IBM Q4 2025 revenue rises 12% to $19.7B; 2026 guidance calls for 5%+ growth

IBM reported fourth-quarter 2025 revenue of $19.7B, up 12% (9% at constant currency), with Software up 14% and Infrastructure up 21%. Operating EPS rose 15% to $4.52 and GAAP EPS was $5.86. For 2026 IBM guided to constant-currency revenue growth above 5% and about $1B more free cash flow.

• Q4 revenue $19.7B, up 12% (9% at constant currency)
• Software $9.0B (+14%); Consulting $5.3B (+3%); Infrastructure $5.1B (+21%)
• Operating EPS $4.52 (+15%); GAAP EPS $5.86
• FY2025 revenue $67.5B (+8%); free cash flow $14.7B
• 2026 outlook: above 5% constant-currency growth; free cash flow up about $1B