IBM lowers 2026 sales growth forecast after disappointing earnings

IBM lowered its 2026 sales growth forecast from above 5% to 4%–5% on July 22, after quarterly earnings fell short of analyst estimates (Barron's, Yahoo Finance, July 23). The new top end is below the old bottom — investors had expected faster growth than IBM now predicts. Management kept its $1 billion cash flow growth target, betting the company still generates cash despite slower sales.