Subtext

International Business Machines Corporation IBM

SectorInformation Technology
Transcripts78
Date range2006-01-18 – 2025-04-23
Calls charted78

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-26-13+0+13+262005 Q42008 Q22010 Q42013 Q22015 Q42018 Q22020 Q42023 Q22005 Q4 · Overall: +7.12006 Q1 · Overall: +11.82006 Q2 · Overall: +6.02006 Q3 · Overall: +17.52006 Q4 · Overall: +15.92007 Q1 · Overall: +9.32007 Q2 · Overall: +13.72007 Q3 · Overall: +14.22007 Q4 · Overall: +14.02008 Q1 · Overall: +15.02008 Q2 · Overall: +12.42008 Q3 · Overall: +10.62008 Q4 · Overall: -6.42009 Q1 · Overall: +14.72009 Q2 · Overall: +15.22009 Q3 · Overall: +21.92009 Q4 · Overall: +22.32010 Q1 · Overall: +20.02010 Q2 · Overall: +11.92010 Q3 · Overall: +13.62010 Q4 · Overall: +13.52011 Q1 · Overall: +11.62011 Q2 · Overall: +11.62011 Q3 · Overall: +10.12011 Q4 · Overall: +14.62012 Q1 · Overall: +15.42012 Q2 · Overall: +9.62012 Q3 · Overall: +4.92012 Q4 · Overall: +7.12013 Q1 · Overall: +3.42013 Q2 · Overall: +7.32013 Q3 · Overall: +2.52013 Q4 · Overall: +3.52014 Q1 · Overall: -1.12014 Q2 · Overall: +6.12014 Q3 · Overall: -5.52014 Q4 · Overall: +2.72015 Q1 · Overall: +6.42015 Q2 · Overall: +5.42015 Q3 · Overall: +0.02015 Q4 · Overall: +7.12016 Q1 · Overall: +3.22016 Q2 · Overall: +3.02016 Q3 · Overall: +7.22016 Q4 · Overall: +6.72017 Q1 · Overall: +7.02017 Q2 · Overall: +10.02017 Q3 · Overall: +8.12017 Q4 · Overall: +11.02018 Q1 · Overall: +11.12018 Q2 · Overall: +9.72018 Q3 · Overall: +8.82018 Q4 · Overall: +8.52019 Q1 · Overall: +5.22019 Q2 · Overall: +9.02019 Q3 · Overall: +6.22019 Q4 · Overall: +6.52020 Q1 · Overall: +2.52020 Q2 · Overall: +5.42020 Q3 · Overall: +7.72020 Q4 · Overall: +6.92021 Q1 · Overall: +7.62021 Q2 · Overall: +4.52021 Q3 · Overall: +6.62021 Q4 · Overall: +6.02022 Q1 · Overall: +2.12022 Q2 · Overall: -4.92022 Q3 · Overall: +6.12022 Q4 · Overall: +7.32023 Q1 · Overall: +4.02023 Q2 · Overall: +8.42023 Q3 · Overall: +8.52023 Q4 · Overall: +9.62024 Q1 · Overall: +0.42024 Q2 · Overall: +8.72024 Q3 · Overall: +6.62024 Q4 · Overall: +10.82025 Q1 · Overall: +3.2
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-34-17+0+17+342005 Q42008 Q22010 Q42013 Q22015 Q42018 Q22020 Q42023 Q22008 Q4 · CEO: -3.42014 Q3 · CEO: -0.82020 Q1 · CEO: +4.62020 Q2 · CEO: +6.92020 Q3 · CEO: +10.22020 Q4 · CEO: +8.52021 Q1 · CEO: +8.62021 Q2 · CEO: +3.32021 Q3 · CEO: +11.42021 Q4 · CEO: +4.52022 Q1 · CEO: +0.02022 Q2 · CEO: -5.62022 Q3 · CEO: +9.82022 Q4 · CEO: +11.02023 Q1 · CEO: +4.22023 Q2 · CEO: +13.72023 Q3 · CEO: +11.02023 Q4 · CEO: +12.82024 Q2 · CEO: +10.82024 Q3 · CEO: +15.32024 Q4 · CEO: +20.02025 Q1 · CEO: +5.32006 Q2 · CFO: +11.22006 Q3 · CFO: +22.52006 Q4 · CFO: +18.42007 Q1 · CFO: +16.12007 Q2 · CFO: +15.92007 Q3 · CFO: +16.02007 Q4 · CFO: +18.72008 Q1 · CFO: +20.82008 Q2 · CFO: +15.82008 Q3 · CFO: +15.32008 Q4 · CFO: -9.22009 Q1 · CFO: +18.42009 Q2 · CFO: +20.22009 Q3 · CFO: +28.02009 Q4 · CFO: +26.22010 Q1 · CFO: +25.42010 Q2 · CFO: +19.32010 Q3 · CFO: +18.22010 Q4 · CFO: +18.22011 Q1 · CFO: +16.52011 Q2 · CFO: +15.62011 Q3 · CFO: +15.82011 Q4 · CFO: +18.52012 Q1 · CFO: +18.32012 Q2 · CFO: +16.02012 Q3 · CFO: +8.92012 Q4 · CFO: +29.92013 Q1 · CFO: +9.52013 Q2 · CFO: +14.52013 Q3 · CFO: +10.12013 Q4 · CFO: +7.62014 Q1 · CFO: +2.92014 Q2 · CFO: +10.22014 Q3 · CFO: -2.42014 Q4 · CFO: +7.32015 Q1 · CFO: +7.92015 Q2 · CFO: +10.02015 Q3 · CFO: +3.82015 Q4 · CFO: +10.92016 Q1 · CFO: -18.52016 Q2 · CFO: +9.02016 Q3 · CFO: +11.02016 Q4 · CFO: +10.02017 Q1 · CFO: +10.72017 Q2 · CFO: +11.52017 Q3 · CFO: +12.02017 Q4 · CFO: +15.72018 Q1 · CFO: +12.22018 Q2 · CFO: +11.82018 Q3 · CFO: +11.12018 Q4 · CFO: +12.22019 Q1 · CFO: +10.32019 Q2 · CFO: +12.22019 Q3 · CFO: +9.02019 Q4 · CFO: +9.32020 Q1 · CFO: +5.62020 Q2 · CFO: +7.42020 Q3 · CFO: +14.82020 Q4 · CFO: +11.52021 Q1 · CFO: +13.92021 Q2 · CFO: +15.22021 Q3 · CFO: +10.82021 Q4 · CFO: +11.22022 Q1 · CFO: +6.82022 Q2 · CFO: -3.12022 Q3 · CFO: +8.12022 Q4 · CFO: +11.52023 Q1 · CFO: +8.82023 Q2 · CFO: +8.82023 Q3 · CFO: +13.32023 Q4 · CFO: +13.52024 Q2 · CFO: +14.72024 Q3 · CFO: +9.72024 Q4 · CFO: +16.12025 Q1 · CFO: +10.2
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-34-17+0+17+342005 Q42008 Q22010 Q42013 Q22015 Q42018 Q22020 Q42023 Q22005 Q4 · Prepared remarks: +11.32006 Q1 · Prepared remarks: +17.02006 Q2 · Prepared remarks: +7.22006 Q3 · Prepared remarks: +24.92006 Q4 · Prepared remarks: +20.62007 Q1 · Prepared remarks: +12.92007 Q2 · Prepared remarks: +24.42007 Q3 · Prepared remarks: +21.72007 Q4 · Prepared remarks: +21.12008 Q1 · Prepared remarks: +22.52008 Q2 · Prepared remarks: +17.62008 Q3 · Prepared remarks: +16.92008 Q4 · Prepared remarks: -5.12009 Q1 · Prepared remarks: +14.72009 Q2 · Prepared remarks: +19.32009 Q3 · Prepared remarks: +22.72009 Q4 · Prepared remarks: +24.22010 Q1 · Prepared remarks: +27.52010 Q2 · Prepared remarks: +21.72010 Q3 · Prepared remarks: +18.22010 Q4 · Prepared remarks: +17.42011 Q1 · Prepared remarks: +18.82011 Q2 · Prepared remarks: +12.92011 Q3 · Prepared remarks: +13.92011 Q4 · Prepared remarks: +19.22012 Q1 · Prepared remarks: +19.12012 Q2 · Prepared remarks: +14.12012 Q3 · Prepared remarks: +7.62013 Q1 · Prepared remarks: +8.32013 Q2 · Prepared remarks: +13.62013 Q3 · Prepared remarks: +9.02013 Q4 · Prepared remarks: +8.52014 Q1 · Prepared remarks: +2.82014 Q2 · Prepared remarks: +7.22014 Q3 · Prepared remarks: -1.92014 Q4 · Prepared remarks: +3.62015 Q1 · Prepared remarks: +11.12015 Q2 · Prepared remarks: +10.12015 Q3 · Prepared remarks: +7.72015 Q4 · Prepared remarks: +10.32016 Q1 · Prepared remarks: +8.22016 Q2 · Prepared remarks: +9.82016 Q3 · Prepared remarks: +12.02016 Q4 · Prepared remarks: +9.42017 Q1 · Prepared remarks: +10.62017 Q2 · Prepared remarks: +14.32017 Q3 · Prepared remarks: +11.72017 Q4 · Prepared remarks: +11.92018 Q1 · Prepared remarks: +16.02018 Q2 · Prepared remarks: +12.82018 Q3 · Prepared remarks: +13.62018 Q4 · Prepared remarks: +11.82019 Q1 · Prepared remarks: +7.32019 Q2 · Prepared remarks: +7.92019 Q3 · Prepared remarks: +6.72019 Q4 · Prepared remarks: +11.02020 Q1 · Prepared remarks: +5.82020 Q2 · Prepared remarks: +7.92020 Q3 · Prepared remarks: +13.12020 Q4 · Prepared remarks: +17.12021 Q1 · Prepared remarks: +17.92021 Q2 · Prepared remarks: +20.92021 Q3 · Prepared remarks: +11.72021 Q4 · Prepared remarks: +15.22022 Q1 · Prepared remarks: +9.72022 Q2 · Prepared remarks: -10.42022 Q3 · Prepared remarks: +11.92022 Q4 · Prepared remarks: +16.12023 Q1 · Prepared remarks: +13.62023 Q2 · Prepared remarks: +14.42023 Q3 · Prepared remarks: +16.62023 Q4 · Prepared remarks: +16.72024 Q1 · Prepared remarks: +0.02024 Q2 · Prepared remarks: +21.32024 Q3 · Prepared remarks: +17.92024 Q4 · Prepared remarks: +22.22025 Q1 · Prepared remarks: +14.42005 Q4 · Q&A responses: +1.32006 Q1 · Q&A responses: +6.42006 Q2 · Q&A responses: +9.22006 Q3 · Q&A responses: +12.42006 Q4 · Q&A responses: +13.82007 Q1 · Q&A responses: +13.02007 Q2 · Q&A responses: +7.02007 Q3 · Q&A responses: +8.52007 Q4 · Q&A responses: +7.42008 Q1 · Q&A responses: +11.82008 Q2 · Q&A responses: +10.72008 Q3 · Q&A responses: +9.12008 Q4 · Q&A responses: -2.22009 Q1 · Q&A responses: +22.42009 Q2 · Q&A responses: +15.32009 Q3 · Q&A responses: +29.22009 Q4 · Q&A responses: +26.32010 Q1 · Q&A responses: +18.32010 Q2 · Q&A responses: +9.82010 Q3 · Q&A responses: +17.92010 Q4 · Q&A responses: +11.72011 Q1 · Q&A responses: +11.62011 Q2 · Q&A responses: +16.22011 Q3 · Q&A responses: +12.92011 Q4 · Q&A responses: +17.72012 Q1 · Q&A responses: +16.62012 Q2 · Q&A responses: +12.82012 Q3 · Q&A responses: +10.12012 Q4 · Q&A responses: +29.92013 Q1 · Q&A responses: +6.62013 Q2 · Q&A responses: +9.92013 Q3 · Q&A responses: +6.62013 Q4 · Q&A responses: +4.32014 Q1 · Q&A responses: +0.92014 Q2 · Q&A responses: +9.02014 Q3 · Q&A responses: -2.32014 Q4 · Q&A responses: +9.12015 Q1 · Q&A responses: +4.22015 Q2 · Q&A responses: +6.42015 Q3 · Q&A responses: -0.72015 Q4 · Q&A responses: +8.02016 Q1 · Q&A responses: +0.82016 Q2 · Q&A responses: +0.32016 Q3 · Q&A responses: +5.42016 Q4 · Q&A responses: +8.02017 Q1 · Q&A responses: +9.12017 Q2 · Q&A responses: +6.42017 Q3 · Q&A responses: +8.92017 Q4 · Q&A responses: +15.82018 Q1 · Q&A responses: +8.42018 Q2 · Q&A responses: +11.22018 Q3 · Q&A responses: +9.22018 Q4 · Q&A responses: +9.82019 Q1 · Q&A responses: +9.42019 Q2 · Q&A responses: +12.92019 Q3 · Q&A responses: +9.92019 Q4 · Q&A responses: +3.72020 Q1 · Q&A responses: +1.12020 Q2 · Q&A responses: +3.52020 Q3 · Q&A responses: +6.92020 Q4 · Q&A responses: +3.22021 Q1 · Q&A responses: +8.52021 Q2 · Q&A responses: +3.62021 Q3 · Q&A responses: +6.02021 Q4 · Q&A responses: -3.32022 Q1 · Q&A responses: -3.42022 Q2 · Q&A responses: +0.02022 Q3 · Q&A responses: +3.32022 Q4 · Q&A responses: +3.02023 Q1 · Q&A responses: -2.72023 Q2 · Q&A responses: +6.32023 Q3 · Q&A responses: +5.12023 Q4 · Q&A responses: +7.72024 Q1 · Q&A responses: +7.02024 Q2 · Q&A responses: +2.42024 Q3 · Q&A responses: +3.52024 Q4 · Q&A responses: +5.22025 Q1 · Q&A responses: +2.1
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$8.86$14.50$20.142005 Q42008 Q22010 Q42013 Q22015 Q42018 Q22020 Q42023 Q22014 Q1: $18.362014 Q2: $18.842014 Q3: $19.362014 Q4: $16.832015 Q1: $16.142015 Q2: $16.112015 Q3: $16.022015 Q4: $15.112016 Q1: $13.622016 Q2: $13.812016 Q3: $13.962016 Q4: $13.902017 Q1: $13.882017 Q2: $13.812017 Q3: $13.802017 Q4: $13.922018 Q1: $13.922018 Q2: $13.962018 Q3: $13.972018 Q4: $13.912019 Q1: $13.972019 Q2: $14.042019 Q3: $13.292019 Q4: $13.312020 Q1: $13.512020 Q2: $11.792020 Q3: $11.942020 Q4: $11.632021 Q1: $11.292021 Q2: $11.472021 Q3: $11.532021 Q4: $10.312022 Q1: $10.022022 Q2: $10.062022 Q3: $9.872022 Q4: $9.672023 Q1: $9.632023 Q2: $9.692023 Q3: $9.952023 Q4: $9.922024 Q1: $10.232024 Q2: $10.192024 Q3: $10.562024 Q4: $10.75

Forward P/E

6.6314.0721.512005 Q42008 Q22010 Q42013 Q22015 Q42018 Q22020 Q42023 Q22014 Q1: 10.062014 Q2: 9.752014 Q3: 9.962014 Q4: 9.032015 Q1: 9.902015 Q2: 10.372015 Q3: 9.262015 Q4: 9.222016 Q1: 10.632016 Q2: 10.912016 Q3: 11.042016 Q4: 12.122017 Q1: 12.672017 Q2: 11.132017 Q3: 10.582017 Q4: 11.062018 Q1: 11.362018 Q2: 10.482018 Q3: 10.672018 Q4: 8.372019 Q1: 9.912019 Q2: 9.772019 Q3: 10.702019 Q4: 10.102020 Q1: 7.662020 Q2: 10.532020 Q3: 10.412020 Q4: 10.802021 Q1: 11.432021 Q2: 12.892021 Q3: 11.902021 Q4: 11.942022 Q1: 12.682022 Q2: 13.622022 Q3: 12.932022 Q4: 15.502023 Q1: 12.802023 Q2: 14.172023 Q3: 14.722023 Q4: 16.492024 Q1: 19.222024 Q2: 16.742024 Q3: 20.342024 Q4: 20.48

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -11.6 fwd EPS ↑ +0.53 Tone cooled even as the forward EPS estimate rose.
  • 2014 Q4 tone ↑ +8.2 fwd EPS ↓ -2.54 Tone rose while the forward EPS estimate was cut.
  • 2015 Q1 tone ↑ +3.8 fwd EPS ↓ -0.69 Tone rose while the forward EPS estimate was cut.
  • 2015 Q4 tone ↑ +7.1 fwd EPS ↓ -0.91 Tone rose while the forward EPS estimate was cut.
  • 2020 Q1 tone ↓ -4.1 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +2.9 fwd EPS ↓ -1.73 Tone rose while the forward EPS estimate was cut.
  • 2021 Q2 tone ↓ -3.1 fwd EPS ↑ +0.19 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q3 tone ↑ +11.0 fwd EPS ↓ -0.19 Tone rose while the forward EPS estimate was cut.
  • 2024 Q1 tone ↓ -9.2 fwd EPS ↑ +0.31 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -2.1 fwd EPS ↑ +0.38 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-23+3.2——View →
2024 Q42025-01-29+10.8$10.7520.5View →
2024 Q32024-10-23+6.6$10.5620.3View →
2024 Q22024-07-24+8.7$10.1916.7View →
2024 Q12024-04-24+0.4$10.2319.2View →
2023 Q42024-01-24+9.6$9.9216.5View →
2023 Q32023-10-25+8.5$9.9514.7View →
2023 Q22023-07-19+8.4$9.6914.2View →