IBM · 10-K filed 24 Feb 2026 · year to 31 Dec 2025

International Business Machines

19 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. Federal Government

earns fromnamed as a risk

The company’s customers include numerous governmental entities within and outside the U.S., including the U.S. Federal Government and state and local entities.Risk factors (Item 1A)

Also named by ACN, ADSK, AKAM, AMRC, APG, CACI, CBRE, CI and 25 more

Partners and platforms

Amazon Web Services (AWS)

depends on

Our strategic partners include: Adobe, Amazon Web Services (AWS), Microsoft, Oracle, Palo Alto Networks, Salesforce, Samsung Electronics and SAP, among others.Business (Item 1)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

SAP

depends on

Our strategic partners include: Adobe, Amazon Web Services (AWS), Microsoft, Oracle, Palo Alto Networks, Salesforce, Samsung Electronics and SAP, among others.Business (Item 1)

Also named by CTAS, DOCU, GXO, KMB, NOW, PTC, RMNI

Samsung Electronics

depends on

Our strategic partners include: Adobe, Amazon Web Services (AWS), Microsoft, Oracle, Palo Alto Networks, Salesforce, Samsung Electronics and SAP, among others.Business (Item 1)

Also named by FTNT, NVDA, QCOM

Competitors

Microsoft

competes with

The principal competitors in this segment include: Alphabet (Google), Amazon, BMC, Broadcom, Microsoft, Oracle, Salesforce, SAP and Splunk, a CISCO Company.Business (Item 1)

Also named by AAOI, AAON, AES, AJG, AMD, BLK, CDW, CEG and 13 more

Oracle

competes with

The principal competitors in this segment include: Alphabet (Google), Amazon, BMC, Broadcom, Microsoft, Oracle, Salesforce, SAP and Splunk, a CISCO Company.Business (Item 1)

Also named by AAOI, CRWV, MDB, NOW, PTC, RMNI

Hewlett-Packard Enterprise (HPE)

competes with

Our principal competitors include: Dell Technologies, Hewlett-Packard Enterprise (HPE), Intel, NetApp and Pure Storage as well as original device manufacturers (ODMs) who provide systems that are re-branded.Business (Item 1)

Also named by ANET, CIEN, CLS, HPQ, P, SMCI

Dell Technologies

competes with

Also named by AVGO, CDW, CLS, HPE

Accenture

competes with

Our competitors include global firms such as Accenture, Capgemini, India-based service providers, management consulting firms, the consulting practices of public accounting firms, engineering service providers, and niche specialists.Business (Item 1)

Also named by CTSH, NOW, RMNI

Alphabet (Google)

competes with

The principal competitors in this segment include: Alphabet (Google), Amazon, BMC, Broadcom, Microsoft, Oracle, Salesforce, SAP and Splunk, a CISCO Company.Business (Item 1)

Also named by NYT

Capgemini

competes with

Places

Non-U.S. markets

earns from · about sixty percent of its revenuesnamed as a risk

The company is a globally integrated entity, doing business in over 175 countries worldwide and deriving about sixty percent of its revenues from sales outside the United States.Risk factors (Item 1A)

Also named by ABT, DELL, DOV, ITW, LRCX, MA, MDLZ, PH and 4 more

Commodities and inputs

Server processor semiconductors

depends onnamed as a risk

Certain of the company’s businesses rely on a single or a limited number of suppliers, including for server processor technology for certain semiconductors.Risk factors (Item 1A)

Regulators

Internal Revenue Service (IRS)

subject tonamed as a risk

In addition, IBM is subject to the continuous examination of its income tax returns by the United States Internal Revenue Service (IRS) and other tax authorities around the world.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

Laws and programs

OECD global minimum tax

subject tonamed as a risk

Local country adoption of these rules may increase tax uncertainty and may adversely impact the company’s income taxes.Risk factors (Item 1A)

Also named by AAPL, APP, ARW, AXP, BAC, BALL, CB, CBRE and 15 more

Tariffs and export controls

subject tonamed as a risk

Tariffs, international trade sanctions, and export controls on goods, technologies, inputs, and raw materials resulting from these disputes could affect the company’s ability to move goods and services across borders, or could impose added costs to those activities.Risk factors (Item 1A)

Also named by ZBH

U.S. Superfund law

subject tonamed as a risk

The company is also subject to various federal, state, local and foreign laws and regulations concerning the discharge of materials into the environment or otherwise related to environmental protection, including the U.S. Superfund law.Risk factors (Item 1A)

National Institute of Standards and Technology Cybersecurity Framework

From an enterprise perspective, we implement a multi-faceted risk management approach based on the National Institute of Standards and Technology Cybersecurity Framework.Cybersecurity (Item 1C)

Technology

Open source software

depends onnamed as a risk

Further, if open source code that IBM utilizes is no longer maintained, developed or enhanced by the relevant community of independent open source software programmers, most of whom we do not employ, we may be unable to develop new technologies, adequately enhance our existing technologies or meet customer requirements for innovation, quality and price.Risk factors (Item 1A)

Also named by FFIV