🔹 Revenue: $16.33B (Est. $16.1B) 🟢; UP +9% YoY
🔹 Adj EPS: $2.65 (Est. $2.44) 🟢
🔹 Free Cash Flow: $2.37B (Est. $2.21B) 🟢
🔹 AI Book of Business: >$9.5B
FY25 Guidance
🔹 Revenue Growth (cc): > +5% (prior at least +5%); FX tailwind ~+1.5 pts
🔹 Free Cash Flow: ~$14B (Est. $13.48B) 🟢
Q3 Software
🔹 Revenue: $7.21B (Est. $7.21B) 🟡; UP +10% YoY
🔹 Hybrid Cloud (Red Hat): UP +14% YoY
🔹 Automation: UP +24% YoY
🔹 Data: UP +8% YoY
🔹 Transaction Processing: DOWN -1% YoY
Consulting
🔹 Revenue: $5.32B (Est. $5.20B) 🟢; UP +3% YoY
🔹 Strategy & Technology: UP +2% YoY
🔹 Intelligent Operations: UP +5% YoY
Infrastructure
🔹 Revenue: $3.6B; UP +17% YoY
🔹 Hybrid Infrastructure: UP +28% YoY
• IBM Z: UP +61% YoY
• Distributed Infrastructure: UP +10% YoY
🔹 Infrastructure Support: UP +1% YoY
Financing
🔹 Revenue: $0.2B; UP +10% YoY
Commentary
🔸 “Clients globally continue to leverage our technology and domain expertise to drive productivity… Our AI book of business now stands at more than $9.5 billion.” — Arvind Krishna, CEO
🔸 “Disciplined execution led to acceleration in revenue growth and profit… double-digit growth in adjusted EBITDA and another quarter of strong free cash flow.” — James Kavanaugh, CFO
