Financial Data and Key Metrics Changes - The company achieved a revenue growth of 6% in 2025, the highest level in many years, and generated $14.7 billion in free cash flow, the highest cash generation in over a decade [4][16] - Operating pre-tax margin expanded by 100 basis points, and adjusted EBITDA grew by 17%, reflecting strong execution and operational leverage [16][24] - The company reported a 12% growth in operating diluted earnings per share, marking a significant improvement in profitability [16] Business Line Data and Key Metrics Changes - Software revenue grew by 9% in 2025, with three out of four software sub-segments delivering double-digit growth rates [5][17] - Infrastructure revenue increased by 10%, driven by the successful launch of the z17 mainframe, achieving the highest annual revenue for IBM Z in about 20 years [17] - Consulting revenue grew by 1%, with a notable increase in demand for AI services [21] Market Data and Key Metrics Changes - The data segment grew by 19%, fueled by demand for GenAI products and strong performance with strategic partners [19] - Automation revenue increased by 14%, reflecting strong momentum in the market [20] - Hybrid infrastructure revenue grew by 24%, while infrastructure support revenue decreased by 2% [22] Company Strategy and Development Direction - The company is focused on advancing as a software-led hybrid cloud and AI platform company, investing in innovation and productivity initiatives [4][10] - Strategic acquisitions, such as Confluent and HashiCorp, are aimed at enhancing the company's capabilities in hybrid cloud and automation solutions [10][11] - The company aims to sustain revenue growth of 5%+ in 2026, with a focus on organic growth and leveraging its strong software portfolio [29][30] Management's Comments on Operating Environment and Future Outlook - Management noted that client demand remains resilient, particularly in hybrid cloud, AI, and mission-critical infrastructure [6][7] - The company expects to achieve $2 billion in productivity savings by the end of 2024, exceeding initial targets [11] - Management expressed confidence in sustaining revenue growth and free cash flow, driven by a diversified portfolio and disciplined execution [15][29] Other Important Information - The cumulative GenAI book of business reached over $12.5 billion, with significant contributions from both software and consulting segments [9][31] - The company is advancing its quantum computing initiatives, with plans to deliver a large-scale, fault-tolerant quantum computer by 2029 [14] Q&A Session Summary Question: Insights on software growth acceleration - Management highlighted strong organic growth in software, driven by increased demand for automation and data management solutions [40][41] Question: Factors driving free cash flow performance - Management attributed the strong free cash flow performance to revenue growth acceleration and operational leverage, with a focus on disciplined capital allocation [50][54] Question: Clarification on Red Hat's growth trajectory - Management acknowledged the challenges in Red Hat's growth but emphasized the overall positive trajectory of the software portfolio and the strategic importance of Red Hat [58][59]

Financial Data and Key Metrics Changes - IBM achieved a revenue growth of 6% in 2025, the highest level in many years, and generated $14.7 billion in free cash flow, the highest in over a decade [4][17] - The company reported a 12% growth in operating diluted earnings per share and a 17% growth in Adjusted EBITDA [17][24] - Operating pre-tax margin expanded by 100 basis points, reflecting strong execution and a favorable portfolio mix [17][24] Business Line Data and Key Metrics Changes - Software revenue grew 9% in 2025, with three of four sub-segments delivering double-digit growth rates [5][18] - Infrastructure revenue increased by 10%, driven by the successful launch of the z17 mainframe [18] - Consulting revenue grew 1%, reflecting increased demand for AI services [8][21] Market Data and Key Metrics Changes - Data solutions grew by 19%, driven by demand for GenAI products [20] - Automation solutions saw a growth of 14%, with record bookings for HashiCorp [20] - Red Hat's revenue growth decelerated to 8%, impacted by delays in U.S. federal business deal activity [20] Company Strategy and Development Direction - IBM is focused on becoming a software-led hybrid cloud and AI platform company, with significant investments in innovation and productivity initiatives [4][10] - The company aims to sustain revenue growth of 5%+ in 2026, with a strong emphasis on its software business, expected to grow by 10% [28][34] - Strategic acquisitions, such as Confluent, are seen as key to enhancing IBM's hybrid cloud and automation solutions [10][32] Management's Comments on Operating Environment and Future Outlook - Management noted that client demand remains resilient, particularly in hybrid cloud, AI, and mission-critical infrastructure [6][16] - The company expressed confidence in sustaining growth momentum, with expectations for free cash flow to increase by about $1 billion in 2026 [28][34] - Management highlighted the importance of productivity initiatives, which have already exceeded initial targets [11][33] Other Important Information - IBM's cumulative GenAI book of business reached over $12.5 billion, with significant contributions from both software and consulting [9][31] - The company is advancing its quantum computing initiatives, with plans to deliver a large-scale, fault-tolerant quantum computer by 2029 [15][16] Q&A Session Summary Question: Insights on software growth acceleration - Management expressed confidence in organic growth within the software segment, driven by increased demand for automation and data solutions [40][46] Question: Free cash flow performance and guidance - Management attributed the strong free cash flow performance in 2025 to revenue growth and operating leverage, with a guidance of $15.7 billion for 2026 [49][52] Question: Red Hat's growth trajectory - Management acknowledged the challenges in Red Hat's growth but emphasized the strategic value and ongoing demand for its offerings [57][60]

本文源自：金融界AI电报 IBM季度销售额超出分析师预期，这主要得益于其备受关注的软件业务的强劲增长。该公司周三在声明 中表示，第四季度营收增长12%，达到197亿美元。分析师平均预期为192亿美元。IBM软件业务在营收 中占比最大，增长14%至90.3亿美元，也高于预期。通过对Red Hat、HashiCorp和Confluent的收购， IBM致力于将自身业务重心转向高增长软件领域。随着软件业务在IBM销售额中所占份额不断增长，投 资者对这一战略充满热情。该股收于294.16美元，盘后交易上涨约3%。过去12个月，该股累计上涨 30%，超过许多科技业同行。 ...

4Q 2025 Earnings January 28, 2026 ibm.com/investor 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 tha ...

80.2% 80.3%. So a beat on both the top and bottom lines. These very important numbers in terms of their cloud revenue, 32.91% billion estimates, we're calling for 32.39%.So another beat there. Azure and other cloud revenue FX. That's up 38% right in line with the estimates here.So they are posting beats across the board. They also crossed the $50 billion mark for cloud revenue this quarter for the first time. These numbers coming across.And as we're looking at the move the move is to the downside. We're dow ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

The tech company recorded higher revenue in the fiscal fourth quarter, as customers move to implement AI in more areas of their businesses. ...

每经AI快讯，IBM去年第四季度营收196.9亿美元，预估为192.1亿美元。 ...

IBM beat Wall Street estimates for fourth-quarter revenue and profit on Wednesday, as the rapid adoption of artificial intelligence boosts demand for its software services, ranging from managing swath... ...

Core Insights - IBM exceeded Wall Street expectations for Q4 revenue and profit, driven by increased demand for AI-related software services, leading to a nearly 9% rise in shares during extended trading [1] Financial Performance - IBM reported Q4 revenue of $19.69 billion, surpassing analysts' average estimate of $19.23 billion [2] - Adjusted earnings were $4.52 per share, exceeding the estimated profit of $4.32 per share [2] - Software segment sales reached $9.03 billion, beating the estimate of $8.77 billion [3] Growth in AI and Software - The company's "AI book of business" grew to $12.5 billion in Q4, an increase of $3 billion from the previous quarter [6] - Within the software segment, the Automation unit grew by 18% and the Data unit by 22% in the quarter [3] Acquisitions and Strategic Moves - IBM is focusing on inorganic growth to enhance its software portfolio, including a $6.4 billion acquisition of HashiCorp and an ongoing $11 billion buyout of Confluent [2] - The company anticipates a $600 million dilution from the Confluent acquisition in 2026, primarily due to stock-based compensation and interest expenses [3] Hybrid Cloud Segment - Sales growth in the hybrid cloud unit, known as Red Hat, decelerated to 10% in Q4, down from 14% in Q3 and 16% in Q2 [4] - The slowdown was attributed to the longest U.S. government shutdown in history, which impacted about 15% of hybrid cloud bookings [5]