IBM Stock Dips on Mixed Q2 Earnings, Despite Hybrid Cloud Growth

IBM's stock price has dipped to around USD 234 on the New York Stock Exchange as of September 10, 2026, which is roughly 19 percent below its 52-week high.

The company reported a revenue growth of about 1 percent year over year in Q2 2026, with software segment revenue growing by 5 percent and consulting revenue remaining flat.

However, infrastructure revenue declined by around 7 percent, highlighting the company's ongoing challenges. Despite these mixed results, management still expects constant-currency revenue growth of 4 to 5 percent for the full fiscal year 2026.

The company's free cash flow remains a key support for its valuation, with USD 4.8 billion reported in the first half of fiscal year 2026 and an expected increase of about USD 1 billion compared to 2025.