国际商业机器公司IBM Corp（IBM）2025年第四季度及全年业绩报告「NYSE」（英文版）（13页）.pdf

1、 IBM RELEASES FOURTH-QUARTER RESULTS Strong,broad-based performance,led by double-digit Software and Infrastructure growth;Double-digit growth in full-year profit and free cash flow ARMONK,N.Y.,January 28,2026.IBM(NYSE:IBM)today announced fourth-quarter 2025 earnings results.“In the fourth quarter,w

2、e delivered strong revenue growth,with double-digit Software performance.Additionally,Infrastructure continued its double-digit revenue growth with the robust adoption of the next generation of our mainframe platform.Our generative AI book of business now stands at more than$12.5 billion.This capped

3、 a strong 2025 for IBM where we exceeded expectations for revenue,profit and free cash flow,said Arvind Krishna,IBM chairman,president and chief executive officer.We enter 2026 with momentum and in a position of strength,giving us confidence in our full-year expectations of more than 5 percent const

4、ant currency revenue growth and an increase of about$1 billion in year-over-year free cash flow.”Fourth-Quarter Highlights Revenue Revenue of$19.7 billion,up 12 percent,up 9 percent at constant currency Software revenue up 14 percent,up 11 percent at constant currency Consulting revenue up 3 percent

5、,up 1 percent at constant currency Infrastructure revenue up 21 percent,up 17 percent at constant currency Profit Gross Profit Margin:GAAP:60.6 percent,up 110 basis points;Operating(Non-GAAP):61.8 percent,up 120 basis points Full-Year Highlights Revenue Revenue of$67.5 billion,up 8 percent,up 6 perc

6、ent at constant currency Software revenue up 11 percent,up 9 percent at constant currency Consulting revenue up 2 percent,flat at constant currency Infrastructure revenue up 12 percent,up 10 percent at constant currency Profit Gross Profit Margin:GAAP:58.2 percent,up 150 basis points;Operating(Non-G