IBM (IBM) AGM 2026 summary

Opening remarks and agenda

• Meeting called to order with board members and executive team introduced, highlighting diverse expertise and global experience.

• Quorum established with over 79% of outstanding stock represented by proxy; agenda set to address management and shareholder proposals.

Shareholder proposals

• Four management proposals: election of directors, ratification of auditor, advisory vote on executive compensation, and approval of long-term performance plan, all recommended for approval by the board.

• Four shareholder proposals presented: changes to director stock ownership, right to act by written consent, report on AI bias, and report on discrimination in charitable support, all opposed by the board.

• Proponents of each shareholder proposal presented their cases, focusing on director stock ownership, shareholder rights, AI bias, and risks in charitable giving and healthcare coverage.

Financial performance review

• 2025 revenue reached $67.5 billion, up 6% at constant currency; free cash flow was $14.7 billion, the highest in over a decade.

• Software revenue grew 9%, now 45% of total revenue; consulting revenue was flat; infrastructure revenue grew 10%.

• Operating pre-tax income margin expanded by 100 basis points; $4.5 billion in productivity savings since 2023.

• $6.3 billion returned to shareholders via dividends; quarterly dividend increased to $1.69 per share, marking 30 consecutive years of increases.

• Over $8.3 billion invested in R&D; several acquisitions closed, including HashiCorp and Confluent.