International Business Machines Corp. (IBM): Negative pre-announcement on client spending re-prioritization and sales

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International Business Machines Corp. (IBM): Negative pre-announcement on client spending re-prioritization and sales

Equity Research

14 July 2026 | 9:01AM EDT

International Business Machines Corp. (IBM): Negative

pre-announcement on client spending re-prioritization and sales

What happened: We expect the stock to trade meaningfully lower following IBM’s James Schneider, Ph.D.

+1(212)357-2929 |

negative pre-announcement this morning, which was driven by a shortfall in jim.schneider@gs.com

Goldman Sachs & Co. LLC

Infrastructure and Software to a lesser extent. We believe the mainframe shortfall

Luya You

reflects client demand re-prioritization toward near-term server and other hardware +1(212)902-5297 | luya.you@gs.com

purchases given surging memory and component prices, a dynamic consistent with Goldman Sachs & Co. LLC

Anmol Makkarwhat peers such as Dell and HP have cited. This reprioritization also drove a shortfall +1(212)357-1366 |

in Transaction Processing because of perpetual licenses tied to new mainframe anmol.makkar@gs.comGoldman Sachs & Co. LLC

purchases. In addition, we believe the company’s Data & Automation software Khalil Fenina

segment saw weaker demand due to company-specific execution issues. Red Hat +1(212)357-6392 | khalil.fenina@gs.com

results were in line with expectations at a growth of 11% in the quarter. We leave Goldman Sachs & Co. LLC

our estimates unchanged for now, pending further color from the company on next

week’s earnings call on updated 2026 guidance and potential remediation efforts.

Preliminary 2Q revenue results are below the Street: IBM pre-announced

preliminary 2Q26 revenue of $17.2 bn, below the Street (Visible Alpha Consensus

Data) at $17.83 bn and our estimate of $17.85 bn. Total revenue from continuing