“"Our generative AI book of business now stands at more than $12.5 billion... We enter 2026 with momentum and in a position of strength, giving us confidence in our full-year expectations of more than 5 percent constant currency revenue growth and an increase of about $1 billion in year-over-year free cash flow" (2025 free cash flow was $14.7 billion).”
Chairman, President and CEO, IBM
Tracking poorly: after a July 14, 2026 profit warning and Q2 revenue of $17.16 billion (up just 1%), IBM cut its 2026 constant-currency revenue growth target to 4–5% on July 22, 2026, while maintaining the ~$1 billion free cash flow increase.