11 unchanged sentences
Business Segments and Capabilities—pages 12 to 14.
−Removed: Human Capital—pages 14 to 15.
+Added: Human Capital—page 15.
Strategic Partnerships
23 unchanged sentences
The principal competitors in this segment include:
−Removed: Alphabet (Google), Amazon, BMC, Broadcom, Informatica, Microsoft, Oracle, Salesforce, SAP and Splunk.
+Added: Alphabet (Google), Amazon, BMC, Broadcom, Microsoft, Oracle, Salesforce, SAP and Splunk, a CISCO Company.
We also compete with smaller, niche competitors in specific geographic regions or product segments.
−Removed: Consulting focuses on integrating skills on strategy, experience, technology and operations by domain and industry.
−Removed: Consulting competes in a dynamic market including consulting, systems integration, application development, application management and business process outsourcing services.
−Removed: Our broad-based competitors include:
−Removed: Accenture, Capgemini, India-based service providers, management consulting firms, the consulting practices of public accounting firms, engineering service providers, and many companies that primarily focus on local markets or niche service areas.
+Added: Consulting integrates strategy, experience design, technology and operations expertise by domain across industries to deliver transformation for clients.
+Added: Consulting operates in a highly competitive, dynamic market that spans business consulting, systems integration, application development and management, and business process outsourcing services.
+Added: 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.
+Added: Our competitive position is supported by industry expertise;
+Added: hybrid cloud, data, and AI capabilities;
+Added: and the use of IBM technology and ecosystem partners to deliver solutions aligned to clients’ strategic priorities.
Infrastructure:
23 unchanged sentences
Readers should carefully review such cautionary statements as they identify certain important factors that could cause actual results to differ materially from those in the forward-looking statements and from historical trends.
−Removed: Those cautionary statements are not exclusive and are in addition to other factors discussed elsewhere in this Form 10-K, in the company’s filings with the SEC or in materials incorporated therein by reference.
+Added: cautionary statements are not exclusive and are in addition to other factors discussed elsewhere in this Form 10-K, in the company’s filings with the SEC or in materials incorporated therein by reference.
The following information is included in IBM’s 2025 Annual Report to Stockholders and is incorporated herein by reference:
15 unchanged sentences
All executive officers are elected by the Board of Directors annually as provided in the Company’s By-laws.
−Removed: Each executive officer named above, with the exception of Anne Robinson and Gary D.
−Removed: Cohn, has been an executive of IBM or its subsidiaries during the past five years.
+Added: Each executive officer named above, with the exception of Anne Robinson, has been an executive of IBM or its subsidiaries during the past five years.
Robinson previously served as Managing Director, General Counsel and Corporate Secretary of The Vanguard Group, Inc.
and Secretary of the Vanguard funds from August 2016 until June 2024.
−Removed: Cohn previously served as Assistant to the President for Economic Policy and Director of the National Economic Council from January 2017 until April 2018.
−Removed: Before serving in the White House, Mr.
−Removed: Cohn was President and Chief Operating Officer of The Goldman Sachs Group, Inc.
−Removed: from 2006-2016.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.