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IBM (IBM) investor relations material
IBM Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Achieved Q3 2025 revenue of $16.3B, up 9% year-over-year, with all segments accelerating and the highest growth in several years.
Profit, free cash flow, and margins exceeded expectations, driven by strong demand for AI, hybrid cloud, and mainframe solutions.
Net income from continuing operations was $1.7B, with diluted EPS of $1.84 (GAAP) and $2.65 (operating, non-GAAP).
Raised full-year guidance for revenue growth to over 5% and free cash flow to about $14B.
GenAI book of business surpassed $9.5B inception-to-date, reflecting strong AI adoption.
Financial highlights
Q3 revenue: $16.3B (+9% year-over-year, +7% at constant currency); adjusted EBITDA grew 22% to $4.6B.
Gross profit margin improved to 57.3% (GAAP), 58.7% (operating, non-GAAP); pre-tax margin expanded by 200bps.
Free cash flow for the first nine months was $7.2B, the highest nine-month margin in reported history.
Operating earnings per share increased 15% year-over-year to $2.65.
Segment profit margins expanded: Software 32.9%, Consulting 12.9%, Infrastructure 18.1%, Financing 61.6%.
Outlook and guidance
Full-year revenue growth expected to exceed 5%, with adjusted EBITDA growth in the mid-teens and free cash flow of about $14B.
Software revenue growth approaching double digits, with Automation and Red Hat expected to maintain strong momentum.
Infrastructure to contribute over 1.5 points to overall revenue growth, with continued strength in IBM Z.
Consulting expected to maintain growth, with Q4 revenue performance similar to Q3.
Currency expected to be a 1.5-point tailwind for the year.
AI book of business: growth trajectory?
What's driving the strong IBM Z revenue growth?
How do one-time charges affect YOY comparability?
What is AI's current revenue contribution?
What drives Red Hat's expected 2026 acceleration?
Criteria for larger, transformative M&A transactions?
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Frequently asked questions
The creators of the first commercial computer
IBM, International Business Machines Corporation, is a multinational technology company with a rich history dating back to 1911. Founded in the United States, IBM has played a significant role in the development and advancement of computer technology and information systems. Today, IBM operates as a provider of advanced technology solutions and consulting services.
A rich and storied history
Since its foundation in 1911 as the Computing-Tabulating-Recording Company (CTR), IBM has consistently demonstrated its commitment to innovation and technological advancement. Over the years, IBM has introduced numerous groundbreaking innovations that have shaped the course of computing history. These include the development of the first commercial computer, the IBM 650, in the 1950s, which revolutionized data processing capabilities. In the 1960s, IBM unveiled the iconic IBM System/360 mainframe computer, a breakthrough that standardized computer architectures and transformed the industry. The introduction of the IBM Personal Computer (PC) in the 1980s marked a significant milestone in personal computing, empowering individuals and businesses alike. More recently, IBM's advancements in artificial intelligence with IBM Watson have pushed the boundaries of cognitive computing. With a rich legacy of pioneering innovations, IBM continues to drive technological progress and shape the future of computing.
The IBM of today
IBM maintains a strong presence as a leading technology and consulting company. With a wide range of offerings, IBM provides businesses with advanced solutions tailored to their specific needs. This includes cutting-edge technologies such as artificial intelligence, cloud computing, cybersecurity, data analytics, and more. IBM's services encompass strategic consulting, software development, infrastructure management, and integrated solutions for industries like finance, healthcare, manufacturing, and more. Moreover, IBM continues to invest in emerging technologies, including quantum computing and hybrid cloud solutions. By leveraging their expertise, deep industry knowledge, and stellar reputation IBM has continued to stay relevant throughout the years. Some of their most notable competitors include Microsoft, Oracle, and SAP SE.
A behemoth of the industry
IBM serves a diverse range of clients across industries and sectors. Their clients include large enterprises, government agencies, educational institutions, and organizations of varying sizes. In the finance sector, IBM's solutions are employed by banks, insurance companies, and financial institutions to optimize operations, enhance cybersecurity, and drive digital transformation. In healthcare, IBM collaborates with hospitals, healthcare providers, and research organizations to improve patient care, manage data securely, and advance medical research. IBM's technology and consulting services are also utilized by manufacturing companies to enhance supply chain management, implement IoT solutions, and optimize production processes. Additionally, IBM serves clients in fields such as retail, energy, telecommunications, transportation, and more, offering tailored solutions to address their specific needs and challenges.
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