(As of December 12, 2025 | Post Q3 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $290 billion (based on ~$310.50/share and 934 million shares outstanding)
Introduction
International Business Machines Corporation (NYSE: IBM), founded in 1911 and headquartered in Armonk, New York, is a global technology leader in hybrid cloud, AI (via Watsonx), consulting, and infrastructure, serving enterprises with software, systems, and services. Public since 1915, it features a single-class share structure (one vote per share), ensuring voting aligns with economic ownership. Institutions hold ~64%, insiders ~0.44%, and retail ~36%. The table below details the top 10 shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes minor insider gifts (no value, Nov 2025) and suspended buybacks (remaining $2B authorization from 2019, focused on debt repayment post-Red Hat).
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($290B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 10.25% | $29.7 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~95.78M shares as of Sep 30, 2025. Passive with ~$9.3T AUM; added ~1.5% in Q3 2025; core S&P 500 weighting (~6%). No direct control; focuses on AI/software growth. |
| 2 | BlackRock Inc. | 8.23% | $23.9 billion | Holds ~76.91M shares through iShares ETFs (e.g., IVV); passive/active mix. Increased ~0.5% in Q3 2025; board observer on governance/ESG. Key in tech funds; IBM ~0.3% of portfolio. |
| 3 | State Street Corporation | 5.83% | $16.9 billion | Owns ~54.48M shares via SPDRs (e.g., SPY); fully passive. Stable QoQ; votes proxies on exec comp and data ethics. ~4% of tech holdings; supports cash position ($14.9B). |
| 4 | Geode Capital Management, LLC | 2.38% | $6.9 billion | Fidelity affiliate with ~22.27M shares in index trackers; passive. Grew ~0.3% in Q3; tracks Nasdaq 100; minimal voting power. |
| 5 | Capital World Investors | 2.00% | $5.8 billion | ~18.7M shares in growth strategies; active manager. Added ~1% in Q3; focuses on hybrid cloud (up 12% Q3). |
| 6 | JPMorgan Chase & Co. | 1.80% | $5.2 billion | ~16.8M shares in asset management; index/active blend. Up ~1% in 2025; provides banking for IBM's $14.9B cash reserves. |
| 7 | Morgan Stanley | 1.50% | $4.4 billion | ~14.0M shares via wealth/ETFs; active in advisory. Stable QoQ; engages on shareholder proposals re: antitrust/AI. |
| 8 | Bank of America Corp /DE/ | 1.40% | $4.1 billion | ~13.1M shares; strategic peer holding. Increased ~0.5% QoQ; synergies in enterprise tech. |
| 9 | FMR LLC (Fidelity) | 1.20% | $3.5 billion | ~11.2M shares across funds (e.g., Contrafund); active with minor Q3 trim. Bullish on consulting (up 2% Q3); advisory on innovation. |
| 10 | Arvind Krishna (CEO & Chairman) | 0.04% | $0.1 billion | ~396K shares; largest active insider. Recent stock gifts (no value, Nov 2025); oversees strategy since 2020; net worth tied to performance. |
Total Top 10 = ~34.01% | Remaining: Other Institutions (~30%), Other Insiders (~0.40%, e.g., James Kavanaugh CFO at ~0.01%), Retail (~36%) | Grand Total = 100%
Conclusion
As of December 2025, IBM's ownership is institutionally led (~64% total) by passive giants like Vanguard and BlackRock, providing stability for its $16.33B Q3 2025 revenue (up 9% YoY, ~50% from software) and $1.74B net income (up 20% YoY, adj. EPS $2.65), with FY2025 guidance at >5% revenue growth and ~$14B free cash flow on AI/hybrid cloud momentum. Insiders (~0.44% combined) reflect routine gifts amid expansions (e.g., Red Hat up 12%), while retail's ~36% stake fuels volatility. With $290B market cap (up 41% YoY) and suspended buybacks ($2B remaining), expect minor share reductions from grants, institutional rebalancing in Q4 13Fs (due Feb 2026), and Q4 revenue ~$17.55B (up 1% YoY). This structure supports tech transformation via $6.71 annual dividends (2.15% yield). For filings, visit SEC EDGAR or IBM's investor relations.