Core Insights - IBM reported better-than-expected fourth-quarter results, with revenue rising 12% to $19.69 billion and net income increasing to $5.6 billion, or $5.88 per share [1][4] - The company expects full-year revenue growth to exceed 5%, down from 8% last year, with analysts projecting a 4.6% sales growth for 2026 [2] - IBM's generative artificial intelligence business surpassed $12.5 billion [2] Financial Performance - Fourth-quarter software revenue rose 14% to $9 billion, driven by automation, data, and Red Hat products [3] - Infrastructure sales increased 21% to $5.1 billion, with IBM Z Systems mainframe computers experiencing 67% year-over-year growth [3] - Adjusted earnings per share were $4.52, exceeding the expected $4.32 [4] Future Outlook - Free cash flow is projected to increase by $1 billion after reaching $14.7 billion in 2025 [2] - The board of directors approved a per-share dividend of $1.68, payable on March 10 [3]