Analysis
How big are the Cloud Kings' cloud businesses?
We read the latest annual report of all 17 eligible companies. Here is what each one discloses about its cloud business, and where the disclosures fall short.
IBM
NYSE: IBM · #9 in The Cloud Kings 10
Overview
IBM focuses on hybrid cloud and AI software and consulting. Its portfolio includes IBM Cloud and Red Hat, which IBM acquired in 2019.
Why it qualifies for the Cloud Kings ranking
Operates an identifiable hybrid cloud business, including Red Hat, alongside its broader consulting and infrastructure operations.
Evidence: The FY2025 annual report discloses Hybrid Cloud (Red Hat) revenue of $7.33bn (about 11% of total revenue) and IBM Cloud infrastructure-as-a-service within the Infrastructure segment. No total hybrid cloud revenue figure is disclosed.
Verified against IBM 2025 Annual Report (Form 10-K, Exhibit 13) on Oct 16, 2026. Eligibility rules
Cloud products and services
- IBM Cloud
- Red Hat OpenShift
- watsonx
- IBM Consulting
- IBM Cloud Virtual Servers(opens in a new tab)
Virtual servers for VPC on IBM Cloud.
- Red Hat OpenShift(opens in a new tab)
Enterprise Kubernetes platform for hybrid cloud deployments.
- IBM watsonx(opens in a new tab)
AI and data platform for building and governing enterprise AI.
Market and stock information
- Total equity market cap (USD), Oct 15, 2026
- $221B
Latest price
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Business and financial information
How cloud is reported: IBM reports Software, Consulting and Infrastructure segments. Hybrid cloud revenue, including Red Hat, is disclosed within the Software segment, but cloud is not a standalone segment and Consulting and Infrastructure make up more than half of revenue.
Latest news
No news about IBM has been published yet.
Competitors and comparisons
Explainer
What counts as a cloud company?
Almost every software company now delivers its products over the internet. Here is where The Cloud Kings 10 draws the line, and why.
Sources and data timestamps
- IBM Investor Relations
- IBM 2025 Annual Report · accessed Oct 16, 2026
- IBM Form 10-K, fiscal year 2025 · accessed Oct 16, 2026
- Profile and eligibility last reviewed Oct 16, 2026.
- Eligibility verification against the latest annual report: verified on Oct 16, 2026 (IBM 2025 Annual Report (Form 10-K, Exhibit 13)).
- Market capitalization: official ranking snapshot of Oct 15, 2026 (closing prices of Oct 15, 2026, methodology v1.3). Latest prices, where loaded, are displayed by TradingView.