revenue of $67.5 billion and 2026 Q1 revenue of $15.9 billion. The thesis depends on software mix, AI demand, consulting execution, debt discipline and cash conversion.

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IBM reported FY2025 revenue of $67.5 billion and 2026 Q1 revenue of $15.9 billion. The thesis depends on software mix, AI demand, consulting execution, debt discipline and cash conversion.

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SEC datasetSEC company tickers exchange datasetRetrieved 2026-05-19 · Issuer identity, ticker, exchange and CIK SEC APISEC submissions APIRetrieved 2026-05-19 · Filing chronology and company identity SEC XBRL APISEC companyfacts APIRetrieved 2026-05-19 · Revenue, profit, EPS, cash, assets, equity and cash-flow cross-checks Annual reportFY2025 Form 10-K filed 2026-02-242026 · Annual business, risk and financial baseline Quarterly reportLatest Form 10-Q filed 2026-04-232026 · Latest interim financials and balance sheet Form 8-KForm 8-K filed 2026-05-012026 · Recent filing chronology and update context Proxy statementDEF 14A filed 2026-03-102026 · Governance and incentive framing