https://www.itjungle.com/2017/01/23/drilling-ibms-system-group/ https://www.itjungle.com/2017/01/23/drilling-ibms-system-gro... this tells you how IBM is making

https://www.itjungle.com/2017/01/23/drilling-ibms-system-group/ https://www.itjungle.com/2017/01/23/drilling-ibms-system-gro... this tells you how IBM is making money: one half is from database, data warehousing, data analytics, and transaction processing software (with a very healthy 32% profit ratio), another half is from services & cloud and then -- because I was cheating and both halves are a bit less than 50% actually -- you have financing contributing more than 10% (47% profit...) to the middle line and finally hardware contributing 6% (and less than 12% profit).