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Side-by-side financial comparison of IBM (IBM) and United Parcel Service (UPS). Click either name above to swap in a different company.
United Parcel Service is the larger business by last-quarter revenue ($21.2B vs $15.9B, roughly 1.3× IBM). IBM runs the higher net margin — 7.6% vs 4.1%, a 3.6% gap on every dollar of revenue. On growth, IBM posted the faster year-over-year revenue change (9.5% vs -1.6%). IBM produced more free cash flow last quarter ($2.2B vs $1.3B). Over the past eight quarters, IBM's revenue compounded faster (0.5% CAGR vs -1.4%).
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.
United Parcel Service, Inc. (UPS) is an American multinational shipping & receiving and supply chain management company founded in 1907. Originally known as the American Messenger Company specializing in telegraphs, UPS has expanded to become a Fortune 500 company and one of the world's largest shipping couriers. UPS today is primarily known for its ground shipping services as well as the UPS Store, a retail chain which assists UPS shipments and provides tools for small businesses.
IBM vs UPS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $15.9B | $21.2B |
| Net Profit | $1.2B | $864.0M |
| Gross Margin | 56.2% | — |
| Operating Margin | — | — |
| Net Margin | 7.6% | 4.1% |
| Revenue YoY | 9.5% | -1.6% |
| Net Profit YoY | 15.3% | -27.2% |
| EPS (diluted) | $1.28 | $1.02 |
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 | $21.2B | ||
| Q4 25 | $19.7B | $24.5B | ||
| Q3 25 | $16.3B | $21.4B | ||
| Q2 25 | $17.0B | $21.2B | ||
| Q1 25 | $14.5B | $21.5B | ||
| Q4 24 | $17.6B | $25.3B | ||
| Q3 24 | $15.0B | $22.2B | ||
| Q2 24 | $15.8B | $21.8B |
| Q1 26 | $1.2B | $864.0M | ||
| Q4 25 | $5.6B | $1.8B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $2.2B | $1.3B | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $2.9B | $1.7B | ||
| Q3 24 | $-330.0M | $1.5B | ||
| Q2 24 | $1.8B | $1.4B |
| 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 | — | — | ||
| Q4 25 | 21.0% | 10.5% | ||
| Q3 25 | 14.9% | 8.4% | ||
| Q2 25 | 15.3% | 8.6% | ||
| Q1 25 | 8.0% | 7.7% | ||
| Q4 24 | 18.8% | 11.6% | ||
| Q3 24 | -5.4% | 8.9% | ||
| Q2 24 | 14.1% | 8.9% |
| Q1 26 | 7.6% | 4.1% | ||
| Q4 25 | 28.4% | 7.3% | ||
| Q3 25 | 10.7% | 6.1% | ||
| Q2 25 | 12.9% | 6.0% | ||
| Q1 25 | 7.3% | 5.5% | ||
| Q4 24 | 16.6% | 6.8% | ||
| Q3 24 | -2.2% | 6.9% | ||
| Q2 24 | 11.6% | 6.5% |
| Q1 26 | $1.28 | $1.02 | ||
| Q4 25 | $5.90 | $2.10 | ||
| Q3 25 | $1.84 | $1.55 | ||
| Q2 25 | $2.31 | $1.51 | ||
| Q1 25 | $1.12 | $1.40 | ||
| Q4 24 | $3.11 | $2.00 | ||
| Q3 24 | $-0.36 | $1.80 | ||
| Q2 24 | $1.96 | $1.65 |
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 | $5.8B |
| Total DebtLower is stronger | $66.4B | $23.7B |
| Stockholders' EquityBook value | $33.1B | — |
| Total Assets | $156.2B | $71.8B |
| Debt / EquityLower = less leverage | 2.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $10.8B | $5.8B | ||
| Q4 25 | $13.6B | $5.9B | ||
| Q3 25 | $11.6B | $6.8B | ||
| Q2 25 | $11.9B | $6.3B | ||
| Q1 25 | $11.0B | $5.1B | ||
| Q4 24 | $13.9B | $6.3B | ||
| Q3 24 | $13.2B | $6.1B | ||
| Q2 24 | $12.2B | $6.5B |
| Q1 26 | $66.4B | $23.7B | ||
| Q4 25 | $54.8B | $23.5B | ||
| Q3 25 | $55.2B | $23.9B | ||
| Q2 25 | $55.2B | $23.8B | ||
| Q1 25 | $56.4B | $19.5B | ||
| Q4 24 | $49.9B | $19.4B | ||
| Q3 24 | $53.0B | $20.3B | ||
| Q2 24 | $52.9B | $20.2B |
| Q1 26 | $33.1B | — | ||
| Q4 25 | $32.6B | $16.2B | ||
| Q3 25 | $27.9B | $15.8B | ||
| Q2 25 | $27.5B | $15.8B | ||
| Q1 25 | $26.9B | $15.7B | ||
| Q4 24 | $27.3B | $16.7B | ||
| Q3 24 | $24.4B | $16.9B | ||
| Q2 24 | $24.0B | $17.0B |
| Q1 26 | $156.2B | $71.8B | ||
| Q4 25 | $151.9B | $73.1B | ||
| Q3 25 | $146.3B | $71.4B | ||
| Q2 25 | $148.6B | $70.9B | ||
| Q1 25 | $145.7B | $68.5B | ||
| Q4 24 | $137.2B | $70.1B | ||
| Q3 24 | $134.3B | $68.3B | ||
| Q2 24 | $133.8B | $69.4B |
| Q1 26 | 2.01× | — | ||
| Q4 25 | 1.68× | 1.45× | ||
| Q3 25 | 1.98× | 1.51× | ||
| Q2 25 | 2.01× | 1.51× | ||
| Q1 25 | 2.10× | 1.25× | ||
| Q4 24 | 1.83× | 1.16× | ||
| Q3 24 | 2.17× | 1.21× | ||
| Q2 24 | 2.20× | 1.19× |
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 | — |
| Free Cash FlowOCF − Capex | $2.2B | $1.3B |
| FCF MarginFCF / Revenue | 13.9% | 6.0% |
| Capex IntensityCapex / Revenue | 2.4% | 4.9% |
| Cash ConversionOCF / Net Profit | 4.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $10.2B | $4.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.0B | $3.3B | ||
| Q3 25 | $3.1B | $2.5B | ||
| Q2 25 | $1.7B | $348.0M | ||
| Q1 25 | $4.4B | $2.3B | ||
| Q4 24 | $4.3B | $3.3B | ||
| Q3 24 | $2.9B | $1.5B | ||
| Q2 24 | $2.1B | $2.0B |
| Q1 26 | $2.2B | $1.3B | ||
| Q4 25 | $3.7B | $2.6B | ||
| Q3 25 | $2.8B | $1.5B | ||
| Q2 25 | $1.5B | $-775.0M | ||
| Q1 25 | $4.1B | $1.4B | ||
| Q4 24 | $4.0B | $2.2B | ||
| Q3 24 | $2.6B | $655.0M | ||
| Q2 24 | $1.8B | $1.1B |
| Q1 26 | 13.9% | 6.0% | ||
| Q4 25 | 18.6% | 10.6% | ||
| Q3 25 | 17.3% | 7.1% | ||
| Q2 25 | 8.8% | -3.7% | ||
| Q1 25 | 28.4% | 6.7% | ||
| Q4 24 | 22.9% | 8.8% | ||
| Q3 24 | 17.3% | 2.9% | ||
| Q2 24 | 11.7% | 4.9% |
| Q1 26 | 2.4% | 4.9% | ||
| Q4 25 | 1.9% | 2.9% | ||
| Q3 25 | 1.6% | 4.5% | ||
| Q2 25 | 1.2% | 5.3% | ||
| Q1 25 | 1.7% | 4.1% | ||
| Q4 24 | 1.7% | 4.3% | ||
| Q3 24 | 1.9% | 3.8% | ||
| Q2 24 | 1.4% | 4.3% |
| Q1 26 | 4.25× | — | ||
| Q4 25 | 0.72× | 1.84× | ||
| Q3 25 | 1.77× | 1.89× | ||
| Q2 25 | 0.78× | 0.27× | ||
| Q1 25 | 4.14× | 1.95× | ||
| Q4 24 | 1.49× | 1.93× | ||
| Q3 24 | — | 0.97× | ||
| Q2 24 | 1.13× | 1.41× |
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% |
UPS
| U.S. Domestic Package | $14.1B | 67% |
| International Package | $4.5B | 21% |
| Supply Chain Solutions | $2.5B | 12% |
