International Business Machines Corp

IBM: XNYS (USA)

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IBM Earnings: Software and Infrastructure's Growth Acceleration Underpins Portfolio Robustness

Luke Yang

Jan 29, 2026

IBM delivered stellar results to close out 2025, with quarterly revenue up 9% and annual revenue up 6% in constant currency, both expanding at levels not seen in years. Free cash flow of $15 billion also topped the past decade, handsomely surpassing management's $13.5 billion guidance.

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International Business Machines Corp

IBM Earnings: Software and Infrastructure's Growth Acceleration Underpins Portfolio Robustness

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