IBM三季度营收171亿美元增5%：软件收入增8%领跑，公司上调全年自由现金流预期
阿蒙克——IBM 10月21日盘后发布2026年第三季度业绩。公司当季营收171亿美元（精确值171.03亿美元），同比增长5%，按固定汇率增长6%。按美国通用会计准则（GAAP）计算，净利润22亿美元、摊薄每股收益2.31美元（持续经营口径），净利润同比增长26%；经营（非GAAP）口径净利润28亿美元、每股收益2.95美元，同比分别增长12%与11%。本站盘前前瞻曾汇总市场预期每股收益约2.87美元、营收约168.4亿美元，实际经营口径每股收益高于该预期。
利润率方面，GAAP毛利率56.8%，同比下降50个基点；经营口径毛利率58.5%，同比下降20个基点。GAAP税前利润率14.6%，同比下降30个基点；经营口径税前利润率19.3%，同比上升70个基点。
分板块看，软件收入78亿美元，同比增长8%（固定汇率增9%），其中混合云（红帽）增长11%、数据增长19%（固定汇率增20%）、交易处理增长9%（固定汇率增10%），自动化下降3%。咨询收入53亿美元，与去年同期持平（固定汇率增2%），其中战略与技术增长2%（固定汇率增4%），智能运营下降2%（固定汇率持平）。基础设施收入37亿美元，同比增长4%（固定汇率增5%），其中分布式基础设施增长31%（固定汇率增32%）、混合基础设施增长8%（固定汇率增9%），IBM Z下降20%（固定汇率降19%），基础设施支持下降3%。融资板块收入2亿美元，下降4%。
现金流方面，第三季度经营活动净现金40亿美元，同比增加9亿美元；自由现金流30亿美元，同比增加7亿美元；当季以股息形式向股东返还16亿美元。今年前九个月，经营活动净现金118亿美元，同比增加26亿美元；自由现金流78亿美元，同比增加6亿美元。季度末，公司持有现金、受限现金与有价证券合计111亿美元，较2025年末减少34亿美元；今年以来公司已投入114亿美元用于收购；总债务（含IBM融资债务127亿美元）为638亿美元，年内增加26亿美元。
董事长、总裁兼首席执行官阿尔温德·克里希纳（Arvind Krishna）说：「整个季度的严谨执行带来了加速的营收增长和强劲的自由现金流。我们的客户如今正以超级智能改造整个运营模式，而不只是解决狭窄或新奇的问题。」他表示，全年按固定汇率营收增长预期维持在4%至5%区间，现预计全年自由现金流同比增加超过10亿美元。高级副总裁兼首席财务官詹姆斯·卡瓦诺（James Kavanaugh）说：「我们产品组合的需求加上强劲的运营执行，带来了当季增长加速与经营税前利润率的稳健扩张。」
公司董事会已批准每股普通股1.69美元的例行季度现金股息，股权登记日为2026年11月10日；随着12月10日的这次派息，IBM将实现自1916年以来每个季度连续派息。
IBM Third-Quarter Revenue Rises 5% to $17.1 Billion as Software Grows 8%: Company Raises Full-Year Free Cash Flow Outlook
ARMONK, N.Y. — IBM announced third-quarter 2026 results on Wednesday, October 21. Revenue was $17.1 billion ($17,103 million), up 5 percent, or 6 percent at constant currency. GAAP net income was $2.2 billion, with diluted earnings per share of $2.31 from continuing operations, up 26 percent year to year; on an operating (non-GAAP) basis, net income was $2.8 billion and earnings per share were $2.95, up 12 percent and 11 percent respectively. The GAAP gross profit margin was 56.8 percent, down 50 basis points, and the operating margin was 58.5 percent, down 20 basis points; the GAAP pre-tax income margin was 14.6 percent, down 30 basis points, while the operating pre-tax margin rose 70 basis points to 19.3 percent.
Software revenue was $7.8 billion, up 8 percent (9 percent at constant currency), with Hybrid Cloud (Red Hat) up 11 percent, Data up 19 percent (20 percent at constant currency) and Transaction Processing up 9 percent (10 percent at constant currency), partly offset by a 3 percent decline in Automation. Consulting revenue was $5.3 billion, flat (up 2 percent at constant currency). Infrastructure revenue was $3.7 billion, up 4 percent (5 percent at constant currency), as Distributed Infrastructure rose 31 percent and Hybrid Infrastructure rose 8 percent, while IBM Z fell 20 percent and Infrastructure Support fell 3 percent. Financing revenue was $0.2 billion, down 4 percent.
In the third quarter, net cash from operating activities was $4.0 billion, up $0.9 billion year to year, and free cash flow was $3.0 billion, up $0.7 billion; the company returned $1.6 billion to shareholders in dividends. For the first nine months, operating cash flow was $11.8 billion and free cash flow was $7.8 billion. IBM ended the quarter with $11.1 billion in cash, restricted cash and marketable securities, having invested $11.4 billion in acquisitions this year; total debt, including IBM Financing debt of $12.7 billion, was $63.8 billion.
"Disciplined execution throughout the quarter drove accelerated revenue growth and strong free cash flow," said chairman, president and chief executive officer Arvind Krishna. For the full year, the company continues to expect constant-currency revenue growth of four to five percent and now expects free cash flow to increase by more than $1 billion year over year. The board approved a regular quarterly cash dividend of $1.69 per common share, payable December 10, 2026, to stockholders of record on November 10, 2026; with that payment, IBM will have paid consecutive quarterly dividends every year since 1916.
发布：GSM·美国（发布链接）
图片来源：图：IBM 位于纽约州阿蒙克的全球总部大楼（资料图）。IBM 官方发布图片，IBM 新闻室媒体素材供编辑使用。Photo: IBM's global headquarters in Armonk, New York (file photo). Official IBM photo; IBM Newsroom media assets are made available for editorial use.
GSM Global · 本篇英文版 English edition of this story
- 2026-10-21 00:59财报前瞻：IBM三季度业绩周三盘后揭晓：预期每股收益2.87美元、营收168.4亿美元，软件与红帽增长受关注
- 2026-10-21 17:20IBM三季度营收171亿美元增5%：软件收入增8%领跑，公司上调全年自由现金流预期本篇
