IBM cuts 2026 revenue growth guidance to 4%–5% after Q2 earnings miss

IBM lowered its 2026 constant-currency revenue growth target from "over 5%" to 4%–5% on July 22, after Q2 earnings missed analyst estimates (Barron's, Yahoo Finance, July 23). The new ceiling sits below the prior floor, removing upside investors had priced in. Management held its ~$1 billion free cash flow growth target, betting cash conversion holds despite the revenue slowdown.