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 ($778.0m this quarter). Holder counts are more reliable. Shares outstanding: 938.0m as of 2026-02-10, 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 ≈ $295.23. Options: 64 managers hold calls ($4.9bn notional), 60 hold puts ($4.4bn).
Trends to Q4 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 |
| Q4 2025 | 3,701 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2025 | 1,640 | 1,410 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $3.9bn | $3.0bn | 0.76 |
| Q2 2025 | $4.2bn | $3.8bn | 0.89 |
| Q3 2025 | $5.9bn | $4.1bn | 0.70 |
| Q4 2025 | $4.9bn | $4.4bn | 0.90 |
Biggest buyers
| Capital World Investors | Added | +5.0m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +2.6m |
| HSBC HOLDINGS PLC | Added | +2.1m |
| Corient Private Wealth LP | Added | +2.0m |
| VANGUARD GROUP INC | Added | +1.4m |
| GOLDMAN SACHS GROUP INC | Added | +1.0m |
| BlackRock, Inc. | Added | +966.0k |
| VICTORY CAPITAL MANAGEMENT INC | Added | +954.9k |
| W1M Asset Management Ltd | Added | +939.8k |
| VOYA INVESTMENT MANAGEMENT LLC | Added | +761.3k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -18.3m |
| MORGAN STANLEY | Reduced | -1.2m |
| MARSHALL WACE, LLP | Reduced | -1.0m |
| W1M Investment Management Ltd | Sold out | -993.7k |
| FIRST TRUST ADVISORS LP | Reduced | -839.6k |
| UBS Group AG | Reduced | -775.8k |
| Assenagon Asset Management S.A. | Reduced | -561.8k |
| California Public Employees Retirement System | Reduced | -438.4k |
| BARCLAYS PLC | Reduced | -363.8k |
| BANK OF AMERICA CORP /DE/ | Reduced | -353.7k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.0bn3.5m shares |
| CITADEL ADVISORS LLC | Added | $875.2m3.0m shares |
| JANE STREET GROUP, LLC | Reduced | $382.0m1.3m shares |
| IMC-Chicago, LLC | Reduced | $265.2m895.2k shares |
| JPMORGAN CHASE & CO | Added | $205.3m693.1k shares |
| D. E. Shaw & Co., Inc. | Added | $185.2m625.2k shares |
| TORONTO DOMINION BANK | New | $157.0m530.0k shares |
| ROYAL BANK OF CANADA | Added | $148.8m502.3k shares |
| PEAK6 LLC | Reduced | $139.2m469.8k shares |
| HSBC HOLDINGS PLC | Reduced | $133.6m451.2k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.0bn3.4m shares |
| CITADEL ADVISORS LLC | Reduced | $677.5m2.3m shares |
| GOLDMAN SACHS GROUP INC | Added | $336.1m1.1m shares |
| JANE STREET GROUP, LLC | Added | $271.4m916.1k shares |
| CITIGROUP INC | Added | $258.9m874.1k shares |
| IMC-Chicago, LLC | Reduced | $206.6m697.4k shares |
| Capula Management Ltd | Added | $202.5m683.8k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $148.7m502.1k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $111.0m3.7k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | Reduced | $106.2m358.5k 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 Q4 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.42% of their portfolio | 97.2m $28.8bn | Added +1.4m |
| BlackRock, Inc. 0.39% of their portfolio | 77.9m $23.1bn | Added +966.0k |
| STATE STREET CORP 0.55% of their portfolio | 55.0m $16.3bn | Added +518.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.41% of their portfolio | 22.6m $6.7bn | Added +336.1k |
| Capital World Investors 0.89% of their portfolio | 22.0m $6.5bn | Added +5.0m |
| JPMORGAN CHASE & CO 0.30% of their portfolio | 15.2m $4.5bn | Reduced -18.3m |
| BANK OF AMERICA CORP /DE/ 0.32% of their portfolio | 15.0m $4.4bn | Reduced -353.7k |
| MORGAN STANLEY 0.26% of their portfolio | 14.9m $4.4bn | Reduced -1.2m |
| NORTHERN TRUST CORP 0.38% of their portfolio | 10.1m $3.0bn | Reduced -138.8k |
| NORGES BANK 0.26% of their portfolio | 8.3m $2.4bn | Not comparable |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.46% of their portfolio | 7.3m $2.2bn | Added +503.3k |
| Bank of New York Mellon Corp 0.38% of their portfolio | 7.2m $2.1bn | Added +120.2k |
| Legal & General Group Plc 0.47% of their portfolio | 7.1m $2.1bn | Reduced -201.2k |
| FMR LLC 0.10% of their portfolio | 6.7m $2.0bn | Added +200.6k |
| GOLDMAN SACHS GROUP INC 0.28% of their portfolio | 6.6m $2.0bn | Added +1.0m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.30% of their portfolio | 6.6m $2.0bn | Reduced -97.4k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.18% of their portfolio | 5.6m $1.7bn | Added +2.6m |
| AMERIPRISE FINANCIAL INC 0.37% of their portfolio | 5.6m $1.7bn | Added +51.4k |
| DIMENSIONAL FUND ADVISORS LP 0.31% of their portfolio | 5.0m $1.5bn | Added +29.4k |
| WELLS FARGO & COMPANY/MN 0.27% of their portfolio | 4.7m $1.4bn | Added +139.5k |
| VICTORY CAPITAL MANAGEMENT INC 0.77% of their portfolio | 4.6m $1.4bn | Added +954.9k |
| Amundi 0.36% of their portfolio | 4.5m $1.3bn | Reduced -265.1k |
| HSBC HOLDINGS PLC 0.36% of their portfolio | 4.3m $1.3bn | Added +2.1m |
| ROYAL BANK OF CANADA 0.22% of their portfolio | 4.2m $1.3bn | Added +159.4k |
| DEUTSCHE BANK AG\ 0.38% of their portfolio | 3.9m $1.2bn | Added +310.0k |
| UBS Group AG 0.22% of their portfolio | 3.7m $1.1bn | Reduced -775.8k |
| Invesco Ltd. 0.10% of their portfolio | 3.6m $1.1bn | Reduced -272.9k |
| Nuveen, LLC 0.24% of their portfolio | 3.1m $923.3m | Reduced -11.4k |
| California Public Employees Retirement System 0.49% of their portfolio | 2.9m $855.7m | Reduced -438.4k |
| RAYMOND JAMES FINANCIAL INC 0.26% of their portfolio | 2.8m $838.2m | Added +179.1k |
| BARCLAYS PLC 0.33% of their portfolio | 2.8m $819.6m | Reduced -363.8k |
| STIFEL FINANCIAL CORP 0.73% of their portfolio | 2.7m $807.9m | Reduced -42.6k |
| Swiss National Bank 0.45% of their portfolio | 2.6m $756.1m | Reduced -126.4k |
| Capital Wealth Planning, LLC 4.66% of their portfolio | 2.4m $719.4m | Added +266.5k |
| Sumitomo Mitsui Trust Group, Inc. 0.42% of their portfolio | 2.4m $722.7m | Reduced -116.5k |
| Corient Private Wealth LP 0.20% of their portfolio | 2.4m $300.2m | Added +2.0m |
| National Pension Service 0.50% of their portfolio | 2.3m $671.7m | Added +26.6k |
| FIRST TRUST ADVISORS LP 0.48% of their portfolio | 2.2m $655.6m | Reduced -839.6k |
| CITIGROUP INC 0.44% of their portfolio | 2.2m $643.7m | Added +237.5k |
| FRANKLIN RESOURCES INC 0.16% of their portfolio | 2.2m $637.6m | Reduced -10.3k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.42% of their portfolio | 2.1m $613.2m | Added +99.7k |
| LPL Financial LLC 0.16% of their portfolio | 2.0m $595.1m | Added +148.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.37% of their portfolio | 2.0m $580.3m | Added +569.3k |
| Bank Julius Baer & Co. Ltd, Zurich 1.35% of their portfolio | 1.6m $488.8m | Added +8.5k |
| RHUMBLINE ADVISERS 0.38% of their portfolio | 1.6m $470.1m | Reduced -34.5k |
| ALLIANCEBERNSTEIN L.P. 0.14% of their portfolio | 1.5m $442.2m | Reduced -320.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.43% of their portfolio | 1.5m $430.5m | Reduced -26.2k |
| HighTower Advisors, LLC 0.46% of their portfolio | 1.4m $420.4m | Added +51.2k |
| DekaBank Deutsche Girozentrale 0.43% of their portfolio | 1.4m $247.7m | Unchanged |
| BANK OF MONTREAL /CAN/ 0.16% of their portfolio | 1.3m $382.9m | Reduced -22.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.11% of their portfolio | 1.2m $369.3m | Reduced -33.9k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.24% of their portfolio | 1.2m $363.4m | Added +328.5k |
| W1M Asset Management Ltd 3.53% of their portfolio | 1.2m $341.0m | Added +939.8k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.45% of their portfolio | 1.1m $338.2m | Reduced -11.5k |
| Aberdeen Group plc 0.52% of their portfolio | 1.1m $335.7m | Reduced -8.9k |
| PNC Financial Services Group, Inc. 0.18% of their portfolio | 1.1m $330.8m | Reduced -43.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.16% of their portfolio | 1.1m $317.8m | Added +38.8k |
| MACKENZIE FINANCIAL CORP 0.38% of their portfolio | 1.1m $318.9m | Added +39.3k |
| NEUBERGER BERMAN GROUP LLC 0.23% of their portfolio | 1.0m $303.0m | Reduced -102.9k |
| VOYA INVESTMENT MANAGEMENT LLC 0.28% of their portfolio | 966.7k $286.3m | Added +761.3k |
| Swedbank AB 0.27% of their portfolio | 951.1k $281.7m | Reduced -29.3k |
| CANADA LIFE ASSURANCE Co 0.48% of their portfolio | 937.3k $277.7m | Reduced -274.0k |
| TRUIST FINANCIAL CORP 0.36% of their portfolio | 912.1k $270.2m | Added +14.7k |
| ProShare Advisors LLC 0.47% of their portfolio | 903.3k $267.6m | Reduced -60.9k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.40% of their portfolio | 883.9k $261.8m | Reduced -33.3k |
| KBC Group NV 0.58% of their portfolio | 860.2k $254.8m | Added +191.3k |
| AQR CAPITAL MANAGEMENT LLC 0.13% of their portfolio | 856.8k $253.8m | Reduced -242.6k |
| BESSEMER GROUP INC 0.38% of their portfolio | 840.4k $248.9m | Added +142.1k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.28% of their portfolio | 837.5k $248.4m | Added +450.6k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.37% of their portfolio | 836.8k $247.7m | Added +48.6k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.19% of their portfolio | 832.3k $246.5m | Reduced -220.6k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.43% of their portfolio | 823.4k $243.9m | Reduced -18.5k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.33% of their portfolio | 806.6k $244.6m | Added +16.3k |
| AVIVA PLC 0.39% of their portfolio | 778.7k $230.6m | Added +40.5k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.36% of their portfolio | 752.7k $219.9m | Added +1.3k |
| NATIONAL BANK OF CANADA /FI/ 0.22% of their portfolio | 734.0k $217.4m | Added +306.3k |
| Thrivent Financial for Lutherans 0.38% of their portfolio | 730.0k $216.3m | Reduced -140.5k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.42% of their portfolio | 726.2k $215.1m | Reduced -13.9k |
| TD Asset Management Inc 0.16% of their portfolio | 681.4k $201.8m | Added +7.8k |
| Capula Management Ltd 1.31% of their portfolio | 681.1k $201.7m | Added +680.1k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.16% of their portfolio | 671.6k $199.0m | Added +119.4k |
| Retirement Systems of Alabama 0.64% of their portfolio | 669.4k $198.3m | Reduced -32.6k |
| NATIXIS ADVISORS, LLC 0.28% of their portfolio | 669.4k $198.3m | Added +12.5k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.17% of their portfolio | 668.1k $197.9m | Added +890 |
| COMMERZBANK AKTIENGESELLSCHAFT /FI 3.90% of their portfolio | 646.6k $191.5m | Added +102.9k |
| Pictet Asset Management Holding SA 0.18% of their portfolio | 640.5k $189.7m | Added +93.0k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.24% of their portfolio | 617.9k $183.0m | Reduced -46.5k |
| Robeco Institutional Asset Management B.V. 0.25% of their portfolio | 587.9k $174.2m | Added +72.1k |
| Korea Investment CORP 0.34% of their portfolio | 587.0k $173.9m | Added +98.8k |
| PFA Pension, Forsikringsaktieselskab 0.50% of their portfolio | 585.2k $176.8m | First filing |
| PRUDENTIAL FINANCIAL INC 0.21% of their portfolio | 580.1k $171.8m | Reduced -23.7k |
| Janney Montgomery Scott LLC 0.39% of their portfolio | 568.5k $168.4m | Reduced -31.0k |
| Russell Investments Group, Ltd. 0.18% of their portfolio | 565.6k $169.0m | Added +137.6k |
| Rockefeller Capital Management L.P. 0.30% of their portfolio | 564.2k $167.1m | Added +95.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.23% of their portfolio | 563.3k $166.9m | Added +233.7k |
| JENNISON ASSOCIATES LLC 0.10% of their portfolio | 563.0k $166.8m | Reduced -34.2k |
| TORONTO DOMINION BANK 0.29% of their portfolio | 554.6k $164.3m | Added +66.6k |
| AMERICAN CENTURY COMPANIES INC 0.08% of their portfolio | 550.3k $163.0m | Reduced -20.0k |
| Altshuler Shaham Ltd 2.49% of their portfolio | 549.1k $162.7m | Added +549.0k |
| Asset Management One Co., Ltd. 0.46% of their portfolio | 545.2k $166.6m | Added +24.0k |