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Side-by-side financial comparison of IBM (IBM) and Workday, Inc. (WDAY). Click either name above to swap in a different company.
IBM is the larger business by last-quarter revenue ($15.9B vs $2.4B, roughly 6.5× Workday, Inc.). Workday, Inc. runs the higher net margin — 10.4% vs 7.6%, a 2.7% gap on every dollar of revenue. On growth, Workday, Inc. posted the faster year-over-year revenue change (12.6% vs 9.5%). IBM produced more free cash flow last quarter ($2.2B vs $550.0M). Over the past eight quarters, Workday, Inc.'s revenue compounded faster (12.5% 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.
Workday, Inc. is a leading global enterprise cloud software provider that develops and distributes human capital management, financial management, and enterprise resource planning solutions. It caters primarily to mid-sized and large organizations across sectors including education, healthcare, finance, and technology, with operations spanning North America, Europe, and Asia Pacific.
IBM vs WDAY — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $15.9B | $2.4B |
| Net Profit | $1.2B | $252.0M |
| Gross Margin | 56.2% | — |
| Operating Margin | — | 10.6% |
| Net Margin | 7.6% | 10.4% |
| Revenue YoY | 9.5% | 12.6% |
| Net Profit YoY | 15.3% | 30.6% |
| EPS (diluted) | $1.28 | $0.94 |
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 | — | ||
| Q4 25 | $19.7B | $2.4B | ||
| Q3 25 | $16.3B | $2.3B | ||
| Q2 25 | $17.0B | $2.2B | ||
| Q1 25 | $14.5B | $2.2B | ||
| Q4 24 | $17.6B | $2.2B | ||
| Q3 24 | $15.0B | $2.1B | ||
| Q2 24 | $15.8B | $2.0B |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $5.6B | $252.0M | ||
| Q3 25 | $1.7B | $228.0M | ||
| Q2 25 | $2.2B | $68.0M | ||
| Q1 25 | $1.1B | $94.0M | ||
| Q4 24 | $2.9B | $193.0M | ||
| Q3 24 | $-330.0M | $132.0M | ||
| Q2 24 | $1.8B | $107.0M |
| 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% | 10.6% | ||
| Q3 25 | 14.9% | 10.6% | ||
| Q2 25 | 15.3% | 1.7% | ||
| Q1 25 | 8.0% | 3.4% | ||
| Q4 24 | 18.8% | 7.6% | ||
| Q3 24 | -5.4% | 5.3% | ||
| Q2 24 | 14.1% | 3.2% |
| Q1 26 | 7.6% | — | ||
| Q4 25 | 28.4% | 10.4% | ||
| Q3 25 | 10.7% | 9.7% | ||
| Q2 25 | 12.9% | 3.0% | ||
| Q1 25 | 7.3% | 4.3% | ||
| Q4 24 | 16.6% | 8.9% | ||
| Q3 24 | -2.2% | 6.3% | ||
| Q2 24 | 11.6% | 5.4% |
| Q1 26 | $1.28 | — | ||
| Q4 25 | $5.90 | $0.94 | ||
| Q3 25 | $1.84 | $0.84 | ||
| Q2 25 | $2.31 | $0.25 | ||
| Q1 25 | $1.12 | $0.34 | ||
| Q4 24 | $3.11 | $0.72 | ||
| Q3 24 | $-0.36 | $0.49 | ||
| Q2 24 | $1.96 | $0.40 |
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 | $6.8B |
| Total DebtLower is stronger | $66.4B | — |
| Stockholders' EquityBook value | $33.1B | $8.9B |
| Total Assets | $156.2B | $17.8B |
| Debt / EquityLower = less leverage | 2.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $10.8B | — | ||
| Q4 25 | $13.6B | $6.8B | ||
| Q3 25 | $11.6B | $8.2B | ||
| Q2 25 | $11.9B | $8.0B | ||
| Q1 25 | $11.0B | $8.0B | ||
| Q4 24 | $13.9B | $7.2B | ||
| Q3 24 | $13.2B | $7.4B | ||
| Q2 24 | $12.2B | $7.2B |
| Q1 26 | $66.4B | — | ||
| Q4 25 | $54.8B | — | ||
| Q3 25 | $55.2B | — | ||
| Q2 25 | $55.2B | — | ||
| Q1 25 | $56.4B | — | ||
| Q4 24 | $49.9B | — | ||
| Q3 24 | $53.0B | — | ||
| Q2 24 | $52.9B | $3.0B |
| Q1 26 | $33.1B | — | ||
| Q4 25 | $32.6B | $8.9B | ||
| Q3 25 | $27.9B | $9.2B | ||
| Q2 25 | $27.5B | $8.9B | ||
| Q1 25 | $26.9B | $9.0B | ||
| Q4 24 | $27.3B | $8.6B | ||
| Q3 24 | $24.4B | $8.3B | ||
| Q2 24 | $24.0B | $8.2B |
| Q1 26 | $156.2B | — | ||
| Q4 25 | $151.9B | $17.8B | ||
| Q3 25 | $146.3B | $18.0B | ||
| Q2 25 | $148.6B | $17.2B | ||
| Q1 25 | $145.7B | $18.0B | ||
| Q4 24 | $137.2B | $16.4B | ||
| Q3 24 | $134.3B | $16.2B | ||
| Q2 24 | $133.8B | $15.9B |
| Q1 26 | 2.01× | — | ||
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.98× | — | ||
| Q2 25 | 2.01× | — | ||
| Q1 25 | 2.10× | — | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 2.17× | — | ||
| Q2 24 | 2.20× | 0.37× |
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 | $588.0M |
| Free Cash FlowOCF − Capex | $2.2B | $550.0M |
| FCF MarginFCF / Revenue | 13.9% | 22.6% |
| Capex IntensityCapex / Revenue | 2.4% | 1.6% |
| Cash ConversionOCF / Net Profit | 4.25× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $10.2B | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.0B | $588.0M | ||
| Q3 25 | $3.1B | $616.0M | ||
| Q2 25 | $1.7B | $457.0M | ||
| Q1 25 | $4.4B | $1.1B | ||
| Q4 24 | $4.3B | $406.0M | ||
| Q3 24 | $2.9B | $571.0M | ||
| Q2 24 | $2.1B | $372.0M |
| Q1 26 | $2.2B | — | ||
| Q4 25 | $3.7B | $550.0M | ||
| Q3 25 | $2.8B | $588.0M | ||
| Q2 25 | $1.5B | $421.0M | ||
| Q1 25 | $4.1B | $1.0B | ||
| Q4 24 | $4.0B | $359.0M | ||
| Q3 24 | $2.6B | $516.0M | ||
| Q2 24 | $1.8B | $291.0M |
| Q1 26 | 13.9% | — | ||
| Q4 25 | 18.6% | 22.6% | ||
| Q3 25 | 17.3% | 25.0% | ||
| Q2 25 | 8.8% | 18.8% | ||
| Q1 25 | 28.4% | 46.4% | ||
| Q4 24 | 22.9% | 16.6% | ||
| Q3 24 | 17.3% | 24.7% | ||
| Q2 24 | 11.7% | 14.6% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | 1.9% | 1.6% | ||
| Q3 25 | 1.6% | 1.2% | ||
| Q2 25 | 1.2% | 1.6% | ||
| Q1 25 | 1.7% | 3.9% | ||
| Q4 24 | 1.7% | 2.2% | ||
| Q3 24 | 1.9% | 2.6% | ||
| Q2 24 | 1.4% | 4.1% |
| Q1 26 | 4.25× | — | ||
| Q4 25 | 0.72× | 2.33× | ||
| Q3 25 | 1.77× | 2.70× | ||
| Q2 25 | 0.78× | 6.72× | ||
| Q1 25 | 4.14× | 11.83× | ||
| Q4 24 | 1.49× | 2.10× | ||
| Q3 24 | — | 4.33× | ||
| Q2 24 | 1.13× | 3.48× |
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% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
