IBM posts robust Q1 2026 results, powered by AI tailwinds and stronger cash flow
IBM reported first-quarter 2026 revenue of $15.9 billion, up 9% year over year (6% at constant currency), with software up 11% and infrastructure up 15%, alongside margin gains and double-digit profit and free cash flow growth. Net cash from operating activities was $5.2 billion and free cash flow $2.2 billion; the company returned $1.6 billion to shareholders via dividends and invested in the acquisition of Confluent. IBM also guided full-year constant-currency revenue growth above 5% and about $1 billion higher annual free cash flow, and declared a dividend increase to $1.69 per share for June 10, 2026.