1、 IBM RELEASES SECOND-QUARTER RESULTS Results led by Software and Infrastructure revenue growth;Strong margin expansion;Raises outlook for profit and free cash flow ARMONK,N.Y.,July 23,2025.IBM(NYSE:IBM)today announced second-quarter 2025 earnings results.“We once again exceeded expectations for reve

2、nue,profit and free cash flow in the quarter.IBM remains highly differentiated in the market because of our deep innovation and domain expertise,both crucial in helping clients deploy and scale AI.Our generative AI book of business continues to accelerate and now stands at more than$7.5 billion,said

3、 Arvind Krishna,IBM chairman,president and chief executive officer.With our strong first-half performance,we are raising our full-year outlook for free cash flow,which we expect to exceed$13.5 billion.”Second-Quarter Highlights Revenue Revenue of$17.0 billion,up 8 percent,up 5 percent at constant cu

4、rrency Software revenue up 10 percent,up 8 percent at constant currency Consulting revenue up 3 percent,flat at constant currency Infrastructure revenue up 14 percent,up 11 percent at constant currency Profit Gross Profit Margin:GAAP:58.8 percent,up 200 basis points;Operating(Non-GAAP):60.1 percent,

5、up 230 basis points Pre-Tax Income Margin:GAAP:15.3 percent,up 120 basis points;Operating(Non-GAAP):18.8 percent,up 110 basis points Cash Flow Year to date,net cash from operating activities of$6.1 billion;free cash flow of$4.8 billion SECOND-QUARTER 2025 INCOME STATEMENT SUMMARY Revenue Gross Profi

6、t Gross Profit Margin Pre-tax Income Pre-tax Income Margin Net Income Diluted Earnings Per Share GAAP from Continuing Operations$17.0 B$10.0 B 58.8%$2.6 B 15.3%$2.2 B$2.31 Year/Year 8%(1)11%2.0 Pts 17%1.2 Pts 20%18%Operating (Non-GAAP)$10.2 B 60.1%$3.2 B 18.8%$2.7 B$2.80 Year/Year 12%2.3 Pts 15%1.1