IBM warns Q2 results will miss, citing a weak mainframe cycle and delayed deals

IBM released preliminary second-quarter 2026 results showing revenue of $17.2B, up 1%, and non-GAAP EPS of $2.93, up 5%, both below analyst expectations. CEO Arvind Krishna blamed weaker IBM Z and transaction-processing software, late-June client spending shifts toward servers, storage and memory, and large deals that did not close on time. The company said the final figures could differ slightly.

• Revenue $17.2B, up 1%; non-GAAP EPS $2.93, up 5%
• GAAP EPS $2.27, down 2%
• Software up 5%; Red Hat up 11%; Distributed Infrastructure up 37%
• Infrastructure revenue down 7%; Consulting flat

SEC filing 8-K · accession 0000051143-26-000070 · sec.gov ↗