IBM stock trades at EUR 194.07 as Q2 revenue rises 1.10 percent

IBM (ISIN US4592001014) was trading at EUR 194.07 at Lang & Schwarz on September 30, 2026 at 11:30 a.m. CEST, down 0.10 percent from the prior close of EUR 194.26. The pressure follows a mixed Q2 FY2026 report, with revenue growth offset by weaker net income and a sharp Infrastructure decline.

Revenue grew while profit fell

Ticker Scout reported that IBM generated USD 17.16 billion in Q2 FY2026 revenue for the quarter ended June 30, 2026, up 1.10 percent from the prior-year quarter. Net income moved in the opposite direction, falling 1.30 percent to USD 2.17 billion, while diluted GAAP earnings per share declined 1.70 percent to USD 2.27.

The comparison is important because IBM expanded sales without converting that growth into higher bottom-line earnings. Research and development expense rose 10.20 percent to USD 2.31 billion, while gross profit declined 0.70 percent to USD 9.91 billion, according to the same Q2 FY2026 filing summary.

Software offsets the infrastructure setback

IBM's segment mix explains the uneven quarter. Software revenue increased 5.10 percent to USD 7.76 billion, but Infrastructure revenue fell 7.40 percent to USD 3.83 billion, according to Ticker Scout on its Q2 FY2026 page.

On September 29, Trefis said delayed closures of tens of large deals weighed on the quarter and that IBM expects 2026 revenue growth of 4.00 percent to 5.00 percent. The report also said mainframe revenue fell 42.00 percent, making the timing of large infrastructure contracts a central test for the next results.

Analysts see a higher target

Ticker Nerd listed a median 12-month analyst target of USD 241 on September 28, 2026, based on 24 analysts. The target was USD 20.22 above IBM's USD 220.78 NYSE price at that reference point, a 9.16 percent difference, while the analyst split was 12 Buy, 10 Hold and 2 Sell ratings.

That contrast leaves investors weighing a software-led recovery against weaker infrastructure execution. IBM's latest quarter showed that the transition can produce segment growth while still leaving consolidated profit under pressure.

IBM stock stays near EUR 194

IBM stock was trading at EUR 194.07 at Lang & Schwarz on September 30, 2026 at 11:30 a.m. CEST, down 0.10 percent versus the prior close of EUR 194.26 on September 29, 2026. The primary listing is on the NYSE, where IBM was last at USD 219.99 on September 29, 2026 at 4:00 p.m. ET.

More news and analyses on IBM stock