IBM trims 2026 revenue growth outlook to 4%–5% after Q2 miss

IBM cut its 2026 constant-currency revenue growth target from above 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 old floor — meaning investors priced in growth that management no longer expects. IBM held its ~$1 billion free cash flow growth target, betting cash conversion holds despite the slowdown.