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International Business Machines vs HP: IBM and HPQ compared
International Business Machines is the larger company: $17.1B of revenue in its latest quarter (Q3 2026) against $15.7B for HP (Q3 FY26). HP is growing faster (+12% against +5% a year earlier). International Business Machines is more profitable, with an operating margin of 14.5% against 5.7%.
Where the money goes: IBM and HPQ
International Business Machines (IBM) · Q3 2026
International Business Machines, Q3 2026: revenue $17.1B (+5% year over year), operating margin 14.5%, net earnings $2.2B, operating cash flow $4.0B. The chart follows the revenue to costs, profit and cash.
HP (HPQ) · Q3 FY26
HP, Q3 FY26: revenue $15.7B (+12% year over year), operating margin 5.7%, net earnings $661M, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
| International Business Machines (IBM) | HP (HPQ) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 FY26 |
| Revenue | $17.1B | $15.7B |
| Revenue growth, Y/Y | +5% | +12% |
| Gross margin | 56.8% | 18.8% |
| Operating margin | 14.5% | 5.7% |
| Net earnings | $2.2B | $661M |
| Net margin | 12.8% | 4.2% |
| Operating cash flow | $4.0B | $1.7B |
| Free cash flow | $3.7B | $1.5B |
| Market value | $233.6B | $26.4B |
| P/E | 20.9× | 10.8× |
| Analysts’ mean target | $259.30 | $27.44 |
Where the revenue comes from
International Business Machines
- Sales: $8.9B (52%)
- Services: $8.0B (47%)
- Financing: $192M (1%)
HP
- Products: $14.8B (95%)
- Services: $852M (5%)
Questions
Which is bigger, International Business Machines or HP?
International Business Machines is the larger company: $17.1B of revenue in its latest quarter (Q3 2026) against $15.7B for HP (Q3 FY26).
Is International Business Machines or HP growing faster?
HP is growing faster (+12% against +5% a year earlier).
Which is more profitable, International Business Machines or HP?
International Business Machines is more profitable, with an operating margin of 14.5% against 5.7%.
More: International Business Machines earnings · how International Business Machines makes money · HP earnings · how HP makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Aug 27, 2026). Fiscal quarters can end on different dates. Not investment advice.