NYSE$IBM
International Business Machines Corporation (IBM) · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
IBM's Q3 2023 earnings were released, revealing revenue growth driven by Software and Consulting, alongside strong profit and cash generation.
IBM reported a 4.6% increase in revenue to $14.8 billion, led by Software and Consulting. The company's focus on fundamentals drove profit margin expansion and strong cash generation. IBM remains confident in its revenue and free cash flow growth expectations for the full year.
- Revenue reached $14.8 billion, showing a 4.6% increase (3.5% at constant currency).
- Software revenue increased by 8% (6% at constant currency).
- Consulting revenue grew by 6% (5% at constant currency).
- Free cash flow was $1.7 billion, up $0.9 billion year over year.
Headline financials
Revenue & EPS history
IBM · Revenue · Quarterly
$14.8B
Forward guidance
IBM continues to expect constant currency revenue growth of three percent to five percent and about $10.5 billion in free cash flow for the full year 2023.
Tailwinds
- The company continues to expect constant currency revenue growth of three percent to five percent.
- The company continues to expect about $10.5 billion in free cash flow.
- Free cash flow is expected to be up more than $1 billion year to year.
Headwinds
- Currency is expected to be about a one-point headwind to revenue growth.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.8%
Avg return
Earnings day
+0.2%
Avg return
5 days after
-0.5%
Avg return
30 days after
41%
30 / 73 earnings
Positive
+13.0%
Q4 2024
Best reaction
-10.3%
Q3 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.1% | -7.5% | +0.8% | |
| Q4 2025 | -3.0% | +0.1% | -18.3% | |
| Q3 2025 | +4.0% | +8.7% | +3.5% | |
| Q2 2025 | +1.1% | +2.3% | +6.9% | |
| Q1 2025 | -6.6% | -2.5% | +5.4% | |
| Q4 2024 | +13.0% | +15.7% | +10.4% | |
| Q3 2024 | -6.0% | -8.3% | -4.0% | |
| Q2 2024 | +4.3% | +4.0% | +6.5% | |
| Q1 2024 | -7.3% | -8.1% | -6.2% | |
| Q4 2023 | +9.5% | +7.6% | +6.8% | |
| Q3 2023 | +4.3% | +3.5% | +12.6% | |
| Q2 2023 | +2.2% | +3.1% | +4.5% | |
| Q1 2023 | -1.1% | -1.9% | -0.4% | |
| Q4 2022 | -5.0% | -4.4% | -7.7% | |
| Q3 2022 | +4.4% | +7.9% | +20.1% | |
| Q2 2022 | -6.5% | -8.3% | -1.5% | |
| Q1 2022 | +9.6% | +9.6% | +2.8% | |
| Q4 2021 | +5.2% | +4.0% | -5.6% | |
| Q3 2021 | -9.6% | -10.1% | -14.5% | |
| Q2 2021 | +0.8% | +1.8% | +0.4% | |
| Q1 2021 | +3.4% | +6.6% | +7.2% | |
| Q4 2020 | -8.8% | -5.8% | -8.5% | |
| Q3 2020 | -6.8% | -7.9% | -7.3% | |
| Q2 2020 | +0.8% | +0.5% | -1.0% | |
| Q1 2020 | -2.8% | +3.8% | +1.0% | |
| Q4 2019 | +4.0% | +1.6% | +9.3% | |
| Q3 2019 | -6.1% | -7.3% | -6.0% | |
| Q2 2019 | +4.3% | +4.3% | -6.8% | |
| Q1 2019 | -3.3% | -2.5% | -5.6% | |
| Q4 2018 | +7.3% | +8.2% | +11.3% | |
| Q3 2018 | -5.0% | -8.5% | -14.0% | |
| Q2 2018 | +4.0% | +1.5% | +1.8% | |
| Q1 2018 | -5.8% | -8.2% | -8.5% | |
| Q4 2017 | -3.7% | -1.4% | -7.4% | |
| Q3 2017 | +8.6% | +10.4% | +1.6% | |
| Q2 2017 | -3.6% | -3.9% | -8.0% | |
| Q1 2017 | -5.5% | -6.3% | -11.9% | |
| Q4 2016 | +2.2% | +5.5% | +8.3% | |
| Q3 2016 | -2.4% | -3.1% | +3.1% | |
| Q2 2016 | -0.1% | +1.4% | +0.4% | |
| Q1 2016 | -5.1% | — | — | |
| Q4 2015 | -6.3% | — | — | |
| Q3 2015 | -6.5% | — | — | |
| Q2 2015 | -5.5% | — | — | |
| Q1 2015 | +2.2% | — | — | |
| Q4 2014 | -3.2% | — | — | |
| Q3 2014 | -10.3% | — | — | |
| Q2 2014 | +0.1% | — | — | |
| Q1 2014 | -3.6% | — | — | |
| Q4 2013 | -4.1% | — | — | |
| Q3 2013 | -5.3% | — | — | |
| Q2 2013 | +2.1% | — | — | |
| Q1 2013 | -9.4% | — | — | |
| Q4 2012 | +5.3% | — | — | |
| Q3 2012 | -4.0% | — | — | |
| Q2 2012 | +6.4% | — | — | |
| Q1 2012 | -1.3% | — | — | |
| Q4 2011 | -0.4% | — | — | |
| Q3 2011 | -0.2% | — | — | |
| Q2 2011 | -1.3% | — | — | |
| Q1 2011 | +0.4% | — | — | |
| Q4 2010 | -2.8% | — | — | |
| Q2 2010 | -2.8% | — | — | |
| Q3 2010 | +1.1% | — | — | |
| Q1 2009 | -0.5% | — | — | |
| Q1 2010 | -0.4% | — | — | |
| Q4 2009 | +0.6% | — | — | |
| Q4 2007 | +0.6% | — | — | |
| Q3 2008 | +1.2% | — | — | |
| Q3 2009 | +1.2% | — | — | |
| Q2 2009 | -0.3% | — | — | |
| Q2 2008 | -0.3% | — | — | |
| Q4 2008 | -0.3% | — | — |
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