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Side-by-side financial comparison of IBM (IBM) and AT&T (T). Click either name above to swap in a different company.
AT&T is the larger business by last-quarter revenue ($31.5B vs $15.9B, roughly 2.0× IBM). AT&T runs the higher net margin — 13.3% vs 7.6%, a 5.6% gap on every dollar of revenue. On growth, IBM posted the faster year-over-year revenue change (9.5% vs 2.9%). AT&T produced more free cash flow last quarter ($2.5B vs $2.2B). Over the past eight quarters, AT&T's revenue compounded faster (2.8% CAGR vs 0.5%).
International Business Machines Corporation, doing business as IBM, is an American multinational technology company headquartered in Armonk, New York, and present in over 175 countries. It is a publicly traded company and one of the 30 companies in the Dow Jones Industrial Average. IBM is the largest industrial research organization in the world, with 19 research facilities across a dozen countries; for 29 consecutive years, from 1993 to 2021, it held the record for most annual U.S.
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
IBM vs T — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $15.9B | $31.5B |
| Net Profit | $1.2B | $4.2B |
| Gross Margin | 56.2% | — |
| Operating Margin | — | 21.1% |
| Net Margin | 7.6% | 13.3% |
| Revenue YoY | 9.5% | 2.9% |
| Net Profit YoY | 15.3% | -10.9% |
| EPS (diluted) | $1.28 | $0.54 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $15.9B | $31.5B | ||
| Q4 25 | $19.7B | $33.5B | ||
| Q3 25 | $16.3B | $30.7B | ||
| Q2 25 | $17.0B | $30.8B | ||
| Q1 25 | $14.5B | $30.6B | ||
| Q4 24 | $17.6B | $32.3B | ||
| Q3 24 | $15.0B | $30.2B | ||
| Q2 24 | $15.8B | $29.8B |
| Q1 26 | $1.2B | $4.2B | ||
| Q4 25 | $5.6B | $3.8B | ||
| Q3 25 | $1.7B | $9.3B | ||
| Q2 25 | $2.2B | $4.5B | ||
| Q1 25 | $1.1B | $4.4B | ||
| Q4 24 | $2.9B | $4.1B | ||
| Q3 24 | $-330.0M | $-174.0M | ||
| Q2 24 | $1.8B | $3.6B |
| Q1 26 | 56.2% | — | ||
| Q4 25 | 60.6% | — | ||
| Q3 25 | 57.3% | — | ||
| Q2 25 | 58.8% | — | ||
| Q1 25 | 55.2% | — | ||
| Q4 24 | 59.5% | — | ||
| Q3 24 | 56.3% | — | ||
| Q2 24 | 56.8% | — |
| Q1 26 | — | 21.1% | ||
| Q4 25 | 21.0% | 17.3% | ||
| Q3 25 | 14.9% | 19.9% | ||
| Q2 25 | 15.3% | 21.1% | ||
| Q1 25 | 8.0% | 18.8% | ||
| Q4 24 | 18.8% | 16.5% | ||
| Q3 24 | -5.4% | 7.0% | ||
| Q2 24 | 14.1% | 19.3% |
| Q1 26 | 7.6% | 13.3% | ||
| Q4 25 | 28.4% | 11.3% | ||
| Q3 25 | 10.7% | 30.3% | ||
| Q2 25 | 12.9% | 14.6% | ||
| Q1 25 | 7.3% | 14.2% | ||
| Q4 24 | 16.6% | 12.6% | ||
| Q3 24 | -2.2% | -0.6% | ||
| Q2 24 | 11.6% | 12.1% |
| Q1 26 | $1.28 | $0.54 | ||
| Q4 25 | $5.90 | $0.52 | ||
| Q3 25 | $1.84 | $1.29 | ||
| Q2 25 | $2.31 | $0.62 | ||
| Q1 25 | $1.12 | $0.61 | ||
| Q4 24 | $3.11 | $0.56 | ||
| Q3 24 | $-0.36 | $-0.03 | ||
| Q2 24 | $1.96 | $0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.8B | $12.0B |
| Total DebtLower is stronger | $66.4B | $131.6B |
| Stockholders' EquityBook value | $33.1B | $125.6B |
| Total Assets | $156.2B | $421.2B |
| Debt / EquityLower = less leverage | 2.01× | 1.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $10.8B | $12.0B | ||
| Q4 25 | $13.6B | $18.2B | ||
| Q3 25 | $11.6B | $20.3B | ||
| Q2 25 | $11.9B | $10.5B | ||
| Q1 25 | $11.0B | $6.9B | ||
| Q4 24 | $13.9B | $3.3B | ||
| Q3 24 | $13.2B | $2.6B | ||
| Q2 24 | $12.2B | $3.1B |
| Q1 26 | $66.4B | $131.6B | ||
| Q4 25 | $54.8B | $127.1B | ||
| Q3 25 | $55.2B | $128.1B | ||
| Q2 25 | $55.2B | $123.1B | ||
| Q1 25 | $56.4B | $117.3B | ||
| Q4 24 | $49.9B | $118.4B | ||
| Q3 24 | $53.0B | $126.4B | ||
| Q2 24 | $52.9B | $125.4B |
| Q1 26 | $33.1B | $125.6B | ||
| Q4 25 | $32.6B | $126.5B | ||
| Q3 25 | $27.9B | $126.8B | ||
| Q2 25 | $27.5B | $121.4B | ||
| Q1 25 | $26.9B | $119.9B | ||
| Q4 24 | $27.3B | $118.2B | ||
| Q3 24 | $24.4B | $116.3B | ||
| Q2 24 | $24.0B | $119.3B |
| Q1 26 | $156.2B | $421.2B | ||
| Q4 25 | $151.9B | $420.2B | ||
| Q3 25 | $146.3B | $423.2B | ||
| Q2 25 | $148.6B | $405.5B | ||
| Q1 25 | $145.7B | $397.5B | ||
| Q4 24 | $137.2B | $394.8B | ||
| Q3 24 | $134.3B | $393.7B | ||
| Q2 24 | $133.8B | $398.0B |
| Q1 26 | 2.01× | 1.05× | ||
| Q4 25 | 1.68× | 1.00× | ||
| Q3 25 | 1.98× | 1.01× | ||
| Q2 25 | 2.01× | 1.01× | ||
| Q1 25 | 2.10× | 0.98× | ||
| Q4 24 | 1.83× | 1.00× | ||
| Q3 24 | 2.17× | 1.09× | ||
| Q2 24 | 2.20× | 1.05× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.2B | $7.6B |
| Free Cash FlowOCF − Capex | $2.2B | $2.5B |
| FCF MarginFCF / Revenue | 13.9% | 8.0% |
| Capex IntensityCapex / Revenue | 2.4% | 15.5% |
| Cash ConversionOCF / Net Profit | 4.25× | 1.82× |
| TTM Free Cash FlowTrailing 4 quarters | $10.2B | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $5.2B | $7.6B | ||
| Q4 25 | $4.0B | $11.3B | ||
| Q3 25 | $3.1B | $10.2B | ||
| Q2 25 | $1.7B | $9.8B | ||
| Q1 25 | $4.4B | $9.0B | ||
| Q4 24 | $4.3B | $11.9B | ||
| Q3 24 | $2.9B | $10.2B | ||
| Q2 24 | $2.1B | $9.1B |
| Q1 26 | $2.2B | $2.5B | ||
| Q4 25 | $3.7B | $4.5B | ||
| Q3 25 | $2.8B | $5.3B | ||
| Q2 25 | $1.5B | $4.9B | ||
| Q1 25 | $4.1B | $4.8B | ||
| Q4 24 | $4.0B | $5.1B | ||
| Q3 24 | $2.6B | $4.9B | ||
| Q2 24 | $1.8B | $4.7B |
| Q1 26 | 13.9% | 8.0% | ||
| Q4 25 | 18.6% | 13.6% | ||
| Q3 25 | 17.3% | 17.1% | ||
| Q2 25 | 8.8% | 15.8% | ||
| Q1 25 | 28.4% | 15.6% | ||
| Q4 24 | 22.9% | 15.6% | ||
| Q3 24 | 17.3% | 16.3% | ||
| Q2 24 | 11.7% | 15.9% |
| Q1 26 | 2.4% | 15.5% | ||
| Q4 25 | 1.9% | 20.3% | ||
| Q3 25 | 1.6% | 15.9% | ||
| Q2 25 | 1.2% | 15.9% | ||
| Q1 25 | 1.7% | 14.0% | ||
| Q4 24 | 1.7% | 21.2% | ||
| Q3 24 | 1.9% | 17.5% | ||
| Q2 24 | 1.4% | 14.6% |
| Q1 26 | 4.25× | 1.82× | ||
| Q4 25 | 0.72× | 2.99× | ||
| Q3 25 | 1.77× | 1.09× | ||
| Q2 25 | 0.78× | 2.17× | ||
| Q1 25 | 4.14× | 2.08× | ||
| Q4 24 | 1.49× | 2.92× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.13× | 2.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IBM
| Software | $7.1B | 44% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $220.0M | 1% |
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
