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IBM
(IBM ↗)
ibm.com ↗
The 110-year-old tech giant that shrank for a decade, spun off its slowest business, and reinvented itself around hybrid cloud and AI — while paying one of the market's most dependable dividends. After years of declining revenue, IBM is growing again.
Updated · FY2025 · December 2025
6
Chapters
~16
Min read
$67.5B / yr revenue · ~270K employees · public since 1911
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1
Growth
~3 min
Growing Again After a Lost Decade
IBM's revenue fell for most of the 2010s. After spinning off its slowest business, it's finally climbing again.
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2
Financial Health
~3 min
The Cash Machine Behind the Dividend
IBM's revenue wobbled for years, but the cash never stopped. That's what funds the dividend.
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3
Moat
~3 min
Locked Into the World's Back Office
IBM's mainframes still run the world's banks, airlines, and governments. Switching off them is almost unthinkable.
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4
Management
~2 min
The Pivot to Software and AI
IBM's leadership bet the company's future on hybrid cloud and AI — buying Red Hat and shedding its slowest business to get there.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
Return to growth, a fortress dividend, a software-and-AI pivot — and a debt load and modest growth rate to keep an eye on.
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6
Risk
~3 min
Slow Growth and Stiff Competition
IBM is healthier than it's been in years. The risks are that its growth is still slow — and that it's competing against far bigger cloud and AI rivals.
↻ Next update · Apr 23
est. Apr 23, 2026 · Q1 FY26 · IBM Investor Relations ↗
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You're reading the 6 opening chapters. After that, every time IBM files a new report, the chapters get updated here.