IBM Q3财报营收与调整后EPS超预期但GAAP EPS及毛利率miss，盘前跌约6%，为已多轮研判的同一财报

IBM ( IBM ) shares were down 6% in Thursday premarket trading after the global tech giant reported its third-quarter fiscal 2026 earnings results. For the quarter ended September 30, IBM reported adjusted earnings per share of $2.95 compared to the consensus estimate of $2.87. GAAP EPS was $2.30 versus the $2.45 estimate. Revenue for the third quarter increased 5% year over year to $17.1B, which was more than the $16.84B estimate. Adjusted gross margin of 58.5% was less than the 59.3% estimate. On a business segment basis, software was the biggest gainer for Big Blue, as revenue increased 8.3% year over year to $7.8B versus the $7.6B estimate. Consulting remained relatively flat at $5.3B, infrastructure climbed 4.2% to $3.7B, and financing declined 4% to $192M. Seeking Alpha analyst Michael Del Monte highlighted the importance of cybersecurity in the positive results. "Growth in the quarter was led by Red Hat, specifically data services and hybrid cloud, as companies undergo their AI transformation journeys," he said. "Cybersecurity was a major growth factor in the company's consulting business, likely the result of concerns mounting regarding how agentic AI can be used in a safe and secure environment." For the full fiscal year, IBM expects revenue to increase at a midpoint of 4.5%, which is more than the 4.1% estimate. "IBM's technology and expertise are helping organizations drive growth and serve customers with greater speed, precision and efficiency than ever before," said Arvind Krishna , IBM chairman, president and CEO. "For the full year, we continue to expect constant currency revenue growth in the range of four-to-five percent, and we now expect free cash flow to increase by more than $1 billion year-over-year." The IBM Board of Directors also approved a quarterly cash dividend of $1.69 per common share. The company said it has paid consecutive quarterly dividends every year since 1916. ( This story has been updated to reflect the premarket share move. )