INTERNATIONAL BUSINESS MACHS IBM
COM · Common Stock · CUSIP 459200101 · ISIN US4592001014
American multinational technology company
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($604.1m this quarter). Holder counts are more reliable. Shares outstanding: 934.7m as of 2025-09-30, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $282.08. Options: 70 managers hold calls ($5.9bn notional), 61 hold puts ($4.1bn).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 2,288 |
| Q4 2022 | 2,435 |
| Q1 2023 | 2,398 |
| Q2 2023 | 2,428 |
| Q3 2023 | 2,468 |
| Q4 2023 | 2,685 |
| Q1 2024 | 2,807 |
| Q2 2024 | 2,762 |
| Q3 2024 | 2,939 |
| Q4 2024 | 3,145 |
| Q1 2025 | 3,266 |
| Q2 2025 | 3,409 |
| Q3 2025 | 3,422 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 1,149 | 1,145 |
| Q1 2024 | 1,325 | 1,199 |
| Q2 2024 | 1,310 | 1,173 |
| Q3 2024 | 1,388 | 1,191 |
| Q4 2024 | 1,300 | 1,276 |
| Q1 2025 | 1,500 | 1,410 |
| Q2 2025 | 1,598 | 1,389 |
| Q3 2025 | 1,662 | 1,335 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $4.8bn | $3.2bn | 0.67 |
| Q1 2025 | $3.9bn | $3.0bn | 0.76 |
| Q2 2025 | $4.2bn | $3.8bn | 0.89 |
| Q3 2025 | $5.9bn | $4.1bn | 0.70 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +11.1m |
| Capital World Investors | Added | +2.1m |
| Bank Julius Baer & Co. Ltd, Zurich | Added | +1.6m |
| FMR LLC | Added | +1.4m |
| MARSHALL WACE, LLP | New | +1.1m |
| STIFEL FINANCIAL CORP | Added | +1.0m |
| FIRST TRUST ADVISORS LP | Added | +865.3k |
| FRANKLIN RESOURCES INC | Added | +849.5k |
| Amundi | Added | +725.2k |
| VANGUARD GROUP INC | Added | +724.8k |
Biggest sellers
| ROYAL BANK OF CANADA | Reduced | -4.9m |
| GQG Partners LLC | Sold out | -4.7m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Reduced | -2.1m |
| BROADWATER CAPITAL MANAGEMENT LLC | Reduced | -1.9m |
| BlackRock, Inc. | Reduced | -895.1k |
| RAYMOND JAMES FINANCIAL INC | Reduced | -453.2k |
| Rockefeller Capital Management L.P. | Reduced | -451.5k |
| KBC Group NV | Reduced | -420.3k |
| California Public Employees Retirement System | Reduced | -408.6k |
| VIRGINIA RETIREMENT SYSTEMS ET Al | Reduced | -404.1k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.2bn4.3m shares |
| CITADEL ADVISORS LLC | Added | $748.2m2.7m shares |
| JANE STREET GROUP, LLC | Added | $467.5m1.7m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $334.8m1.2m shares |
| IMC-Chicago, LLC | Added | $305.6m1.1m shares |
| SIMPLEX TRADING, LLC | Added | $187.6m664.7k shares |
| Squarepoint Ops LLC | Added | $184.3m653.2k shares |
| JPMORGAN CHASE & CO | Added | $176.5m625.6k shares |
| BANK OF AMERICA CORP /DE/ | Added | $175.2m621.0k shares |
| WOLVERINE TRADING, LLC | Added | $173.7m620.7k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $730.4m2.6m shares |
| CITADEL ADVISORS LLC | Added | $691.5m2.5m shares |
| JANE STREET GROUP, LLC | Added | $230.5m816.9k shares |
| IMC-Chicago, LLC | Added | $228.9m811.4k shares |
| Squarepoint Ops LLC | Added | $213.2m755.5k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $210.8m747.0k shares |
| GOLDMAN SACHS GROUP INC | Reduced | $186.9m662.5k shares |
| CITIGROUP INC | Added | $148.2m525.4k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | Added | $126.6m448.7k shares |
| BARCLAYS PLC | Added | $123.6m438.2k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 7.5% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 1 | $1.8m | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 1 | $197.1k | 1 | $774.7k | — |
| Q1 2025 | 1 | $298.8k | 1 | $6.7m | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.40% of their portfolio | 95.8m $27.0bn | Added +724.8k |
| BlackRock, Inc. 0.38% of their portfolio | 76.9m $21.7bn | Reduced -895.1k |
| STATE STREET CORP 0.53% of their portfolio | 54.5m $15.4bn | Reduced -59.0k |
| JPMORGAN CHASE & CO 0.30% of their portfolio | 33.5m $9.5bn | Added +11.1m |
| GEODE CAPITAL MANAGEMENT, LLC 0.40% of their portfolio | 22.3m $6.3bn | Added +332.8k |
| Capital World Investors 0.66% of their portfolio | 17.0m $4.8bn | Added +2.1m |
| MORGAN STANLEY 0.27% of their portfolio | 16.0m $4.5bn | Reduced -99.5k |
| BANK OF AMERICA CORP /DE/ 0.32% of their portfolio | 15.4m $4.3bn | Reduced -38.8k |
| NORTHERN TRUST CORP 0.37% of their portfolio | 10.3m $2.9bn | Reduced -202.2k |
| Legal & General Group Plc 0.46% of their portfolio | 7.3m $2.1bn | Added +176.2k |
| Bank of New York Mellon Corp 0.36% of their portfolio | 7.1m $2.0bn | Reduced -55.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.41% of their portfolio | 6.8m $1.9bn | Reduced -2.1m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.30% of their portfolio | 6.7m $1.9bn | Reduced -14.6k |
| FMR LLC 0.09% of their portfolio | 6.5m $1.8bn | Added +1.4m |
| GOLDMAN SACHS GROUP INC 0.23% of their portfolio | 5.6m $1.6bn | Added +596.5k |
| AMERIPRISE FINANCIAL INC 0.36% of their portfolio | 5.5m $1.6bn | Reduced -43.5k |
| DIMENSIONAL FUND ADVISORS LP 0.30% of their portfolio | 5.0m $1.4bn | Reduced -22.2k |
| Amundi 0.44% of their portfolio | 4.8m $1.4bn | Added +725.2k |
| WELLS FARGO & COMPANY/MN 0.26% of their portfolio | 4.6m $1.3bn | Reduced -45.5k |
| UBS Group AG 0.25% of their portfolio | 4.5m $1.3bn | Added +6.7k |
| ROYAL BANK OF CANADA 0.20% of their portfolio | 4.1m $1.1bn | Reduced -4.9m |
| Invesco Ltd. 0.17% of their portfolio | 3.9m $1.1bn | Added +86.1k |
| VICTORY CAPITAL MANAGEMENT INC 0.60% of their portfolio | 3.6m $1.0bn | Added +102.9k |
| DEUTSCHE BANK AG\ 0.34% of their portfolio | 3.6m $1.0bn | Added +224.3k |
| California Public Employees Retirement System 0.56% of their portfolio | 3.3m $938.8m | Reduced -408.6k |
| BARCLAYS PLC 0.32% of their portfolio | 3.1m $883.3m | Reduced -96.2k |
| Nuveen, LLC 0.23% of their portfolio | 3.1m $882.7m | Reduced -38.6k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.09% of their portfolio | 3.1m $864.4m | Reduced -94.6k |
| FIRST TRUST ADVISORS LP 0.64% of their portfolio | 3.1m $861.4m | Added +865.3k |
| STIFEL FINANCIAL CORP 0.71% of their portfolio | 2.8m $781.6m | Added +1.0m |
| Swiss National Bank 0.44% of their portfolio | 2.7m $755.9m | Reduced -127.9k |
| RAYMOND JAMES FINANCIAL INC 0.24% of their portfolio | 2.6m $745.3m | Reduced -453.2k |
| Sumitomo Mitsui Trust Group, Inc. 0.42% of their portfolio | 2.6m $721.3m | Added +51.2k |
| National Pension Service 0.49% of their portfolio | 2.2m $632.4m | Added +63.1k |
| HSBC HOLDINGS PLC 0.37% of their portfolio | 2.2m $626.0m | Reduced -206.1k |
| Capital Wealth Planning, LLC 4.33% of their portfolio | 2.2m $614.4m | Reduced -141.0k |
| FRANKLIN RESOURCES INC 0.15% of their portfolio | 2.2m $610.2m | Added +849.5k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.41% of their portfolio | 2.0m $565.4m | Added +83.5k |
| CITIGROUP INC 0.38% of their portfolio | 1.9m $546.2m | Added +578.8k |
| LPL Financial LLC 0.15% of their portfolio | 1.9m $524.9m | Added +194.1k |
| ALLIANCEBERNSTEIN L.P. 0.16% of their portfolio | 1.8m $511.6m | Added +221.5k |
| Bank Julius Baer & Co. Ltd, Zurich 1.30% of their portfolio | 1.6m $461.6m | Added +1.6m |
| RHUMBLINE ADVISERS 0.37% of their portfolio | 1.6m $457.6m | Reduced -15.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.43% of their portfolio | 1.5m $417.5m | Added +8.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.31% of their portfolio | 1.4m $392.2m | Added +256.8k |
| HighTower Advisors, LLC 0.44% of their portfolio | 1.4m $386.1m | Added +89.9k |
| DekaBank Deutsche Girozentrale 0.63% of their portfolio | 1.4m $375.9m | Unchanged |
| BANK OF MONTREAL /CAN/ 0.16% of their portfolio | 1.3m $371.1m | Added +125.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.10% of their portfolio | 1.3m $361.4m | Reduced -134.2k |
| CANADA LIFE ASSURANCE Co 0.49% of their portfolio | 1.2m $339.0m | Added +34.7k |
| PNC Financial Services Group, Inc. 0.20% of their portfolio | 1.2m $327.3m | Reduced -8.0k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.42% of their portfolio | 1.2m $325.4m | Reduced -53.0k |
| Aberdeen Group plc 0.51% of their portfolio | 1.1m $325.0m | Added +51.3k |
| NEUBERGER BERMAN GROUP LLC 0.23% of their portfolio | 1.1m $317.6m | Reduced -400.5k |
| AQR CAPITAL MANAGEMENT LLC 0.20% of their portfolio | 1.1m $310.2m | Added +150.8k |
| MARSHALL WACE, LLP 0.33% of their portfolio | 1.1m $304.6m | New |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.23% of their portfolio | 1.1m $297.1m | Reduced -183.2k |
| PRINCIPAL FINANCIAL GROUP INC 0.15% of their portfolio | 1.0m $291.8m | Reduced -4.8k |
| MACKENZIE FINANCIAL CORP 0.35% of their portfolio | 1.0m $287.4m | Reduced -281.6k |
| W1M Investment Management Ltd 3.61% of their portfolio | 993.7k $280.4m | Added +32.1k |
| Swedbank AB 0.28% of their portfolio | 980.4k $276.6m | Added +2.3k |
| ProShare Advisors LLC 0.57% of their portfolio | 964.2k $272.1m | Reduced -13.8k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.41% of their portfolio | 917.1k $258.8m | Reduced -64.0k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.18% of their portfolio | 898.4k $253.5m | Added +4.5k |
| TRUIST FINANCIAL CORP 0.34% of their portfolio | 897.5k $253.2m | Added +29.4k |
| Thrivent Financial for Lutherans 0.48% of their portfolio | 870.5k $245.6m | Reduced -65.7k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.42% of their portfolio | 841.9k $237.5m | Reduced -50.5k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.35% of their portfolio | 790.3k $232.2m | Reduced -305.1k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.36% of their portfolio | 788.2k $222.3m | Added +267.2k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.35% of their portfolio | 751.3k $212.0m | Added +38.2k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.41% of their portfolio | 740.1k $208.8m | Reduced -2.7k |
| AVIVA PLC 0.38% of their portfolio | 738.1k $208.3m | Added +44.9k |
| Retirement Systems of Alabama 0.66% of their portfolio | 702.1k $198.1m | Added +111.9k |
| BESSEMER GROUP INC 0.30% of their portfolio | 698.3k $197.0m | Reduced -194.7k |
| TD Asset Management Inc 0.15% of their portfolio | 673.6k $190.1m | Added +9.3k |
| KBC Group NV 0.45% of their portfolio | 668.9k $188.7m | Reduced -420.3k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.17% of their portfolio | 667.2k $188.3m | Reduced -142.2k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.24% of their portfolio | 664.4k $187.5m | Reduced -36.0k |
| Assenagon Asset Management S.A. 0.28% of their portfolio | 663.0k $187.1m | Added +391.5k |
| NATIXIS ADVISORS, LLC 0.27% of their portfolio | 656.9k $185.3m | Reduced -7.4k |
| Mitsubishi UFJ Trust & Banking Corp 0.39% of their portfolio | 633.7k $178.8m | Reduced -30.1k |
| Treasurer of the State of North Carolina 0.54% of their portfolio | 619.1k $174.7m | Added +2.9k |
| PRUDENTIAL FINANCIAL INC 0.20% of their portfolio | 603.8k $170.4m | Reduced -51.0k |
| Janney Montgomery Scott LLC 0.40% of their portfolio | 599.6k $169.2m | Reduced -3.6k |
| JENNISON ASSOCIATES LLC 0.10% of their portfolio | 597.2k $168.5m | Added +397.5k |
| Swiss Life Asset Management Ltd 0.84% of their portfolio | 573.4k $161.8m | Reduced -3.2k |
| AMERICAN CENTURY COMPANIES INC 0.08% of their portfolio | 570.3k $160.9m | Added +47.0k |
| CAPTRUST FINANCIAL ADVISORS 0.33% of their portfolio | 567.8k $160.2m | Reduced -805 |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.37% of their portfolio | 563.8k $159.1m | Reduced -19.2k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.13% of their portfolio | 552.2k $155.8m | Added +700 |
| Pictet Asset Management Holding SA 0.15% of their portfolio | 547.5k $154.5m | Reduced -7.6k |
| Sanctuary Advisors, LLC 0.44% of their portfolio | 543.8k $144.2m | Added +265.0k |
| COMMERZBANK AKTIENGESELLSCHAFT /FI 3.19% of their portfolio | 543.7k $153.4m | Added +32.4k |
| US BANCORP \DE\ 0.18% of their portfolio | 538.0k $151.8m | Reduced -1.3k |
| Asset Management One Co., Ltd. 0.43% of their portfolio | 521.2k $147.1m | Reduced -7.1k |
| Robeco Institutional Asset Management B.V. 0.21% of their portfolio | 515.9k $145.6m | Reduced -228.6k |
| JANE STREET GROUP, LLC 0.17% of their portfolio | 504.2k $142.3m | Added +185.1k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.33% of their portfolio | 503.4k $142.0m | Reduced -10.4k |
| 1832 Asset Management L.P. 0.24% of their portfolio | 502.4k $141.8m | Reduced -9.2k |
| Unisphere Establishment 1.11% of their portfolio | 500.0k $141.1m | Reduced -250.0k |