International Business Machines Corporation IBM is showing better software execution, stronger cash generation and improving profitability, but the stock already trades above its own longer-term valuation norm. That creates a more demanding setup for new buyers. Recurring software revenues and AI-related opportunities support the growth case. Yet modest Consulting growth, elevated debt and mixed Zacks Style Scores suggest investors still have reasons to remain selective. IBM Software Growth Strengthens the Bull Case Software revenues increased 9% year over year at constant currency in the third quarter of 2026. Red Hat grew 11%, Data advanced 20% and Transaction Processing rebounded 10%. Annual recurring revenue rose 8% to $24.
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