$IBM (+0,1%) published its Q2 2025 figures today and delivered a clear earnings beat. Reported EPS was above the expected $2.64, with operating margin stronger than anticipated. The software division, driven by AI platforms such as watsonx, showed robust growth, while consulting performed steady thanks to strategic cloud partnerships. Legacy infrastructure remains under pressure, but IBM compensated with higher recurring revenue. The outlook for FY25 remains $12 billion FCF, indicating strong capital discipline and operational efficiency.
🔍 IBM Q2 2025 - Technical outcome vs. expectation
IBM outperformed expectations on all key metrics, with strong margins and AI-driven software growth.
- Revenue: $17.0 billion (expected: $16.58 billion) → above expectations
- EPS (Non-GAAP).: $2.80 (expected: $2.64) → beat
- Gross margin (Non-GAAP): 60,1% → +230 basis points YoY
- Pre-tax margin (Non-GAAP): 18,8% → +110 basis points YoY
- Software growth: +10%, with Red Hat +16%
- Free Cash Flow outlook increased to >$13.5 billion for FY25
