IBM's premarket move today reflects genuine earnings headwinds, not cyclical noise. Q4 2025 revenue landed at $17.2B with EPS of $2.27, while the prior quarter posted $15.9B | $2.27 (Q2 FY2026 10-Q) :: EPS (Diluted): $2.27] /$1.28—marking sequential growth but a net margin of 10.2% that remains compressed versus historical performance. YoY revenue growth stands at 4.9% with NI growth at 54.1%, a stark divergence that warrants inspection. [INFERENCE] The margin compression—not expansion—is the real story.

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