17 new in the latest 10-Q
Paragraphs with nothing like them in last year's 10-K
No new paragraphs in Risk Factors, or fewer than two 10-Ks to compare.
Paragraphs in the 10-Q filed Oct 22, 2026 that were not in the one before
17 paragraphs in the 10-Q filed Oct 22, 2026 with nothing like them in the 10-Q filed Jul 23, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
(2) Prior-year amounts have been reclassified to conform to the change in 2026 presentation.
Read in the 10-Q ↗
(3) Refer to "Other Transactions" in note 5, "Acquisition, Divestitures and Other Transactions," for additional information.
Read in the 10-Q ↗
(1) Refer to "Other Transactions" in note 5, "Acquisition, Divestitures and Other Transactions," for additional information.
Read in the 10-Q ↗
(1) Refer to "Other Transactions" in note 5, "Acquisition, Divestitures and Other Transactions," for additional information.
Read in the 10-Q ↗
Standard/Description - Issuance date: December 2025. This guidance establishes the accounting for government grants received by business entities and permits recognition when it is probable that the entity will comply with the grant's conditions and the grant will be received. The guidance also establishes presentation requirements for asset-related and income-related grants and expands related disclosure requirements.
Read in the 10-Q ↗
Show the other 12
Purchase price consideration for all acquisitions was paid primarily in cash. All acquisitions, unless otherwise stated, were for 100 percent of the acquired business and are reported in the Consolidated Statement of Cash Flows, net of acquired cash and cash equivalents.
Read in the 10-Q ↗
During the nine months ended September 30, 2026, the company completed two acquisitions within the Software segment, one acquisition within the Infrastructure segment and one acquisition within the Consulting segment at an aggregate total purchase price of $ 12,600 million. These acquisitions are expected to enhance the company's portfolio of products and services capabilities and further advance IBM's hybrid cloud and AI strategy.
Read in the 10-Q ↗
On September 30, 2026, the company completed the divestiture of a joint venture whose historical results were reported within Other, outside of our reportable segments. The transaction did not have a material impact on IBM's Consolidated Financial Statements.
Read in the 10-Q ↗
On September 14, 2026, Anderon LLC (“Anderon”), an IBM subsidiary, finalized an award agreement with the U.S. Department of Commerce (the “Department”) providing an incentive of up to an aggregate $ 1.0 billion under the CHIPS and Science Act (the "CHIPS") to accelerate research and development of quantum wafer manufacturing capabilities. In addition to the CHIPS incentive provided by the Department, IBM has contributed $ 1.0 billion of cash into Anderon, along with intellectual property and other assets.
Read in the 10-Q ↗
As part of the transaction, the Department made available $ 650 million of the award at closing to be used for eligible expenses and an additional $ 350 million will be granted upon the achievement of contractual milestones. In connection with the transaction, Anderon issued a minority equity interest to the Department. The award agreement permits award funds not yet deployed for eligible expenses to be invested in U.S. government securities, funds that invest exclusively in such securities, and other permitted investments. The award agreement also contains customary provisions, including the Department's right to terminate the agreement for convenience, and certain clawback rights.
Read in the 10-Q ↗
IBM retains a controlling ownership interest and controlling financial interest in Anderon. Accordingly, Anderon is consolidated in IBM's financial statements, with all intercompany balances and transactions eliminated in consolidation. The Department’s equity interest is presented as noncontrolling interests in IBM's Consolidated Balance Sheet and Statement of Equity at September 30, 2026. Proceeds related to the Department’s equity interest are classified within financing activities while proceeds from the grant are classified within operating or investing activities based on the nature of expenditures funded in IBM's Consolidated Statement of Cash Flows.
Read in the 10-Q ↗
(3) Includes cash invested primarily in money market funds holding U.S. government securities. Refer to "Other Transactions" in note 5, "Acquisitions, Divestitures and Other Transactions," for additional information.
Read in the 10-Q ↗
MD&A
For the third quarter of 2026, Software revenue of $7,804 million increased 8.2 percent as reported (8.7 percent adjusted for currency) compared to the prior-year period led by the combination of strong new business performance, including Confluent, and pipeline closure rates as we completed a significant portion of large deals that failed to close within the expected timelines from the second quarter. Our high-value recurring revenue base, which is approximately 80 percent of Software revenue, continues to deliver solid growth reflecting demand for our offerings. The remaining 20 percent of Software revenue is transactional in nature, which grew in the current period. This performance reinforces our confidence in the strength of the software portfolio.
Read in the 10-Q ↗
Net cash used in financing activities increased $1,979 million driven by lower net proceeds from debt in the current-year period, partially offset by cash provided by noncontrolling interest transactions (refer to "Other Transactions" in note 5, "Acquisition, Divestitures and Other Transactions," for additional information).
Read in the 10-Q ↗
Our performance over the first nine months of 2026 reflects the strength across our portfolio, disciplined execution against our priorities, and the continued success of our focused strategy around hybrid cloud and AI. Our productivity initiatives generate profit and cash flow growth enabling us to continue to invest in our business while returning value to shareholders. We remain confident in the growth opportunities ahead of us and our ability to capture them.
Read in the 10-Q ↗
(1) Includes noncontrolling interest transactions. Refer to "Other Transactions" in note 5, "Acquisition, Divestitures and Other Transactions," for additional information.
Read in the 10-Q ↗
Item 6
4.1 The instruments defining the rights of the holders of the 4.100% Notes due 2030 and the 4.750% Notes due 2034 are Exhibits 4.1 and 4.2 to Form 8-K, filed August 14, 2026, and are hereby incorporated by reference.
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 22, 2026 against Item 1A of the 10-K filed Feb 24, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.