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IBM — ibm 1q 26 earnings charts (company IR deck)
IBM (IBM) · 32 slides · Filed Oct 21, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All IBM deck slides
Slide 1 — 1Q 2026
April 22, 2026 ibm.com/investor 1Q 2026 Earnings
Slide 2 — Forward-looking statements and non-GAAP information
Forward-looking statements and non-GAAP information Certain comments made in this presentation may be characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Forward- looking statements are based on the company’s current assumptions regarding future business and financial performance. Those statements by their nature address matters that are uncertain to different degrees. Those statements involve a number of factors that could cause actual results to differ materially. Additional information concerning these factors is contained in the Company’s filings with the SEC. Copies are available from the SEC, from the IBM website, or from IBM Investor Relations. Any forward-looking statement made during this presentation speaks only as of the date on which it is made. The company assumes no obligation to update or revise any forward-looking statements except as required by law; these charts and the associated remarks and comments are integrally related and are intended to be presented and understood together. In an effort to provide additional and useful information regarding the company’s financial results and other financial information as determined by generally accepted accounting principles (GAAP), the company also discusses, in its earnings press release and presentation materials, certain non-GAAP information including operating earnings and other “operating” financial measures, free cash flow, net cash from operating activities excluding IBM Financing receivables, adjusted EBITDA, adjusted EBITDA margin and adjustments for currency. The rationale for management’s use of this non-GAAP information is included as Exhibit 99.2 to the company’s Form 8-K submitted to the SEC on April 22, 2026. The reconciliation of non-GAAP information to GAAP is included in the press release within Exhibit 99.1 to the company’s Form 8-K submitted to the SEC on April 22, 2026, and in this presentation on the slides entitled “Non-GAAP supplemental materials”. To provide better transparency, from time to time the company may discuss management performance metrics including annual recurring revenue, Red Hat annual bookings, GenAI book of business, Consulting signings, book-to-bill and backlog. The metrics are used to monitor the performance of the business and are viewed as useful decision-making information for management and stakeholders. The rationale for management’s use of these performance metrics and their calculation, are included in Exhibit 99.2 to the company’s Form 8-K submitted to the SEC on April 22, 2026, or in the Management Discussion section of the company’s 2025 Annual Report, which is Exhibit 13 to the Form 10-K submitted with the SEC on February 24, 2026. For other related information please visit the Company’s investor relations website at: https://www.ibm.com/investor/events/earnings-1q26 2
Slide 3 — Arvind Krishna
3 Arvind Krishna Chairman, President and Chief Executive Officer James Kavanaugh SVP, Finance & Operations and Chief Financial Officer
Slide 4 — CEO perspective
4 CEO perspective “The first quarter was a strong start to the year with broad-based revenue growth across our segments. These results reflect the integrated value of our portfolio and the trust clients put in us to improve their operations. As clients scale use cases, AI continues to be a tailwind for our global business. IBM products and services are helping clients orchestrate, deploy and govern AI across hybrid environments. Given this strong start, we continue to expect more than 5 percent constant currency revenue growth and an increase of about $1 billion in year-over-year free cash flow in 2026.” Arvind Krishna IBM Chairman, President and CEO
Slide 5 — 13%
Financial highlights 5 Revenue growth rates @CC “Our solid revenue growth, portfolio mix and productivity initiatives drove double-digit profit and free cash flow growth in the quarter. The durability of our portfolio combined with our disciplined execution continues to give us the financial flexibility needed to both invest in our business and return value to shareholders through our dividend.” James Kavanaugh IBM SVP & CFO $15.9B Revenue $2.2B Free cash flow 1Q26 13% Free cash flow growth 17% Adjusted EBITDA growth 19% Diluted EPS growth (operating) 6% Revenue growth yr/yr ~170bps Adjusted EBITDA margin expansion 140bps Pre-tax margin expansion (operating)
Slide 6 — $7.1B
6 Revenue categories-1Q26 Software 1Q26 results; revenue & ARR growth rates @CC, ARR includes annualized March 2026 Confluent revenue Solid recurring base; ARR of $24.6B, +10% yr/yr Data growth of 16% driven by organic strength; early closing of Confluent Red Hat growth accelerated to 10% yr/yr; OpenShift ARR now $2B Segment profit margin expansion of over 60bps Automation +7% yr/yr Hybrid Cloud +10% yr/yr Transaction Processing +2% yr/yr Data +16% yr/yr $7.1B Revenue +8% Revenue growth
Slide 7 — $3.3B
7 Infrastructure 1Q26 results; revenue growth rates @CC Revenue categories-1Q26 IBM Z +48% Distributed Infrastructure +13% Infrastructure Support (6%) yr/yr Hybrid Infrastructure +25% yr/yr Broad-based Hybrid Infrastructure growth driven by AI-enabled platform demand Record first quarter revenue for IBM Z as z17 continues to outperform prior cycles Distributed Infrastructure performance reflects strength in both Power and storage Significant gross and segment profit margin expansion $3.3B Revenue +12% Revenue growth
Slide 8 — $5.3B
8 Consulting 1Q26 results; revenue growth rates @CC Revenue categories-1Q26 Revenue momentum continues, driven by enterprise demand for AI and modernization Signings returned to growth with strength across large transformational offerings Generative AI embedded across engagements, representing about 30% of our backlog Asset-led delivery model supporting productivity and margin discipline Strategy and Technology +1% yr/yr Intelligent Operations +1% yr/yr $5.3B Revenue +1% Revenue growth
Slide 9 — Summary
9 Summary 2026 Expectations Maintaining full year guidance of sustained 5%+ revenue growth Software revenue now expected to grow 10% plus Operating PTI margin to expand by about a point, despite early closing of Confluent On track to achieve $5.5 billion of productivity run rate savings exiting 2026, a key enabler of our margin expansion Continue to expect free cash flow up about $1 billion year over year, growing high single digits 1Q26 Summary Strong start to the year with durable revenue growth and accelerating pre-tax* margin expansion ahead of expectations Productivity, revenue scale, and mix drove 17% adjusted EBITDA and 19% diluted EPS* growth Generated $2.2 billion of free cash flow, the highest first quarter free cash flow margin in reported history Productivity initiatives enabling accelerating investment in innovation across AI and Quantum Strong liquidity position and solid investment grade balance sheet; committed to disciplined capital allocation *Pre-tax margin & diluted EPS – operating Revenue growth rates @CC
Slide 10 — ibm.com/investor
ibm.com/investor
Slide 11 — Supplemental material
Supplemental material 11 Some columns and rows in these materials, including the supplemental exhibits, may not add due to rounding Revenue and P&L highlights Adjusted EBITDA performance Cash flow and balance sheet highlights Currency impact on revenue growth Software & Infrastructure segment details Consulting segment details Expense summary Balance sheet summary Free cash flow summary Statement of cash flows Software segment categories Consulting segment categories Infrastructure segment categories Non-GAAP supplemental materials
Slide 12 — Revenue and P&L highlights
Revenue and P&L highlights 12 Revenue growth rates @CC, $ in billions Revenue highlights 1Q26 B/(W) Yr/Yr Revenue $15.9 6% Americas $7.9 8% Europe/ME/Africa $5.2 5% Asia Pacific $2.8 2% Operating P&L highlights $ 1Q26 B/(W) Yr/Yr Gross profit $9.2 12% Expense $7.1 (9%) Pre-tax income $2.1 23% Net income $1.8 20% Earnings per share $1.91 19% Adjusted EBITDA $4.0 17% Operating P&L highlights % 1Q26 B/(W) Yr/Yr Gross profit margin 57.7% 1.1 pts Expense E/R 44.3% 0.3 pts Pre-tax income margin 13.4% 1.4 pts Net income margin 11.4% 1.0 pts Tax rate 14.5% (1.7 pts)
Slide 13 — Adjusted EBITDA performance
Adjusted EBITDA performance 13 $ in billions *Mainly consists of unique corporate actions such as gains on divestitures and asset sales 1Q26 Yr/Yr Operating (non-GAAP) pre-tax income from continuing operations $2.1 $0.4 Net interest expense $0.3 $0.1 Depreciation/amortization of non-acquired intangible assets $0.7 $0.0 Stock-based compensation $0.5 $0.1 Workforce rebalancing charges $0.3 $0.0 Corporate (gains) and charges* $0.0 $0.0 Adjusted EBITDA $4.0 $0.6
Slide 14 — Cash flow and balance sheet highlights
Cash flow and balance sheet highlights 14 $ in billions *Non-GAAP financial measure; excludes Financing receivables **Non-GAAP financial measure; adjusts for Financing receivables and net capital expenditures Cash flow 1Q26 Yr/Yr Net cash from operations* $2.6 $0.3 Free cash flow** $2.2 $0.3 Select uses of cash 1Q26 Yr/Yr Net capital expenditures $0.4 $0.1 Acquisitions $10.5 $3.4 Dividends $1.6 $0.0 Balance sheet Mar 26 Dec 25 Mar 25 Cash & marketable securities $11.8 $14.5 $17.6 Total debt $66.4 $61.3 $63.3 Select debt measures Mar 26 Dec 25 Mar 25 IBM Financing debt $12.8 $15.1 $10.0 Core (non-IBM Financing) debt $53.5 $46.2 $53.3
Slide 15 — Currency impact on revenue growth
Currency impact on revenue growth 15 Quarterly averages per US $ 1Q26 Yr/Yr Spot 2Q26 3Q26 4Q26 FY26 Assumed* Euro 0.85 10% 0.85 3% 1% 1% 4% Pound 0.74 7% 0.74 1% 0% 2% 2% Yen 156.81 (3%) 159.32 (10%) (8%) (3%) (6%) Revenue impact, future @assumed spot* 0-0.5 pts ~(0 pts) ~0.5 pts 0.5-1 pts Prior view ~3 pts ~0 pts ~(1 pts) ~0 pts ~0.5 pts US $B Yr/Yr Revenue as reported $15.9 9% Currency impact $0.5 3. 4 pts Revenue @CC 6% *Spot Rates as of April 21, 2026
Slide 16 — Software & Infrastructure segment details
Software & Infrastructure segment details 16 $ in billions Revenue & ARR growth rates @CC, ARR includes annualized March 2026 Confluent revenue Infrastructure segment 1Q26 B/(W) Yr/Yr Revenue $3.3 12% Hybrid Infrastructure $2.1 25% IBM Z 48% Distributed Infrastructure 13% Infrastructure Support $1.2 (6%) Segment profit $0.5 112% Segment profit margin 15.8% 7.2 pts Software segment 1Q26 B/(W) Yr/Yr Revenue $7.1 8% Hybrid Cloud $1.9 10% Automation $1.7 7% Data $1.5 16% Transaction Processing $1.9 2% Segment profit $2.1 14% Segment profit margin 29.8% 0.6 pts Annual recurring revenue $24.6 10%
Slide 17 — Consulting segment details
Consulting segment details 17 Revenue & signings growth rates @CC, $ in billions Consulting segment 1Q26 B/(W) Yr/Yr Revenue $5.3 1% Strategy and Technology $2.9 1% Intelligent Operations $2.4 1% Gross profit margin 27.5% 0.2 pts Segment profit $0.6 (0.1%) Segment profit margin 10.6% (0.4 pts) Signings $5.4 6% Book-to-bill ratio (TTM) 1.04
Slide 18 — Expense summary
Expense summary 18 $ in billions *Includes acquisitions in the last twelve months net of non-operating acquisition-related charges and includes impact of closed divested businesses **Represents the percentage change after excluding the impact of currency translation & hedges, acquisitions and divestitures Expense 1Q26 B/(W) Acq/ Yr/Yr Currency Divest* Base** Operating expense & other income $7.1 (9%) (4 pts) (4 pts) (1 pts) SG&A – operating $4.7 (3%) (3 pts) (3 pts) 2 pts R&D – operating $2.2 (12%) (1 pts) (5 pts) (5 pts) IP and custom development income ($0.2) (32%) Other (income)/expense - operating ($0.1) (48%) Interest expense $0.5 (4%)
Slide 19 — Balance sheet summary
Balance sheet summary 19 $ in billions *Includes eliminations of inter-company activity Mar 26 Dec 25 Mar 25 Cash & marketable securities $11.8 $14.5 $17.6 Core (non-IBM Financing) assets* $130.2 $120.4 $116.8 IBM Financing assets $14.2 $17.0 $11.3 Total assets $156.2 $151.9 $145.7 Other liabilities $56.8 $57.9 $55.4 Core (non-IBM Financing) debt* $53.5 $46.2 $53.3 IBM Financing debt $12.8 $15.1 $10.0 Total debt $66.4 $61.3 $63.3 Total liabilities $123.2 $119.1 $118.7 Equity $33.1 $32.7 $27.0
Slide 20 — Free cash flow summary
Free cash flow summary 20 $ in billions QTD B/(W) 1Q26 Yr/Yr Net cash from operations $5.2 $0.8 Less: IBM Financing receivables $2.6 $0.5 Net cash from operations (excluding IBM Financing receivables) $2.6 $0.3 Net capital expenditures ($0.4) ($0.1) Free cash flow (excluding IBM Financing receivables) $2.2 $0.3
Slide 21 — Statement of cash flows
Statement of cash flows 21 Aligned with the Consolidated Statement of Cash Flows in the 10-Q $ in billions *Includes operating lease right-of-use assets amortization 1Q26 1Q25 Net income $1.2 $1.1 Depreciation* $0.6 $0.5 Amortization of capitalized software and acquired intangible assets $0.7 $0.6 Stock-based compensation $0.5 $0.4 Net (gain)/loss on divestitures, asset sales and other ($0.0) ($0.0) Changes in operating assets and liabilities, net of acquisitions/divestitures $2.2 $1.8 Net cash provided by Operating Activities $5.2 $4.4 Payments for property, plant and equipment ($0.2) ($0.2) Proceeds from disposition of property, plant and equipment/other $0.0 $0.1 Investment in software ($0.2) ($0.2) Purchases of marketable securities and other investments ($1.6) ($6.5) Proceeds from disposition of marketable securities and other investments $2.0 $0.9 Acquisition of businesses, net of cash acquired ($10.5) ($7.1) Divestiture of businesses, net of cash transferred $0.0 ($0.0) Net cash provided by/(used in) investing activities ($10.5) ($13.0) Proceeds from new debt $7.4 $8.4 Payments to settle debt ($2.9) ($1.3) Short-term borrowings/(repayments) less than 90 days — net ($0.0) ($0.0) Common stock repurchases for tax withholdings ($0.3) ($0.3) Proceeds from issuance of shares $0.2 $0.2 Financing — other ($0.0) ($0.0) Cash dividends paid ($1.6) ($1.5) Net cash provided by/(used in) financing activities $2.7 $5.4 Effect of exchange rate changes on cash, cash equivalents and restricted cash ($0.2) $0.2 Net change in cash, cash equivalents & restricted cash ($2.8) ($3.0)
Slide 22 — Software segment categories
Software segment categories Revenue categories – FY 2025 Revenue categories 22 The Software portfolio delivers end-to-end enterprise capabilities for Hybrid Cloud and AI: Hybrid Cloud incl. RHEL, OpenShift, Ansible, Red Hat AI Automation incl. application development & integration, infrastructure lifecycle management incl. HashiCorp, network management, security software for identity access management and threat management, observability, FinOps, IT financial management, asset lifecycle management Data incl. AI assistants and agents, AI tools and governance, databases, data intelligence, data integration, data security, Confluent Transaction Processing incl. Customer Information Control System and storage software, analytics and integration software on IBM operating systems, AI assistants for Z, security software for Z Hybrid Cloud Transaction Processing Data Automation
Slide 23 — Consulting segment categories
Consulting segment categories Revenue categories – FY 2025 23 Revenue categories Strategy and Technology Provides advice on strategy, process design, system implementation, cloud architecture and implementation services for complex end-to-end business transformations with hybrid cloud and AI, and modernize applications, data and technology. By leveraging IBM technology - including Red Hat – and an ecosystem of partners - including Adobe, AWS, Microsoft, Oracle, Palo Alto Networks, Salesforce and SAP, among others - we enable clients to drive innovation and achieve business outcomes Intelligent Operations Operates application workflows and business processes, manage application data, AI, and hybrid cloud workflows, and integrate security solutions to de-risk and prevent threats. By leveraging AI-powered solutions, we deliver faster, more efficient outcomes that help clients scale and innovate securely Intelligent Operations Strategy and Technology
Slide 24 — Infrastructure segment categories
Infrastructure segment categories Hybrid Infrastructure Innovative infrastructure platforms to help meet the new requirements of hybrid multi-cloud and enterprise AI workloads leveraging flexible and as-a-service consumption models: – IBM Z: incl. hardware and operating system – Distributed Infrastructure: incl. Power hardware and operating system, storage hardware, IBM Cloud IaaS, OEM asset recovery service Infrastructure Support Comprehensive, proactive and AI enabled services to maintain and improve the availability and value of clients’ IT infrastructure (hardware and software) both on-premises and in the cloud incl. maintenance for IBM products and other technology platforms Hybrid Infrastructure Infrastructure Support Revenue categories – FY 2025 24 Revenue categories IBM Z Distributed Infrastructure
Slide 25 — Non-GAAP supplemental materials
Non-GAAP supplemental materials Reconciliation of revenue performance – 1Q 2026 25 The above reconciles the non-GAAP financial information contained in the “Financial highlights”, “Revenue and P&L highlights”, and “Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated April 22, 2026, for additional information on the use of these non-GAAP financial measures. GAAP @CC Total revenue 9% 6% Americas 9% 8% Europe/ME/Africa 15% 5% Asia Pacific 1% 2% 1Q26 Yr/Yr
Slide 26 — Non-GAAP supplemental materials
Non-GAAP supplemental materials Reconciliation of segment revenue performance – 1Q 2026 26 The above reconciles the non-GAAP financial information contained in the “Software”, “Consulting”, “Infrastructure”, “Software & Infrastructure segment details – 1Q 2026”, “Consulting segment details – 1Q 2026” and “Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated April 22, 2026, for additional information on the use of these non-GAAP financial measures. GAAP @CC Consulting 4% 1% Strategy and Technology 4% 1% Intelligent Operations 4% 1% Infrastructure 15% 12% Hybrid Infrastructure 28% 25% IBM Z 51% 48% Distributed Infrastructure 17% 13% Infrastructure Support (2%) (6%) 1Q26 Yr/Yr GAAP @CC Software 11% 8% Hybrid Cloud 13% 10% Automation 10% 7% Data 19% 16% Transaction Processing 6% 2% ARR 13% 10% 1Q26 Yr/Yr
Slide 27 — Non-GAAP supplemental materials
Non-GAAP supplemental materials Reconciliation of expense summary – 1Q 2026 27 *Represents the percentage change after excluding the impact of currency translation & hedges, acquisitions and divestitures The above reconciles the non-GAAP financial information contained in the “Expense summary” discussion in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated April 22, 2026, for additional information on the use of these non-GAAP financial measures. Non-GAAP Operating GAAP adjustments (non-GAAP) SG&A Currency (3 pts) 0 pts (3 pts) Acquisitions/divestitures (2 pts) 0 pts (3 pts) Base* 1 pts 1 pts 2 pts R&D Currency (1 pts) 0 pts (1 pts) Acquisitions/divestitures (5 pts) 0 pts (5 pts) Base* (5 pts) 0 pts (5 pts) Operating expense & other income Currency (4 pts) 0 pts (4 pts) Acquisitions/divestitures (3 pts) 0 pts (4 pts) Base* (3 pts) 2 pts (1 pts) 1Q26
Slide 28 — Non-GAAP supplemental materials
Non-GAAP supplemental materials Reconciliation of continuing operations – 1Q 2026 28 $ in millions (except EPS which is in whole dollars) The above reconciles the non-GAAP financial information contained in the “Revenue and P&L highlights”, “Expense summary” and “Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated April 22, 2026, for additional information on the use of these non- GAAP financial measures. GAAP Acquisition- related adjustments Retirement- related adjustments Tax reform impacts Operating (non-GAAP) Gross profit $8,950 $237 — — $9,187 Gross profit margin 56.2% 1.5 pts — — 57.7% SG&A 5,089 (408) — — 4,682 Other (income) & expense (1) — (96) — (98) Total expense & other (income) 7,562 (409) (96) — 7,057 Pre-tax income 1,387 646 96 — 2,129 Pre-tax income margin 8.7% 4.1 pts 0.6 pts — 13.4% Effective tax rate 12.4% 2.7 pts (0.4 pts) (0.2 pts) 14.5% Income from cont. ops. 1,216 508 94 4 1,821 Income margin from cont. ops. 7.6% 3.2 pts 0.6 pts 0.0 pts 11.4% Diluted earnings per share $1.28 $0.53 $0.10 $0.00 $1.91 1Q26
Slide 29 — Non-GAAP supplemental materials
Non-GAAP supplemental materials Reconciliation of GAAP net income to adjusted EBITDA 29 $ in billions *Primarily consists of amortization of acquired intangible assets **Primarily consists of unique corporate actions such as gains on divestitures and asset sales The above reconciles the non-GAAP financial information contained in the “Summary”, “Financial highlights”, “Revenue and P&L highlights", “Adjusted EBITDA performance” and "Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated April 22, 2026, for additional information on the use of these non-GAAP financial measures. 1Q26 Yr/Yr Net income as reported (GAAP) $1.2 $0.2 Less: income/(loss) from discontinued operations, net of tax $0.0 $0.0 Income from continuing operations $1.2 $0.2 Provision for/(benefit from) income taxes from continuing operations $0.2 $0.1 Pre-tax income from continuing operations (GAAP) $1.4 $0.2 Non-operating adjustments (before tax) Acquisition-related charges* $0.6 $0.1 Non-operating retirement-related costs/(income) $0.1 $0.1 Operating (non-GAAP) pre-tax income from continuing operations $2.1 $0.4 Net interest expense $0.3 $0.1 Depreciation/amortization of non-acquired intangible assets $0.7 $0.0 Stock-based compensation $0.5 $0.1 Workforce rebalancing charges $0.3 $0.0 Corporate (gains) and charges** $0.0 $0.0 Adjusted EBITDA $4.0 $0.6 Revenue $15.9 9% GAAP net income margin 8% 0.4 pts Adjusted EBITDA margin 25% 1.7 pts
Slide 30 — Non-GAAP supplemental materials
Non-GAAP supplemental materials Reconciliation of net cash from operations to adjusted EBITDA 30 $ in billions *Aligned with the Consolidated Statement of Cash Flows in the 10-Q **Mainly consists of Changes in operating assets and liabilities, net of acquisitions/divestitures in the “Statement of Cash Flows” discussion, workforce rebalancing charges, non-operating impacts and corporate (gains) and charges, less Financing receivables The above reconciles the non-GAAP financial information contained in the “Prepared remarks” discussion in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated April 22, 2026, for additional information on the use of these non-GAAP financial measures. 1Q26 1Q25 Net cash provided by operating activities $5.2 $4.4 Add: Net interest expense $0.3 $0.3 Provision for/(benefit from) income taxes from continuing operations $0.2 $0.1 Less change in: Financing receivables $2.6 $2.1 Net (gain)/loss on divestitures, asset sales and other* $0.0 $0.0 Other assets and liabilities/other, net*,** ($0.9) ($0.7) Adjusted EBITDA $4.0 $3.4 Revenue $15.9 $14.5 Net cash provided by operating activities margin 32% 30% Adjusted EBITDA margin 25% 23%
Slide 31 — Non-GAAP supplemental materials
Non-GAAP supplemental materials Reconciliation of pre-tax income margin – 2Q 2026 expectations The above reconciles the non-GAAP financial information contained in the “Prepared remarks” discussion in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated April 22, 2026, for additional information on the use of this non-GAAP financial measure. The reconciliation of IBM’s FY operating pre-tax income guidance to GAAP is included in the company’s 4Q 2025 earnings charts posted at https://www.ibm.com/investor/financial-reporting. 31 GAAP Operating (non-GAAP) Pre-tax income margin B/(W) B/(W) Pre-tax income margin Yr/Yr ~(1 pt) ~0.5 pt
Slide 32 — ibm.com/investor
ibm.com/investor