IBM: 3 Key Takeaways for Long-Term Investors

IBM reported Q3 2026 earnings with 6% revenue growth led by 9% software expansion. Transaction processing grew 10%, validating mainframe demand. The company's Lightwell security tool built a $700 million pipeline. Structural cost discipline drove free cash flow to $8 billion through nine months, up $600 million year-over-year. Management raised full-year free cash flow growth expectations to over $1 billion.