IBM lifts FY revenue growth outlook to 4%-5% at constant currency

• IBM raised its 2026 outlook to 4%-5% constant-currency revenue growth.
• Operating pre-tax margin now seen expanding 100 basis points, driven by faster productivity actions.
• Free cash flow still expected to rise about USD 1 billion year over year.
• Guidance update follows 2Q26 revenue of USD 17.2 billion, up 1%, with operating diluted EPS of USD 2.93, up 5%.
• First-half free cash flow totaled USD 4.8 billion, flat year over year.

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